Resolutions-2009-044

RESOLUTION NO. 2009-44 Resolution providing for reduction of interest rate for General Obligation Sewer Improvement Bond, Series 1999B WHEREAS, a $590,000 General Obligation Sewer Improvement Bond, Series 1999B, 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 Resolution No. 1999-31 passed and approved on September 8, 1999, in order to pay costs of constructing improvements and extensions to the Municipal Sanitary Sewer System of the City; and WHEREAS, pursuant to Resolution No. 1999-31, the Bond were scheduled to bear interest at the rate of 3.92%; and WHEREAS, the Lender has reduced the interest rate on the Bond to 3.0%, such reduction to be calculated from December 1, 2009; 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. Resolution No. 1999-31 and all other documents related to the issuance of the Bond, are hereby amended to reflect the reduction in interest rate from 3.92% to 3.0%. From and after December 1, 2009, the Bond shall bear interest at 3.0%. 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 All resolutions or orders or parts thereof, to the extent the same may be in conflict herewith, are hereby repealed.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 October 14, 2009. Attest: City Clerk