1987-043-RES WHEREAS, the City Council of the City of Paris did heretofore authorize application for a loan from the

Home Browse Search

April 13, 1987 Billy Joe Burnett . Mayor City of Paris City Hall Paris, Texas 75460 Re: National Preservation Loan Fund -- $50,000 Loan to the City of Paris MaIn Street Project, Paris, Texas Dear Mayor Burnett The National Trust for Historic Preservation In the United States (the "National Trust") Is pleased to advise you that the application of the City of Paris Main Street Project ("the City") for financial assistance from the Financing Main Street Preservation progran of the National PreservatIon Loan Fund (the "Fund") has been approved. The National Trust will provide financial assistance to the CIty upon the terms and conditions hereinafter set forth: 1. Nature of Assistance, The National Trust will make a loan to the City In the principal ffilOUnt of Fifty Thousand Dollars ($5D,DOD) (the "Loan") for the purpose of assisting In the construction of permanent sheds for the CIty's historic Market Square Fanners' Market (the "Property"). This activity Is hereinafter referred to as the "Project". The Loan Is to be adnlnlstered In accordance with the purposes set forth In your Application for Fund Assistance dated April 1, 1986 (the "Application"). In the event of a conflict between this Agreement and the Application, the provisions of this Agreement shall govern, 2. Loan Provisions A. The Loan shall be for a tenm of five (5) years from the date of disbursement and shall bear Interest on the principal sum at the rate of eight percent (8%). B, The Loan shall be repayable as follows: Interest, at the rate specified, shall be payable on the unpaid principal balance of the Loan quarterly, commencing on the fIrst (1st) day of the fourth (4th) month following disbursement of the Loan and continuing on the first (1st) day of each third (3rd) month thereafter until the first (1st) day of the fourth (4th) month following the first (1st) anniversary of disbursement of the Loan. Commencing on such date, principal and Interest shall be payable In sixteen (16) equal quarterly Installments, based on a four (4) year amortization, until the final quarterly payment when the entire unpaid principal balance, and all accrued and unpaid Interest thereon, shall be due and payable In full.