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HomeMy Public PortalAboutORD12132 BILL NO. 94-67 SPONSORED BY COUNCILMAN Nilges ORDINANCE NO. 12132 AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, AUTHORIZING THE MAYOR AND CITY CLERK TO ENTER INTO AN AGREEMENT WITH TECH PACKAGING, INC., AND CERTAIN OTHER PARTIES FROM THE CITY'S REVOLVING LOAN FUND FROM THE MISSOURI DEVELOPMENT ACTION GRANTS. BE IT ENACTED BY THE COUNCIL'OF THE CITY OF JEFFERSON, MISSOURI: Section 1. The Mayor and City Clerk are hereby authorized to enter into an agreement with Tech Packaging, Inc., and Paul Chinn and Rayma Chinn, Robert H. McCurren, III, and Paula Sue McCurren, and Tom Jones and Millie Jones for a loan from the City's revolving loan fund derived from the Missouri Development Action Grant monies. The principal amount of said loan shall not exceed Fifty Thousand Dollars ($50,000.00). Section 2. The agreement shall be substantially the same in form and content as that agreement attached hereto as Exhibit "A." , Section 3. The Mayor and City Clerk are further authorized to sign an and all Y Y 9 Y necessary documents to carry out the terms of the agreement as set out in Exhibit "A." Section 4. This Ordinance shall be in full force and effect from and after its passage and approval. 1 . . PASSED: G� Ycl APPROVED: 9 Presiding Office or ATTEST:... `City Clerk -•i° ..z ' IC .. ta. >{'>S+:!' P .* ,�s9ap{n t C►r'^i:iiusW x~ i+ >t � f n. ' �'.s: ll r PBoMISSORY NQ 'E ` $37,750.00 Jefferson City, Missouri March 6, 1995 1" FOR VALUE RECEIVED, the undersigned,jointly and severally, promise to pay in lawful money of the United States of America to the order of the City of Jefferson,Missouri, at City Hall, Jefferson City, Missouri, the sum of Thirty Seven Thousand Seven Hundred Fifty Dollars r ($37,750.00) for money loaned at a rate of six and one quarter percent (6.25%) and a continued interest rate of six and one quarter (6.25%). No payment of interest or principal shall be made in years one,two and three (1,2, and 3). The interest accrued from years one, two and three (1, 2 and 3)shall be added annually to and become a part of the principal, totaling Forty-five Thousand Two Hundred Seventy-nine Dollars and Seventy-two Cents ($45,279.72) to be amortized over the remaining life of the Note. Principal and interest shall be paid at a rate of Five Hundred Eight Dollars and Forty Cents ($508.40) per month for 120 months commencing March 1, 1998, and a final payment of Five Hundred Eight Dollars and Sixty Cents ($508.60),until the remaining balance of principal and interest accrual shall be paid in full. l The terms of the loan agreement entered into between the City of Jefferson,Missouri, and Tech Packaging, Inc. and Bob Janes, dated March 6, 1995, is attached hereto as Exhibit "A" and ' incorporated by reference as if fully set out herein. A violation or breach of said