2017.03.13 Council Agenda Item 09
Summary
Order to authorize the Town Manager to execute an amendment to the Falmouth Memorial Library's Term Promissory Note.
A public comment period will be included with this item (3 minutes).
ACTION: Council action is anticipated.
Description
On March 10, 2014, the Town Council authorized a loan to the Falmouth Memorial Library for $283,500 to purchase the abutting property at 9 Lunt Road in order to facilitiate expansion of the library. One of the provisions of the loan was the following prepayment clause: "In the event that the Maker pays not less than Two Hundred Fifty Thousand Dollars ($250,000) on or before June 30, 2017, then the Maker’s obligations hereunder shall be deemed fully satisfied and the Holder shall cancel and forever discharge the Maker from any further liability hereunder."
The Library is now requesting to change the date contained in this provision to December 31, 2017, in order to match up with their fundraising deadline.
History:
Council Agenda March 10, 2014: Item 6
Attachments
- Library request letter
- Approved Term Promissory Note, signed March 25, 2014
