01-24-11 WSCOUR,
ACRTHUR
PLLP
&
RUPPE
Me -Elio
TO: Otsego City Council
From Andy MacArthur, City Attorney
CC: Mike Robertson, Gary Groen, Dan Licht, Ron Wagner
Date: January 19, 2011
Re: Reduction of Interest Rate, County 42 Assessment
Attached to this memo are documents related to the proposed reduction by the Council of the interest
rate on assessments for the County 42 project in 2007. It has been determined through conversations
with the City bond counsel, Mary Ippel of Briggs and Morgan, that the interest rate cannot be reduced
on any certain portion of the assessed properties, such as deferred assessments, but if reduced must
be done uniformly across all affected properties.
In order to avoid any problems with changing the assessment that could be raised with a
reassessment of the property or other public action subject to appeal, the staff recommends that no
action be taken by the Council until such time as the affected property owners have been notified of the
proposed change, agree to the change and each and every one of them has executed the attached
waiver form. This document waives any and all procedural rights, any right to public hearings and any
right to appeal the Council action.
I have also drafted a form letter to the property owners explaining the proposed Council action and the
necessity to sign the waiver provided. This letter and the waiver forms will be sent to all affected
property owners once they are approved by the council. Ron will provide the Council information
related to the effect of the proposed interest rate reduction on various properties.
Also attached to this memo is a proposed resolution setting forth reasons for the reduction in interest
rate which include the fact that the project was petitioned for only by a percentage of the property
owners, the economic changes that have delayed the anticipated development of the assessed
properties as well as the fact that many of the affected properties remain zoned agricultural. These
unique factors do not provide any precedent for reduction of assessments for other assessed
properties in the City. Normally, refinancing of bonds for a lower interest rate does not cause a
reduction in assessment interest rates.
The attached documents are for Council review and consideration at the scheduled workshop meeting
on January 24. City staff will be present at that meeting to answer any questions.
Dear Property Owner;
The City of Otsego has recently refinanced bonds issued by the City to pay for
improvements to CSAH 42 which were made just prior to construction of the
Target Store in Great River Centre. The refinancing of the bonds has resulted in a
lower interest rate. The interest rate on the initial bond was _%. Your property
was assessed for the improvements at a rate of _%.
The City would like to pass these savings in interest rate to the assessed property
owners. The change in interest rate would be for 2011 and would show up on the
2012 assessments. Reduction of the interest rate for an already completed
improvement is not normally done, even when bonds are refinanced. The City
Council has authorized this reduction in interest on the assessment only if all
affected property owners sign off on the change and execute the enclosed Waiver
of Assessment Appeal.
In order to facilitate the reduction in interest rate the City needs to reassess the
property which normally requires a public hearing and adoption of a new
assessment roll. The enclosed waiver form waives the City's requirement to hold
the hearing and further waives any right of appeal to the reassessment. Without
this waiver the City will not proceed to reassess the property and reduce the
interest rate on the assessment.
This cover letter and the attached Waiver form are currently being sent to all
affected property owners currently owing assessments on the property. Once the
City receives all executed waivers the Council will place on its agenda a
Resolution reassessing the property and reducing the interest rate going forwards.
If you have any questions regarding this letter or the waiver form please feel free
to call the city Finance Director, Gary Groen at the Otsego City Hall at 441-4414.
Very truly yours,
DRAFT- January 20, 2011
CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
WAIVER AND RELEASE OF PROCEDURES AND WAIVER OF RIGHT
OF APPEAL
The undersigned Owner of that property identified as PID in the City
of Otsego, Wright County, Minnesota was previously assessed for Otsego City
Project No. , improvements to County State Aid Highway 42 in the
amount of $ at an interest rate of %.
WHEREAS, the City has refinanced the bonds on the above mentioned project at
a lower interest rate; and,
WHEREAS, the City desires to adjust the ongoing assessments on the project for
all affected property owners to decrease the rate of interest on the pending
assessments effective for 2011 taxes payable in 2012 and each year of the
assessment or deferred assessment going forward; and,
WHEREAS, in order to implement the reduction in the interest rate the City
requires that all affected property owners waive the procedural requirements,
hearings and any right of appeal for a reassessment of the property at the original
principal amount but at the lower interest rate; and,
WHEREAS, in order to induce the City to lower the interest rate on the
assessments Property Owner agrees to the following conditions.