agreement shall constitute a default and the entire balance of this Note shall be due and payable on the occurrence of said default in accordance with the loan agreement. Failure to declare a default for a breach or violation of the loan agreement shall not constitute a waiver of the right to exercise it at any other time. L Failure to make any interest or principal payment when due shall, at the option of the owner '. balance or principal and interest to date of payment due and payable. of the Note,render the entire balan p p P ym .q Failure to exercise this option shall not constitute a waiver of the right to exercise it at any other ` time. zT. The makers, sureties, guarantors and endorsers of this Note,jointly and severally, hereby waive notice of and consent to any and all extensions of this Note or any part thereof without notice, and each hereby waives demand,presentment for payment,notice of non-payment and protest, and any and all notice of whatever kind or nature and the execution of legal remedies hereon, and waive valuation,exemption and homestead rights,and agree to pay a reasonable attorney's fee, which may be incurred in collecting or securing said Note after its maturity. TECH PACKAGING, INC. Bob Janes 'dividually) Title: ATT Secretary cAcontracAtchpkg.not x .: �). �. * .� .j;� .r4:r.. ' '� 6v.ny�" '.� fa�h.>Y� ..�aL,v 'v,+.i`{ �.ax '"6•,� .)�n S:w.,i� f nGy 1� A 4iY P{ qtr JN ACTRRR11Rt?NT THIS AGREEMENT,entered into this z�t�day of .k , 1991,by and between the City of Jefferson, : Missouri,hereinafter referred to as"City"and Tech Packaging,Inc.,a Florida Corporation,whose address is 2950 Powers Avenue,Jacksonville,Florida 32207,and Bob Janes,individually hereinafter referred to as "Company." 't WITNESSETH: t WHEREAS,the City has agreed to loan to die Company the sum of Thirty Seven Thousand Seven Hundred Fifty ' Dollars($37,750.00),payable in thirteen(13)years as evidenced by a Promissory Note which is attached hereto as Exhibit "B,"derived from a Missouri Development Action Grant,hereinafter referred to as "MoDAG," which it received from the State of Missouri Division of Community and Economic Development which is funded totally or in part by the U. S. Government;and WHEREAS,the parties are desirous to enter into an agreement governing the use of these funds. THEREFORE,in consideration of the above premises and for other good and valuable consideration,it is hereby agreed as follows: 1. The City will loan to the Company,upon performance by Company of all conditions,and receipt by the City of the funds from MoDAG,the sum of Thirty Seven Thousand Seven Hundred Fifty Dollars($37,750.00),with interest due per rf the Promissory Note which is attached hereto as Exhibit"B." 2. If the Company ceases operations at the facility prior to the expiration of the loan,sells or refinances the loan, then the amount of Thirty Seven Thousand Seven Hundred Fifty Dollars(37,750.00)loaned by the City to the Company shall immediately become due and payable,together with any accrued interest. 