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R97-09 AUTHORIZING A CONTRACT
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R97-09 AUTHORIZING A CONTRACT
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Last modified
4/19/2016 4:08:25 PM
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4/19/2016 4:08:25 PM
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Resolution/Ordinance
Res Ord Num
R97-09
Res Ord Title
AUTHORIZING A CONTRACT FOR CITY FARM PROPERTIES MANAGMENT WITH MAGNA TRUST COMPANY
Approved Date
1/21/1997
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� r`- <br /> MAG NA Agricultural Services <br /> 100 South Water <br /> TRUST P.O. Box 1278 <br /> Decatur, Illinois 62525-1278 <br /> Magna Trust Company 217 429-4253 <br /> RM MANAGEMENT CONTRACT <br /> NAME OF LANDOWNER: City of Decatur, Illinois <br /> (Hereinafter designated "Owner".) <br /> NAME OF FARM MANAGER: Magna Trust Company <br /> Agricultural Services <br /> One Millikin Court <br /> Decatur, Illinois 62523 <br /> DESCRIPTION OF FARM REAL ESTATE: <br /> Farm #1 - The Northwest Quarter (NW 1/4) of the Northwest Quarter (NW 1/4) of Section <br /> Thirty-Six (36); and the North One-Half (N 1/2) of the Northeast Quarter (NE 1/4) of Section <br /> Thirty-S'vc (3�; all in Township Nineteen North (T191�, Range Three East (R3E) of the 3rd P. <br /> M., Creek Township, DeWitt County, Illinois, containing 120.0 acres, more or less. <br /> Farm #2 - The North Half(N 1/2) of Section Two (2); and the Northeast Quarter (NE 1/4) of <br /> Section Three (3); all in Township Sixteen North (T16I�, Range Three East (R3E) of the Third <br /> Principal Meridian (3rd P.M.), Oakley Township, Macon County, Illinois, containing 528.0 <br /> acres, more or less. <br /> ********** <br /> IT IS AGREED BETWEEN THE OWNER AND MAGNA TRUST COMPANY: <br /> 1. The terms of this agreement shall be for one year from March 1, 1997 through February 28, <br /> 1998, and shall continue from year to year thereafter. Either party must give the other <br /> written notice 30 days prior to the first day of 7anuary to terminate this contract. <br /> 2. Magna Trust Company is hereby given express power and authority: <br /> (a) To superintend and manage that part of the above described real estate presenfly used <br /> for the purpose of agricultural production subject to direction by owner regarding <br /> management strategies. <br /> (b) To handle all financial transactions relating to said real estate through the account of <br /> City of Decatur at Magna Trust Company at Decatur, Illinois. <br />
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