HomeMy WebLinkAbout~Master - Modification of RLF agreement with Micoy Corporation RESOLUTION NO. 04-538
RESOLUTION APPROVING MODIFICATION OF
REVOLVING LOAN FUND AGREEMENT WITH
MICOY CORPORATION, F/K/A PRAIRIE LOGIC
FOR THE CITY OF AMES
WHEREAS, a revolving loan to Micoy Corporation was funded in August 2002; and,
WHEREAS,the loan terms included three months of deferred interest and 33 equal monthly
payments to amortize the loan; and,
WHEREAS, due to cash-flow issues, Micoy notified the City that they are unable to make
timely payments and requested modification to the loan agreement; and,
WHEREAS,City staff and Micoy discussed the loan and tentatively agreed to the following
terms: Micoy will make the loan current through the October 15, 2004, scheduled payment, and
Micoy will make a balloon payment of$12,959.87 on the remaining balance of loan on the current
scheduled maturity date of August 15, 2005.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the modification of the Revolving Loan Fund Agreement with Micoy Corporation to defer
payments of principal and interest beginning October 16, 2004, and adding a balloon payment of
principal and interest in the amount of$12,959.87 on August 15, 2005, is hereby approved.
ADOPTED THIS 14t''day of December, 2004.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Goodhue
Seconded by: Mahayni
Voting aye: Cross, Goodhue, Goodman, Mahayni, Vegge, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 14t'day of December, 2004.