HomeMy Public PortalAboutResolutions-2010-33RESOLUTION 2010-33
A RESOLUTION AUTHORIZING THE PURCHASE OF CITY UTILITY TRUCK
WITH LOAN FINANCED THROUGH SOLON STATE BANK
WHEREAS: the City Council has reviewed the need for the purchase of a replacement
utility truck,
AND WHEREAS: the City Council has approved the purchase of a replacement utility
truck for use by Public Works and any other city functions as needed,
AND WHEREAS, the City Council desires to secure a loan and make payments with utility
revenues and road use tax funds,
NOW THEREFORE, BE IT RESOLVED by the City of Tiffin, Iowa, that the City Council
hereby authorizes the Mayor and City Clerk to secure financing with Solon State Bank for the
amount of $42,130.00 and make appropriate payments as required. If it is determined that
the loan is not tax exempt at Solon State Bank the municipality will be responsible for the,
difference in the market rate.
On this 14th day of July 2010, at a regular meeting of Tiffin City Council, Tiffin, Iowa, Council
person Mike Gericke introduced Resolution 2010-33 A RESOLUTION AUTHORIZING
THE PURCHASE OF CITY UTILITY TRUCK WITH LOAN FINANCED THROUGH SOLON
STATE BANK and made a motion for approval. The motion was seconded by Council
person Jim Bartels.
AYES: Chris Ball, Jim Bartels, Mike Gericke, Mark Petersen, Travis Weipert
NAYS: None
ABSENT: None
WHEREUPON, Five votes by City Council approved Resolution 2010-33, Mayor Phillips
declared that Resolution 2010-33 be adopted and signified his approval of the same by
affixing his signature thereto.
PASSED, AND APPROVED THIS 14th DAY OF JULY 2010.
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Ruth Demuth, City Clerk of Tiffin, Iowa