HomeMy WebLinkAbout2002-668-11.12.2002 47)( E+ t" (/ t--t �^
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rm rThiS Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
J t; Str Waterloo, Iowa.
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0 Cr RESOLUTION NO. 2002-668
0 Hi tit
s >" RESOLUTION APPROVING REQUEST OF WATERLOO TENT
t, & TARP COMPANY TO EXTEND CONTRACT PURCHASE
Os triVic., BALLOON PAYMENT TO OCTOBER 1, 2007, IN
cn Ea CONJUNCTION WITH CONSTRUCTION OF A NEW
CO trl �; ; ,;_ BUILDING IN MIDPORT AMERICA INDUSTRIAL PARK
`A El ,> 04 IN THE CITY OF WATERLOO, IOWA.
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ro WHEREAS, on September 2 , 1997, the Council of the City of
TWaterloo, Iowa approved a Loan Agreement with Waterloo Tent &
arp :Company, and
01-1 E-4 'WHEREAS, said Loan Agreement authorized a loan in the amount
of $180 , 0"00 . 00 , with $1, 567 . 99 per month payments for 59 months
•
and final balloon payment at the end of five years, and
WHEREAS, as a condition of said Loan Agreement, Waterloo
Tent & Tarp Company agreed to pay the principal and all accrued
interest on October 1, 2002 , and
WHEREAS, Waterloo Tent & Tarp Company has requested that the
contract purchase balloon payment be extended to October 1, 2007 .
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE COUNCIL OF THE
CITY OF WATERLOO, IOWA, that the request of Waterloo Tent & Tarp
Company to extend contract purchase balloon payment to October 1,
2007, and to continue $1, 567 . 99 monthly payments at the interest
rate of 6 . 5 percent, with the principal and all accrued interest
due on October 1, 2007, be and the same is hereby approved.
PASSED AND ADOPTED this 12th day of November, 2002 .
/1 1 1
John R. Ro. , Mayor 111
ATTEST:
Nancy Ecke , City Clerk