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Tipton City Council Packet 10-20-08

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  • pg 1
									                                    City of Tipton, Iowa
Meeting:         Tipton Regular City Council Meeting
Place:           Tipton City Hall, 407 Lynn Street, Tipton, Iowa 52772
Date/Time:       October 20, 2008 – 5:30 PM
Web Page:        www.tiptoniowa.org
Posted:          October 17, 2008 (website & front door of City Hall)

Mayor:            Shirley Kepford    City Manager:         Doug Boldt
Council At Large: Warren Wethington  City Attorney:        Lowell Dendinger
Council At Large: Donald McGlaughlin City Clerk:           John Foley
Council Ward #1: Robert Klemme       City Finance Officer: Lorna Fletcher
Council Ward #2: Dean Anderson       D. of Public Works:   Steve Nash
Council Ward #3: Klay Johnson        Chief of Police:      Roger Hakeman
_______________________________________________________________________

   A.   Call to Order – 5:30 PM
   B.   Roll Call
   C.   Pledge of Allegiance
   D.   Agenda Additions/Agenda Approval
   E.   Communications and Reports:
           1. Unscheduled
            If you wish to address the City Council on subjects pertaining to today’s meeting agenda, please
            wait until that item on the agenda is reached. If you wish to address the City Council on an item
            not on the agenda, please approach the lectern and give your name and address for the public
            record before discussing your item.

   F. Consent Agenda
        Note: These are routine items and will be enacted by one motion without separate discussion
        unless a Council Member requests separate consideration.
            1.   Approval of City Council Minutes
            2.   Approval of Beer License Renewal – Can City
            3.   Approval of New Liquor License – Rhino’s and Tavern on the Square
            4.   Approval of Garbage Exemption at 51 and 53 Lynn Street
            5.   Accept Clerk’s/Investment Reports
            6.   Accept September Airport Committee Minutes

   G. Public Hearing
         1. Public Hearing for the Purpose of Soliciting Comments on the Application
             to the Iowa Department of Economic Development for the Owner-Occupied
             Rehabilitation Housing Program
                   a. Close Public Hearing and Proceed to I-1

   H. Ordinance Approval/Amendment
        1.

   I. Resolutions for Approval
         1. Resolution 102008A – Resolution to Approve the City’s Financial Match of
            $15,000 for the Owner-Occupied Housing Rehabilitation Program
         2. Resolution 102008B – Resolution Approving Final Plat and Waiving Certain
            Subdivision Requirements – Williams First Addition


City Council Agenda                                                                          Page 1 of 2
           3. Resolution 102008C – Resolution Authorizing and Approving a Loan
              Agreement, amending Resolution No. 030308A and Providing for the
              Issuance of $650,000 General Obligation Street Improvement Bonds, Series
              2008, and Providing for the Levy of Taxes to Pay the Same

   J. Mayoral Proclamation
        1.

   K. Old Business
         1.

   L. Motions for Approval
        1. Consideration of Claims List – Motion to Approve
        2. Consideration of Application for Payment #4 – All American Concrete –
            Motion to Approve
        3. Discussion and Consideration of Revolving Loan Fund Program and Council
            Action as Needed
        4. Discussion and Consideration of TEDCO Recommendation for Tax
            Increment Financing Incentive for Vermeer of Iowa and Council Action as
            Needed
        5. Discussion and Consideration to Authorize City Manager to Contact Dorsey
            and Whitney to Prepare Development Agreement for Vermeer of Iowa and
            Council Action as Needed
        6. Discussion and Consideration of Third Addendum to Antenna Site
            Agreement and Council Action as Needed

   M. Reports to be Received/Filed
        1. Monthly Water Report
        2. Monthly Community Development Report

   N. Reports of Mayor/Council/Manager
        1. Council Reports
        2. Mayor’s Report – Halloween Trick-or-Treat 5:00 p.m. – 7:00 p.m.
        3. City Manager’s Report

   P. Adjournment

Pursuant to §21.4(2) of the Code of Iowa, the City has the right to amend this agenda up
until 24 hours before the posted meeting time.


  If anyone with a disability would like to attend the meeting, please call City Hall at
               886-6187 to arrange for accommodations/transportation.




City Council Agenda                                                           Page 2 of 2
F: Consent Agenda
                                                                  October 6, 2008
                                                                  Council Chambers
                                                                  City Hall
                                                                  Tipton, Iowa

The City Council of the City of Tipton, Cedar County, Iowa, met in Regular Session at
5:30 p.m. Mayor Kepford called the meeting to order. Upon roll call the following named
council members were present: Anderson, McGlaughlin, Johnson, Klemme, Wethington.
Also present: Boldt, Foley, Nash, Alden, Packwood, Hakeman. Several visitors and the
press were also in attendance.


AGENDA: Motion by Klemme, seconded by McGlaughlin to approve the agenda as
presented. Upon roll call the vote was:

               Aye: Anderson, McGlaughlin, Johnson, Klemme, Wethington
               Nay: None


CONSENT AGENDA: Motion by McGlaughlin, seconded by Anderson to approve the
consent agenda which included the following:

   1. Minutes from the previous meeting.
   2. Accept September Airport Committee Minutes.

Upon roll call the vote was:

               Aye: McGlaughlin, Johnson, Klemme, Wethington, Anderson
               Nay: None


PUBLIC HEARING: Mayor Kepford opened the public hearing for the first reading of
Ordinance No. 502, Tall Structures Zoning Ordinance. No written or oral comments were
noted. With none being noted, Mayor Kepford closed the public hearing and asked for
council action. After a short discussion, motion was made by McGlaughlin and seconded
by Wethington to waive the second and third reading and approve Ordinance No. 502,
which is an ordinance preventing the establishment of airspace obstructions in public
airport approaches and surrounding areas, minimize potential dangers from, and conflicts
with, the use of aircraft at the Mathews Memorial Airport and address Federal Aviation
Regulation (FAR) Part 77 and all other applicable federal and state laws regulating
hazards to air navigation. Upon roll call the vote was:


               Aye: Johnson, Klemme, Wethington, Anderson, McGlaughlin
               Nay: None


CLAIMS LIST: Motion by Anderson, seconded by Johnson to approve the following list
of claims:

ABC FIRE PROTECTION                                       45.50
ADAMS DOOR                                                819.00
ARAMARK                                                   44.36
ARROW QUICK                                               1677.50
BROWNELL’S                                                62.50
CARDMEMBER SERVICES                                       117.58
CDW GOVERNMENT                                            1256.00
CEDAR COUNTY AUTO PARTS                                   677.93
CEDAR COUNTY ENGINEER                                     3253.10
CEDAR COUNTY SOLID WASTE                                  2202.00
CITY ELECTRIC SUPPLY                                        51.16
CLIFTON GUNDERSON                                           8090.00
COMMSPEED                                                   22.95
CORRIDOR BUSINESS JOURNAL                                   39.95
CUSTOM BUILDERS                                             119.85
EASTERN IOWA TOURISM                                        565.00
FARM PLAN CORPORATION                                       1273.02
FRIENDS OF ANIMALS                                          450.00
GARDEN & ASSOCIATES                                         23970.00
GROEBNER & ASSOCIATES                                       3204.10
IOWA ASSOCIATION                                            40.00
IOWA PRISION INDUSTRIES                                     494.75
KUNDE OUTDOOR EQUIPMENT                                     425.59
RESCO                                                       759.10
SCHIMBERG                                                   286.44
SPAHN & ROSE                                                366.02
STAPLES BUSINESS ADVANTAGE                                  126.99
STUELAND CHEVROLET                                          84.50
TERMINAL SUPPLY                                             241.10
TERRY DURIN                                                 310.30
TIPTON CONSERVATIVE                                         562.13
TYLER TECHNOLOGIES                                          394.00
UTILITY EQUIPMENT                                           5651.41
WALMART COMMUNITY                                           254.44
WENDLINGQUARRIES                                            353.49
WESCO RECEIVABLES                                           165.08