NOW THEREFORE, Owners of that property identified
as PID previously assessed for the Project agree as follows:
1. Property owner agrees to the reduction in interest rate as proposed.
2. Property Owner waives any irregularities in procedure and waives any and
all hearings if necessary for a reassessment of the property at the original
principal amount but at the lower interest rate.
3. Property owner waives any and all right of appeal to a reassessment of the
property under Minnesota Statute 429.081 or otherwise.
Dated:
PROPERTY OWNER
DRAFT- January 18, 2010
CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION ADOPTING REVISED ASSESSMENT ROLL
MODIFYING INTEREST RATE ON ASSESSMENT FOR OTSEGO CITY
PROJECT NO. IMPROVEMENTS TO COUNTY ROAD 42
RESOLUTION NO.
WHEREAS, the City of Otsego has previously assessed benefited properties for
improvements to County Road 42 identified as Otsego City Project No._; and
WHEREAS, many of the assessments on the Project are deferred until rezoning
and development of the property; and
WHEREAS, the Project was initiated by Petition of the owners of Great River
Centre, and not by 100% of the affected property owners; and
WHEREAS, the City has refinanced the bonds related to this project resulting in a
reduction of the interest rate on the City's bonds; and
WHEREAS, commercial development within the Project area has slowed as a
result of the economy, delaying possible development of properties within the
Project area; and
WHEREAS, due to the unique nature of the assessment on this property the City
Council wishes to pass on savings from reduction in interest payments to the
assessed property owners; and
WHEREAS, all affected property owners have received and executed waivers of
procedures and appeals relative to the proposed Council action.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of
Otsego, Wright County, Minnesota as follows:
1. That the interest rate for the assessments for those improvements for City of
Otsego Project No. is hereby reduced from 5.5% to % effective January 1,
2011.
2. That City staff are directed to take all necessary steps to effectuate the reduction
in interest rate including, but not limited to, recertification of the revised
assessment roll to Wright County.
ADOPTED this day of February, 2011 by the Otsego City Council.
IN FAVOR:
OPPOSED:
CITY OF OTSEGO
Jessica Stockamp, Mayor
Tami Loff, City Clerk
2
CSAH 42/PARRISH AVE RECONSTRUCTION
Property Owner
PID
5.5% Interest
5.0% Interest
0.5% Savings
4.5% Interest
1.0% Savings
4.0% Interest :
-1.5% Savings
Appello Group
118-239-000090
$129,475.76
$121,718.32
$7,757.44
$113,960.87
$15,514.89
$106,203.42
$23,272.3
Appello Group
118-252-002010
$84,852.34
$79,768.48
$5,083.86
$74,684.61
$10,167.73
$69,600.74
$15,251.60
Appello Group
118-252-003010
$73,612.95
$69,202.48
$4,410.47
$64,792.02
$8,820.93
$60,381.55
$13,231.40
Appello Group
118-252-003020
$44,942.38
$42,249.el
$2,692.69
$39,557.00
$5,385.38
$36,864.31
$8,078.07
Appello Group
118-252-004010
$141,071.78
$135,439.83
$5,631.95
$126,807.87
$14,263.91
$118,175.91
$22,895.87
Appello Group
118-266-000010
$180,421.65
$164,019.68
$16,401.97
$147,617.71
$32,803.94
$131,215.74
$49,205.91
Bank Of Elk River
118-057-001010
$8,710.17
$8,204.47
$505.70
$7,698.77
$1,011.40
$7,193.07
$1,517.10
Brunswick Otsego LLC
118-257-000010
$4,585.71
$4,319.47
$266.24
$4,053.23
$532.48
$3,786.99
$798.72
Brunswick Otsego LLC
118-257-000020
$3,956.52
$3,726.81
$229.71
$3,497.10
$459.42
$3,267.39
$689.13
Brunswick Otsego LLC
118-257-001010
$4,632.74
$4,363.77
$268.97
$4,094.80
$537.94
$3,825.83
$806.91
Brunswick Otsego LLC
118-257-001020
$3,425.85
$3,226.95
$198.90
$3,028.05
$397.80
$2,829.15
$596.70
Christ Lutheran Church
118-059-000020
$33,448.63
$30,181.11
$3,267.52
$27,043.77
$6,404.86
$24,030.55
$9,418.08
Christ Lutheran Church
118-059-001010
$46,580.06
$43,152.31
$3,427.75
$39,745.98
$6,834.08
$36,360.89
$10,219.17
Coles & Mathison
118-500-221202
$40,148.16
$36,226.18
$3,921.98
$32,460.45
$7,687.71
$28,843.70
$11,304.46
CP Otsego Partners LLC
118-262-000010
$25,110.55
$22,827.77
$2,282.78
$20,544.99
$4,565.56
$18,262.22
$6,848.33
Crag Enterprises LLC
118-096-001040
$9,166.95
$8,634.73
$532.22
$8,102.51
$1,064.44
$7,570.29
$1,596.66
Flemmer
118-500-221207
$40,148.16
$36,226.18
$3,921.98
$32,460.45
$7,687.71
$28,843.70
$11,304.46
Lefebvre
118-500-221301
$703,761.77
$635,245.46
$68,516.31
$569,421.91
$134,339.86
$506,165.61
$197,596.16
Mayimy LLC
118-096-001010
$6,313.19
$5,945.08
$368.11
$5,576.96
$736.23
$5,208.85
$1,104.34
Neibling
118-500-221203
$23,377.91
$20,826.91
$2,551.001
$18,373.63
$5,004.28
$16,013.51.
