HomeMy WebLinkAboutResolution #0926
RESOLUTION N0. 92E
A RESOLUTION AUTHORIZING AND DIRECTING PREPAYMENT OF PRINCIPAL AND INTEREST
ON BOND 4~3, TAX INCREMENT ALLOCATION BOND (CENTRAL BUSINESS DISTRICT
REDEVELOPMENT PROJECT AREA), SERIES 1982
WHEREAS, the City of Canton has heretofore issued Tax Increment
Allocation Bonds ~~1,L and 3, Central Business District Redevelopment Project
Area, Series 1982, to Francis L. Hadsail; and,
WHEREAS, Section 3(b) of Ordinance 4890 authorizes the prepayment and
redemption of all such bonds; and,
WHEREAS, each of the aforesaid Bonds ~~1, 2 and 3 also authorize such
prepayment and redemption; and,
WHEREAS, it appears to the City Council of the City of Canton, Fulton
County, Illinois that prepayment and redemption of the aforesaid Bond ~~3
is in the City's best interest.
1. That Bond ~~3 of Series 1982 Tax Increment Allocation Bond Issue
(Central Business District Redevelopment Project Area),
amount of $16,500.00, together with interest thereon at
of 8 per cent, be prepayed and redeemed by the City of
manner:
(a) By the holder of such bond providing his
of Redemption' in form acceptable to the City Attorney;
in the principal
the annual rate
Canton in the following
'Waiver of Notice
and,
(b) By the City Attorney authorizing such payment after final
examination and approval of status of title.
(c) Computation of interest due shall be on the basis of the
following formula: $16,500 x .08% - 365 x number of days from date of
receipt of bond to date of redemption, inclusive.
2. In the event that the holder of said bond refuses or fails to provide
his 'Waiver of Notice of Redemption', then the City Clerk, withiize assistance
of the City Attorney, shall give the notice required by Ordinance ~~89U, ~ 3(b)
and shall cause said Bond ~~3 to be prepayed and redeemed as in said Ordinance
provided.
3. The City Treasurer is hereby directed to prepay and redeem such
Bond X63 from tax increment monies on hand upon the happening of the events
set forth in Paragraphs X61 and 9~2, above, and upon receiving good and sufficient
surrender of said bond and all coupons thereto appertaining; and, further,
upon the owner and/or bearer thereof marking the same "paid in full", dating
the same the date of surrender.
4. This Resolution shall be in full force and effect upon its Passage
by the City Council of the City of Canton, Fulton County, Illinois and Approval
by the Mayor thereof.
r
PASSED by the City Council of the City of Canton, Fulton County,
Illinois and APPROVED by the Mayor thereof this 16th day of
February 1982.
APPROVED:
Donald E. Edwards, Mayor.
ATTEST:
Nancy Whit s, City Clerk.