HomeMy Public PortalAboutResolutions-2022-061CITY OF TIFFIN RESOLUTION 2022-061
A RESOLUTION AMENDING RESOLUTION NO. 2022-041 AND RESOLUTION NO.
2022-058 AND ADJUSTING THE INTEREST RATE FOR THE FINAL ASSESSMENT
FOR THE 2017 ORIGINAL TOWN URBANIZATION PROJECT
Whereas, the Tiffin City Council previously approved Resolution No. 2022-041 at the
April 19, 2022, council meeting and Resolution No. 2022-058 at the June 21, 2022,
council meeting; and,
Whereas, the adoption of those resolutions established the final assessment schedule
for the 2017 Original Town Urbanization Project which included setting an interest rate
on the unpaid assessments for property owners who choose to pay the assessment by
installments on their property taxes; and,
Whereas, the City of Tiffin has learned that creating a tiered interest rate over the 10
years of the assessment will create difficulties with calculation and implementation,
Now, therefore be it resolved, that the City Council of the City of Tiffin, Iowa is hereby
adjusting and re-establishing the interest rate for the assessments for the 2017 Original
Town Urbanization Project at 0% per annum, computed from March 16, 2021 (that
being the date of acceptance of the work) to December 1, 2023. Thereafter, all unpaid
installments shall bear interest at the rate of 1.663% per annum, computed from the
December 1, immediately preceding the due dates of the respective installments to the
December 1, next following the due dates of the respective installments.
On this 5th day of July, 2022, at a regular meeting of Tiffin City Council, Tiffin, Iowa,
Councilperson Limkemann introduced RESOLUTION NO. 2022-061, A RESOLUTION
AMENDING RESOLUTION NO. 2022-041 AND RESOLUTION NO. 2022-058 AND
ADJUSTING THE INTEREST RATE FOR THE FINAL ASSESSMENT FOR THE 2017
ORIGINAL TOWN URBANIZATION PROJECT and made a motion for approval. The
motion was seconded by Councilperson Orris.
Ayes: Limkemann, Havens, Olney, Orris, Schnedler.
Nays: None.
Absent: None.
Whereupon five Council members were present and voted approval and Mayor Berner
declared that the RESOLUTION NO. 2022-061, A RESOLUTION AMENDING
RESOLUTION NO. 2022-041 AND RESOLUTION NO. 2022-058 AND ADJUSTING
THE INTEREST RATE FOR THE FINAL ASSESSMENT FOR THE 2017 ORIGINAL
TOWN URBANIZATION PROJECT to be adopted and signified his approval of the
same by affixing his signature thereto.
Passed by the City Council on the 5th day of July, 2022.
City of Tiffin
Ha ens, Mayor Pro-Tem
ATTEST:
Abigail Ho, r`b, City Clerk