THE CITY OF MONTICELLO, IOWA
RESOLUTION # 2021-63
Authorizing the Mayor to execute “Letter of Intent to Meet Conditions” and “Request for Obligation of Funds” related to USDA Loan for Sixth Street Ditch Project
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
WHEREAS, The City of Monticello is participating in the pursuit of funds for the 6th Street Ditch Rehabilitation Project. Improvements for this project include repair /replacement of existing retaining walls; removal of debris and vegetation restricting flow; increase channel conveyance by reshaping; add protection via Revetment, Bendway Weirs, and Turf Reinforcement Mats; and restoration, and
WHEREAS, The City of Monticello has been approved for up to $743,000 USDA Loan at 1.375% interest over 40 years, if necessary, for the 6th Street Ditch Rehabilitation Project, and
WHEREAS, To ensure Loan funding is available without delay, it is necessary for the City to agree to the execution of the “Letter of Intent to Meet Conditions” and “Request for Obligation of Funds” documents provided by the USDA, and
WHEREAS, The execution of the above referenced documents does not lock the City into borrowing any sums of money from the USDA, it merely ensures its’ availability as an option if the Council finds it appropriate at a later date to borrow the same.
NOW THEREFORE BE IT RESOLVED, by the City Council of the City of Monticello, Iowa does hereby approve and authorize the Mayor to execute the “Letter of Intent to Meet Conditions” and “Request for Obligation of Funds” documents provided by the USDA, as outlined immediately above herein.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal for the City of Monticello, Iowa to be affixed. Done this 24th day of May 2021.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, City Clerk