HomeMy WebLinkAbout21-194 Resolution No. 21-194
RESOLUTION
AUTHORIZING RELEASE AND FORGIVENESS OF A
LOAN TO THE ELGIN SYMPHONY ORCHESTRA ASSOCIATION
WHEREAS,pursuant to a loan agreement dated September 11,2013,the Elgin Symphony
Orchestra Association acknowledged and agreed that it was indebted and owed to the City of Elgin
the amount of$233,930.21 (hereinafter referred to as the"Subject Loan Agreement"and the"Subject
Loan"); and
WHEREAS,the City and the Elgin Symphony Orchestra Association subsequently entered
into an amendment to the Subject Loan Agreement dated September 19, 2017, wherein it was
contemplated that the City may agree to forgive the balance of the Subject Loan in the amount of
$161,841.11 (hereinafter referred to as the "Subject Amendment to Loan Agreement" and the
"Forgiven Balance"); and
WHEREAS, the City Council of the City of Elgin has determined to further support the
operations of the Elgin Symphony Orchestra Association,which serves a beneficial public purpose,
to release and forgive the Forgiven Balance in the amount of$161,841.11.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, ILLINOIS, that the City of Elgin hereby releases and forgives the Elgin Symphony
Orchestra Association,from any and all obligations to repay the Forgiven Balance of$161,841.11 to
the City of Elgin.
s/David J. Kaptain
David J. Kaptain, Mayor
Presented: December 15, 2021
Adopted: December 15, 2021
Omnibus Vote: Yeas: 9 Nays: 0
Attest:
s/Kimberly Dewis
Kimberly Dewis, City Clerk