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HomeMy WebLinkAbout8003RESOLUTION NO. 8003 A RESOLUTION APPROVING THE DISBURSEMENT OF FUNDS TO THE HARP FOUNDATION TO ASSIST THE FOUNDATION IN SECURING FUNDS FOR THE ENHANCEMENT OF THE HISTORIC ARKANSAS RIVERWALK PROJECT AND ADOPTING OPTION B IN SECTION 3 OF THIS RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, THAT: SECTION l The disbursement of funds in the amount of $50,000 to the HARP Foundation to assist in the payment of administrative expenses associated with fund raising efforts is hereby approved. SECTION 2 Said funds shall be available on January 1, 1997 and paid from the Contingencies Account 001 -195 -501. SECTION 3 Option A: Said funds shall be deemed a grant from the City of Pueblo. Option B: There shall be an agreement of understanding that said funds shall be refunded to the City of Pueblo by the HARP Foundation over a period not to exceed five (5) years. INTRODUCED NoyemhPr 25 , 1996 BY: Samuel Corsentino Councilperson APPROVED: !r / Pres' ent of the Council ATTEST: City Cle c PROMISSORY NOTE U.S. $ 50,000.00 Pueblo, Colorado January 31, 1997 FOR VALUE RECEIVED, the undersigned The Harp Foundation, a Colorado, nonprofit corporation (Borrower) promises to pay Pueblo, a municipal corporation or order, (Note Holder) the principal sum of Fifty thousand and no /100 (50,000.00) U.S. Dollars, without interest. Principal shall be payable at 1 City Hall Place, Pueblo, Colorado, or such other place as the Note Holder may designate, in three (3) annual payments of Sixteen thousand six hundred sixty seven and no /100 Dollars (U.S. $16,667.00), due on the 31st day of January of each year, beginning January 31, 2000. Such payments shall continue until the entire indebtedness evidenced by this Note is fully paid; provided, however, if not sooner paid, the entire principal amount outstanding and accrued interest at the default rate specified below, if any, shall be due and payable on January 31, 2002. Payments received for application to this Note shall be applied first to the payment of accrued interest at the default rate specified below, if any, and the balance applied in reduction of the principal amount hereof. If any payment required by this Note is not paid when due, the entire principal amount outstanding shall at once become due and payable at the option of the Note Holder without notice, notice being hereby specifically waived (Acceleration). The indebtedness shall bear interest at the default rate of nine (9) percent per annum from the date of Acceleration. The Note Holder shall be entitled to collect all reasonable costs and expense of collection and /or suit, including, but not limited to reasonable attorneys' fees. Borrower may prepay the principal amount outstanding under this Note, in whole or in part, at any time without penalty. Any partial prepayment shall be applied against the principal amount outstanding and shall not postpone the due date of any subsequent payments or change the amount of such payments. Presentment, notice of dishonor, and protest are hereby waived by Borrower and all other makers, sureties, guarantors and endorsers hereof. This Note shall be the joint and several obligation of Borrower and all other makers, sureties, guarantors and endorsers, and their successors and assigns. [SEAL] THE HARP FOUNDATION Secretary air 'in an/Presi ent 125 West "B treet Pueblo, CO 81003