HomeMy Public PortalAbout2023-055 Resolution Authorizing the Clerk to Initiate Loan Proceedings with QCB&T for the City Hall Parking Lots ProjectV
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RESOLUTION 2023-055
Resolution Authorizing the Clerk to Initiate Loan Proceedings with Quad City
Bank 8t Trust for the City Hall Parking Lots Reconstruction Project
WHEREAS, the City of Riverdale, Iowa (City), is a Municipal Corporation, organized and operating under
the laws of the State of Iowa; and,
WHEREAS, the City Hall parking lots, located at 110 Manor Drive, Riverdale, Iowa, are in disrepair and in
need of replacement, for which the City has gone out for bid and selected a contractor for the project;
said project is scheduled to begin in approximately July of 2023; and,
WHEREAS, the City wishes to retain a cash balance in its bank accounts and therefore deems it necessary
to take out a short-term loan in a total amount not to exceed $200,000; and,
WHEREAS, Quad City Bank & Trust may offer the City a loan not to exceed $200,000 at an estimated
current interest rate of 7,25% using the property located at 110 Manor Drive, Riverdale, Iowa, as
collateral, with no pre -payment penalty; and,
WHEREAS, the funding source for this project is line item #301-650-6799 Capital Improvement City
Hall.
NOW THERE FOR IT BE RESOLVED that:
Section 1.
The Council of the City of Riverdale authorizes the Clerk to initiate loan proceedings with
Quad City Bank & Trust subject to a public hearing and final approval by Council as
required by Iowa law.
Passed and approved this 11th day of July 2023.
APPROVED:
Anthony Heddlesten, Mayor
ATTEST:
WL
Kelly Krell, k
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 1 (563) 355-2511 1 www,riverdaleia.org