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RESOLUTION Imo. 3093
A RESOLUTION APPRON 1 NG A LOAN BElVYEEN Ti-E C I TY OF CANTON AID
R I O}iAF2D PALNER.
W-EFiEA~, 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,
W-EREAS, the Canton City Council has determined that it is
necessary and in the best interest of the City of Canton to enter
into a loan agreement with Richard Palmer, president of Canton
Stationery & Equipment, Inc., evidenced by a NOTE hereto attached
and herein incorporated as Exhibit "A".
NOW, T>rEREFORE, BE I T RESOLVED BY Tt~ C 1 TY OOIaVC I L OF Ti-E
CITY OF CAM'QV, Fulton County, Illinois as follows:
1. That the loan and NOTE, hereto attached as Exhibit "A",
between the City of Canton and Richard Palmer 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 17th day of December
1991, upon a roll call vote as follows:
AYES: Aldermen, Molleck, Coay, Sarff, Steck, Bohler, Meade, Barnett, May,
NAYS: None.
p~~: None.
AP
i
Donald E, dwards, Mayor
ATTEST:
,~
a Whit s, City Clerk
Richard Palmer, president of Canton Stationery & Equipmlent,
Inc., promises to pay to the order of the CITY OF CANTON, an
Illinois municipal corporation, the sum of Two Thousand Three
Hundred and 00/100 Dollars ($2,300.00), together with interest,
thereon at the rate of Five Percent (5%) per annum from the date
hereof to and including August 21, 1996.
PAYMENT SCFEDU_E
(a) PRINCIPAL: Principal shall be paid in sixty (60) equal
monthly installments of $41.67 each commencing on the 21st day of
December 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 (5%) per annum with
the first payment due on December 21, 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. Richard Palmer 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, Canton Stationery &
Equipment Inc. hereby irrevocably empowers 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 irrrrtediate execution.
DATED: This 21st day of November, 1991.
Richard Palmer
President
Rehab Loan Payment Schedule
$2,300.00 5% interest for 5 years.
Due Date Total Due Interest Principal Balance
1991 2300.00
December 51.25 9.58 41.67 2258.33
1992
January 51.08 9.41 41.67 2216.66
February 50.91 9.24 41.67 2174.99
March 50.73 9.06 41.67 2133.32
April 50.56 8.89 41.67 2091.65
May 50.39 8.72 41.67 2049.98
June 50.21 8.54 41.67 2008.31
July 50.04 8.37 41.67 1966.64
August 49.86 8.19 41.67 1924.97
September 49.69 8.02 41.67 1883.30
October 49.52 7.85 41.67 1841.63
November 49.34 7.67 41.67 1799.96
December 49.17 7.50 41.67 1758.29
1993
January 49.00 7.33 41.67 1716.62
February 48.82 7.15 41.67 1674.95
March 48.65 6.98 41.67 1633.28
April 48.48 6.81 41.67 1591.61
May 48.30 6.63 41.67 1549.94
June 48.13 6.46 41.67 1508.27
July 47.95 6.28 41.67 1466.60
August 47.78 6.11 41.67 1424.93
September 47.61 5.94 41.67 1383.26
October 47.43 5.76 41.67 1341.59
November 47.26 5.59 41.67 1299.92
December 47.09 5.42 41.67 1258.25
1994
January 46.91 5.24 41.67 1216.58
February 46.74 5.07 41.67 1174.91
March 46.57 4.90 41.67 1133.24
April 46.39 4.72 41.67 1091.57
May 46.22 4.55 41.67 1049.90
June 46.04 4.37 41.67 1008.23
July 45.87 4.20 41.67 966.56
August 45.70 4.03 41.67 924.89
September 45.52 3.85 41.67 883.22
October 45.35 3.68 41.67 841.55
November 45.18 3.51 41.67 799.88
December 45.00 3.33 41.67 758.21
1995
January 44.83 3.16 41.67 716.54
February 44.66 2.99 41.67 674.87
March
April 44.48 2.81 41.67 633.20
May 44.31 2.64 41.67 591.53
June 44.13 2.46 41.67 549.86
July 43.96 2.29 41.67 508.19
August 43.79 2.12 41.67 466.52
September 43.61 1.94 41.67 424.85
October 43.44 1.77 41.67 383.18
November 43.27 1.60 41.67 341.51
December 43.09 1.42 41.67 299.84
1996
January 42.92 1.25 41.67 258.17
February 42.75 1.08 41.67 216.50
March 42.57 .90 41.67 174.83
April 42.40 .73 41.67 133.16
May 42.22 .55 41.67 91.49
June 42.05 .38 41.67 49.82
July 41.88 .21 41.67 8.15
August 8.18 .03 8.15 0.00
t[ ~.
