HomeMy WebLinkAbout#5235 Support and Commitment of local funds RESOLUTION#5235
RESOLUTION OF SUPPORT AND COMMITMENT OF LOCAL FUNDS
WHEREAS, the City of Canton, is applying to the United States Economic Development
Administration(USEDA)for a Public Works and Economic Adjustment Assistance (PWEAA)
Grant,
WHEREAS, it is necessary that an application be made and agreements be entered into with the
USEDA, and
WHEREAS, cost of the project are such that financial participation by the grantee is necessary in
conjunction with PWEAA funds.
NOW, THEREFORE, BE IT RESOLVED as follows:
1) that the City apply for a grant under the terms and conditions of the USEDA and
shall enter into and agree to the understandings and assurances contained in said
application.
2) that the Mayor on behalf of the City execute such documents and all other
documents necessary for the carrying out of said application.
3) that the Mayor is authorized to provide such additional information as may be
required to accomplish the obtaining of such grant.
4) that the Mayor and WIRC have the authority to submit the application to USEDA.
5) that the City of Canton does hereby commit funds from MidAmerica National
Bank in the amount of$1,100,000 for use in conjunction with an USEDA
PWEAA, for an estimated total project cost of$2,100,000.
Passed this 7th day of April 2020 .
Agi, AA!),
Mayo.
ATTES
IVO
City w�"�illenty erk)
�NATIDNALBANK
your bank for
March 20, 2020
CIty of Canton
2 N Main St
Canton, IL 61520
To whom it may concern,
PIease accept this letter as confirmation that MidAmerica National Bank has reached an
agreement with the City of Canton to issue a line of credit for S1,100.000 for the purpose of
providing matching funds for a potential U.S. EDA Federal Grant to pay for improvements at the
Canton Water Treatment Plant. This agreement will he subject to standard underwriting
guidelines and requirements. This letter shall expire March 20, 2021.
Should you have any questions regarding this letter, please call me at 309-647-5000.
Sincerely.
Ric, Itlinea st
President
NrlidAmerica National Bank
100 W. Elm St.
Canton, IL 61520
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