Upon roll call the vote was:

               Aye: Klemme, Wethington, Anderson, McGlaughlin, Johnson
               Nay: None


FAÇADE PROJECT REIMBURSEMENT: At the recommendation of the Tipton
Development Commission, motion was made Johnson and seconded by Klemme to
reimburse Tavern On The Square $6748.05 for the façade project at 108 East 5th Street.
This is through Tipton’s revitalization incentive program in the Downtown area. Upon
roll call the vote was:

               Aye: Wethington, Anderson, McGlaughlin, Johnson, Klemme
               Nay: None


LETTER OF INTENT – RUAN SECURITIES CORPORATION (RSC): City Manager
Boldt said the council approved a resolution in March, 2008, for an amount not to exceed
$650,000 General Obligation Bond (GOB) to finance the 2008 Street Improvements
Project. Bolt said with recent market conditions that now would be a good time for the
city to execute the bond. The bond would be for seven years and executed on November
1, 2008. Boldt introduced Jeff Heil from RSC who will undertake to assist the city in
financing $650,000 GOB for the 2008 Street Improvements Project.

Heil presented the council with a projection of Legal Debt Capacity, and reviewed it with
the council. After a brief discussion, Heil said the council needed to approve a Letter of
Intent to allow RSC who will in turn underwrite the bonds offered by the City. Motion
by Anderson and seconded by McGlaughlin to authorize the Mayor to sign the Letter of
Intent with RSC. Upon roll call the vote was:

               Aye: Anderson, McGlaughlin, Johnson, Klemme, Wethington,
               Nay: None
USER FEE AIRPORT POLICY: Jim Rohlf representing the Airport Committee
addressed the council about adding a User Fee to the existing Airport User Policy. Rohlf
said the Fee spells out some basic rules for use of the airport due to an increase in traffic
resulting from agricultural spraying that has added wear and tear to the ramp area. He
said a user fee would help offset the cost of eventual repair. After a brief discussion,
motion was made by McGlaughlin and seconded by Klemme, that effective January 1,
2009, the Mathews Memorial Airport will require a $150/plane service/day fee for ramp
access permits (ie. Vehicles exceeding 10,000 lbs GVW or GCW). Upon roll call the vote
was:

               Aye: McGlaughlin, Johnson, Klemme, Wethington, Anderson
               Nay: None


RUNWAY LIGHTS-AIRPORT: Jim Rohlf said the Airport Committee received two bids
for the replacement of the Runway Lights at the airport. He said the committee is
recommending to the council to accept the low bid from M&K Electric in the amount of
$17,723.08. Motion by Wethington, seconded by Anderson to approve the low bid from
M&K Electric for replacement of the runway lights at the airport. Upon roll call the vote
was:

               Aye: Johnson, Klemme, Wethington, Anderson, McGlaughlin
               Nay: None


DATE FOR PUBLIC HEARING: Motion by Klemme, seconded by Johnson to set a date
of Public Hearing for October 20,2008 at 5:30 p.m., for Iowa Department of Economic
Development’s Housing Fund called the Owner-occupied Rehabilitation Program. Upon
roll call the vote was:

               Aye: Klemme, Wethington, Anderson, McGlaughlin, Johnson
               Nay: None

ADJOURN: With no further business to come before the council, motion to adjourn was
made by Anderson and seconded by Johnson. Motion carried by the following vote:

               Aye: Anderson, McGlaughlin, Johnson, Klemme, Wethington
               Nay: None


                                                              ________________
                                                              Mayor

ATTEST: ______________
        City Clerk


REVENUE RECEIVED – AUGUST 2008

LOCAL OPTION SALES TAX                                16522.80
LICENSES & PERMITS                                    59.00
USE OF MONEY & PROPERTY                               52427.45
INTERGOVERNMENTAL                                     99750.26
CHARGE FOR SERVICES                                   569758.65
MISCELLANEOUS                                         46704.79

TOTAL                                                 $785,222.95
                                                                                    City of Tipton
                                                                                MTD Treasurer's Report
                                                                                      09/30/08

                                BEGINNING                                                                                                        BALANCE
                                                  M-T-D         A/R NET           M-T-D         A/P NET       ENDING CASH         Y-T-D
              FUND                CASH                                                                                                             WITH
                                                REVENUES        CHANGE          EXPENSES        CHANGE          BALANCE        INVSTMNTS
                                 Balance                                                                                                        INVSTMNTS
                                                                                                                                                                 Ending Cash Bal   $559,883.38
001-GENERAL GOVERNMENT            -663,157.00       75,218.21      -15,994.79     167,983.84        -577.05      -740,504.89       90,933.16       -649,571.73   O/S Deposits        -71,970.88
002-COMMUNICATIONS - LOCAL AC      25,649.15             4.44              0          259.95              0        25,393.64               0        25,393.64    O/S Checks         167,751.97
110-ROAD USE TAX FUND             276,923.45        22,974.96              0               0              0       299,898.41      134,383.24       434,281.65    Bank Balance      $655,664.47
112-TRUST AND AGENCY FUND           16,805.23       17,091.70               0               0             0        33,896.93                0        33,896.93
121-LOCAL OPTION TAX               129,613.73       17,105.24               0               0             0       146,718.97                0       146,718.97
125-TIF CAPITAL IMP FUND           237,121.90       13,607.51               0        5,165.21             0       245,564.20        70,116.55       315,680.75
160-ECONOMIC/INDUSTRIAL DEVEL       67,316.90        2,201.54               0           12.94             0        69,505.50        11,686.08        81,191.58
168-AQUATIC CENTER CAMPAIGN F      -70,535.47            300                0       10,500.00             0       -80,735.47       196,490.40       115,754.93
169-PARK TRUST                              0               0               0               0             0                0                0                0
187-UNEMPLOYMENT TRUST              11,447.98          585.86          583.85               0             0        11,449.99        66,683.05        78,133.04
189-LIBRARY TRUST FUND             -52,311.21          122.18               0       34,570.63             0       -86,759.66        82,752.67        -4,006.99
190-P S SHARE FUND                   3,179.52           66.71               0               0             0         3,246.23                0         3,246.23
191-AMBULANCE TRUST                 92,591.24           41.22               0               0             0        92,632.46       179,267.87       271,900.33
192-FIRE ENTERPRISE TRUST           31,627.49            5.54               0               0             0        31,633.03                0        31,633.03
195-CDBG FUNDS                     535,154.93       47,727.09               0               0             0       582,882.02                0       582,882.02
200-ELECTRIC REVENUE BONDS 98      257,657.38               0               0      424,226.25             0      -166,568.87                0      -166,568.87
202-ELECTRIC REVENUE BONDS              92.12            0.02               0               0             0            92.14                0            92.14
203-06 ELECTRIC SUBSTATION RE      176,841.75           30.98               0               0             0       176,872.73                0       176,872.73
204-WATER REVENUE BOND RESERV       86,895.84           15.22               0               0             0        86,911.06                0        86,911.06
206-1994 SE/WA DEBT SERV FUND        1,169.17             0.2               0               0             0         1,169.37                0         1,169.37
208-WW/SEWER REVENUE BOND SIN      289,139.02           50.65               0               0             0       289,189.67                0       289,189.67
210-GO ST IMPROVEMENT NOTES          5,037.89        4,020.62               0               0             0         9,058.51                0         9,058.51
212-03 GO ST IMPROVE NOTES           4,679.71            0.82               0               0             0         4,680.53                0         4,680.53
300-GO ST IMPROVEMENT PROJECT        1,677.10            0.29               0               0             0         1,677.39                0         1,677.39
301-WATER TOWER PROJECT           -651,986.98               0               0        1,172.00             0      -653,158.98                0      -653,158.98
302-WATER PROJECT WARRARNTS                 0               0               0               0             0                0                0                0
303-WASTEWATER PROJECT             217,471.05           38.09               0               0             0       217,509.14                0       217,509.14
304-AQUATIC CENTER CP             -486,257.21               0               0               0             0      -486,257.21                0      -486,257.21
305-GO ST IMPROVEMENT 08          -152,118.32               0               0      168,227.08             0      -320,345.40                0      -320,345.40
306-69 KV SUBSTATION PROJECT       -54,419.72               0               0               0             0       -54,419.72                0       -54,419.72
307-Streetscape Project           -556,115.13            972                0             -33             0      -555,110.13                0      -555,110.13
500-CEMETERY TRUST FUND               -665.75             140               0               0             0          -525.75       103,525.73       102,999.98
600-WATER OPERATING                229,838.53       47,733.82               0       28,372.20        694.88       249,895.03                0       249,895.03
610-WASTEWATER/AKA SEWER REVE      177,964.71       44,639.72               0       18,127.39        158.11       204,635.15                0       204,635.15
630-ELECTRIC OPERATING             473,798.50      450,083.06     -692,603.90      331,134.39      2,053.55     1,287,404.62        60,622.09     1,348,026.71
631-ELECTRIC DEVELOPMENT             8,437.62            1.48               0               0             0         8,439.10                0         8,439.10
632-ELECTRIC RENEWAL/REPLACEM        7,278.45        1,461.43        1,460.16               0             0         7,279.72       166,770.41       174,050.13
633-ELECTRIC RESERVE                68,056.33           11.92               0               0             0        68,068.25       127,455.86       195,524.11
634-ELECTRIC BOND/INT RESERVE      -68,412.98        5,441.10        5,441.10               0             0       -68,412.98       621,446.37       553,033.39
640-GAS OPERATING                  -47,041.27       70,954.90               0       57,025.36         34.83       -33,076.90                0       -33,076.90
641-GAS D.E.I.                       4,813.52            0.84               0               0             0         4,814.36        10,000.00        14,814.36
642-GAS SURPLUS                     57,663.69        6,671.03               0               0             0        64,334.72       401,906.45       466,241.17
660-AIRPORT OPERATING              -25,269.02       16,564.59               0       17,328.06             0       -26,032.49                0       -26,032.49
670-GARBAGE COLLECTION             -11,916.41       30,502.19               0       30,788.11        156.71       -12,045.62                0       -12,045.62
750-CEMETERY ENTERPRISE            -18,266.30        1,592.91               0        4,286.94             0       -20,960.33                0       -20,960.33
810-CENTRAL GARAGE                -185,263.20       18,150.27               0       10,365.27             0      -177,478.20        90,003.29       -87,474.91
820-PSF HEALTH INSURANCE           -12,607.97               0               0        5,822.50             0       -18,430.47                0       -18,430.47
830-CITY RESERVE FUND             -183,968.02        3,407.89        3,407.89               0             0      -183,968.02       389,226.98       205,258.96
835-ADMINISTRATIVE SERVICES         -6,984.17       13,166.30               0        6,295.81             0          -113.68                0          -113.68
860-PAYROLL ACCOUNT                      0.61               0               0               0             0             0.61                0             0.61
950-ELECTRIC METER DEPOSITS          4,371.44          945.72               0        1,233.07             0         4,084.09        10,000.00        14,084.09
951-WATER METER DEPOSITS             4,598.03          240.75               0          532.42             0         4,306.36                0         4,306.36
952-GAS METER DEPOSITS              12,152.20          862.02               0        1,470.00             0        11,544.22                0        11,544.22
GRAND TOTAL                        269,770.05      914,753.03     -697,705.69    1,324,866.42      2,521.03       559,883.38     2,813,270.20     3,373,153.58
10-14-2008 06:16 PM                                                CITY     OF    TIPTON                                                         PAGE:    1

                                                  REVENUE AND EXPENDITURES REPORT (UNAUDITED)

                                                              AS OF:     SEPTEMBER 30TH, 2008



                                                                                                                                     % OF YEAR COMPLETED: 25.00



                                                  PRIOR YEAR           PRIOR YEAR           CURRENT        CURRENT         CURRENT            BUDGET      % OF

                                                     BUDGET               Y-T-D              BUDGET         PERIOD       YTD ACTUAL          BALANCE     BUDGET

________________________________________________________________________________________________________________________________________________



001-GENERAL GOVERNMENT

  TOTAL REVENUE                                  2,135,799.00          184,192.15     2,011,204.00         91,213.00      261,290.20     1,749,913.80     12.99

  TOTAL EXPENDITURES                             2,135,799.00          685,198.85     2,011,204.00        167,983.84      713,234.08     1,297,969.92     35.46

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00(         501,006.70)               0.00 (    76,770.84)(    451,943.88)      451,943.88         0.00



002-COMMUNICATIONS - LOCAL AC

  TOTAL REVENUE                                     21,250.00            5,577.70           19,750.00           4.44        5,615.66        14,134.34     28.43

  TOTAL EXPENDITURES                                21,250.00              433.37           19,750.00         259.95          779.85        18,970.15         3.95

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00            5,144.33                0.00 (       255.51)       4,835.81(        4,835.81)        0.00



110-ROAD USE TAX FUND
  TOTAL REVENUE                                    266,282.00           67,483.68          268,806.00      22,974.96       66,236.07       202,569.93     24.64

  TOTAL EXPENDITURES                               266,282.00                0.00          268,806.00           0.00       50,017.40       218,788.60     18.61

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00           67,483.68                0.00      22,974.96       16,218.67(       16,218.67)        0.00



112-TRUST AND AGENCY FUND

  TOTAL REVENUE                                    171,195.00           17,361.87          194,144.00      17,091.70       18,660.45       175,483.55         9.61

