HomeMy WebLinkAboutResolution #3070
RE90LUT I aIV NO. 30 70
A RESOLUT I W APPF~71/ I IBC A LOAN BE"IWEEN TI-E C I TY aF Ci41YfaV Abp
O}-R 1 STOPI-ER R. CA I LE .
1N-EREAS, the Canton City Council has approved the concept
and guidelines to loan funds to businesses from the Tax Increment
Financing (TIF) districts for building improvements in the
respective districts; and,
VVt-ETiEAS, the Loan Committee and
Development Committee has determined
the best interest of the City of G
agreement with Christopher R, Caile,
evidenced by a NOTE hereto attached
Exhibit "A"; and,
the Com~nunity and Industrial
that it is necessary and in
Anton to enter into a loan
president of Reicherts Inc.,
and herein incorporated as
Hk-EREAS, the Canton City Council has made a similar
determination.
NO-fiil, TI-~FORE , 13E I T RE90LVED BY ll-E C I TY OOIIVC 1 L OF Tlf
CITY OF CAhITp~l, Fulton County, Illinois as follows:
1. That the loan and NOTE, hereto attached as Exhibit "A",
between the City of Canton and Christopher R. Caile is hereby
approved.
2. That the loan funds are to be used for building
improvements in the TIF district.
3. That this Resolution shall be in full force and effect
immediately upon its passage by the City Council of the City of
Canton, Illinois.
PASSED by the City Council of the City of Canton, Fulton
County, Illinois at a regular meeting this lst day of October
1991, upon a roll call vote as follovrs:
AYES: Aldenn~en May, Barnett, Meade, Bohlen, Steck, Sarff, Coay, Molleck,
NAYS: None,
qgS~; None.
APPF~VED:
~~ ~ ~ ~ ~ L
onald E. dwards, PJlayor
ATTEST
Nan 4"Jhites City Clerk
Christopher R. Caile, president of Reicherts, Inc., promises
to pay to the order of the CITY OF CAf~(fON, an Illinois municipal
corporation, the sum of T~,vo Thousand Five Hundred and 00/100
Dollars (2,500.00), together with interest, thereon at the rate
of Five Percent (5°l0) per annum from the date hereof to and
including September 18, 1996.
PAYMENT SCf~DUI_E
(a) PRINCIPAL: Principal shall be paid in sixty (60) equal
monthly installrnents of $41.67 each commencing on the 18th day of
October, 1991, and continuing every month thereafter until the
principal is paid in full.
(b) INTEREST: Interest shall be paid on the unpaid
principal balance at the rate of five percent (5010) per annum with
the first payment due on October 13, 1991 and then continuing
every month thereafter until said interest and principal is fully
paid.
Unpaid interest shall be added to principal and bear interest
at the same rate as noted above for the principal. Interest shall
be considered unpaid if not received by the City of Canton within
7 calendar days following the due date. Christopher R. Caile
shall have the right to prepay any and all interest and principal
at any time without penalty or additional interest.
To secure the payment of this Note, Reicherts, Inc. hereby
irrevocably ernpowers any attorney at any time hereafter to appear
for us in any court in term time or vacation, and confess judgment
against us, each or any of us, including any guarantor(s) hereof,
without process of this Note in favor of any legal holder, for all
sums owing hereon, interest, costs, and reasonable attorney's
fees, and to waive all right of appeal, release all errors and
consent to immediate execution.
DATED: This day of ~gg~,
Christopher R. Caile
President