$7,364.40
$132,237.551
$264,220.5
$393,099.81
* Differed Assessment Until Development - Assumes 2022 is 1st year of assessment
Gary Groen
From: Gary Groen
Sent: Tuesday, January 18, 2011 11A6 AM
To: 'Andy MacArthur'; Susan Frisch; Mike Robertson; 'D. DANIEL LICHT'
Subject: Cash Flow Summary for Waterfront East
Attachments: WFE combinedanalysis.xlsx
Andy,
Attached with this transmittal is the cash flow update for Waterfront East (WFE). This was completed after the meeting
we had with LOC (Letter of Credit) holders and the draft agreement regarding WFE.
The attached worksheet has column headings numbered 1 thru 11. 1 will briefly describe each. If you would forward
this to the attorney and LOC parties for our conference call tomorrow, they would have an opportunity to review the
information and raise any questions they might have at that time. The cash flow analysis assumes no assessments are
collected on WFE and the LOC banks will make payments necessary (Column 9) for the City to maintain the balance
necessary to make annual payments for debt service.
Columns 1 and 2 are the total principal and interest due on the two bond issues that financed the infrastructure in WFE.
Both bond issues also financed other projects. The 2005 bond issue financed WFE and Mississippi Shores. The 2007
bond issue financed Quantrelle North (part of WFE) and 88`h Street improvements. The reason that I note the other
projects is because the assessments to be collected on the "other" projects is included in the analysis in the revenue
columns 3 - 6.
Column 3 is the assessments to be collected from 88`h street improvements. Those project costs were included as part
of the 2007 bond issue. This is the assessments to be collected from 88`h street only. The assessments due from the
other portion of the project (Quantrelle North in WFE) are not included.
Column 4 is not included as the assessments will not be collected currently but the LOC banks will make the payment
necessary in column 9 to maintain the cash flow of the City's debt service fund.
Column 5 represents the assessments that will be collected from properties in Mississippi Shores. The cost of their .
improvements were financed by a portion of the 2005 bonds. The assessments due in this column do not include any of
the assessments due from the LOC banks on the WFE assessments.
Column 6 represents the one payor in WFE currently paying assessments. The special assessments of the other two
buildings in WFE were prepaid by MinnWest Bank in December. This represents only the assessments being paid by the
remaining building owner in WFE.
Column 7 is the total assessments to be collected for all projects financed by the 2005 and 2007 bond issue EXCEPT for
the assessments due from LOC banks.
Column 8 indicates the improvement projects financed by the 2005 and 2007 bond issue did not anticipate the City
would be required to levy any property taxes for the repayment of these two bond issues.
Column 9 becomes the LOC banks obligation going forward in 2011 through 2019. 1 did not extend the schedule beyond
2019 as I assume and hope these assessments are paid up long before the City and LOC banks get this far down the road
on this schedule. The amount of the LOC bank payments provides the money necessary to cash flow the City's debt
service obligations. It coincidentally matches very close to the assessments due on WFE thru 2019. 1 have scheduled the
actual assessments due on WFE thru 2019 on page two.
Column 10 is to indicate that there were no resources necessary to finance the project other than the assessments
against the benefitting properties.
