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R2000-246 AUTHORIZING EXECUTION OF AGREEMENT
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R2000-246 AUTHORIZING EXECUTION OF AGREEMENT
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Last modified
3/24/2016 4:46:06 PM
Creation date
3/24/2016 4:46:05 PM
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Resolution/Ordinance
Res Ord Num
R2000-247
Res Ord Title
AUTHORIZING EXECUTION OF AGREEMENT - DECATUR PUBLIC LIBRARY
Approved Date
12/4/2000
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1 �V <br /> " � AGREEMENT <br /> THIS AGREEMENT made by and between the City of Decatur, Illinois ("Cit}�'), a municipal <br /> corporation, and The Board of Library Trustees of the City of Decatur("Board"), a body politic. <br /> WHEREAS, the Board has purchased the building at 130 North Franklin Street, Decatur, Illinois, <br /> for use as a public library; and, <br /> WHEREAS, the Board wishes to improve a portion of said building so as to lease it to tenants <br /> whose use of the building would be compatible with its primary use as a library; and, <br /> WHEREAS, the Board wishes to borrow funds to enable it to accomplish the aforesaid <br /> improvement, and the City is willing to lend the Board said funds, on the conditions set out herein. <br /> NOW, THEREFORE, for and in consideration of the provisions hereof, the City and the Board <br /> agree as follows: <br /> 1. The City will lend the Board the sum of One Hundred Seventy Five T'housand Dollars <br /> ($175,000.00) ("principal"), on December 7 , 2000, or on some other date agreeable to both the <br /> City and the Board. <br /> 2. On December 1, 2001, and every December 1 thereafter through 2008,the Board shall pay the <br /> City the sum of Twenty-One Thousand Eight Hundred Seventy Five Dollars ($21,875.00), plus five per <br /> cent(5%) interest on the outstanding balance of the principal. <br /> DATED this 4th day of December, 2000. <br /> CITY OF DECATUR, ILLINOIS, a municipal <br /> Corporation, <br /> By <br /> ATTEST: M <br /> �� <br /> .���C.� _ CC/�,1� �' <br /> City Clerk <br /> THE BOARD OF LIBRARY TRUSTEES OF THE <br /> CITY OF DECATUR, a body politic, <br /> � j�' <br /> By <br /> ATTEST: Its sr <br /> � � <br />
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