R-81-09RESOLUTION NO. 0 -81-;3
A RESOLUTION APPROVING A LOAN TO THE
NORTH SUBURBAN TRANSPORTATION AUTHORITY
WHEREAS, the Regional Transportation Authority (RTA) has the primary
funding responsibility for transportation to agencies within the six - county
Chicago Metropolitan Area, and
WHEREAS, North Suburban Mass Transit District ( Nortran) is dependent
upon the RTA for subsidies required in the operation of its bus routes, in-
cluding those presently serving the Village of Deerfield, and
WHEREAS, the RTA is presently delinquent in its payment to Nortran of
the required subsidies to continue said operations within the Village of
Deerfield, and
WHEREAS, Nortran has adopted. Resolution 81 -6 -1 whereby Nortran has re-
quested its member municipalities to loan funds in the aggregate principal
amount of $364,000.00, in order to pay Nortran operating costs during the
months of June and July, 1981, and
WHEREAS, Nortran has requested the Village of Deerfield to loan the sum
of $10,000.00 to it to be repaid within six months from the date of disburse-
ment with interest thereon accruing at the rate of 17 % per annum.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF DEERFIELD, LAKE AND COOK COUNTIES, ILLINOIS, AS FOLLOWS:
SECTION That the Village of Deerfield make a loan to Nortran in the
ONE: principal amount of $10,000.00 payable six months from the
date hereof and bearing interest at the rate of 17 % per annum.
SECTION
That the
Village of Deerfield expressly reserves the right of
TWO:
offset as
against any
sums owing to Nortran from the Village of
Deerfield
to the extent
of sums necessary to insure repayment
of said principal amount
and accrued
interest thereon.
SECTION
That this
Resolution
shall be in full force and effect from and
THREE:
after its
passage and
adoption as provided by law.
AYES: Ehlers, Heisler, Seidman, Swanson, York (5)
NAYS: None (0)
ABSENT: Marty (1)
PASSED this 6th day of July A.D., 1981.
APPROVED this 6th day of July A.D., 1981.
VILLAGE PRESIDENT -
ATTEST'
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VILL�E CLERIC (Deputy) A ✓yll�
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PROMISSORY NOTE
$10,000.00 Deerfield, Illinois July 8 , 1981.
FOR VALUE RECEIVED, NORTH SUBURBAN MASS TRANSIT DISTRICT
(NORTRAN) promises to pay to the order of the VILLAGE OF DEERFIELD,
an Illinois municipality, the principal sum of Ten Thousand and
no /100 Dollars ($10,000.00) with interest from the date of dis-
bursement, on the balance of principal remaining unpaid at the
rate of 17 per cent (17 %) per annum payable in full, both prin-
cipal and interest, six (6) months from the date of disbursement
on the 8th day of January, 1982.
Said Note is executed herein pursuant to authority given by
Resolution No. 0 -81-9 adopted by the President and Board of
Trustees of the VILLAGE OF DEERFIELD, Lake and Cook Counties,
Illinois.on the 6th day of July, 1981 approving a loan to said
NORTH SUBURBAN MASS TRANSIT DISTRICT (NORTRAN) in the principal
amount of Ten Thousand & no /100 Dollars ($10,000.00) for the
purpose of allowing NORTRAN to operate its bus routes serving
the VILLAGE OF DEERFIELD, and other nearby communities, during
the month of June and July, 1981.
The principal sum herein, unless paid when due, shall bear
interest after maturity at the rate of 17.5% per annum. The
VILLAGE OF DEERFIELD shall have the right herein to offset against
the said principal sum owed herein any amount owing to NORTRAN
from the VILLAGE OF DEERFIELD to the extent necessary to ensure
repayment of said principal sum with accrued interest thereon,
when due. All such payment on account of the indebtedness evidenced
by this Note shall be first applied to interest on the unpaid
principal balance with the remainder applied to the principal
SUM.
The NORTH SUBURBAN MASS TRANSIT DISTRICT shall have the
right, at any time, and without penalty, to prepay any part or
all,of the principal sum due herein.
Said payment or payments are to be made to the Village
Treasurer, Village of Deerfield, Village Hall, 850 Waukegan Road,
Deerfield, Illinois 60015.
ATTEST:
Seal
NORTH,SUBURBAN MASS TRANSIT DISTRICT
j
Z
By:
PROMISSORY NOTE
$10,000.00 Deerfield, Illinois July 8 , 1981.
FOR VALUE RECEIVED, NORTH SUBURBAN MASS TRANSIT DISTRICT
( NORTRAN) promises to pay to the order of the VILLAGE OF DEERFIELD,
an Illinois municipality, the principal sum of Ten Thousand and
no /100 Dollars ($10,000.00) with interest from the date of dis-
bursement, on the balance of principal remaining unpaid at the
rate of 17 per cent (170) per annum payable in full, both prin-
cipal and interest, six (6) months from the date of disbursement
on the 8th day of January, 1982.
Said Note is executed herein pursuant to authority given by
Resolution No. 0 -81-9 adopted by the President and Board of
Trustees of the VILLAGE OF DEERFIELD, Lake and Cook Counties,
Illinois.on the _6th day of July, 1981 approving a loan to said
NORTH SUBURBAN MASS TRANSIT DISTRICT ( NORTRAN) in the principal
amount of Ten Thousand & no /100 Dollars ($10,000.00) for the
purpose of allowing NORTRAN to operate its bus routes serving
the VILLAGE OF DEERFIELD, and other nearby communities, during
the month of June and July, 1981.
The principal sum herein, unless paid when due, shall bear
interest after maturity at the rate of 17.5% per annum. The
VILLAGE OF DEERFIELD shall have the right herein to offset against
the said principal sum owed herein any amount owing to NORTRAN
from the VILLAGE OF DEERFIELD to the extent necessary to ensure
repayment of said principal sum with accrued interest thereon,
when due. All such payment on account of the indebtedness evidenced
by this Note shall be first applied to interest on the unpaid
principal balance with the remainder applied to the rrincipal
SUM.
The NORTH SUBURBAN MASS TRANSIT DISTRICT shall have the
right, at any time, and without penalty, to prepay any part or
all of the principal sum due herein.
Said payment or payments are to be made to the Village
Treasurer, Village of Deerfield, Village Hall, 850 Waukegan Road,
Deerfield, Illinois 60015.
ATTEST: NORTH,SUBURBAN MASS TRANSIT DISTRICT
By:
Seal