3. This Agreement shall not be amended in any material respect without the prior written approval of the parties. This Agreement shall be binding upon the parties,their heirs, successors and assigns. u 4. Bob Janes and Tech Packaging,Inc.are jointly and severally responsible for the performance of this agreement. This Agreement entered into the day and year first above written. CITY OF JEFFERSON,MISSOURI By: L� ayor ATTEST: City Clerk x` APP VED AS ORM: OB JANES,Vch dually City C606W61or TECH PAC GING,INC. Tide: Tifter. NO AL cAcontract\tchpkg.agr 11 F •..rt Y+ `~r,.'9?vpS S. N 'Yr•y+.0 ..1" lJ' dF N, r1;; r,Wi'�1.} NIP, 1 y.M:+t V �t�4 Y�$`�•wyigy.�.t'�j,¢ .{ '.x\3 k h Ir • i i Tech Packaging Loan Amortization Schedule} Payment Pa anent Current Current Interest Principal Principal Date _Rate Payment _Portion Portion Balance z= 1 1-rJ1ar-95 6.25% $0.00 $196.61 $0.00 $37,750.00 21 1-A r-95 6,25% $0.00 $196.61 $0.00 $37,750.00 ; 31 1-Ma -95 6.25% $0,00 $196.61 $0.00 $37,750,00 ` 4 1-Jun-95 6.25% $0.00 $196.61 $0.00 $37,750.00 5 1-Jul-95 6,25% $0.00 $196.61 $00. 0 3 $ 7,750.00 6 1-AU -95 6,25% $0.00 $196.61 $0,00 $37,750.00 �. i 7 1-Se -95 6,25% $0.00 $196.61 $0.00 $37,750.00 �.,. 8 1-Oct-95 6.25% $0.00 $196.61 $0.00 $37,750.00 9 1-Nov-95 6,25% _ $0.00 $196.61 $0.00 $37,750.00 10 1-Dec-95 6.25% $0.00 $196.61 $0.00 $37,750.00 11 1-Jan-96 6.25% $0.00 $196.61 $0.00 $37,750.00 1 12 1-Feb-96 6.25% $0.00 $196.61 $0.00 $40,109.38 ' 13 1-Mar-96 6.25% $0.00 $208.90 $0.00 $40,109.38 14 1-A -96 6.25% $0.00 $208.90 $0.00 $40,109.38 d j 15 1-Ma -96 6,25% $0.00 $208.90 $0.00 $40,109.38 S;M ` 16 1-Jun-96 6.25% $0.00 $208.90 $0.00 $40,109.38 r - 17 1-Jul-96 6,25% $0.00 $208.90 $0.00 $40,109.36 '''� 18 1-Au -96 6.25% $0.00 $208.90 $0.00 $40,109.38 ' 19 1-Se -96 6.25% $0.00 $208.90 $0.00 $40,109.38 {r 20 1-Oct-96 6.25% $0.00 $208.90 $0.00 $40,109.38 M• *> '' s 21 1-Nov-96 6.25% $0.00 $208.90 $0.00 $40,109.38 '2 1-Dec-96 6.25% $0.00 $208.90 $0.00 $40,109.38 ryfay 23 1-Jan-97 6,25% $0.00 $208.90 $0.00 $40,109.38 24 1-Feb-97 6.25% $0.00 $208.90 $0.00 $42,616.21 25 1-Mar-97 6.25% $0.00 $221.96 $0.00 $42,616.21 r 26 _I-Apr-97 6.25% $0.00 $221.96 $0.00 $42,616.21 'Tyre 27 1-Ma -97 6.25% $0.00 $221.96 $0.00 $42,616.21 28 1-Jun-97 6.25% $0.00 $221.96 $0.00 $42,616.21 29 1-Jul-97 6.25% $0.00 $221.96 $0.00 $42,616.21 30 1-Au -97 6.25% $0.00 $221.96 $0.00 $42,616.21 y 31 1-Se -97 6.25% $0.00 $221.96 $0.00 $42161621 1 32 1-Oct-97 6.25% $0.00 $221.96 $0.00 $42,616.21 33 1-Nov-97 6,25% $0.00 $221.96 $0.00 $42,616.21 i 34 1-Dec-97 6.25% $0.00 $221.96 $0.00 $42,616.21 35 1-Jan-98 6.25% $0.00 $221.96 $0.00 $42,616.21 36 1-Feb-98 6.25% $0.00 $221.96 $0.00 $45,279.72 371 1-Mar-98 6.25% $508.40 $235.83 $272.57 $45,007.15 38 1-Apr-98 6.25% $508.40 $234.41 $27199 $44,733.16 39 1-Ma -98 6,250/. $508.40 $232.99 $275.41 $44,457,75 ,.: 40 1-Jun-98 6.25% $508.40 $231.55 $276.85 $44,180.90 a; 41 .1-Jul-98 6.25% $508.40 $230.11 $278.29 $43,902.61 421 1-Au -98 6.25% $508.40 $228.66 $279.74 $43,622.87 431 1-Se -98 6.25% $508.40 $227.20 $281.20 $43,341.67 " 44 1-Oct-98 6.25% $508.40 $225.74 $282.66 $43,059.01 45 1-Nov-98 6.25% $508.40 $224.27 $284.13 $42,774.87 46 1-Dec-98 6.25% $508.40 $222.79 $285.61 $42,489.26 47 1-Jan-99 6.25% $508.40 $221.30 $287.10 $42,202.16 48 1-Feb-99 6.25% $508.40 $219.80 $288.60 $41,913.56 tech.xls Page 1 Y 4 kc : `, � f •, .:�• u''�..1Y�..�,.'t.t 7e.�t +p x vq h R'lgt .;,rr `.3v bel���'�c"t`�y C M � r � -�, �.'�,',�a4 �l�4plj�;�Yyap�y{ttL'+' �. y F��a�i 17: t'�"h te�ti2" 'jnt'�'"� t�i,�}�`p,�s•{' r �` ,v ta'• "�ti h r 'k 7 djk'Te'v.;7''�r�rt°i{f��}?1 fd'��,c Y��I�^•��11'tly} ter,+7� Pv{t !�✓'{�.#��- 'f`a Y�'P' r' p f T: '.'. 2' n .1111 t,•L. }s, ti ,.s5r is�`.,fir'Ata a'�a{'�,�".}txy ri:'py� u y 5'��.�w 'x'• 1ty�C £ " ' ° , �i '•, �Z 5.7 sks�p' a 4 u`i �l ?Y,h- '1 F rn{. �i ",�71. ;� 4� �vrr ,'��` `d r, � si.,• r,ry: '�: .?� F P Y �ti � �a..�(� ,tif n{ c x 4 d..Ya .g'. 'b''t''� -7. , S ..V y .Le y 1." �s,, ,rt� .(• !1i;,,✓ iG.Sk s ' Tech Packaging } A Loan Amortization Schedule 1-Mar-99 6.25% $508.40 $218.30 $290.10 $41,623.46 50 _1-Apr-99 6.25% $508.40 $216.79 $291.61 $41,331.85 ti a=' 51 1-Ma -99 6.25%_$508.40 $215.27 $293.13 $41,038.72 52 1-Jun-99 6,25% $508.40_ $213.74 $294.66 $40,744.06_ 53 �1-Jul-99 6.25% $508.40 $212.21 $296.19 $40,447.87 54 1-Au -99 6.25% $508.40 $210.67 $297.73 $40,150.14 55 1-Se -99 6.25% $508.40 $209.12 $299.28 $39,850.85 56 1-Oct-99 6.25% $508.40 $207.56 $300.84 $39,550.01 57 1-Nov-99 6.25% $508.40 $205.99 $302.41 $399247.60 58 1-Dec-99 6.25% $508.40 $204.41 $303.99 $38,943.61 59 1-Jan-00 6.25% $508.40 $202.83 $305.57 $38,638.05 +: 60 1-Feb-00 6.25% $508.40 $201.24 $307.16 $36,330.89 ' �3 61 1-Mar-00 6.25% $508.40 $199.64 $308.76 $38,022.13 62 1-A r-00 6.25% $508.40 $198.03 }i $310.37 $37,711.76 63 1-Ma -00 6.25% $508.40 $196.42 $311.98 $37,399.77 " 64 1-Jun-00 6.25% $508.40 $194.79 $313.61 $37,086.16 65 1-Jul-00 6.25% $508.40 $193.16 $315.24 $36,770.92 66 1-AU -00 6.25% $508.40 $191.52 $316.88 $36,454.04 67 1-Sep-00 6.25% $508.40 $189.86 $318.54 $36,135.50 ' 1 68 1-Oct-00 6.25% $508.40 $188.21 $320.19 $35,815.31 � • �"+ 69 1-Nov-001 6.25% $508.40 $186.54 $321.86 1 $35,493.44 70 1-Dec-00 6.25% $508.40 $184.86 $323.54 $35,169.91 `4r` 71 1-Jan-01 6.25% $508.40 $183.18 $325.22 $34,844.68 72 1-Feb-01 6.25% $508.40 $181.48 $326.92 $34,517.76 73 1-Mar-01 6.25% $50840 $17 0 28.62 $34,189.14.78 , 74 1-A r-01 6.25% $508.40 $178.07 330.33 $33,858.81 75 1-Ma -01 6.25% $508.40 $176. 