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HomeMy WebLinkAboutResolution #1124RESOLUTION NO . 112 4 A RESOLUTION APPROVING A "SEEP AGREEMENT" BE'I'WEIN THE CITY OF CANTON AND THE NATIONAL BANK OF CANTON, CANTON STATE BANK AND COr7M[JNITY BANK AND TRUST COMPANY AND AUTHORIZING AND DIRECTING THE MAYOR AND CITY CLERK TO ELUTE AND DELIVER SAID AGREEMQ~IT ON BEHALF OF THE CITY OF CANTON, ILLINOIS. WHEREAS, the Canton City Council has determined that it is necessary and in the best interest of the City of Canton to enter into a "Settlement Agreement" wih the National Bank of Canton, Canton State Bank and Community Bank and Trust Company as set forth in Exhibit "A" hereto attached. NOW, THEREFORE, BE IT RESOLBID BY THE CITY COUNCIL OF THE CITY OF CANTON, Fulton County, Illinois as follows: 1. That Exhibit "A" hereto attached and herein incorporated by reference is hereby approved by the Canton City Council. 2. That the Mayor and City Clerk are hereby authorized and directed to execute originals of Exhibit "A" and to deliver the same on behalf of the City of Canton. 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. PASSID by the City Council of the City of Canton, Fulton County, Illinois at a regular meeting this 3rd day of December , 1985, upon a roll call vote as follows: AYES: Aldermen Chapman., May, Bohlen, 1~lorkrnan, Sane, Falcone, Zilly, Kovachevich. NAYS: None . p,BSENT: None . APPROVID Donald E. Edwards, Mayor ATTEST: n N White ,City Clerk i_, ~ et~civ;: ` I ,~~J ;~~ i~S~i.~~.IL~ ~7~V'dS~ia ~3e~ _. ~ L LSD Ci; ~ A~. Da#e SETIZENiEIV'r AGREF~]T ~~4 6 7 This Settlement Agreement made and entered into as of this 30th day of November 1985, V~IITNESSEI'fi as follows: 1. Parties: The parties hereto are the City of Canton, an Illinois municipal corporation, hereinafter called "City", and, the National Bank of Canton, Canton State Bank, and, Community Bank and Trust Company, hereinafter called "Defendant(s)". 2. Subject Matter: The subject matter of this Settlement Agreement is the amicable out of court settlement of certain controversies arising by reason of the establishment and creation of City of Canton Special Service Area Number Six. 3. Factual Statement: Both City and Taxpayer agree that the City of Canton has filed its complaint for declaratory judgment in the Circuit Court of the Ninth Judicial Circuit, Fulton County, Illinois on March 28, 1983 under docket number 83 MR-6. The Defendants are names a defendants in count two of said complaint and have filed their answer to count two of said complaint which answer generally denies certain allegations of said complaint. Defendants are also the legal holders and owners of all outstanding City of Canton Special Service Area Number Six bonds. 4. Considerations: In consideration of the amicable out of court settlement provided for in this Agreement and in consideration of the mutual promises and covenents hereinafter set forth, the parties agree as follows: A. Each of the City and Defendants will immediately execute and deliver originals of this docimlent, each to the other. B. Thereupon, the Defendants will execute and deliver to the City their stipulation and entry of apperance and consent in the aforesaid cause which stipu- lation, entry of appearance and consent will, in its text, agree and consent to entry of summary judgment in favor of the City and in conformity with the prayer for relief contained in count two of complaint for declaratory judgment therein filed by the City on March 28, 1983. C. The City shall, within thirty days of entry or summary judgment, bring all payments of principal and interest on all outstanding City of Canton Special Service Area Number Six bonds current in conformity with the terms and conditions of said bonds. D. Immediately thereupon, the Defendants shall execute and deliver to the City the Defendant's full and complete assignment to the City of all. of Defendant's causes of action, known or unknown, which Defendant might now or hereafter might assert, at law or in equity, by reason of the creation of City of Canton Special Service Area Number Six, and, by reason of the City's default in payments on City of Canton Special Service Area Number Six bonds. In consideration of such assign- Settlement Agreement Page 2 ment, the City shall pay to Defendants the aggregate stun of $ upon delivery of said assignment(s). 5. In the event that the City of Canton does not, within thirty days of entry of summary judgment in the aforesaid cause, perform as herein agreed, then the City of Canton hereby irrevocably agrees that said Defendants may, at Defendant's sole discretion, petition the court to quash and vacate the afore said stipulation, entry of appearance and consent, and reinstate their present position in the afore- said cause with the legal force and effect as though the said stipulation, entry of appearance and consent had never been entered into by the parties hereto and with the same legal force and effect as though an order of summary judgment had never been entered therein with respect to said Defendants. 6. That this Agreement shall be binding upon the parties hereto and upon each of their respective heirs, executors, administrators, successors, and assigns. 7. Other Terms and Conditions: Settlement Agreement Page 3 In witness whereof the parties have hereunto affixed their signatures as of the day and date first above mentioned. CITY OF CANTON, an Illinois municipal corporation, BY: Its Mayor ATTEST: NATIONAL BANK OF CANTON, CAN'I1~N STATE BANK, AND, COMMUNITY BANK AND TRUST COMPANY, Defendants, BY: City Clerk one of their attorneys.