HomeMy WebLinkAboutCCDATE=MARCH 21, 2007 (12) • Resolution No. 07-51
RESOLUTION
AUTHORIZING A LOAN AGREEMENT WITH PUBLIC ACTION TO DELIVER
SHELTER OF ELGIN, INC. IN THE AMOUNT OF $300,000
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that
Olufemi Folarin, City Manager, be and is hereby authorized to enter into a loan agreement with
Public Action to Deliver Shelter of Elgin,Inc. (PADS),in a form as approved by the City Manager,
providing for a loan of city funds to PADS in the amount of$300,000 with repayment being required
upon PADS obtaining a ruling from the State of Illinois that PADS will receive apreviously awarded
Illinois First Grant.
sl Ed Schock
Ed Schock, Mayor
Presented: March 21, 2007
Adopted: March 21, 2007
Vote: Yeas: 7 Nays: 0
• Attest:
s/Dolonna Mecum
Dolonna Mecum, City Clerk