5 $332.05 $33,526.76 �� 76 1-Jun-01 6.25% $508.40 $174.62 $333.78 $33,192.98 77 1-Jul-01 6.25% $508.40 $172.88 $335.52 $32,857.46 1 78 - 1 AU -01 6.25% $508.40 $171.13 $337.27 $32,520.19 - R 79 1 Se -01 6.25% $508.40 $169.38 $339.02 $32,181.17 80 1-Oct-01 6.25% $508.40 $167.61 $340.79 $31,840.38 81 1-Nov-01 6.25% $508.40 $165.84 $342.56 $31,497.81 82 1-Dec-01 6.25% $508.40 $164.05 $344.35 $31,153.47 83 1-Jan-02 6.25% $508.40 $162.26 $346.14 $30,807.32 84 1-Feb-02 6.25% $508.40 $160.45 $347.95 $30,459.38 85 1-Mar-02 6.25% $508.40 $158.64 $349.76 $30,109.62 86 1-A r-02 6.25% $508.40 $156.-8--2 -$351.58 $29,758.04 87 1-Ma -02 6.25% $508.40 $154.99 $353.41 $29,404.63 °k 88 1-Jun-02 6.2 5% $508.40 $153.15 $355.25 $29,049.38 89 1-Jul-02 6.25% $508.40 $151.30 $357.10 $28,692.28 r 90 1-Au -02 6.25% $508.40 $149.44 $358.96 $28,333.32 91 1-Sep-02 6.25% $508.40 $147.57 $360.83 $27,972.49 92 1-Oct-02 6.25% $508.40 $145.69 $362.71 $27,609.78 93 1-Nov-02 6.25% $508.40 $143.80 $364.60 $27,245.18 94 1-Dec-02 6.25% $508.40 1141.90 $366.50 $26,878.68 i 95 1-Jan-03 6.25% $508.40 $139.99 $368.41 $26,510.27 96 1-Feb-03 6.25% $508.40 $138.07 $370.33 $26,139.95 97 1-Mar-03 6.25% $508.40 $136.15 $372.25 $25,767.69 98 1-A r-03 6.25% $508.40 $134.21 $374.19 $25,393.50 OF - 99 1-Ma -03 6.25% $508.40 $132.26 $376.14 $25,017.36 100 1-Jun-03 6.25% $508.40 $130.30 $378.10 $24,639.26 tech.xls Page 2 q ]]a. L':" t'R yrv�v } .r tx'1/ Stl•�,+e k+ }r{ 'i f 7" � 'k '!A i�a`" •� 1 !, Y h i ��4"��M^,tt n''"��p����Sr��4G4"��i�q•'e yhb,` i�y. T ?7 ���'"Ay� ,qg3� ,7" �'"> "`). .*11' u� r;�• ;��� . 1Y'b:1}�r:r',tn"f.+h��1`r..��2GS. i � �1.' V �. � : � ii '�tt•' ,t q e �r . .k> � ',�iSY Oyi�a �;9 RF{ %�+ .si ,-r� �.s . uT•�'wf... .r^ ..,., E\s t. *1� 1 ,3+�; j, 5 T f. � :t�t'•r r . h,.: yr f�(,w t S•i;;' �' r � e� ��rt.t'.,7G'. t pi ,., a' e. 35'.. �t� ,.-t r� [.,*ls'; 6}.."'±1s..i 4 c i 5i1 � � y `�'( , ) , Tech Packaging Loan Amortization Schedule ` 101 1-Jul-03 6.25% $508.40 $128.33 $380.07 $24,259.19 'N , _ 102 1-Au -03 6.25% $508.40 $126.35 $382.05 $23,877.14 s. . 103 1-Se -03 6.25% $508.40 $124.36 $384.04 $23,493,10_ z 104 1-Oct-03 6.25% $508.40 $122.36 $386.04 $23,107.06 f° _ .t 105 1-Nov-03 6.25% $508.40 $120.35 _$388,05 $22,719.01 106 1-Dec-03 6.25% $508.40 $118.33 $390.07 $22,328.93 107 1-Jan-04 6.25% $508.40 $116.30 $392.10 $21,936.83 t. 108 1-Feb-04 6.250/. $508:40 $114.25 $394.15 $21,542.68 109 1-Mar-04 6.25% $508.40 $112.20 $396.20 1 $21,146.49 110 1-Apr-04 6.25% $508.40 $110.14 $398.26 $20,748.22 i _111 1-Ma -04 6.25% $508.40 $108.06 $400.34 $20,347.89 112 1-Jun-04 6.25% $508.40 $105.98 $402.42 $19,945.47 . 113 1-Jul-04 6.25°1° $508.40 $103.88 $404.52 $19,540.95 114-1-Aug-04 6.25% $508.40 $101.78 $406.62 $19,134.32 . ; 115 1-Se -04 6.25%1 $508.40 $99.66 $408.74 $18,725.58 116 1-Oct-04 6.25% $508.40 $97.53 $410.87 $18,314.71 117 1-Nov-04 6.25% $508.40 $95.39 $413.01 $17,901.70 , 118 1-Dec-04 6.25% $508.40 $93.24 $415.16 $17,486.54 X4,4 119 1-Jan-05 6.25% $508.40 $91.08 $417.32 $17,069.21 F� , 120 1-Feb-05 6.25% $508.40 $88.90 $419.50 $16,649.72 121 1-Mar-05 