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DOCUMENT NAME: S+Cc~~ ~~,-_JO\U; (L~ l-cPn FUYid
DOCUMENT TYPE: C\ 0~,.f
YEAR: I q C{ I
BOX NUMBER:
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STATE OF GEORGIA
COUNTY OF FULTON
CITY OF AUGUSTA
CONTRACT/PROJECT NO.
SRF 91-033
PROMISSORY NOTE TO
STATE REVOLVING LOAN FUND
FOR VALUE RECEIVED, CITY OF AUGUSTA (IILocal Governmentll) promises to
pay to the order of the IIState Revolving Loan Fundll of the State of Georgia or
to the subsequent holder of this note (IIFundll), the principal sum
of FOUR MILLION SIX HUNDRED FIFTY THREE THOUSAND ONE HUNDRED NINETY THREE
DOLLARS AND NO/100 ($4,653,193.00) much of the principal sum as may be
disbursed, together with interest.
The outstanding principal balance of this note shall bear interest at the
rate of four and no/100 percent (4%) per annum from the date of the
Authority's check for each disbursement. Interest shall be computed on a
365-day year, simple interest basis.
Accrued interest only shall be due and payable on the FIRST day of
APRIL, 1994 (the IIdate for commencing paymentsll). Thereafter, if the full
principal amount has been disbursed, principal and interest shall be due and
payable in SEVENTY NINE equal installments, in the amount of EIGHTY FOUR
THOUSAND SEVEN HUNDRED SEVENTY-FIVE DOLLARS AND 83/100 ($84,775.83)
each, and one final .installment in the amount of EIGHTY FOUR THOUSAND SEVEN
HUNDRED SEVENTY-FIVE DOLLARS AND 33/100 ($84,775.33), commencing on the first
day of the third month after the month of the date for commencing payments and
continuing quarterly on the first day of each third month thereafter.
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Pursuant only to the contract among the Georgia Environmental Facilities
Authority, the Director of the Environmental Protection Division of the
State of Georgia ("Director") and Local Government respecting this note, the
principal loan amount may be changed or the date for commencing payments may
be reset. Principal and interest shall then be due and payable in the newly
stated number of equal installments commencing and continuing quarterly on the
first day of each third month as provided. Authority shall determine the
amount of the installment from standard loan amortization tables for level,
quarterly payments over a term of years. Interest which accrues after
maturity of this note or after its earlier acceleration shall be due and
payable upon demand.
Time is of the essence of this note.
Local Government may prepay the outstanding principal balance of this
promissory note in whole or in part together with any accrued interest thereon
at any time without penalty or premium.
All payments of principal and interest shall be made in money of the
United States at the office of the Authority in Atlanta, Georgia, or at such
place as the Authority may designate in writing, and shall be made in funds
immediately available in Atlanta, Georgia.
If Local Government fails to make any payment of principal or interest
when due, or if Local Government defaults in the performance of any of the
terms, covenants or conditions of any agreement or other document concerning
this promissory note, including without limitation the contract executed
between Authority and Local Government respecting this note, Authority may
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declare the principal of this obligation and all unpaid interest accrued on it
to be due and payable immediately, without prior notice or demand to Local
Government.
The failure of Local Government to make any payment of principal or
interest or both shall not constitute a default until fifteen days following
the due date but Authority shall have no obligation to give Local Government
notice of any failure to make such payments.
To help defray the added expense of handling delinquent payments, Local
Government agrees to pay immediately upon demand a late charge of 5% of any
payment not made on or before the fifteenth day after any such payment is due,
together with accrued interest.
Payments shall be applied first to any late charge, then to interest,
then to principal. There is no intent for any payment to exceed any legal
limit on interest, if any such legal limit applies. If an excess sum occurs,
it shall be applied to principal unless Local Government elects its return in
writing.
Any payment not made within fifteen days of the date due shall be
considered a payment not pald when due within the meaning of O.C.G.A.
Sec. 50-23-20, or similar provision of law, and the Authority shall notify the
Director of the Fiscal Division of the Department of Administrative Services.
The Director shall withhold all funds of the State and all funds administered
by the State, its boards, agencies, and instrumentalities, which funds are
allotted to Local Government until Local Government has paid all sums due
Authority and has cured or corrected all defaults under this promissory note
and any accompanying agreement or other document.
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local Government waives presentment for payment, demand, protest, and
notice of non-payment. Neither a failure to accelerate for default nor
acceptance of a past due installment shall be a novation of this promissory
note or a waiver of the right to insist upon strict compliance with it and
with accompanying agreements and documents.
Local Government shall pay all costs of collection, including but not
limited to reasonable attorney's fees if Authority endeavors to collect this
note in any manner through an attorney at law. The rights and remedies of
Authority provided in this promissory note are cumulative and not exclusive of
any other rights and remedies afforded Authority by law or by any other
agreement or document.
This promissory note shall be governed by and construed and interpreted
in accordance with the laws of the State of Georgia.
In witness whereof, Local Government has caused this promissory note to
be executed under its seal as of this
day of
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CITY OF AUGUSTA
By:~<2 .!l
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Printed Name:
Tit 1 e:
Attest':
(Affix Local Government Seal)
Name:
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)itle:
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