  TOTAL EXPENDITURES                               171,195.00                0.00          194,144.00           0.00            0.00       194,144.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00           17,361.87                0.00      17,091.70       18,660.45(       18,660.45)        0.00



121-LOCAL OPTION TAX

  TOTAL REVENUE                                    249,418.00           43,210.59          185,750.00      17,105.24       50,203.83       135,546.17     27.03

  TOTAL EXPENDITURES                               249,418.00           10,357.41          185,750.00           0.00            0.00       185,750.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00           32,853.18                0.00      17,105.24       50,203.83(       50,203.83)        0.00



125-TIF CAPITAL IMP FUND

  TOTAL REVENUE                                    223,635.00           16,983.19          194,498.00      13,607.51       16,471.89       178,026.11         8.47

  TOTAL EXPENDITURES                               223,635.00(           7,233.50)         194,498.00       5,165.21        8,069.77       186,428.23         4.15

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00           24,216.69                0.00       8,442.30        8,402.12(        8,402.12)        0.00



160-ECONOMIC/INDUSTRIAL DEVEL

  TOTAL REVENUE                                    141,898.00               90.64           68,615.00       2,201.54        2,482.56        66,132.44         3.62

  TOTAL EXPENDITURES                               141,898.00          135,000.00           68,615.00          12.94          187.94        68,427.06         0.27

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00(         134,909.36)               0.00       2,188.60        2,294.62(        2,294.62)        0.00



168-AQUATIC CENTER CAMPAIGN F

  TOTAL REVENUE                                    345,000.00              756.07          302,000.00         300.00          625.00       301,375.00         0.21

  TOTAL EXPENDITURES                               345,000.00           16,500.01          302,000.00      10,500.00       10,500.00       291,500.00         3.48

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00(          15,743.94)               0.00 (    10,200.00)(      9,875.00)        9,875.00         0.00



187-UNEMPLOYMENT TRUST

  TOTAL REVENUE                                      2,000.00            1,616.58            3,300.00         585.86        2,261.54         1,038.46     68.53

  TOTAL EXPENDITURES                                 2,000.00                0.00            3,300.00           0.00            0.00         3,300.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00            1,616.58                0.00         585.86        2,261.54(        2,261.54)        0.00
10-14-2008 06:16 PM                                                CITY     OF    TIPTON                                                         PAGE:    2

                                                  REVENUE AND EXPENDITURES REPORT (UNAUDITED)

                                                              AS OF:     SEPTEMBER 30TH, 2008



                                                                                                                                     % OF YEAR COMPLETED: 25.00



                                                  PRIOR YEAR           PRIOR YEAR           CURRENT        CURRENT         CURRENT            BUDGET      % OF

                                                     BUDGET               Y-T-D              BUDGET         PERIOD       YTD ACTUAL          BALANCE     BUDGET

________________________________________________________________________________________________________________________________________________



189-LIBRARY TRUST FUND

  TOTAL REVENUE                                     38,100.00            2,241.59            5,000.00         122.18        2,372.72         2,627.28     47.45

  TOTAL EXPENDITURES                                38,100.00            2,136.42            5,000.00      34,570.63       70,006.70(       65,006.70) 1,400.13

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00              105.17                0.00 (    34,448.45)(     67,633.98)       67,633.98         0.00



190-P S SHARE FUND

  TOTAL REVENUE                                      1,600.00              125.72              480.00          66.71          212.96           267.04     44.37

  TOTAL EXPENDITURES                                 1,600.00                0.00              480.00           0.00            0.00           480.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00              125.72                0.00          66.71          212.96(          212.96)        0.00



191-AMBULANCE TRUST
  TOTAL REVENUE                                     31,500.00            1,022.74           35,500.00          41.22        2,876.85        32,623.15         8.10

  TOTAL EXPENDITURES                                31,500.00                0.00           35,500.00           0.00            0.00        35,500.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00            1,022.74                0.00          41.22        2,876.85(        2,876.85)        0.00



192-FIRE ENTERPRISE TRUST

  TOTAL REVENUE                                     45,473.00            4,867.73           56,649.00           5.54       13,344.22        43,304.78     23.56

  TOTAL EXPENDITURES                                45,473.00                0.00           56,649.00           0.00            0.00        56,649.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00            4,867.73                0.00           5.54       13,344.22(       13,344.22)        0.00



195-CDBG FUNDS

  TOTAL REVENUE                                    160,000.00          222,555.72            1,000.00      47,727.09       47,966.18(       46,966.18) 4,796.62

  TOTAL EXPENDITURES                               160,000.00                0.00            1,000.00           0.00            0.00         1,000.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00          222,555.72                0.00      47,727.09       47,966.18(       47,966.18)        0.00



200-ELECTRIC REVENUE BONDS 98

  TOTAL REVENUE                                    437,800.00            1,110.74          427,226.00           0.00          115.12       427,110.88         0.03

  TOTAL EXPENDITURES                               437,800.00          417,826.25          427,226.00     424,226.25      424,226.25         2,999.75     99.30

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00(         416,715.51)               0.00 (   424,226.25)(    424,111.13)      424,111.13         0.00



202-ELECTRIC REVENUE BONDS

  TOTAL REVENUE                                      1,200.00               91.47                0.00           0.02            0.06(            0.06)        0.00

     REVENUES OVER/(UNDER) EXPENDITURES              1,200.00               91.47                0.00           0.02            0.06(            0.06)        0.00



203-06 ELECTRIC SUBSTATION RE
  TOTAL REVENUE                                    125,200.00              304.66            2,000.00          30.98          109.99         1,890.01         5.50

  TOTAL EXPENDITURES                               125,200.00                0.00            2,000.00           0.00            0.00         2,000.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00              304.66                0.00          30.98          109.99(          109.99)        0.00



204-WATER REVENUE BOND RESERV

  TOTAL REVENUE                                    126,073.00              666.83          169,342.00          15.22           28.11       169,313.89         0.02

  TOTAL EXPENDITURES                               126,073.00                0.00          169,342.00           0.00      137,286.25        32,055.75     81.07

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00              666.83                0.00          15.22 (    137,258.14)      137,258.14         0.00
10-14-2008 06:16 PM                                                CITY     OF    TIPTON                                                         PAGE:    3

                                                  REVENUE AND EXPENDITURES REPORT (UNAUDITED)

                                                              AS OF:     SEPTEMBER 30TH, 2008



                                                                                                                                     % OF YEAR COMPLETED: 25.00



                                                  PRIOR YEAR           PRIOR YEAR           CURRENT        CURRENT         CURRENT            BUDGET      % OF

                                                     BUDGET               Y-T-D              BUDGET         PERIOD       YTD ACTUAL          BALANCE     BUDGET

________________________________________________________________________________________________________________________________________________



206-1994 SE/WA DEBT SERV FUND

  TOTAL REVENUE                                          0.00                6.94                0.00           0.20            0.72(            0.72)        0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00                6.94                0.00           0.20            0.72(            0.72)        0.00



208-WW/SEWER REVENUE BOND SIN
  TOTAL REVENUE                                    227,240.00            1,613.58          226,315.00          50.65          179.83       226,135.17         0.08

