HomeMy WebLinkAbout#5289 RESOLUTION NO. 5289
A RESOLUTION APPROVING THE FINANCING FOR A DUMP TRUCK (WITH
USDA RURAL DEVELOPMENT COMMUNITY FACILITIES GRANT FUNDS TO BE
REIMBURSED TOWARDS THE PURCHASE PRICE).
WHEREAS,the City of Canton, Fulton County, Illinois ("City"), is a non-home rule unit
of government;
WHEREAS, Section 11-61-3 of the Illinois Municipal Code (65 ILCS 5/11-61-3)
provides, in part:
The corporate authorities of each municipality having a population of less than 1,000,000
inhabitants shall have the express power to purchase or lease either real estate or personal
property for public purposes through contracts which provide for the consideration for such
purchase or lease to be paid through installments to be made at stated intervals during a
certain period of time, but, in no case, shall such contracts provide for the consideration to
be paid during a period of time in excess of 20 years nor shall such contracts provide for
the payment of interest at a rate of more than that permitted in"An Act to authorize public
corporations to issue bonds, other evidences of indebtedness and tax anticipation warrants
subject to interest rate limitations set forth therein", approved May 26, 1970, as amended.'
The indebtedness incurred under this Section when aggregated with existing indebtedness
may not exceed the debt limits provided in Division 5 of Article 8 of this Code;
WHEREAS, the City is in need of a new dump truck to use for public purposes;
WHEREAS, the City Treasurer and City Engineer have obtained quotes for the financing
of a new dump truck and related accessories (collectively the "dump truck") to be purchased at an
amount of$168,690.00;
WHEREAS, the Committee on Finance has reviewed the financing quotes, and they have
recommended the financial institution of IPAVA State Bank to finance the purchase of the dump
truck;
WHEREAS,the City of Canton has been awarded a grant by the United States Department
of Agriculture (USDA)Rural Development Community Facilities program, which may be used to
reimburse the City of Canton for costs associated with the purchase of the dump truck;
WHEREAS, the Committee on Finance and the City Council of the City of Canton have
determined that it is necessary and in the best interest to purchase a dump truck and to finance a
portion of the purchase thereof through IPAVA State Bank.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND THE CITY
COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS AS FOLLOWS:
1. The Mayor and City Treasurer are hereby authorized to execute and deliver any and all
promissory notes, security agreements, or other documents (collectively "loan
documents") necessary to finance a 2021 Western Star (Model 2700 SF) dump truck and
accessories from Truck Centers, Inc. for a purchase price not to exceed $168,690.00 (plus
other reasonable taxes and fees).
2. The loan documents to accomplish the foregoing shall not have term that exceeds four (4)
years nor an interest rate greater than four percent (2.001%)per annum;
3. Prior to the execution and delivery of the loan documents, the City Treasurer and
Comptroller shall verify and confirm that all financing incurred hereunder is in compliance
with Illinois law and within the permissible debt limits of the City of Canton;
4. The Mayor and/or City Engineer, or their designees, shall submit all necessary documents
to the USDA to receive any and all grant funds awarded to the City of Canton as part of
the USDA Rural Development Community Facilities program or other programs.
5. This Resolution shall be in full force and effective immediately upon its passage by the
City Council of the City of Canton and approval by the Mayor thereof.
PASSED AND APPROVED THIS 15TH day of December, 2020.
AYES: Aldermen Justin Nelson, Angela Lingenfelter, Jeff Fritz, Angela Hale, Craig
West, John Lovell, Quin Mayhew, Andra Chamberlin
NAYS: None
ABSENT: None
APPRO ED:
By: .r�lJ .! A/6_
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ent cDowell,ayor
ATTEST: / , `_
ianrPavley-Rock, City Clerk