The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #19-173
Resolution approving the use of Tax Increment Financing receipts to cover a portion of the Professional Fees invoiced by PFM Financial Advisors (PFM), the City’s financial advisor, in relation to the North Sycamore Street Reconstruction Bond Issue.
WHEREAS, The City of Monticello previously established the Original Urban Renewal Area and Urban Renewal Plan for the City which has been amended from time to time, and
WHEREAS, The Monticello City Council chose to proceed with the reconstruction of North Sycamore Street and determined that borrowing funds for that purpose would be necessary and in the best interest of the City, and
WHEREAS, The costs and expenses of the N. Sycamore Street reconstruction project were approved to be paid with both Tax Increment Financing and the Debt Service levy, with 60% to be repaid with TIF and 40% to be repaid via the Debt Service Levy, and
WHEREAS, The professional fees invoiced by PFM in relation to the N. Sycamore Street financing totaled $16,294.44, therefore, 60% or $9,776.66 is payable from TIF and 40% or $6,517.78 is payable from the Debt Service Levy.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of Monticello, Iowa does hereby approve of the use of Tax Increment Financing collections to pay 60% of the total fees invoiced by PFM Financial Services related to N. Sycamore Street Reconstruction financing in the amount of $ 9,776.66
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 18th day of November, 2019.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk