Resolutions-2014-059

Tiffin/ 436989- 5/ SRF Interest Rate Reduction RESOLUTION NO. 2014- 059 Resolution providing for reduction of interest rate for Water Revenue Bonds WHEREAS, $ 340, 000 Water Revenue Bonds, dated February 6, 2004 ( the " Bonds"), were 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 a resolution passed and approved on July 9, 2003 ( the " Issuance in order to pay costs Resolution"), of constructing improvements and extensions to the Municipal Waterworks System of the City; and WHEREAS, pursuant to the Issuance Resolution, the Bonds were scheduled to bear interest at the rate of 3. 00%; and WHEREAS, the Lender has reduced the interest rate on the Bonds to 1. 75%, such reduction to' be calculated from June 1, 2014; 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. The Issuance Resolution and all other documents related to the issuance of the Bonds, are hereby amended to reflect the reduction in interest rate from 3. 00% to 1. 75%. From and after June 1, 2014 the Bonds shall bear interest at 1. 75%. 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 All resolutions or orders or parts thereof, to the extent the same may be in conflict herewith, are hereby repealed. 2 You created this PDF from an application that is not licensed to print to novaPDF printer( httE://www._novapdf. co