  TOTAL EXPENDITURES                               227,240.00           32,286.25          226,315.00           0.00            0.00       226,315.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00(          30,672.67)               0.00          50.65          179.83(          179.83)        0.00



210-GO ST IMPROVEMENT NOTES
  TOTAL REVENUE                                     89,283.00            4,278.92           95,658.00       4,020.62        4,396.41        91,261.59         4.60

  TOTAL EXPENDITURES                                89,283.00                0.00           95,658.00           0.00            0.00        95,658.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00            4,278.92                0.00       4,020.62        4,396.41(        4,396.41)        0.00



212-03 GO ST IMPROVE NOTES

  TOTAL REVENUE                                    178,766.00               25.22          179,410.00           0.82            2.91       179,407.09         0.00

  TOTAL EXPENDITURES                               178,766.00                0.00          179,410.00           0.00            0.00       179,410.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00               25.22                0.00           0.82            2.91(            2.91)        0.00



300-GO ST IMPROVEMENT PROJECT

  TOTAL REVENUE                                     17,903.00            1,665.04                0.00           0.29            1.04(            1.04)        0.00

     REVENUES OVER/(UNDER) EXPENDITURES             17,903.00            1,665.04                0.00           0.29            1.04(            1.04)        0.00



301-WATER TOWER PROJECT

  TOTAL REVENUE                                    550,000.00                0.00                0.00           0.00            0.00             0.00         0.00

  TOTAL EXPENDITURES                               550,000.00          134,353.64                0.00       1,172.00       93,640.25(       93,640.25)        0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00(         134,353.64)               0.00 (     1,172.00)(     93,640.25)       93,640.25         0.00



303-WASTEWATER PROJECT

  TOTAL REVENUE                                          0.00            1,290.77                0.00          38.09          135.26(          135.26)        0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00            1,290.77                0.00          38.09          135.26(          135.26)        0.00



304-AQUATIC CENTER CP

  TOTAL REVENUE                                          0.00                0.00                0.00           0.00          874.00(          874.00)        0.00

  TOTAL EXPENDITURES                                     0.00          101,049.63                0.00           0.00            0.00             0.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00(         101,049.63)               0.00           0.00          874.00(          874.00)        0.00



305-GO ST IMPROVEMENT 08

  TOTAL REVENUE                                          0.00            1,698.87          576,000.00           0.00            0.00       576,000.00         0.00

  TOTAL EXPENDITURES                                     0.00           12,727.02          576,000.00     168,227.08      447,771.77       128,228.23     77.74

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00(          11,028.15)               0.00 (   168,227.08)(    447,771.77)      447,771.77         0.00
10-14-2008 06:16 PM                                                CITY     OF    TIPTON                                                          PAGE:    4

                                                  REVENUE AND EXPENDITURES REPORT (UNAUDITED)

                                                              AS OF:     SEPTEMBER 30TH, 2008



                                                                                                                                      % OF YEAR COMPLETED: 25.00



                                                  PRIOR YEAR           PRIOR YEAR           CURRENT        CURRENT          CURRENT            BUDGET      % OF

                                                     BUDGET               Y-T-D              BUDGET         PERIOD        YTD ACTUAL          BALANCE     BUDGET

________________________________________________________________________________________________________________________________________________



306-69 KV SUBSTATION PROJECT

  TOTAL REVENUE                                  1,948,000.00                0.00     4,065,000.00              0.00             0.00     4,065,000.00         0.00

  TOTAL EXPENDITURES                             1,948,000.00           47,139.00     4,065,000.00              0.00             0.00     4,065,000.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00(          47,139.00)               0.00           0.00             0.00             0.00         0.00



307-Streetscape Project

  TOTAL REVENUE                                          0.00                0.00           69,581.00         972.00           972.00        68,609.00         1.40

  TOTAL EXPENDITURES                                     0.00            8,697.95           69,581.00 (        33.00)        3,127.72        66,453.28         4.50

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00(           8,697.95)               0.00       1,005.00 (       2,155.72)        2,155.72         0.00



500-CEMETERY TRUST FUND
  TOTAL REVENUE                                      1,000.00                0.00            1,000.00         140.00           280.00           720.00     28.00

  TOTAL EXPENDITURES                                 1,000.00                0.00            1,000.00           0.00             0.00         1,000.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00                0.00                0.00         140.00           280.00(          280.00)        0.00



600-WATER OPERATING

  TOTAL REVENUE                                    656,952.00          137,624.11          550,550.00      47,733.82       131,509.28       419,040.72     23.89

  TOTAL EXPENDITURES                               656,952.00          113,320.89          550,550.00      28,372.20        99,704.69       450,845.31     18.11

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00           24,303.22                0.00      19,361.62        31,804.59(       31,804.59)        0.00



610-WASTEWATER/AKA SEWER REVE

  TOTAL REVENUE                                    564,322.00          122,470.92          593,024.00      44,639.72       121,019.62       472,004.38     20.41

  TOTAL EXPENDITURES                               564,322.00           59,832.75          593,024.00      18,127.39        65,717.11       527,306.89     11.08

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00           62,638.17                0.00      26,512.33        55,302.51(       55,302.51)        0.00



630-ELECTRIC OPERATING

  TOTAL REVENUE                                  4,817,793.00     1,081,986.96        5,051,726.00        444,765.96     1,141,085.91     3,910,640.09     22.59

  TOTAL EXPENDITURES                             4,817,793.00     1,117,011.69        5,051,726.00        331,134.39       890,248.78     4,161,477.22     17.62

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00(          35,024.73)               0.00     113,631.57       250,837.13(      250,837.13)        0.00



631-ELECTRIC DEVELOPMENT

  TOTAL REVENUE                                      2,100.00              510.80            3,900.00           1.48             5.25         3,894.75         0.13

  TOTAL EXPENDITURES                                 2,100.00                0.00            3,900.00           0.00             0.00         3,900.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00              510.80                0.00           1.48             5.25(            5.25)        0.00



632-ELECTRIC RENEWAL/REPLACEM

  TOTAL REVENUE                                      6,000.00            4,035.13            9,900.00       1,461.43         5,642.64         4,257.36     57.00

  TOTAL EXPENDITURES                                 6,000.00                0.00            9,900.00           0.00             0.00         9,900.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00            4,035.13                0.00       1,461.43         5,642.64(        5,642.64)        0.00



633-ELECTRIC RESERVE

  TOTAL REVENUE                                      5,000.00              584.77          119,800.00          11.92            42.33       119,757.67         0.04

  TOTAL EXPENDITURES                                 5,000.00                0.00          119,800.00           0.00             0.00       119,800.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00              584.77                0.00          11.92            42.33(           42.33)        0.00
10-14-2008 06:16 PM                                                CITY     OF    TIPTON                                                        PAGE:    5

                                                  REVENUE AND EXPENDITURES REPORT (UNAUDITED)

                                                              AS OF:     SEPTEMBER 30TH, 2008



                                                                                                                                    % OF YEAR COMPLETED: 25.00



                                                  PRIOR YEAR           PRIOR YEAR           CURRENT       CURRENT         CURRENT            BUDGET      % OF

                                                     BUDGET               Y-T-D              BUDGET        PERIOD       YTD ACTUAL          BALANCE     BUDGET

________________________________________________________________________________________________________________________________________________



