HomeMy Public PortalAboutORD10969 BILL NO. - 87-159
SPONSORED BY COUNCILMAN HALSEY
ORDINANCE NO.
AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE AN AMENDMENT TO THE AGREEMENT
WITH JEFFERSON CITY MANUFACTURING COMPANY TO AMEND THE TERMS OF A
MODAG LOAN.
BE IT ENACTED BY THE COUNCIL OF THE CITY OF JEFFERSON, MISSOURI,
AS FOLLOWS:
Section 1. The Mayor and Clerk are hereby authorized and
directed to execute an amendment to the agreement with Jefferson
City Manufacturing Company to amend the terms of a MODAG Loan.
Section 2. The amendment shall be substantially the same in
form and content as that amendment attached hereto as Exhibit A.
Section 3. This Ordinance shall be in full force and effect
from and after the date of its passage and approval.
Passed 14 /5�6 7 ` Approved
sidi fficer yor
ATTEST:
City: Clerk
AMENDMENT TO AGREEMENT
Come now Jefferson City Manufacturing Company, Inc. , a
Missouri Corporation, hereinafter referred to as "Company", and
the City of Jefferson, Missouri, a Constitutional Charter City,
hereinafter referred to as "City", and enter into this amendment
to' a certain agreement dated October 21, 1985,
WITNESSETH:
WHEREAS, Company and City entered into an agreement dated
Optober 21, 1985, involving certain loan funds and security
interests and
WHEREAS, It is in the interest of both parties to ensure the
continued viability of the Company, and
WHEREAS, Company has requested certain modifications be made
to the agreement as they pertain to the security and payment
schedule.
NOW, THEREFORE, in consideration of the following terms,
covenants and conditions, and the continued repayment of the loan
funds, the parties agree as follows:
1. City shall release any and all security interest it has in
accounts receivable and execute any and all appropriate
legal documents to reflect the relinquishment of the
security interest.
2. City shall retain its security interest in the inventory of
Company and its priority as to that security as well as its
security interest in equipment.
3. City shall not penalize Company for late payment provided
payment is received within fifteen (15) days of the date on
which it is due.
4. All other parts of the agreement shall remain unchanged and
In full force and effect.
5. This amendment is subject to written approval by the
Missouri Division of Community and Economic Development.
IN W;TNESS WHEREOF, the parties have set their hands on this
ti day of December, 1987.
dt A-L
of a son Jefferson C ty/Manufacturing
Company, Inc.
ATTEST: �J ) ATTEST:
111C'11�4
ity Clerk ecre ry