HomeMy WebLinkAboutResolution #3309
RESOLUTION N0. 3309
A RESOLUTION AUTHORIZING THE CITY TREASURER TO WRITE OFF AS
UNCOLLECTIBLE CERTAIN LOAN BALANCES OF INTERNATIONAL PLASTIC
RECYCLING AND CANTON INDUSTRIAL CORPORATION
WHEREAS, International Plastics Recycling was obligated to
the City of Canton for a loan, through Farmers Home
Administration; and,
WHEREAS, International Plastics Recycling has been adjudged
a bankrupt with a balance owed to the City of Canton of
$100,20k.36 on said loan; and,
WHEREAS, Canton Industrial Corporation was obligated to the
City of Canton for a loan through Farmers Home Administration;
and,
WHEREAS, Canton Industrial Corporation has been adjudged a
bankrupt with a balance owed to the City of Canton of $294,310.92;
and,
WHEREAS, the City of Canton has been carrying capital stock
of Canton Industrial Corporation on its books at a value of
$120,000 when in reality said capital stock is worthless.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CANTON, Fulton County, Illinois as follows:
1. That the Canton City Council hereby finds the foregoing
recitals to be fact.
2. That the City Treasurer be authorized to write-off the
loans to International Plastic Recycling and Canton Industrial
Corporation as uncollectible and further to reduce the value of
Canton Industrial Corporation stock on the list of assets on the
books of the City of Canton to zero.
i
3. That this Resolution shall be in full force and effect
immediately upon its passage by the City Council of the City of
Canton, Fulton County, Illinois and approval by the Mayor thereof.
PASSED by the City Council of the City of Canton, Fulton
County, Illinois at a regular meeting this 20th day of February,
1996, upon a roll call vote as follows:
AYE; Aldermen May, Shores, Meade, Nidiffer, Phillips,
Sarff, Hartford, Molleck.
RAYS: None.
AgS~; None.
APPROVED;
A`onald E. Edwards, Mayor.
ATTEST:
y whi es, City Clerk.