The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #14-20
Resolution to direct pre-payment of 2006 GO Bond in FY ’15, and directing City Clerk and City Administrator to levy for the taxes necessary to satisfy the remaining balance of that portion of the 2006 GO Bond payable from debt service in the FY ’15 budget, with that portion of the 2006 GO Bond payable from sewer revenues to be accounted for in the FY ’15 budget as well.
WHEREAS, the City Council borrowed sums in 2006, same being identified as the 2006 GO Bond issuance, and
WHEREAS, the remaining principal balance due after the scheduled FY ’15 payment is $55,000 with $26,288 to be paid from the debt service levy and $28,712 to be paid from Sewer Department Revenues, and
WHEREAS, the 2006 GO Bond is callable and, therefore, the City can choose to pay off the balance at this time or in FY ’15, and
WHEREAS, the Council finds that the debt service portion of the 2006 GO Bond should be paid by way of the debt service levy in FY ’15 and that the portion payable from Sewer Revenues should also be paid in FY ‘15, and
WHEREAS, the Council directs the City Clerk to include the debt service portion of the 2006 GO Bond in the debt service levy calculations for FY ’15.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby direct pre-payment of 2006 GO Bond in FY ’15, and directs the City Clerk and City Administrator to levy for the taxes necessary to satisfy the remaining balance of that portion of the 2006 GO Bond payable from debt service in the FY ’15 budget, with that portion of the 2006 GO Bond payable from sewer revenues to be accounted for in the FY ’15 budget as well.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal of the City of Monticello, Iowa to be affixed hereto. Done this 17th day of February, 2014.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk