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:

PEGGY EILEEN GARTON
Allen County
My Commission Expires
December 14, 2013