HomeMy WebLinkAbout2000-317-06.05.2000 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2000-317
RESOLUTION APPROVING AN OFFER BY BANK IOWA TO
BUY BALANCE OF NOTE FOR CEDAR METAL WORKS.
WHEREAS, the Revolving Loan Fund Committee has approved an
offer from Bank Iowa to buy the note for Cedar Metal Works, and
WHEREAS, Cedar Metal Works' remaining balance is $136, 886. 91,
the interest rate is 6. 5 percent, with a 15-year amortization and a
five-year balloon, and
WHEREAS, Bank Iowa has offered to buy said note for
$122, 900. 00.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA, that the offer of Bank Iowa to buy balance of
$136, 866. 91 note for Cedar Metal Works for $122, 900. 00, be and the
same is hereby approved.
PASSED AND ADOPTED this 5th day of June, 2000.
John • . Roo. f, Mayor ,
ATTEST:
Nancy Eck rt, City Clerk