6.25% $508.401 $86.72 $421.68 $16,228.03 =Y, 122 1-A r-05 6.25% $508.40 $84.52 $423.48 $15,804.15 123 1-Ma -05 ' 6.25% $508.40 $82.31 $426.09 $15,378.07 124 1-Jun-05 6.25% $508.40 $80.09 $428.31 $14,949.76 125 1-Jul-05 6.25% $508.40 $77.86 $430.54 $14,519.23 'r 126 1-Au -05 6.25% $508.40 $75.62 $432.78 $14,086.45 c ' {:a�`; 12-I 1-Se 05 6.25% $508.40 $73.37 $435.03 $13,651.41 128 1-Oct-05 6.25% $508.40 $71.10 $437.30 $13,214.11 ?;f 129 1-Nov-05 6.25% $508.40 $68.82 $439.58 $12,774.54 130 1-Dec-05 6.25% $508.40 $66.53 $441.87 $12,332.67 :rJ ' 131 1-Jan-06 6.25% $508.40 $64.23 $444.17 $11,888.50 41• 132 1-Feb-06 6.25% $508.40 $61.92 $446.48 $11,442.02 ;• 133 1-Mar-06 6.25% $508.40 $59.59 $448.81 $10,993.22 ' 134 1-A r-06 6.25% $508.40 $57.26 $451.14 $10,542.07 135 1-Ma -06 6.25% $508.40 $54.91 $453.49 $10,088.58 #, 136 1-Jun-06 6.25% $508.40 $52.54 $455.86 $9,632.73 ;s 137 1-Jul-06 6.25% $508.40 $50.17 $458.23 $9,174.50 i' 138 1-Au -06 6.25% $508.40 $47.78 $460.62 . $8,713.88 ! yna< 139 1-Se -06 6.25% $508.40 $45.38 $463.02 $8,250.86 140 1-Oct-06 6.25% $508.40 $42.97 $465.43 $7,785.44 141 1-Nov-06 6.25% $508.40 $40.55 $467.85 $7,317.59 ' 142 1-Dec-06 6.25% $508.40 $38.11 $470.29 $6,847.30 ` 143 1-Jan-07 6.25% $508.40 $35.66 $472.74 $6,374.56 r, { 144 1-Feb-07 6.25% $508.40 $33.20 $475.20 $5,899.36 145 1-Mar-07 6.25% $508.40 $30.73 $477.67 $5,421.69 ` 146 1-A r-07 6.25% $508.40 $28.24 $480.16 $4,941.53 147 1-Ma -07 6.25% $508.40 $25.74 $482.66 $4,458.86 148 1-Jun-07 6.25% $508.40 $23.22 $485.18 $3,973.69 149 1-Jul-07 6.25% $508.40 $20.70 $487.70 $3,485.98 8j, 150 1-AU -07 6.25% $508.40 $18.16 $490.24 $2,995.74 151 1-Se -07 6.25% $508.401 $15.60 $492.801 $2,502.94 152 1-Oct-071 6.25% $508.401 $13.041 $495.36 1 $2,007.58 , tech.xls Page 3 , •-t 1 N •�"r,'�v }i Y�o55'� tt;f:w y; 41�� t.k:C + Iz 4 "M 1 i Y 'Y L A.1•..� � 5 .I 'tjyC.y �,*.y5(,, �.�� � ✓r i tieF .Ct s��yE 1 11,dt�r� i.5W 5�,. ,+<lt n���`}l'C{'„r �,+ Y11 .� '� i j1i 51: ,IXSi S j Xt)", ,4.-'} 7 S e �,Se r• ,r rk ,r yr wtR, ' , •57 1.a !r. �` �,�Y�'�a,y�,,� �b �r"t� ;�"�t,��F4,r '��:��.1�}r„?,+j' "}�' r.,�9' ;f¢• ' s e y�, t L,. 1 k • t 5, Y, .� �r:sq�� ''i�5��� .�, .x.Sx:}p'r ,�F1 ' .•;}p��, � t• ,v a , '?� ,' , '1 .. .py �5 s ,S}ei s1 •i(5 r r.� ''4 i pp ,y. zy v ( u M"t!tRi c t� 11". '� f f4.2't�!tile t.t �. a'a ...J�tJ IJT'•� .1 r ' .:c 1r"M%..1;.�L $i i h '1'.. t' '�� i � ,�t r .mom= • 1 1: 1 1 . . .. MEW 'A t•sy!T �Tr ��® I 1 1• •1 J!fit �{y�jgT• F' M1 S1 t} Qrr �7 Ilf�i; ii ES f i '1 �y�yt :i r:l•.:' f, 1, ! QII rt i t r( i I t f ,,y� t � I I I i i a r a1 41r t. u'r !' � 4 1.. •r a 1 � r r � 1 `• J r' t l ,� a z I \ t a i t 1. .f ar x r ♦ l a t1 t } 1 I r 4 ;'•� •r a.. �'+ r .j t t. .. tl�. 1 J 4 tl /J �4. S s ! r r� + � t .Ally;; ,"wr.f�v j p44 �t r .'�yT 1 ��'►,Mn'•Jr+�'+fM.ayr.,.w1..k'ro,.w • �J.. 1 i� � a. a 1�i�}. e+ a 7'4'7s .'�rr,+ <ti+t �iw 5 t •� i lfH }1 r 1 'ti r t j 1 pt } '� { '!