Lastly, column 11 is the cumulative cash balance in the debt service fund for the two bond issues. The positive balance
results from MinnWest Bank prepaying assessment totaling over $300,000 in December of 2010.
Andy, I hope this explanation of the attached worksheet is helpful in your review for tomorrow's conference call.
Gary Groen
Finance Director for the
City of Otsego
City of Otsego
Waterfront East/Mississippi Shores - 2005B
Analysis of Debt Service Fund and Required City Contributions
Page One
10 11
Available
Other Cash
Sources Balance
Totals $ 3,084,268 $ 674,200 $ 479,503 $ 106,125 $ 839,073 $ - $ 2,072,180 $
No city-wide general property tax levy is necessary to finance this bond issue
Special assessments prepaid on the two buildings in WIFE in December, 2010 (Reason for positive cash balance at 12/31/10)
103,805
0
0
0
(0)
(0)
(0)
(0)
(0)
0
(254,194)
(498, 713)
(548,388)
(596,263)
(647,338)
(696, 388)
(743,410)
(743,410)
(743,410)
1
2
3
4
5
6
7
8
9
Scheduled
2005B Bonds 2007 Bonds
2007 Bonds
2005
Bonds
Total
Tax Levy
LOC/
Total
Total
88th Str.
Quantrelle
Miss.
Waterfront
Assessment
City
Bank
Year
Debt Service Debt Service
(Friendship
(WFE)
Shores
East
Collections
Contribution
Contribution
(Only 1 payor)
2010
-
-
2011
248,744
113,600
32799
0
60,694
14,008
107,500
-
151,039
2012
257,744
115,000
31639
0
58,840
13,454
103,932
-
268,812
2013
261,144
116,200
30480
0
56,986
12,900
100,366
-
276,978
2014
254,144
112,200
29320
0
55,132
12,346
96,798
-
269,546
2015
272,144
113,200
28160
0
53,278
11,792
93,230
-
292,114
2016
264,144
104,000
27001
0
51,424
11,238
89,663
-
278,481
2017
256,144
25842
0
49,570
10,684
86,096
-
170,048
2018
262,894
24682
0
47,716
10,130
82,528
-
180,366
2019
263,756
23522
0
45,863
9,576
78,960
-
184,796
2020
254,194
0
0
-
-
-
-
2021
244,519
0
0
-
-
-
-
2022
49,675
0
0
-
-
-
-
2023
47,875
0
0
-
-
-
-
2024
51,075
0
0
-
-
-
-
2025
49,050
-
-
-
2026
47,022
-
-
-
2027
-
-
-
10 11
Available
Other Cash
Sources Balance
Totals $ 3,084,268 $ 674,200 $ 479,503 $ 106,125 $ 839,073 $ - $ 2,072,180 $
No city-wide general property tax levy is necessary to finance this bond issue
Special assessments prepaid on the two buildings in WIFE in December, 2010 (Reason for positive cash balance at 12/31/10)
103,805
0
0
0
(0)
(0)
(0)
(0)
(0)
0
(254,194)
(498, 713)
(548,388)
(596,263)
(647,338)
(696, 388)
(743,410)
(743,410)
(743,410)
City of Otsego
Waterfront East Special Assessments Due By Year
Page Two
2011
2012
2013
2014
2015
2016
2017
2018
2019
$ 268,908
258,561
248,214
237,867
227,520
217,174
206,827
196,480
186,133
$2,047,683
DRAFT
JANUARY 20, 2011
CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
AGREEMENT BETWEEN THE CITY OF OTSEGO AND THE BANK OF IOWA
AND GLENWOOD STATE BANK RELATIVE TO WATERFRONT EAST, CITY
OF OTSEGO, WRIGHT COUNTY, MINNESOTA
AGREEMENT entered into this _ day of , 20] _-between the City of Otsego,.a Deleted: o _ _
municipal corporation under the laws of the State of Minnesota, (CITY) and BankJowa, Deleted: oe
a bank corporation under the laws of the State of Iowa and the Glenwood State Bank, a
bank corporation under the laws of the State of Minnesota (collectively, both of the
foregoing banks, "BANK").
