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Tiffm/436989-5/SRF Inte"rest Rate Reduction
MINUTES TO ADOPT RESOLUTION
PROVIDING FOR REDUCTION OF
INTEREST RATE FOR WATER REVENUE
BONDS
Tiffin, Iowa
May 14, 2014
The City Council of Tiffin, Iowa, met at City Hall, 300 Railroad Street, in the City, at
7:00 p.m., on May 14, 2014. The meeting was called to order by the Mayor and the roll being
called, there were present the Mayor, and the following named Council Members.
Present: Kahler, Ryan, Petersen, Bartels, Upton
Absent: None.
Council Member Bartels introduced the resolution next hereinafter set out and moved that
said resolution be adopted; seconded by Council Member Petersen and after due consideration
thereof by the Council, the Mayor put the question on the motion and, the roll being called, the
following named Council Members voted:
Ayes: Kahler, Ryan, Petersen, Bartels, Upton
Nays: None.
Whereupon, the Mayor declared the resolution duly adopted, as follows:
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Tiffin/436989-5/SRF Interest Rate Reduction
RESOLUTION NO. 2014-059
Resolution providing for reduction of interest rate for Water Revenue Bonds
WHEREAS, $340,000 Water Revenue Bonds, dated February 6, 2004 (the "Bonds"),
were issued to the Iowa Finance Authority (the "Lender") by the City of Tiffin, Iowa (the
"City"), in connection with a certain loan and disbursement agreement and pursuant to a
resolution passed and approved on July 9, 2003 (the "Issuance Resolution"), in order to pay costs
of constructing improvements and extensions to the Municipal Waterworks System of the City;
and
WHEREAS, pursuant to the Issuance Resolution, the Bonds were scheduled to bear
interest at the rate of 3.00%; and
WHEREAS, the Lender has reduced the interest rate on the Bonds to 1.75%, such
reduction to'be calculated from June 1, 2014; and
WHEREAS, it is now necessary for the City Council to take action to approve the interest
rate reduction;
NOW, THEREFORE, Be It and It Is Hereby Resolved and ordered by the City Council
of the City of Tiffin, Iowa, as follows:
Section 1. The Issuance Resolution and all other documents related to the issuance of
the Bonds, are hereby amended to reflect the reduction in interest rate from 3.00% to 1.75%.
' From and after June 1, 2014 the Bonds shall bear interest at 1.75%.
Section 2. The Mayor and City Clerk are hereby authorized to take such actions and
to execute such documents, with the advice of bond counsel, as may be necessary to carry out the
purposes of this Resolution.
Section 3. All resolutions or orders or parts thereof, to the extent the same may be in
conflict herewith, are hereby repealed.
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Tiffin/436989-5/SRF Interest Rate Reduction
Passed and approved on May 14, 2014.
Mayor
Attest:
f
City Clerk
On motion and vote, the meeting adjourned.
Mayor
Attest:
City Clerk
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Tiffin/436989-5/SRF Interest Rate Reduction
STATE OF IOWA
COUNTY OF JOHNSON SS:
CITY OF TIFFIN
I, the undersigned, City Clerk of the aforementioned City, do hereby certify that the
transcript hereto attached is a true, correct and complete copy of all the records of the City's
Council relating to the reduction of the interest rate on the City's Water Revenue Bonds, dated
February 6, 2004.
WITNESS MY HAND this 14th day of May, 2014.
a
City Clerk
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