�,•,'+,>< .') }*.3t�It `''JL EXHIBIT, B " 1 Y F } „y PROMISSORY NOTE ` $37,750.00 Jefferson City, Missouri March 6, 1995 { c FOR VALUE RECEIVED, the undersigned,jointly and severally,promise to pay in lawful ,'. money of the United States of America to the order of the City of Jefferson,Missouri, at City Hall, Jefferson City, Missouri, the sum of Thirty Seven Thousand Seven Hundred Fifty Dollars r ($37,750.00) for money loaned at a rate of six and one quarter percent (6.25%) and a continued interest rate of six and one quarter(6.25%). No payment of interest or principal shall be made in years one,two and three(1,2, and 3). The interest accrued from years one, two and three (1,2 and , 3) shall be added annually to and become a part of the principal, totaling Forty-five Thousand Two Hundred Seventy-nine Dollars and Seventy-two Cents ($45,279.72) to be amortized over the remaining life of the Note. Principal and interest shall be paid at a rate of Five Hundred Eight r Dollars and Forty Cents ($508.40) per month for 120 months commencing March 1, 1998, and a " N' final payment of Five Hundred Eight Dollars and Sixty Cents $508.60), until the remaining balance " •. of principal and interest accrual shall be paid in full. ' ' The terms of the loan agreement entered into between the City of Jefferson,Missouri, and Tech Packaging, Inc. and Bob Janes, dated March 6, 1995, is attached hereto as Exhibit "A" and incorporated by reference as if fully set out herein. A violation or breach of said agreement shall constitute a default and the entire balance of this Note shall be due and payable on the occurrence Jti:sG; of said default in accordance with the loan agreement. Failure to declare a default for a breach or a violation of the loan agreement shall not constitute a waiver of the right to exercise it at any other r§' : ..� time. Failure to make any interest or principal payment when due shall, at the option of the owner 1% f of the Note,render the entire balance or principal and interest to date of payment due and payable. Failure to exercise this option shall not constitute a waiver of the right to exercise it at any other time. >h.. kyy, ;h. The makers, sureties, guarantors and endorsers of this Note,jointly and severally, hereby waive notice of and consent to any and all extensions of this Note or any part thereof without notice, ' and each hereby waives demand,presentment for payment,notice of non-payment and protest, and any and all notice of whatever kind or nature and the execution of legal remedies hereon, and waive ' valuation,exemption and homestead rights, and agree to pay a reasonable attorney's fee, which may be incurred in collecting or securing said Note after its maturity. TEC14 PACKAGING, INC. +P' ne Bob Janes dividually) Title: ecretary r c:VlAtchpkg.not Exhibit B .r1 �' y�'°4;xy't��y`. 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