HomeMy WebLinkAboutSecond Amendment to Interim Loan And Disbursement AgreementSECOND AMENDMENT TO INTERIM
LOAN AND DISBURSEMENT AGREEMENT
The Interim Loan and Disbursement Agreement entered into as of September 20,
2023 (the "Loan Agreement") by and between the City of Waterloo, in the County of
Black Hawk, State of Iowa, (the "Issuer") acting through its Board of Trustees of the
Waterloo Municipal Communications Utility (the "Board") and Cedar Rapids Bank &
Trust, Cedar Rapids, Iowa (the "Lender"), as previously amended effective December 2,
2024, relating to a loan from the Lender to the City in the principal amount of
4,000,000, is hereby amended as follows:
1. The principal amount shall be increased to $6,000,000; and
2. The Final Maturity date shall be extended to December 1, 2028; and
3. The interest rate shall be revised to 6.15% per annum, with the current
interest rate of 5.75% per annum remaining in place for the time period
through and including December 29, 2025, and the amended interest rate of
6.15%per annum applicable for the time period on and after December 30,
2025, with interest at the amended rate (6.15%) accruing on the outstanding
principal amount beginning on December 30, 2025 and on each loan
advance thereafter from the date of each advance; and
4. The additional $2,000,000 added by this amendment shall be advanced in
the following amounts on the following dates: $650,000 on December 30,
2025; $450,000 on March 30, 2026; $450,000 on June 30, 2026; and
450,000 on September 30, 2026.
5. This Amendment to the Loan Agreement shall be effective December 30,
2025.
6. Except as amended herein, all of the other terms and conditions of the Loan
Agreement are in all respects ratified, confirmed and approved and shall remain in full
effect.
IN WITNESS WHEREOF, we have hereunto affixed our signatures all as of the
day of 2025.
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CITY OF WATERLOO, IOWA,by and through its Board of Trustees of the Waterloo
Municipal Communications Utility (Issuer)
By:
Chairperson of the Bo-rd of rustees
Attest:
Secretary of the Bo •d of Trustees
SEAL)
i
r
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CEDAR RAPIDS BANK & TRUST, CEDAR RAPIDS, IOWA (Lender)
By:
Signature
Title
4932-5605-5424-1\24268-003
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