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HomeMy WebLinkAboutLaurel Airport Authority - 1968RESOLUTION NO. v ;,A RESOLUTION ENTITLED: "A RESOLUTION OF THE AIRPORT COMMISSION OF THE CITY OF LAUREL, COUNTY OF YELLOWSTONE, MONTANA, APPROVING A LOAN IN THE AMOUNT OF ELEVEN THOUSAND AND N01100 DOLLARS ($11,000.00), TOGETHER WITH INTEREST THEREON AT THE RATE OF THREE AND ONE-HALF PER CENT (3.5%) ON THE UNPAID BALANCE OF THE PRINCIPAL UNTIL PAID, FROM THE MONTANA AERONAUTICS COMMISSION OF THE STATE OF MONTANA TO SAID AIRPORT COMMISSION OF THE CITY OF LAUREL FOR THE PURPOSE OF ACQUIRING LANDS ADJACENT TO THE EXISTING AIRPORT AT LAUREL, MONTANA, FOR A NEW RUNWAY, PROVIDING FOR A REPAYMENT OF SAID LOAN, AND THE TERMS THEREOF." WHEREAS, the Airport Commission of the City of Laurel, Montana, has applied to the Montana Aeronautics Commission of the State of Montana for a loan of state funds in the amount of $11,000.00 to- gether with interest thereon at the rate of 3.5% per annum on the unpaid balance of the principal until paid, to enable said Airport Commission of the City of Laurel, Montana, to acquire land adjacent to the existing airport at Laurel, Montana, for a new runway; and WHEREAS, the State of Montana, by and through the Montana Aeronautics Commission, has prescribed the terms and conditions under which said loan is to be repaid, to-wit: Said sum of $11,000.00 together with interest thereon at the rate of 3.5% per annum on the unpaid balance of the principal until paid, must be repaid to the Montana Aeronautics Commission in equal annual installments during the period of time beginning with the 31st day of July, 1969, and ending with the 31st day of July, 1978, with right of prepayment in whole or in part at any time, and, further, the first of said pay- ments in the amount set forth in the repayment schedule of the said Airport Commission of the City of Laurel, Montana, hereto attached, marked Schedule "A" and hereby made a part hereof, must be paid on or before the 31st day of July, 1969, and annual payments, in the amounts set forth in said Schedule "A", to be made on or before the 31st day of July of each and every year thereafter until the full amount of the loan together with interest as aforesaid, is repaid; and WHEREAS, it is necessary that said Airport Commission of the City of Laurel, Montana, accept such state monies and expend same upon such terms and conditions as are prescribed by the State of Montana. NOW, THEREFORE, BE IT RESOLVED, by the Airport Commission of the City of Laurel, Montana, as follows: 1. That said Airport Commission of the City of Laurel, Montana, hereby agrees to receive and expend such loan totalling $11,000.00 together with interest thereon at the rate of 3.5% per annum on the unpaid balance of the principal until paid, to acquire land adjacent to the existing airport at Laurel, Montana, for a new runway, in the manner and form applied for, and as approved by the Montana Aeronautics Commission of the State of Montana, and in accordance with the laws of the State of Montana, and the regulations and requirements of the Montana Aeronautics Commission. 2. That in consideration of said loan, the said Airport Com- mission of the City of Laurel, Montana, hereby obligates itself during the period of time beginning with the 31st day of July, 1969, and ending with the 31st day of July, 1978, to repay to the Montana Aeronautics Commission of the State of Montana, said loan totalling $11,000.00, together with interest thereon at the rate of 3.5% per annum on the unpaid balance of the principal until paid, in annual installments in accordance with Schedule "A", during said period of time, with right of prepayment in whole or in part at any time, and, further, the first of said payments, in the principal -2- amount of $1,100.00 with interest on the unpaid balance at the rate of 3.57o per annum, will be made on or before the 31st day of July, 1969, and annual payments, each in the amount as set forth in Schedule "All will be made on or before the 31st day of July of each and every year thereafter until the full amount of the loan together with interest as aforesaid, is repaid. 3. That said Airport Commission of the City of Laurel, in consideration of said loan does hereby obligate itself to include within its budget for the period of time during which said loan is to be repaid, sufficient funds to pay and discharge said loan together with interest thereon as aforesaid in the principal amount of $11,000.00 in the manner herein set forth. 4. That said Airport Commission of the City of Laurel, Montana, in consideration of said loan, does hereby certify that it shall not permit the land acquired with the proceeds of this loan to be used for purposes other than aeronautical purposes. Passed and approved by the Airport Commission of the City of Laurel, Montana, this day of 1968. r C ax man o the Airport Commission o the City of Laurel, Montana. ATTEST Sec -3- REPAYMENT SCHEDULE FOR AIRPORT COMMISSION OF THE CITY OF LAUREL, COUNTY OF YELLOWSTONE MONTANA (Loan $11,000.00) Total Annual. Principal Interest _Repayment----- Balance 1. Payment due 7/31/69 $1,100.00 $385.00 $17485.00 $97900.00 2. Payment due 7/31/70 17100.00 346.50 17446.50 81800.00 3. Payment due 7/31/71 17100.00 308.00 17408.00 7,700.00 4. Payment due 7/31/72 17100.00 269.50 1,369.50 61600.00 5. Payment due 7/31/73 11100.00 231.00 1,331.00 5,500.00 6. Payment due 7/31/74 11100.00 192.50 1;292.50 41400.00 7. Payment due 7/31/75 1.,100.00 154.00 17254.00 3,300.00 8. Payment due 7/31/76. 1,100.00 115.50 1,215.50 2,200.00 9. Payment due 7/31/77 1,100.00 77.00 17177.00 11100.00 10. Payment due 7/31/78 17100.00 38.50 19138.50 00.00 Total Loan Repayment $11,000.00 Total Interest Due 2,117.50 TOTAL OBLIGATION $137117.50 SCHEDULE "A"