HomeMy Public PortalAboutORD15051 BILL NO. 2012-103
SPONSORED BY COUNCILMAN Schulte
ORDINANCE NO. / /
AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE A PROMISSORY NOTE WITH THE
FIREMAN'S PENSION FUND, ACTING BY, AND THROUGH, ITS BOARD OF
TRUSTEES.
BE IT ENACTED BY THE COUNCIL OF THE CITY OF JEFFERSON, MISSOURI, AS
FOLLOWS:
Section 1. The Mayor and City Clerk are hereby authorized and directed to execute
an agreement with Fireman's Pension Fund, acting by, and through, its Board of Trustees
for repayment to the Fireman' Pension Fund.
Section 2. The agreement shall be substantially the same in form and content as
the agreement attached hereto as Exhibit 1.
Section 3. This Ordinance shall be in full force and effect from and after the date
of its passage and approval.
r {Passed: ' L '': �� �� Approved:
Presiding Offi Mayor
ATTEST: APPROVED AS TO FORM:
61ty Clerk City Counselor
Unsecured Promissory Note
Borrower: City of Jefferson, Missouri
320 E. McCarty
Jefferson City, MO 65101
( "Borrower ")
Lender: Fireman's Pension Fund, acting by and though its Board of Trustees
320 E. McCarty
Jefferson City, MO 65101
( "Lender ")
Date:
Nouea^ l � , 2012
I. Recitation.
The City of Jefferson agrees that it owes the Fireman's Pension Fund the sum of three
hundred and seventy thousand five hundred twenty four and 00 /100 dollars ($370,524.00)
due to an unapproved transfer of money from the Fireman's Pension Fund to the LAGERS
retirement system. Although both parties agree that said transfer benefited Jefferson City
Firefighters, both parties agree that repayment to the Fund is necessary.
The parties further agree that should the Fireman's Pension Fund exhaust all of its assets
before its obligations are satisfied, the City of Jefferson is obligated to pay any and all
remaining outstanding obligations of said Fund.
II. Promise to Pay
Borrower agrees to pay Lender the total amount of three hundred and seventy thousand five
hundred twenty four dollars ($370,524.00) together with interest payable
on the unpaid principal balance from and after the date hereof at the rate of three 3% per
annum. Payment will be made into the Fireman's Pension Fund account, held by the City of
Jefferson, to be used solely for the benefit of the beneficiaries of said Pension Fund.
III. Repayment
The amount owed under this Promissory Note will be repaid in five equal annual
installments with the first payment to be made during the City's 2013 -2014 fiscal year, the
precise payment date to be determined by the City. All payments shall be first applied to
interest and the balance to principal and shall be subject to annual appropriation by the City
of Jefferson.
Page 1
IV. Additional Costs
In case of default in the payment of any principal or interest of this Promissory Note,
Borrower will pay to Lender such further amount as will be sufficient to cover the cost and
expenses of collection, including, without limitation, reasonable attorney's fees, expenses,
and disbursements. These costs will be added to the outstanding principal and will become
immediately due and payable.
V. Amendment; Modification; Waiver
No amendment, modification or waiver of any provision of this Promissory Note or consent
to departure herefrom shall be effective unless by written agreement signed by both
Borrower and Lender.
VI. Breach of Promissory Note
No breach of any provision of this Promissory Note shall be deemed waived unless it is
waived in writing. No course of dealing and no delay on the part of Lender in exercising
any right will operate as a waiver thereof or otherwise prejudice Lender's rights, powers, or
remedies. No right, power, or remedy conferred by this Promissory Note upon Lender will
be exclusive of any other rights, power, or remedy referred to in this Note or as now or
hereafter available at law, in equity, by statute, or otherwise.
VII. Governing Law
The validity, construction and performance of this Promissory Note will be govemed by the
laws of the State of Missouri, excluding that body of law pertaining to conflicts of law.
Borrower hereby waives presentment, notice of non - payment, notice of dishonor, protest,
demand and diligence.
The parties hereby indicate by their signatures below that they have read and agree with the
terms and conditions of this agreement in its entirety.
BORROWER:
LENDER:
City of Jefferson, Ad - . souri Fireman's Pension Fund
AO/
By .,-i-
Eric ph, Mayor
By
Kevin Bagby
Chairman of Board of Trustees
Page 2
STATE OF MISSOURI
COUNTY OF COLE
)
)
)
ss.
On this i I day of A/4 K , 2012, before me personally appeared Eric J.
Struemph, Mayor of City of Jefferson, Missouri, to me known to be the person described in
and who executed the foregoing instrument for and on behalf of the City of Jefferson,
Missouri, pursuant to authority granted by the City Council thereof, and acknowledged that
he executed the same as the free act and deed of the City of Jefferson, Missouri.
In Witness Whereof, {aye hereunto set my hand and affixed my official seal the
day and year first above��V� ew. J"
Oo KOTARy
• o� PuBUC
SoTARY r. ..
o,
COMMISSloh
•1093&028
My Commission Expires OF s�t,.�'`
tlllllilaj�
STATE OF MISSOURI
COUNTY OF COLE
)
)
)
ss.
Notary Public
On this .2 (today of fil mac- LJ , 2011, before me personally appeared Kevin
Bagby, Chairman of the Board of Trustees of the Fireman's Pension Fund, to me known to
be the person described in and who executed the foregoing instrument for and on behalf of
the Fireman's Pension Fund, pursuant to authority granted by the Trustees thereof, and
acknowledged that he executed the same as the free act and deed of the Firemen's Pension
Fund.
In Witness Whereof, I have hereunto set my hand and affixed my official seal the
day and year first above written.
My Commission Expires:
•ZtittY/W • #
r
ttp11111111t
Page 3