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July 25, 2005
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Meeting of the Board of Supervisors at their office, 200 E. Bridge St., Elkader, IA.
Present: Robert Walke, Neil Meyer, Larry Gibbs
Motion by Gibbs, seconded by Walke, to adopt resolution #22-2005 “Resolution extending the maturity date of the County’s General Obligation Loan Agreement Anticipation (Project) Note." Ayes: Walke, Meyer, Gibbs
RESOLUTION NO. 22-2005
Resolution extending the maturity date of the County’s General Obligation General Fund Loan Agreement Anticipation (Project) Note
WHEREAS, the Board of Supervisors of Clayton County, Iowa (the “County”), has previously authorized the issuance of its General Obligation Loan Agreement Anticipation (Project) Note in the principal amount of $500,000 (hereinafter referred to as the “Note”) to Peoples State Bank, Elkader, Iowa (the “Bank”), for the purpose of funding mental health services (hereinafter referred to as the “Project”); and
WHEREAS, the County intended to refund the Note by its scheduled maturity date on July 1, 2005, through the issuance of bonds or notes, but the refunding proceeds are not yet available to the County; and
WHEREAS, on July 1, 2005, the County paid the accrued interest which was due on the Note, plus $50,000 of the principal, and the Bank has agreed to extend the maturity date of the remaining $450,000 principal balance of the Note (the “Outstanding Portion”) to June 30, 2006 on the terms hereinafter set out;
NOW, THEREFORE, Be It Resolved by the Board of Supervisors of Clayton County, Iowa, as follows:
Section 1. The maturity date of the Outstanding Portion of the Note is hereby extended to June 30, 2006. A replacement Note (the “Replacement Note”) is hereby issued, in the principal amount of the Outstanding Portion of the Note, which shall bear interest at the rate of 4.875% per annum from July 1, 2005, to its maturity.
Section 2. The Board of Supervisors hereby reserves the right to prepay principal of the Replacement Note in whole or in part at any time prior to the maturity thereof with accrued interest to the date of such payment.
Section 3. The Chairperson and County Auditor are hereby authorized and directed to enter into whatever legal documents are required by the Bank to effectuate the provisions of this resolution.
Section 4. It is the intention of the County that interest on the Replacement Note be and remain excluded from gross income for federal income tax purposes pursuant to the appropriate provisions of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations in effect with respect thereto (all of the foregoing herein referred to as the “Internal Revenue Code”). In furtherance thereof, the County covenants to comply with the provisions of the Internal Revenue Code as they may from time to time be in effect or amended and further covenants to comply with applicable future laws, regulations, published rulings and court decisions as may be necessary to insure that the interest on the Replacement Note will remain excluded from gross income for federal income tax purposes. Any and all of the officers of the County are hereby authorized and directed to take any and all actions as may be necessary to comply with the covenants herein contained.
The County hereby designates the Replacement Note as a “Qualified Tax Exempt Obligation” as that term is used in Section 265(b)(3)(B) of the Internal Revenue Code.
Section 5. All resolutions or parts of resolutions in conflict herewith are hereby repealed, to the extent of such conflict.
Motion by Walke, seconded by Gibbs, to enter in a roadway maintenance agreement with the Iowa Department of Transportation for Pikes Peak State Park in Clayton County. Ayes: Walke, Meyer, Gibbs
/s/ Neil Meyer, Chairman
/s/ Dennis Freitag, County Auditor
© 2007 Clayton County, Iowa