WHEREAS, BANK has and will continue to have an interest in certain real property
("PROPERTY")within the CITY identified as WATERFRONT EAST (which includes
WATERFRONT EAST, WATERFRONT EAST'SECOND ADDITION, and
WATERFRONT EAST THIRD ADDITION excluding Outlot M, OTSEGO
WATERFRONT EAST, Building B: LOT 1, BLOCK 1, WATERFRONT EAST IST
ADDITION and Building E: LOT 1, BLOCK 1 OTSEGO WATERFRONT _SECOND Deietea:
--
ADDITION ) and the PROPERTY has been foreclosed' upon by a third party holding a
first mortgage ("First Mortgagee")onthe PROPERTY;; and
WHEREAS, said PROPERTY is subject to a developer's agreement and addendums
thereto, dated December 20, 2004 May 9 2005 July 31, 2006 and October 29, 2007,
between the CITY and PROPERTY'S previous Owner, Land Funding I, LLC
("Developer's Agreement"); and
WHEREAS, pursuant to the Developer's Agreement, CITY undertook and did construct
certain public improvements including streets, sanitary sewer, waterlines and storm
sewers with respect to the Property; and
WHEREAS, pursuant to the Developers Agreement and petition, waiver of hearings and
waiver of appeal included therein the CITY has assessed the costs of the above
improvements against the Property in a total amount of $21014,946.00; and
WHEREAS, the CITY did issue its General Obligation Improvement Bonds in 2005 and
2007 to pay for the costs of said improvements within WATERFRONT EAST; and
WHEREAS, further pursuant to the Developers Agreement, a Letter of Credit was
posted in the amount of $ 1,630,000.00 to insure that timely payment of installments of
the jassessments were made to insure the CITY's ability to make debt service payments Deleted: Letter of Credit
- ---------------------------------------------------
on the bonds; and
WHEREAS, BANK has issued a Letter of Credit under the Developer's Agreement as
specifically set forth in the Letter of Credit and the other agreements between Bank Iowa
and Glenwood State Bank; and
WHEREAS, the assessments currently due and owing for 2008 taxes payable in 2009 in
the amount of $ 216,098.00 and 2009 taxes payable in 2010 have not been paid in the
amount of $ 286,513.00and continue to accrue penalties and interest; and
WHEREAS, failure to timely pay the assessments is a default in that Developers
Agreement between the CITY and Land Funding I, LLC, and will become the obligation
of others who come into title of the Property; and
WHEREAS, in light of the default of payment of assessments, the CITY, but for this
Agreement, would have the right to collect on the current Letter of Credit issued by
BANK in order to pay off debt incurred by CITY in constructing the public
improvements within WATERFRONT EAST; and
WHEREAS, the parties have met and tried to work out an Agreement which would act
to fund City debt service while not defaulting BANK and others under the Developer's
Agreement.
NOW, THEREFORE the Parties agree as follows:
1. In the event that the assessments currently delinquent for both 2008 payable 2009
($ 216,098.00) and 2009 payable 2010 ($ 286,513.00) (including interest and
penalty) are not paid at the end of the redemption period with respect to the
Deleted: need
current foreclosure by the First Mortgagee or others in amounts necessary for
"' Deleted` for --
CITY to pay off deficiencies on debt service on the General Obligation Bonds,
' - Deleted` the
and after CITY has made legal demand on First Mortgagee for payment of such
';'. Deleted: advanced
assessments, BANK will, upon 10 days notice from CITY of the same, forward
- . Deleted: the bank
to the CITY funds sufficient to pay the deficiencies in such amounts'As required
;'.''!-' • Deleted: city _
b the he city jo meet jts bond payments The money laid by ank pursuant to this
�_...
`Deleted: the banks
Agreement to the,CITY for bond pa, meats shall be refunded to�ANK by the______,
Deleted: city
CITY when the assessments arepaid and the moneyis s forwarded to the City
Deleted; an such payments shall be
2. To the extent that sufficient assessments are not received by the CITY from the
applied against the Letter of Credit so
First Mortgagee or others who may subsequently acquire an interest in the
Y 9 Y 9
reduce the amount potentially owed under
the same, to the extent that the total of
PROPERTY to cover the CITY'S annual debt service on the General Obligation
said payments reduces the total amount of
Bonds with respect to the December 2010 payment and going forward, and after
city debater o Credit a below the
posted Letter of Credit amount of $
1,630,000.00.
2
4.
5.
6.
7
8.