634-ELECTRIC BOND/INT RESERVE

  TOTAL REVENUE                                     46,273.00            2,394.68           62,331.00      5,441.10       21,009.68        41,321.32     33.71

  TOTAL EXPENDITURES                                46,273.00                0.00           62,331.00          0.00            0.00        62,331.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00            2,394.68                0.00      5,441.10       21,009.68(       21,009.68)        0.00



640-GAS OPERATING

  TOTAL REVENUE                                  2,241,971.00          138,588.61     2,209,615.00        70,954.90      186,332.85     2,023,282.15         8.43

  TOTAL EXPENDITURES                             2,241,971.00          173,669.03     2,209,615.00        57,025.36      213,445.86     1,996,169.14         9.66

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00(          35,080.42)               0.00     13,929.54 (     27,113.01)       27,113.01         0.00



641-GAS D.E.I.
  TOTAL REVENUE                                        550.00               25.37              550.00          0.84            2.99           547.01         0.54

  TOTAL EXPENDITURES                                   550.00                0.00              550.00          0.00            0.00           550.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00               25.37                0.00          0.84            2.99(            2.99)        0.00



642-GAS SURPLUS

  TOTAL REVENUE                                      9,500.00              612.21            9,500.00      6,671.03        6,696.80         2,803.20     70.49

  TOTAL EXPENDITURES                                 9,500.00                0.00            9,500.00          0.00            0.00         9,500.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00              612.21                0.00      6,671.03        6,696.80(        6,696.80)        0.00



660-AIRPORT OPERATING

  TOTAL REVENUE                                     95,879.00           17,193.76          126,168.00     16,564.59      110,583.37        15,584.63     87.65

  TOTAL EXPENDITURES                                95,879.00           19,974.78          126,168.00     17,328.06       40,084.40        86,083.60     31.77

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00(           2,781.02)               0.00 (      763.47)      70,498.97(       70,498.97)        0.00



670-GARBAGE COLLECTION

  TOTAL REVENUE                                    376,974.00           77,670.10          370,665.00     30,502.19       90,348.30       280,316.70     24.37

  TOTAL EXPENDITURES                               376,974.00           84,129.08          370,665.00     30,788.11      109,993.87       260,671.13     29.67

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00(           6,458.98)               0.00 (      285.92)(     19,645.57)       19,645.57         0.00



750-CEMETERY ENTERPRISE

  TOTAL REVENUE                                     43,998.00(           2,443.91)          47,340.00      1,592.91       12,095.91        35,244.09     25.55

  TOTAL EXPENDITURES                                43,998.00           11,455.25           47,340.00      4,286.94       10,807.34        36,532.66     22.83

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00(          13,899.16)               0.00 (    2,694.03)       1,288.57(        1,288.57)        0.00



810-CENTRAL GARAGE

  TOTAL REVENUE                                    209,749.00           32,946.72          216,574.00     18,150.27       46,077.11       170,496.89     21.28

  TOTAL EXPENDITURES                               209,749.00           69,721.42          216,574.00     10,365.27       59,067.73       157,506.27     27.27

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00(          36,774.70)               0.00      7,785.00 (     12,990.62)       12,990.62         0.00



820-PSF HEALTH INSURANCE

  TOTAL REVENUE                                     69,500.00                0.00           70,000.00          0.00            0.00        70,000.00         0.00

  TOTAL EXPENDITURES                                69,500.00           18,098.16           70,000.00      5,822.50       17,330.56        52,669.44     24.76

     REVENUES OVER/(UNDER) EXPENDITURES                  0.00(          18,098.16)               0.00 (    5,822.50)(     17,330.56)       17,330.56         0.00
10-14-2008 06:16 PM                                                   CITY     OF    TIPTON                                                            PAGE:    6

                                                     REVENUE AND EXPENDITURES REPORT (UNAUDITED)

                                                                 AS OF:     SEPTEMBER 30TH, 2008



                                                                                                                                           % OF YEAR COMPLETED: 25.00



                                                     PRIOR YEAR           PRIOR YEAR           CURRENT          CURRENT          CURRENT            BUDGET      % OF

                                                        BUDGET               Y-T-D              BUDGET           PERIOD        YTD ACTUAL          BALANCE     BUDGET

________________________________________________________________________________________________________________________________________________



830-CITY RESERVE FUND

  TOTAL REVENUE                                        79,564.00            9,039.36           27,664.00         3,407.89        13,158.87        14,505.13     47.57

  TOTAL EXPENDITURES                                   79,564.00                0.00           27,664.00             0.00             0.00        27,664.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES                     0.00            9,039.36                0.00         3,407.89        13,158.87(       13,158.87)        0.00



835-ADMINISTRATIVE SERVICES

  TOTAL REVENUE                                       187,514.00              188.60          158,648.00        13,166.30        37,498.68       121,149.32     23.64

  TOTAL EXPENDITURES                                  187,514.00           86,066.61          158,648.00         6,295.81        43,518.59       115,129.41     27.43

     REVENUES OVER/(UNDER) EXPENDITURES                     0.00(          85,878.01)               0.00         6,870.49 (       6,019.91)        6,019.91         0.00



860-PAYROLL ACCOUNT
  TOTAL EXPENDITURES                                   22,247.00            1,331.90                0.00             0.00             0.00             0.00         0.00

     REVENUES OVER/(UNDER) EXPENDITURES        (       22,247.00(           1,331.90)               0.00             0.00             0.00             0.00         0.00



950-ELECTRIC METER DEPOSITS

  TOTAL REVENUE                                        15,600.00            2,245.96           12,800.00           945.72         3,127.91         9,672.09     24.44

  TOTAL EXPENDITURES                                   15,600.00            2,596.06           12,800.00         1,233.07         3,224.14         9,575.86     25.19

     REVENUES OVER/(UNDER) EXPENDITURES                     0.00(             350.10)               0.00 (         287.35)(          96.23)           96.23         0.00



951-WATER METER DEPOSITS

  TOTAL REVENUE                                         3,700.00              792.43            4,400.00           240.75         1,542.85         2,857.15     35.06

  TOTAL EXPENDITURES                                    3,700.00              893.26            4,400.00           532.42         1,315.21         3,084.79     29.89

     REVENUES OVER/(UNDER) EXPENDITURES                     0.00(             100.83)               0.00 (         291.67)          227.64(          227.64)        0.00



952-GAS METER DEPOSITS

  TOTAL REVENUE                                        10,350.00            2,051.56            9,350.00           862.02         4,392.40         4,957.60     46.98

  TOTAL EXPENDITURES                                   10,350.00            2,895.22            9,350.00         1,470.00         3,359.52         5,990.48     35.93

     REVENUES OVER/(UNDER) EXPENDITURES                     0.00(             843.66)               0.00 (         607.98)        1,032.88(        1,032.88)        0.00

________________________________________________________________________________________________________________________________________________



GRAND TOTAL REVENUES                               16,978,904.00     2,209,357.15       18,812,733.00          925,430.72     2,429,888.33 16,382,844.67        12.92

