HomeMy Public PortalAboutResolutions-2013-137Tiffin/436989-3/SRF Interest Rate Reduction
RESOLUTION NO.2013-137
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 a resolution
passed and approved on September 8, 1999 (the "Issuance Resolution"), in order to pay costs of
constructing improvements and extensions to the Municipal Sanitary Sewer System of the City;
and
WHEREAS, pursuant to the Issuance Resolution, the Bond was scheduled to bear interest
at the rate of 4.19% and pursuant to a resolution passed October 14, 2009, the interest rate was
reduced to 3.00%; and
WHEREAS, the Lender has reduced the interest rate on the Bond to 1.75%, such
reduction to be calculated from June 1, 2013; 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 Bond, are hereby amended to reflect the reduction in interest rate from 3.00 % to 1.75%.
From and after June 1, 2013 the Bond 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conflict herewith, are hereby repealed.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/436989-3/SRF Interest Rate Reduction
MINUTES TO ADOPT RESOLUTION
PROVIDING FOR REDUCTION OF
INTEREST RATE FOR SEWER REVENUE
BOND
Tiffin, Iowa
July 24, 2013
The City Council of Tiffin, Iowa, met at the Springmier Library in the CCA Middle
School, in the City, at 6:30 o'clock p.m., on July 24, 2013. 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, Bartels, Upton, Phillips
Absent: None.
Council Member Upton introduced the resolution next hereinafter set out and moved that
said resolution be adopted; seconded by Council Member Bartels 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: Phillips, Upton, Bartels, Ryan, Kahler
Nays: None.
Whereupon, the Mayor declared the resolution duly adopted, as follows:
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Tiffin/436989-3/SRF Interest Rate Reduction
Passed'and approved on July 24, 2013.
Mayor
On motion and vote, the meeting adjourned.
0
Mayor
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Tiffm/436989-3/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 Sewer Revenue Bond, dated
September 30, 1999.
WITNESS MY HAND this 07th day of Au; �ic+ gni 2
M
I
In
OORSEY
DORSEY & WHITNEY LLP
July 5, 2013
VIA EMAIL
Michon Jackson
City Clerk/City Hall
Tiffin, Iowa
Re: Tiffin, Iowa
SRF Interest Rate Reduction
Our File No. 436989-3
Dear Michon:
Pursuant to action taken by the Iowa Finance Authority, we have prepared and attach a
resolution for use by the City Council on July 24, 2013, authorizing the interest rate reduction for
the City's $521,315 Sewer Revenue Bond, Series 1999, dated September 30, 1999. This
resolution authorizes the repayment of the loan in accordance with the revised repayment
schedule you have been sent by the SRF Program.
When these proceedings are completed, please return one fully executed transcript to our
office for review.
ff
Please call me with questions.
Best regards,a
John P. Danos
Attachments
cc via email: Tracy Scebold
DORSEY & WHITNEY LLP • WWW.DORSEY.COM - T 515.283.1000 • F 515.283.1060
801 GRAND • SUITE 4100 - DES MOINES, IOWA 50309-2790
USA CANADA EUROPE ASIA -PACIFIC
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Tiffin/436989-3/SRF Interest Rate Reduction
RESOLUTION NO. 2013-137
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 issiled 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 September 8, 1999 (the "Issuance Resolution"), in order to pay costs of
constructing improvements and extensions to the Municipal Sanitary Sewer System of the City;
and
WHEREAS, pursuant to the Issuance Resolution, the Bond was scheduled to bear interest
at -the rate of 4.19% and pursuant to a resolution passed October 14, 2009, the interest rate was
reduced to 3.00%; and
WHEREAS, the Lender has reduced the interest rate on the Bond to 1.75%, such
reduction to be calculated from June 1, 2013; 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 Bond, are hereby amended to reflect the reduction in interest rate from 3.00 % to 1.75%.
From and after June 1, 2013 the Bond 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.
Passed and approved on July 24, 2013.
Steven L. Berner, Mayor
Attest:
Michon Jacks n ' Administrator/Clerk