Posted by Shaggle Rock on December 29, 2017, 9:05 pm
Apparently, the manure spreading done by Special Agent Nick during the Township election has paid off - the Tax Payers will be responsible for the repayment of a $75,000.00 note to Madison County.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF NAMEOKI TOWNSHIP, MADISON COUNTY, ILLINOIS Section 1. That Nameoki Township, Madison County, Illinois borrow up to Seventy- Five Thousand Dollars ($75,000.00) from Madison County, Illinois through the Madison County Community Development Loan Program administered by Madison County Community Development for the purpose of upgrading pumps, fencing and other infrastructure needs at Shirlene Drive/Dobrey Slough Holding Pond at an interest rate of zero percent (0%) annually and a repayment term of eighty four (84) months with zero percent (0%) interest and principal to be paid in monthly installments commencing one (1) month from the invoice payout date and subject to all terms and conditions set out in the Letter of Loan Commitment from Madison County Community Development to Nameoki Township. Section 2. That Nameoki Township enter into a Subrecipient Agreement with Madison County, Illinois for the provision of the said public facility loan to upgrade pumps, fencing and other infrastructure needs at the Shirlene Drive/Dobrey Slough Holding Pond. Section 3. That Nameoki Township issue and deliver to Madison County, Illinois a promissory note in favor of Madison County, Illinois in the foregoing principal amount of the funds borrowed in standard form and in accordance with the terms of the foregoing loan commitment and that said obligation is declared to be and constitute a binding general obligation of Nameoki Township backed by the full faith and credit of Nameoki Township. Section 4. That Nameoki Township pledges its revenues from its General Fund to the repayment of the loan obligation to Madison County, Illinois. Section 5. That the Supervisor and Clerk of Nameoki Township are authorized to execute and deliver in the name of and on behalf of Nameoki Township such documents, including, but not limited to, a Subrecipient Agreement, a promissory note, and such other instruments as may be necessary or convenient to effect and close the foregoing loan. Section 6. That this Ordinance shall take effect upon its adoption in accordance with applicable law. PASSED THIS 1st Day of November, 2017 by the Board of Trustees of Nameoki Township, Madison County, Illinois. Source: Nameoki Town Trustees Special Meeting November 1, 2017