Richard Palmer, president of Canton Stationery ~ Equipmlent,
Inc., promises to pay to the order of the CITY OF CANTCN, an
Illinois municipal corporation, the sum of Two Thousand Three
Hundred and 00/100 Dollars ($2,300.00), together with interest,
thereon at the rate of Five Percent (5°r6) per annum from the date
hereof to and including August 21, 1996.
PAYf1iEN~ 90-E>DULE
(a) PRIf~CIPAL: Principal shall be paid in sixty (60) equal
monthly installments of $41.67 each cortmencing on the 21st day of
December 1991, and continuing every month thereafter until the
principal is paid in full.
(b) IIVfEREST: Interest shall be paid on the unpaid
principal balance at the rate of five percent (5°b) per annum with
the first payment due on December 21, 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. Richard Palmer shall have
the right to prepay any and all interest and principal at any time
without penalty or additional interest.
1
To secure the payment of this Note, Canton Stationery ~
Equipment Inc. hereby irrevocably empowers 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.
QATED: This 21st day of November, 1991.
c
Rich r Palmer
President
t Rehab Loan Payment Schedule
$2,300.00 596 interest for 5 years.
Due Date Total Due Interest Principal Balance
1991 2300.00
December 51.25 9.58 41.67 2258.33
1992
January 51.08 9.41 41.67 2216.66
February 50.91 9.24 41.67 2174.99
March 50.73 9.06 41.67 2133.32
April 50.56 8.89 41.67 2091.65
May 50.39 8.72 41.67 2049.98
June 50.21 8.54 41.67 2008.31
July 50.04 8.37 41.67 1966.64
August 49.86 8.19 41.67 1924.97
September 49.69 8.02 41.67 1883.30
October 49.52 7.85 41.67 1841.63
November 49.34 7.67 41.67 1799.96
December 49.17 7.50 41.67 1758.29
1993
January 49.00 7.33 41.67 1716.62
February 48.82 7.15 41.67 1674.95
March 48.65 6.98 41.67 1633.28
April 48.48 6.81 41.67 1591.61
May 48.30 6.63 41.67 1549.94
June 48.13 6.46 41.67 1508.27
July 47.95 6.28 41.67 1466.60
August 47.78 6.11 41.67 1424.93
September 47.61 5.94 41.67 1383.26
October 47.43 5.76 41.67 1341.59
November 47.26 5.59 41.67 1299.92
December 47.09 5.42 41.67 1258.25
1994
January 46.91 5.24 41.67 1216.58
February 46.74 5.07 41.67 1174.91
March 46.57 4.90 41.67 1133.24
April 46.39 4.72 41.67 1091.57
May 46.22 4.55 41.67 1049.90
June 46.04 4.37 41.67 1008.23
July 45.87 4.20 41.67 966.56
August 45.70 4.03 41.67 924.89
September 45.52 3.85 41.67 883.22
October 45.35 3.68 41.67 841.55
November 45.18 3.51 41.67 799.88
December 45.00 3.33 41.67 758.21
1995
January 44.83 3.16 41.67 716.54
February 44.66 2.99 41.67 674
87
March .
April 44.48 2.81 41.67 633.20
May 44.31 2.64 41.67 591.53
June 44.13 2.46 41.67 549.86
July 43.96 2.29 41.67 508.19
August 43.79 2.12 41.67 466.52
September 43.61 1.94 41.67 424.85
October 43.44 1.77 41.67 383.18
November 43.27 1.60 41.67 341.51
December 43.09 1.42 41.67 299.84
1996
January 42.92 1.25 41.67 258.17
February 42.75 1.08 41.67 216.50
March 42.57 .90 41.67 174.83
April 42.40 .73 41.67 133.16
May 42.22 .55 41.67 91.49
June 42.05 .38 41.67 49.82
JuIY 41.88 .21 41.67 8.15
August 8.18 .03 8.15 0.00