G-2, I-2 - Resolution 2022-012 - PH and Approval of Sewer Revenue - SQR

FIRST AMENDMENT TO LOAN AND DISBURSEMENT AGREEMENT $6,754,000 SEWER REVENUE BONDS CITY OF TIFFIN, IOWA This First Amendment to Loan and Disbursement Agreement (the “Amendment”) is made and entered into as of March 4, 2022, by and between the City of Tiffin, Iowa (the “Participant”) and the Iowa Finance Authority, an agency and public instrumentality of the State of Iowa (the “Issuer”), and amends that certain Loan and Disbursement Agreement dated May 11, 2018, by and between the Issuer and the Participant (the “Original Agreement”). WHEREAS, the Issuer, in cooperation with the Iowa Department of Natural Resources, is authorized to undertake the creation, administration and financing of the Iowa Water Pollution Control Works Financing Program (the “Program”) established in Iowa Code Sections 455B.291 through 455B.299; and WHEREAS, pursuant to the Original Agreement, the Issuer provided a loan (the “Loan”) to the Participant for the purpose of financing the costs of improvements and extensions to the Municipal Sanitary Sewer System; and WHEREAS, the Participant will construct certain water resource restoration projects, and the Issuer has agreed to provide financing for such projects by decreasing the interest rate on the Loan; and WHEREAS, the Participant has entered into a Water Resource Restoration Sponsored Project Performance Agreement (the “Performance Agreement”) with Iowa Department of Natural Resources, and agency of the State of Iowa (the “Department”) to ensure that the Project (as defined in the Performance Agreement) is constructed in accordance with the applicable design checklist and plans and specifications as approved by the Department; NOW, THEREFORE, the parties agree as follows: Section 1. Each reference to the amount of the Loan in the Original Agreement, and the associated Sewer Revenue Bonds, shall be amended to reflect a Rate (as defined in the Original Agreement) of 0.78%, which shall become effective as of December 1, 2021. Section 2. The Issuer hereby consents to the amendment of the Resolution (as defined in the Original Agreement) by the Participant in order to reflect the reduction of the interest rate on the Loan. Section 3. The Participant hereby confirms compliance with the Performance Agreement and agrees the Issuer may enforce and raise the interest rate of the Loan to the initial rate of interest to ensure compliance by the Participant with the Performance Agreement and in accordance with the Original Agreement. Section 4. Except as otherwise provided in this Amendment, the provisions of the Original Agreement, as heretofore amended, are hereby ratified, approved and confirmed and incorporated herein.