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RESOLUTION NO 2011 -57
AUTHORIZING INTERNAL ADVANCE TO
TAX INCREMENT REVENUE FUND
WHEREAS, the City of Tiffin, Iowa (the "City "), has established the Tiffin Urban
Renewal Area (the "Urban Renewal Area ") and has created the Tiffin Urban Renewal Area Tax
Increment Revenue Fund (the "Tax Increment Fund ") in connection therewith; and
WHEREAS, the City will undertake urban renewal projects for economic development
within the Urban Renewal Area, including constructing street and waterworks system
improvements, municipal park improvements and funding economic development payments
(collectively hereinafter the "Projects ") and the City intends to use future incremental property
tax revenues to pay the costs of such projects; and
WHEREAS, in order to facilitate the expenditure of currently held funds for the payment
of costs of the Projects and to make the expenditure of such funds eligible to be recouped from
future incremental property tax revenues, it is necessary to facilitate an internal advance of
funds;
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Tiffin, Iowa,
as follows:
Section 1. It is hereby directed that (1) an amount not to exceed Two Hundred
Thirty -Eight Thousand Dollars ($238,000) be advanced from the New Development Fund; (2)
that an amount not to exceed Two Hundred Eighteen Thousand Dollars ($100,000) be advanced
from the Sanitary Sewer Utility Fund; and (3) that an amount not to exceed Three Hundred Fifty
Thousand Dollars ($350,000) be advanced from the Waterworks System Utility Fund
(collectively hereinafter the "Advance ") all for the payment of costs of the Projects. The
Advance shall be repaid on a pro rata basis to the New Development Fund, Sanitary Sewer
Utility Fund, the and the Waterworks System Utility Fund, out of future incremental property tax
revenues received with respect to the Urban Renewal Area. The Advance shall bear interest at
the rate of 1 % per annum, commencing December 1, 2011.
It is intended that the Advance, plus accrued interest thereon, if any, shall be repaid in
twelve annual installments to be proportionally disbursed amongst the various funds,
commencing on July 1, 2012 and continuing to and including June 1, 2013, provided, however,
that repayment of the Advance is subject to the determination of future City Councils that there
are incremental property tax revenues available for such purpose which have been allocated to or
accrued in the Tax Increment Fund relative to the Advance, and the City Council reserves the
right to appropriate funds to the repayment of the Advance, or to withhold such appropriation, at
its discretion.
Section 2. A copy of this Resolution shall be filed in the offices of the County
Auditor of Johnson County, Iowa to evidence the Advance. Pursuant to Section 403.19 of the
Tifn/436989 -8 /Intemal TIF Advance
Code of Iowa, the City Clerk is hereby directed to certify, no later than December 1, 2011, the
original amount of the Advance, plus aggregate projected accrued interest thereon.
Section 3. All resolutions or parts thereof in conflict herewith, are hereby repealed, to
the extent of such conflict.
PASSED AND APPROVED this 30th day of November, 2011.
Ruth Demuth, City Clerk / Treasurer
yce Philli7 Mayor
Tiffin/436989- 8/Internal TIF Advance
Resolution 2011 -57 AUTHORIZING INTERNAL ADVANCE TO TAX INCREMENT REVENUE FUND
At a Special Meeting of the Tiffin City Council on Wednesday, November 30, 2011 at the Springmier Library located at
the Clear Creek Amana Middle School, Council person Mike Gericke Made motion to introduce for approval Resolution
2011 -57 and Council person Travis Weipert Seconded motion.
Aye: Chris Ball, Mike Gericke, Travis Weipert
Nay: None
Absent: Jim Bartels, Mark Petersen
Whereas with three affirmative votes by City Council members, Mayor Royce Phillips declared
Resolution 2011 -57 A RESOLUTION AUTHORIZING INTERNAL ADVANCE TO TAX
INCREMENT REVENUE FUND approved and therefore affixes his signature.
Attest:
Passed and Approved this 30th day
Rut Demuth, City Clerk / Treasurer
Signed:
ember 2011
CERTIFICATION OF CITY CLERK
STATE OF IOWA )
COUNTY OF JOHNSON )ss.
I, Ruth Demuth, City Clerk of the City of Tiffin, Iowa, do hereby certify that the Resolution 2011 -57 attached hereto
is a true and correct copy of the Resolution 2011 -57, which was passed by the City Council of Tiffin, Iowa, at a special
meeting held on the 30th day of November 2011, all as the same appears of record in my office.
Dated at Tiffin, Iowa, this 1st day of December 2011.
RUTH DE H, City Clerk
STATE OF IOWA )
COUNTY OF JOHNSON )ss.
On this 1s` day of December 2011, before me, a Notary Public in and for the State of Iowa, personally appeared Ruth
Demuth, to me personally known, and who, being by me duly sworn, did say that she is the City Clerk, of the City of
Tiffin, Iowa; and that the instrument was signed on behalf of the corporation, by authority of its city council, as contained
in the Resolution 2011 -57 adopted by the city council, and that Ruth Demuth acknowledged the execution of the
instrument to be her voluntary act and deed and the voluntary act and deed of the corporation, by it voluntarily executed.
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