The City of Monticello, Iowa
RESOLUTION #2024-142
Approving the use of Tax Increment Financing receipts to cover a portion of the
professional fees invoiced by Dorsey & Whitney LLP, the City’s bond counsel,
in relation to the N. Chestnut 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 Chestnut 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. Chestnut Street reconstruction project were approved to be paid with Tax Increment Financing, and
WHEREAS, The General Obligation Corporate Purpose Bonds, Series 2023 was to cover expenses of the N. Chestnut Street with 30% to be repaid with Tax Increment Financing; the Sixth Street Ditch with 42% to be repaid via the Debt Service Levy; and Water Tower Painting with 28% to be repaid with water revenues, and
WHEREAS, The professional fees invoiced by Dorsey & Whitney LLP in relation to the General Obligation Corporate Purpose Bonds, Series 2023 financing totaled $16,294.44, therefore, 30% or $3,985.50 is payable from TIF.
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 30% of the total fees invoiced by Dorsey & Whitney LLP related to N. Chestnut Street Reconstruction financing in the amount of $ 3,985.50
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 7th day of October, 2024.
Wayne Peach, Mayor
Attest:
Sally Hinrichsen, City Clerk/Treasurer