Minutes-5/29/2002

Tiffin City Council May 29, 2002 A special meeting of the Tiffin City Council was brought to order by Mayor Glenn R. Potter, Wednesday, May 29, 20002 at 6:30 p.m. and called for the purpose of amending the 2003 budget certificate to the State of Iowa. Council present: Karin Dils, Jim Bartels, and Dave Shaffer. Absent: Rodney Walls and Mike Gericke. Final valuation calculations implemented by the Johnson County Auditor while increasing valuations, effected a net loss of tax dollars in excess of $20,000 for the City of Tiffin. The Department of Management called the city and recommended an immediate amendment to "recapture" this loss. The City of Tiffin has followed all directions of the State of Iowa, Department of Management Office and now holds Public Hearing. Mayor Potter opened the Public Hearing at 6:31 p.m. for any and/or all comments either in favor of or against said amendment of the budget estimate and certificate for the year ending June 30, 2003. There were no citizens present to speak either in favor of or against said proposal. There were no written comments. The Public Hearing was closed. Motion Dils, second Bartels to reconvene the regular session of the Tiffin City Council at 6:32 p.m. Ayes: Shaffer, Bartels, and Dils. Absent: Walls, and Gericke. Motion carried. Motion Dils, second Bartels to amend the Budget Estimate and Certification for the year ending June 30, 2002. The amendment includes no changes in proposed expenditures and no changes in proposed revenues. The amendment recaptures tax dollars that would be lost due to finalized valuations received from the Auditor's Office of Johnson County. Ayes: Shaffer, Bartels, and Dils. Absent: Walls and Gericke. Motion carried. The Department of Natural Resources and the Iowa Finance Authority are in the process of streamline SRF loan agreements to reduce ongoing costs to borrowers. The changes must be documented in formal amendment of the loan agreements with each borrower. The changes include: 1) no optional redemption of loan prior to the tenth year 2) require audits to the extent of State law. Motion Shaffer, second Dils to approve a RESOLUTION #2002-17, RESOLUTION APPROVING AMENDMENT TO SRF LOAN AGREEMENTS AND AMENDING RESOLUTION NO. 1999-25 ADOPTED SEPTEMBER 8, 1999, AUTHORIZING THE ISSUANCE AND APPROVING THE EXECUTION OF LOAN AGREEMENTS IN THE PRINCIPAL AMOUNTS OF $521,315 AND $488,685 AND $590,000 BY AND AMONG THE CITY, IOWA FINANCE AUTHORITY, IOWA DEPT OF NATURAL RESOURCES AND NORWEST BANK, IWOA, NATIONAL ASSOCIATION UNDER THE STATE REVOLVING FUND LOAN PROGRAM. Ayes: Shaffer, Dils and Bartels. Nays: None. Absent: Walls, and Gericke. Motion carried.