HomeMy WebLinkAboutRESOLUTION NO. 2016-117 Fairfax/419915-8/SRF interest Rate Reduction
MINUTES TO ADOPT RESOLUTION
PROVIDING FOR REDUCTION OF
INTEREST RATE FOR SEWER REVENUE
BOND
Fairfax, Iowa
November 9, 20116
The City Council of Fairfax, Iowa, met at the Fairfax City Hall, at 300 80th Street Court,
in the Fairfax, Iowa, at 6:00 o'clock p.m., on.November 9, 2016, The meeting was called to
order by the Mayor and the toll being called,there were present the Mayor, and the following
named Council Members.
Present: JoAnn Beer, Michael Daly, Joe Kell, and Nick Volk
Absent: Marianne Wainwri
Council Member Volk introduced the resolution next hereinafter set out and moved that
said resolution be adopted; seconded by Council Member Beer and after due consideration thereof
by the Council, the Mayor put the question on the motion and, the roll being called,the following
named Council Members voted:
Ayes: Beer,.1241y,.-and Vol
Nays: None
Absent: Wainwright
Abstain: Kell. Joe Kell abstained because this action involves a city debt and he may have
an employment conflict.
Whereupon, the Mayor declared the resolution duly adopted, as follows:
F'airfaxl419915-81SRF Interest Rate Reduction
RESOLUTION NO. 2016-117
RESOLUTION PROVIDING FOR REDUCTION OF INTEREST RATE FOR
SEWER REVENUE BOND
WHEREAS, a $2,400,000 Sewer Revenue Bond, SRI Series 2006, dated November 2,
2006(the"Bond"),was issued to the Iowa Finance Authority(the"Lender")by the City of Fairfax,
Iowa (the "City"), in connection with a certain loan and disbursement agreement and pursuant to
a resolution passed and approved on. September 12, 2006 (the"Issuance Resolution"), in order to
pay costs of constructing improvements and extensions to the Municipal Sanitary Sewer System
of the City; and
WHEREAS,pursuant to the Issuance Resolution,the Bond was scheduled to bear interest
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at the rate of 3.00%; and
WHEREAS,the Lender has reduced the interest rate on the Bond to 1.75%, such reduction
to be calculated frons.December 1, 2016; and
WHEREAS, it is now necessary for the City Council to tale action to approve the interest
rate reduction;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Fairfax, Iowa, as
follows:
Section 1. The Issuance Resolution and all other documents related to the issuance of
the Bond, are hereby amended to reflect the reduction in interest rate from 3.00%to 1.75%. From
and after December 1, 2016 the Bond shall bear interest at 1.75%.
Section 2. The Mayen 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.
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FairiaW419915-8/SRF Interest Rate Reduction
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Passed and approved on November 9, 2016.
urnell G. Frieden, Mayor
Attest:
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Cynthia K. Stimson, City Clerk/Treasurer
moron.
On motion and vote, the meeting adjourned.
/- L
Burnell G. Frieden, Mayor
Attest:
Cynthia K. Stimson, City Cler /Freasurer
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Fairfax/419915-8/SRF interest Rate Reduction
STATE OF IOWA
COUNTY OF LINN SS:
CITY OF F AIRFAX
I, the undersigned, City Clerk of the aforementioned City, do hereby certify that the
transcript hereto attached is a true,correct and complete copy of all the records of the City Council
relating to the reduction of the interest rate on the City's Sewer Revenue Bond, SRF Series 2006,
dated November 2, 2006.
WITNESS MY IIANT7 this 10th day of November, 2016.
Cy f is K. Stimson, City Clerk/Treasurer
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D0RSE: Y"
DORSEY & WHI7NEY LLP
November 3, 2016
VIA EMAIL
Cynthia Stimson
City Clerk/City Hall
Fairfax, Iowa
Re: Fairfax, Iowa
SRF Interest Rate Reduction
Our File No, 419915-8
Dear Cynthia:
Pursuant to action taken by the Iowa Finance Authority, we have prepared and attach a
resolution for use by the City Council on November 9,2016, authorizing the interest rate reduction
for the City's $2,400,000 Sewer Revenue Bond, SRF Series 2006, dated November 2, 2006. This
resolution authorizes the repayment of the loan in accordance with the revised repayment schedule
you have been sent by the SRF Program.
When these proceedings are completed, please return one fully executed transcript to our
office for review.
Please call Jessica Wells or me with questions.
Kind regards,
Emily Hammond
Attachments
cc: Tracy Scebold
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