CITY has made legal demand for the same on the First Mortgagee or others who
subsequently acquire an interest in the PROPERTY, BANK will make payment
to CITY twice a year --on June 1 and December 1 -- sufficient for the CITY to
cover such deficiency on such debt service payments_ Any funds,paid by BANK
_ {
payments
balan
pursuant to this Agreement to the CITY for bond payments shall be refunded to
��,
applied amst the anding
under the Letter of Credit once the total
the AN by the C TY when the assessments are aid and the money is actuall
�'
amount of City debt service owed falls
------�------------------ -
received by the CITY. CITY will provide BANK with the amount necessary f01
1'r;••
4
belowtIt sted Letter of Credit amount.
Prior to each such year,
debt service payment each June l and December 1 andYimel inform BANK of
y . -....
-
Deleted: The money
any failure of First Mortgagee or other owners in the Property to timely pay
;,,,,',;,,•
Deleted: advanced
assessments with respect to the PROPERTY.
p
4 ''''• '•
Notwithstanding anything to the contrary in the Letter of Credit, the Development
Deleted: the b
Agreement or any related agreement, provided that the BANK complies with this
Deleted: dolt
Agreement, CITY will not draw on the Letter of Credit or any replacement,
�''�;;'; Deleted: c
extension or renewal thereof.
Deleted: iry
BANK, will, until the earlier of receipt by the CITY of. (a) payments from BANK
Deleted: b
of the face amount of the Letter of Credit or (b) payment of assessments with
Deleted: and s
respect to the PROPERTY that would otherwise release BANKS' obligations
Deleted: c
under the Letter of Credit, BANKS will keep in place a Letter of Credit, subject to
Deleted, ity
e:
reductions in the face amount to the extent that BANKS make any payments to
a yearly schedule
the CITY which are notreturned to the MNKasassessment payments are
d:made.and
collected by City _d:
forAny
amounts paid by the BANK under this Agreement, the Letter of Credit or
; ,
of anticipated payments
rvice as well as
any related agreement, shall be reimbursed to BANK at such time as CITYd.
1iactually
receives the delinquent assessment payments from the responsible party.Reimbursement
andt
bCITY
lit.
by CITY will be limited to the amount actually received by thed:
from BANK.
ed. ata`Payments
made by BANK to CITY from time to time to assure payment of CITY
ed: payments of
debt service shall not be considered a loan to the CITY, but rather the payment of
ed: which would reduce the City's
ongoing contractual obligation which is subject to reimbursement. The CITY has
ligation below the total amount of
taofcreait.
no oblgation to make interest payments to BANK on any money paid by BANK
Deleted: This is not the interest
pursuant to this Agreement and subsequently reimbursed by the CITY.
obligation on this payment of money
Nothing in this Agreement or otherwise, shall be deemed to hinder or otherwise
under this agreement
prohibit BANK'S rights and claims to pursue collection, in connection to amounts
Deleted:
paid by BAND, or which BANK may be obligated to_pay to CITY relating to this
Deleted: s _�
Agreement, the Letter of Credit, the Developer's Agreement or otherwise, against
Deleted: s
the First Mortgagee or any other person or entity who claims or may later claim
an interest in the PROPERTY
t - - Formatted: Indent: Left:
,This agreement shall be in effect until such time as BANK has made payments Deleted:
subject to reimbursement to the extent of its obligation under the Letter of Credit
or -December 31 2013 whichever occurs last unless amended or cancelled -------- Deleted: 12-31.201s .
by the CITY and BANK. In the event that it appears that the Agreement will
extend beyond December 31 2013 the parties will meet prior to that date to
discuss the Agreement and possible modifications to the Agreement.
------I Formatted: Indent: Left: 0.25"
9. CITY and BANKLeprq5 . . Deleted: The
��ntafives shall meet year
....
---- -------------
review,�py matters coiicemin(,Y-this -ate-eenient.-------------- ---------------------------- Deleted: for
Deleted: of
10. If at any time in the future part or all of they etter of,q
redit is drawn on by CITY� Formatted: Indent: Left: 0.25"
;he CITY shall still be -obligated to reimburse Bank for any payments made by__ Deleted: I
BANK in compliance with this Agreement. Deleted: c
fDeleted: the.am. amount will be
repaid to the bank as they have said to the
CITY under this agreement
Dated:
CITY OF OTSEGO
Jessica Stockamp, Mayor
Tami Loff, City Clerk
Dated:
GLENWOOD STATE BANK
By:
Its
Dated:
BANK OF IOWA
4
By:
Its