Resolutions-2019-124

RESOLUTION NO. 2019-124 A RESOLUTION CERTIFYING AN INTERNAL LOAN/DEBT FOR A CAPITAL PROJECT Whereas, the City occasionally undertakes capital projects that requires diverse funding sources, and; Whereas, to fully fund these projects, it can be useful for certain City funds to loan money to other City funds with the promise of future repayment, and; Whereas, the purchase of the Potterfield property and the Dolores Madden property incurred total costs of $439,363.42, of which this debt was certified for repayment with tax increment financing (TIF) funds, Now, therefore be it resolved by the City Council of the City of Tiffin, Iowa to approve the internal loan/debt in the amount of $439,363.42 and directs the repayment occur to the Water Fund over the next five fiscal years. On the 3rd day of December, 2019, at a regular meeting of the Tiffin City Council, Tiffin, Iowa, Councilperson Bartels introduced RESOLUTION NO. 2019-124, A RESOLUTION CERTIFYING AN INTERNAL LOAN/DEBT FOR A CAPITAL PROJECT and made a motion for approval. Motion seconded by Councilperson Havens. Ayes: Upton, Schnedler, Havens, Bartels Nays: None Absent: Ryan Whereupon four Council members were present and voted approval and Mayor Berner declared that the RESOLUTION NO. 2019-124, A RESOLUTION CERTIFYING AN INTERNAL LOAN/DEBT FOR A CAPITAL PROJECT to be adopted and signified his approval of the same by affixing his signature thereto. Passed by the City Council on the 3rd day of December, 2019. City of Tiffin Steven L. Berner, Mayor ATTEST Abigail Hora, Interim City Clerk