Resolution # 2013-5
The Town Council of Leo-Cedarville resolves to negotiate with iAB Financial Bank to borrow the amount of Three Hundred and Thirty Thousand dollars for the sole purpose of completing the financing required to proceed with the Riverside Gardens Improvement Project.
It is anticipated the remaining principal of the current loan with iAB would be paid off (balance as of March 14, 2013 was $397,272.47), with the new note.
The payoff along with the $330,000.00 would represent the amount of the new loan. The loan is to be paid out of the Town’s County Economic Development Income Tax Fund.
The terms of the new loan would be for a term of no more than five years and repayable no more frequently than sixty (60) monthly installments.
Signed this 28 day of May, 2013
The Council of Leo-Cedarville:
John Clendenen, President John Clendenen
Tim Richards, Vice President
Kevin Veatch, Council Kevin Veatch
Paul Steffens, Council Paul Steffens
Ted Garton, Council Ted Garton
Witnessed by Notary of Allen County Indiana,
Peggy Eileen Garton Peggy Eileen Garton
Seal Editor’s Note: At this point, a Notary seal is affixed with:
My Commission Expires
December 14, 2013