HomeMy WebLinkAboutC01-311 Emergency Medical Services Subsidy Program PaymentPROMISSORY NOTE U.S. $450,000.00 Eagle, Colorado December 11, 2001 FOR VALUE RECEIVED, the undersigned, Eagle County, State of Colorado, acting by and through its Board of County Commissioners, a body corporate and politic, on behalf of the Airport Fund, (Borrower) promises to pay to the order of the General Fund of Eagle County, Colorado, a body corporate and politic, (Note Holder) the principal sum of Four Hundred Fifty Thousand ($450,000.00)U.S. Dollars, with interest on the unpaid principal balance from December 11, 2001, until paid, at the rate of eighteen percent (18 %) per annum. Principal and interest shall be payable at the Eagle County Finance Department, 500 Broadway, Post Office Box 850, Eagle, Colorado 81631, or such other place as the Note Holder may designate. This Promissory Note is the result of a loan from the general fund of Eagle County, a body corporate and politic, to the airport fund of Eagle County. This Promissory Note is payable upon demand, and if not sooner paid, the entire principal amount outstanding and accrued interest thereon, shall be due and payable on December 11, 2005. Borrower shall pay to the Note Holder a late charge of eighteen percent (18 %) on any payment not received by the Note Holder within ten (10) days after demand. The Note Holder shall be entitled to collect all reasonable costs and expenses of collection and/or suit, including, but not limited to reasonable attorneys' fees. Borrower may prepay the principal amount outstanding under this Note, in whole or in part, at any time without penalty. Payments received for application to this Note shall be applied first to the payment of late charges, if any, second to accrued interest first specified above, and the balance applied in reduction of the principal amount hereof. Borrower and all other makers, sureties, guarantors, and endorsers hereby waive presentment, notice of dishonor and they hereby agree to any extension of time of payment and partial payments before, at, or after maturity. Any notice to Borrower provided for in this Note shall be in writing and shall be effective upon (1) delivery to Borrower or (2) mailing such notice by first -class U.S. mail, addressed to Borrower at the Borrower's address stated below, or to such other address as Borrower may designate by notice to the Note Holder. Any notice to the Note Holder shall be in writing and shall be given and be effective upon (1) delivery to Note Holder or (2) by mailing such notice by first -class U.S. mail, to the Note Holder at the address stated in the first paragraph of this Note, or to such other address as Note Holder may designate by notice to Borrower. BORROWER: EAGLE COUNTY, STATE OF COLORADO Acting by and through its Board of County Commissioners for the Airport Fund By ATTES f Address: Post Office Box 850 Eagle, CO 81631