HomeMy Public PortalAboutResolutions-2009-045B � .
RESOLUTION NO.A 00
Resolution providing for reduction of interest rate for Sewer Revenue Bond
WHEREAS, a $521,315 Sewer Revenue Bond, dated September 30, 1999 (the "Bond"),
was 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 Resolution No.
1999-32 passed and approved on September 8, 1999, in order to • pay costs . of constructing
improvements and extensions to the Municipal Sanitary Sewer System of the City; and
WHEREAS, pursuant to Resolution No. 1999-32, the Bond was scheduled to bear
interest at the rate of 4.19%; and
WHEREAS, the Lender has reduced the interest rate on the Bond to 3.0%, such reduction
to be calculated from December 1, 2009; 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. Resolution No. 1999-32 and all other documents related to the issuance of
the Bond, are hereby amended to reflect the reduction in interest rate from 4.19% to 3.0%. From
and after December 1, 2009 the Bond shall bear interest at 3.0%.
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conflict herewith, are hereby repealed.
Passed and approved on October 14, 2009.
yor
Attest:
City C16k
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 Sewer Revenue Bond, dated
September 30, 1999. �p
WITNESS MY HAND and the seal of the City hereto affixed this lS ' day of
2009.
City Clerk
by
(Seal)