GRAND TOTAL EXPENDITURES                           16,982,048.00     3,357,468.40       18,812,733.00        1,324,866.42     3,516,665.78(15,296,067.22)       18.69

  REVENUES OVER/(UNDER) EXPENDITURES           (        3,144.00( 1,148,111.25)                     0.00 (     399,435.70)( 1,086,777.45) 1,086,777.45              0.00



*** END OF REPORT ***
10-14-2008 06:15 PM                                 CITY     OF     TIPTON                                     PAGE:     1

                                                  FUND BALANCE REPORT

                                                AS OF: SEPTEMBER 30TH, 2008




                                                           BEGINNING               YTD            YTD         ENDING

                                                      FUND BALANCE              REVENUES       EXPENSES    FUND BALANCE

___________________________________________________________________________________________________________________

  001-GENERAL GOVERNMENT                               158,137.97              261,290.20CR   713,234.08    293,805.91CR

  002-COMMUNICATIONS - LOCAL AC                            20,557.83CR           5,615.66CR       779.85     15,722.02CR

  110-ROAD USE TAX FUND                                418,062.98CR             66,236.07CR    50,017.40    401,844.31CR

  112-TRUST AND AGENCY FUND                                15,236.48CR          18,660.45CR         0.00      3,423.97

  121-LOCAL OPTION TAX                                     96,515.14CR          50,203.83CR         0.00     46,311.31CR

  125-TIF CAPITAL IMP FUND                             307,278.63CR             16,471.89CR     8,069.77    298,876.51CR

  160-ECONOMIC/INDUSTRIAL DEVEL                            78,896.96CR           2,482.56CR       187.94     76,602.34CR

  168-AQUATIC CENTER CAMPAIGN F                        125,629.93CR                625.00CR    10,500.00    135,504.93CR

  187-UNEMPLOYMENT TRUST                                   75,871.50CR           2,261.54CR         0.00     73,609.96CR

  189-LIBRARY TRUST FUND                                   63,626.99CR           2,372.72CR    70,006.70    131,260.97CR

  190-P S SHARE FUND                                        3,033.27CR             212.96CR         0.00      2,820.31CR

  191-AMBULANCE TRUST                                  269,023.48CR              2,876.85CR         0.00    266,146.63CR

  192-FIRE ENTERPRISE TRUST                                18,288.81CR          13,344.22CR         0.00      4,944.59CR

  195-CDBG FUNDS                                       534,915.84CR             47,966.18CR         0.00    486,949.66CR

  200-ELECTRIC REVENUE BONDS 98                        257,542.26CR                115.12CR   424,226.25    681,653.39CR

  202-ELECTRIC REVENUE BONDS                                      92.08CR            0.06CR         0.00         92.02CR

  203-06 ELECTRIC SUBSTATION RE                        176,762.74CR                109.99CR         0.00    176,652.75CR

  204-WATER REVENUE BOND RESERV                        224,169.20CR                 28.11CR   137,286.25    361,427.34CR

  206-1994 SE/WA DEBT SERV FUND                             1,168.65CR               0.72CR         0.00      1,167.93CR

  208-WW/SEWER REVENUE BOND SIN                        289,009.84CR                179.83CR         0.00    288,830.01CR

  210-GO ST IMPROVEMENT NOTES                               4,662.10CR           4,396.41CR         0.00        265.69CR

  212-03 GO ST IMPROVE NOTES                                4,677.62CR               2.91CR         0.00      4,674.71CR

  300-GO ST IMPROVEMENT PROJECT                             1,676.35CR               1.04CR         0.00      1,675.31CR

  301-WATER TOWER PROJECT                              559,518.73                    0.00      93,640.25    465,878.48

  303-WASTEWATER PROJECT                               217,373.88CR                135.26CR         0.00    217,238.62CR

  304-AQUATIC CENTER CP                                487,131.21                  874.00CR         0.00    488,005.21

  305-GO ST IMPROVEMENT 08                             127,426.37CR                  0.00     447,771.77    575,198.14CR

  306-69 KV SUBSTATION PROJECT                             54,419.72                 0.00           0.00     54,419.72

  307-Streetscape Project                              552,954.41                  972.00CR     3,127.72    550,798.69

  500-CEMETERY TRUST FUND                              102,719.98CR                280.00CR         0.00    102,439.98CR

  600-WATER OPERATING                                  211,670.89CR            131,509.28CR    99,704.69    179,866.30CR

  610-WASTEWATER/AKA SEWER REVE                        148,242.65CR            121,019.62CR    65,717.11     92,940.14CR

  630-ELECTRIC OPERATING                             1,095,386.59CR          1,141,085.91CR   890,248.78    844,549.46CR

  631-ELECTRIC DEVELOPMENT                                  8,433.85CR               5.25CR         0.00      8,428.60CR

  632-ELECTRIC RENEWAL/REPLACEM                        168,407.49CR              5,642.64CR         0.00    162,764.85CR

  633-ELECTRIC RESERVE                                 195,481.78CR                 42.33CR         0.00    195,439.45CR

  634-ELECTRIC BOND/INT RESERVE                        532,023.71CR             21,009.68CR         0.00    511,014.03CR

  640-GAS OPERATING                                         8,930.91CR         186,332.85CR   213,445.86     36,043.92CR

  641-GAS D.E.I.                                           14,811.37CR               2.99CR         0.00     14,808.38CR

  642-GAS SURPLUS                                      459,544.37CR              6,696.80CR         0.00    452,847.57CR

  660-AIRPORT OPERATING                                    97,031.46           110,583.37CR    40,084.40    167,530.43

  670-GARBAGE COLLECTION                                    6,446.97CR          90,348.30CR   109,993.87     26,092.54CR

  750-CEMETERY ENTERPRISE                                  22,248.90            12,095.91CR    10,807.34     23,537.47

  810-CENTRAL GARAGE                                       74,484.29            46,077.11CR    59,067.73     61,493.67

  820-PSF HEALTH INSURANCE                                  1,099.91                 0.00      17,330.56     16,230.65CR
10-14-2008 06:15 PM                                 CITY     OF   TIPTON                                        PAGE:     2

                                                  FUND BALANCE REPORT

                                                AS OF: SEPTEMBER 30TH, 2008




                                                           BEGINNING             YTD              YTD          ENDING

                                                      FUND BALANCE            REVENUES         EXPENSES     FUND BALANCE

___________________________________________________________________________________________________________________

  830-CITY RESERVE FUND                                192,100.09CR           13,158.87CR           0.00     178,941.22CR

  835-ADMINISTRATIVE SERVICES                               5,906.23CR        37,498.68CR      43,518.59      11,926.14CR

  860-PAYROLL ACCOUNT                                         553.54               0.00             0.00         553.54

  950-ELECTRIC METER DEPOSITS                              14,180.32CR         3,127.91CR       3,224.14      14,276.55CR

  951-WATER METER DEPOSITS                                  4,078.72CR         1,542.85CR       1,315.21       3,851.08CR

  952-GAS METER DEPOSITS                                   10,511.34CR         4,392.40CR       3,359.52       9,478.46CR



GRAND TOTAL FUND BALANCE                             4,502,796.05CR        2,429,888.33CR   3,516,665.78   5,589,573.50CR

                                                   ================ =============== =============== ===============



              *** END OF REPORT ***
                       Tipton Airport Committee Meeting
           September 29, 2008 at Mathews Memorial Airport, Tipton, Iowa, 7:05 pm.

