FINANCIAL_SERVICESAPPROVED

Carl Junction City Council Meeting Minutes April 2026

City Approves $1M Promissory Note with Community Bank

$1,000,000.00City of Carl JunctionCOMMUNITY BANK & TRUST NEOSHO MISSOURIApril 21, 2026

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Description

The council approved Ordinance #26-12 authorizing a $1,000,000 promissory note with Community Bank and Trust in Neosho at a 4.90% fixed rate through April 30, 2027. The borrowing supports economic development property with interest-only payments and an anticipated payoff upon sale to a developer.

Contract Details

Contract Amount

$1,000,000.00

Vendor

COMMUNITY BANK & TRUST NEOSHO MISSOURI

Agency

City of Carl Junction, MO

Contract Type

FINANCIAL_SERVICES

Document Date

April 21, 2026

Contract Term

Until April 30, 2027, with higher interest thereafter until paid in full

Renewal Date

2027-04-30

Renewal Info

Note bears 4.90% interest until April 30, 2027, after which any unpaid balance accrues interest at 10% until paid in full; no formal renewal options stated.

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