FINANCIAL_SERVICESAPPROVED

Carl Junction City Council Meeting Minutes April 2026

City Approves $1M Promissory Note with Local Bank

$1,000,000.00 at 4.90% interest until April 30, 2027City of Carl JunctionCOMMUNITY BANK & TRUST NEOSHO MISSOURIApril 21, 2026

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Description

The Carl Junction City Council authorized a $1,000,000 promissory note with Community Bank and Trust of Neosho at a 4.90% fixed interest rate through April 30, 2027 to finance economic development property. Any remaining balance after that date will accrue interest at 10%, with optional prepayment allowed without penalty.

Contract Details

Contract Amount

$1,000,000.00 at 4.90% interest until April 30, 2027

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 annual interest payment and 10% interest on any amount outstanding after that date

Renewal Date

2027-04-30

Renewal Info

Promissory note runs through April 30, 2027 with a higher 10% interest rate on any outstanding balance thereafter; no formal renewal or extension options stated.

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