I-2 - Resolution 2022-061 - Amending Resolution 2022-058, 2022-041, Adjusting Interest Rate for Original Town Phase One

CITY OF TIFFIN RESOLUTION 2022-061 A RESOLUTION AMENDING RESOLUTION NO. 2022-041 AND RESOLUTION NO. 2022-058 AND ADJUSTING THE INTEREST RATE FOR THE FINAL ASSESSMENT FOR THE 2017 ORIGINAL TOWN URBANIZATION PROJECT Whereas, the Tiffin City Council previously approved Resolution No. 2022-041 at the April 19, 2022, council meeting and Resolution No. 2022-058 at the June 21, 2022, council meeting; and, Whereas, the adoption of those resolutions established the final assessment schedule for the 2017 Original Town Urbanization Project which included setting an interest rate on the unpaid assessments for property owners who choose to pay the assessment by installments on their property taxes; and, Whereas, the City of Tiffin has learned that creating a tiered interest rate over the 10 years of the assessment will create difficulties with calculation and implementation, Now, therefore be it resolved, that the City Council of the City of Tiffin, Iowa is hereby adjusting and re-establishing the interest rate for the assessments for the 2017 Original Town Urbanization Project at 0% per annum, computed from March 16, 2021 (that being the date of acceptance of the work) to December 1, 2023. Thereafter, all unpaid installments shall bear interest at the rate of 1.663% per annum, computed from the December 1, immediately preceding the due dates of the respective installments to the December 1, next following the due dates of the respective installments. On this 5th day of July, 2022, at a regular meeting of Tiffin City Council, Tiffin, Iowa, Councilperson _____ introduced RESOLUTION NO. 2022-061, A RESOLUTION AMENDING RESOLUTION NO. 2022-041 AND RESOLUTION NO. 2022-058 AND ADJUSTING THE INTEREST RATE FOR THE FINAL ASSESSMENT FOR THE 2017 ORIGINAL TOWN URBANIZATION PROJECT and made a motion for approval. The motion was seconded by Councilperson _____. Ayes: Nays: Absent: Whereupon _____ Council members were present and voted approval and Mayor Berner declared that the RESOLUTION NO. 2022-061, A RESOLUTION AMENDING RESOLUTION NO. 2022-041 AND RESOLUTION NO. 2022-058 AND ADJUSTING THE INTEREST RATE FOR THE FINAL ASSESSMENT FOR THE 2017 ORIGINAL TOWN URBANIZATION PROJECT to be adopted and signified his approval of the same by affixing his signature thereto. Passed by the City Council on the 5th day of July, 2022. City of Tiffin ____________________________ Al Havens, Mayor Pro-Tem ATTEST: ________________________________ Abigail Hora, City Clerk