Jim Rohlf called the special meeting to order with a roll call. Those present: Klay Johnson, Dave
Kruse, Ed Mellecker, Jim Rohlf, Max Coppess, and Mike Moes. Minutes from the previous meeting
and the agenda were accepted with a motion by Max and a second by Klay.

Jim opened the meeting explaining that bids were received for the light
replacement/improvement project and in order to give the contractors adequate time to install
the new lights and get council approval, the special meeting was called. The specifications were
drawn up by Dave and Jim to bring the runway light up to FAA specification. It was noted that
because of spray plane use of the narrow taxiway, the lights would not be as close to the taxiway
but would otherwise follow FAA guidelines. Four local electricians were contacted and two have
returned bids, Christ Electrical and M&K.

The committee reviewed both bids, discussing the option of REIL lights on both ends. After
comparing both bids and finding them to be equal in content, Max moved to recommend to the
council to accept the low bid from M&K for the lighting project with the option of REIL lights on
the instrument approach (west) end only. Seconded by Ed, the motion passed unanimously.

Jim also note that Mike Marse from the Iowa Aviation Dept. inspected the airport and has
requested that the cracks in the runway and taxiway be cleaned and sealed. He told Jim there is
grant money up to $10,000 available to have the work done. Jim is going to look for bids for this
project.

With the absence of any other business, Klay moved for adjournment with a second by Dave.
Motion carried.
Respectfully submitted,
Dave Kruse
G: Public Hearing
                                                                                   AGENDA ITEM # G-1 & I-1

                                       AGENDA INFORMATION
                               TIPTON CITY COUNCIL COMMUNICATION

DATE:                       October 15, 2008

AGENDA ITEM: Public Hearing for the Purpose of Soliciting Comments on the City’s
             Proposed Owner-Occupied Rehabilitation Housing Program Application and
             Approval of Resolution

ACTION:                     Motion to Approve

FILE:: mgr/c/mydocuments/city/reports to Council/Public Hearing for OO Rehab Program 2008


SYNOPSIS: Darwin Polk from ECIA, will be at the meeting Monday night to walk the council
through the public hearing process and the attached resolution that approves the city’s financial
match for the owner-occupied rehabilitation housing program application.




STATUTORY REFERENCES/AUTHORITY:

BUDGET ITEM:

MAYOR/COUNCIL ACTION: Motion to Approve

ATTACHMENTS: Resolution and Public Hearing Notes

PREPARED BY: Doug Boldt                                                 DATE PREPARED: October 15, 2008
I. Resolutions For Approval
                                  RESOLUTION – 102008A



        WHEREAS, the City Council of the City of Tipton, Iowa wishes to apply through the Iowa
Department of Economic Development's (IDED) Housing Fund for an owner-occupied housing
rehabilitation program; and

        WHEREAS, the City Council has conducted a public hearing to solicit citizen input
regarding the proposed application; and

        WHEREAS, the City Council wishes to pledge the sum of $ 15,000.00         as "Local
Effort" toward the activity identified in the application;

       NOW, THEREFORE BE IT RESOLVED, that the City Council of the City of Tipton,
Iowa, accepts the authority and responsibilities of their offices, approves the proposed IDED
Housing Fund application, authorizes the Mayor to sign the application, and pledges the amount of
$15,000.00           , if in fact, the Housing Fund grant is awarded by the Iowa Department of
Economic Development.

       ADOPTED this 20th day of October, 2008.




Shirley Kepford, Mayor                                     Date




Attest: City Clerk                                         Date
                                                                                               AGENDA ITEM # I-2

                                      AGENDA INFORMATION
                              TIPTON CITY COUNCIL COMMUNICATION

DATE:                       October 16, 2008

AGENDA ITEM: Resolution 102008B – Resolution Approving Final Plat and Waiving Certain
             Subdivision Requirements – Williams 1st Addition
ACTION:      Motion to Approve Resolution

FILE: City5:C\MyDoc\Reports to Council\P&Z\Resolution of Waiver of Subdivision and Acceptance of Final Plat - Williams


SYNOPSIS: Attached is a resolution approving the final plat and waiving certain subdivision
requirements for Williams 1st Addition. This plat of ground is outside of the city limits
(across from Wal-mart) but is part of the city’s two-mile extraterritorial review requirement.
The Planning and Zoning Commission met on Monday, October 13, 2008, and unanimously
recommended approval of the final plat.




STATUTORY REFERENCES/AUTHORITY: Tipton City Code, 6-1-2 (a)

BUDGET ITEM: N/A

MAYOR/COUNCIL ACTION: Motion approve Resolution

ATTACHMENTS: Resolution and Plat of Survey

PREPARED BY: Doug Boldt                                                    DATE PREPARED: October 16, 2008
Tipton/419554-21/2nd ½ Amend Iss



                                                                419554-21 (Amend Issuance - G.O.)

                                                                Tipton, Iowa

                                                                October 20, 2008

       The City Council of the City of Tipton, Iowa, met on October 20, 2008, at _______
o’clock ___.m. at the __________________, Tipton, Iowa.

       The meeting was called to order by the Mayor, and the roll was called showing the
following named Council Members present and absent:

          Present:

          Absent:                                                  .

       After due consideration and discussion, Council Member _________________________
introduced the resolution next hereinafter set out and moved its adoption, seconded by Council
Member _________________________________. The Mayor put the question upon the
adoption of said resolution, and the roll being called, the following named Council Members
voted:

          Ayes:

          Nays:                                                    .

          Whereupon, the Mayor declared the resolution duly adopted, as hereinafter set out.



                                                        ••••

          At the conclusion of the meeting, and upon motion and vote, the City Council adjourned.



                                                                Mayor

Attest:



City Clerk




                                                          -1-
                                   DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Tipton/419554-21/2nd ½ Amend Iss



                                           RESOLUTION NO. 102008C

          Resolution authorizing and approving a Loan Agreement, amending Resolution
          No. 030308A and providing for the issuance of $650,000 General Obligation
          Street Improvement Bonds, Series 2008, and providing for the levy of taxes to
          pay the same

       WHEREAS, pursuant to the provisions of Section 384.24A of the Code of Iowa, notice
duly published and hearing held thereon, the City of Tipton, Iowa (the “City”), has heretofore
determined to contract indebtedness and enter into a loan agreement (the “Loan Agreement”), in
a principal amount not to exceed $650,000 to provide funds to pay the cost, to that extent, of
constructing street improvements; and

        WHEREAS, following the hearing on March 3, 2008, the City Council adopted
Resolution No. 030308A authorizing the City to enter into the Loan Agreement and to issue
General Obligation Street Improvement Bonds (the “Bonds”), in a principal amount not to
exceed $650,000, in evidence of the City’s obligation under the Loan Agreement, and providing
for the levy of taxes to pay the same (hereinafter referred to as the “Issuance Resolution”); and

        WHEREAS, the Issuance Resolution provided for the levy and collection of taxes to pay
the principal of and interest on the Bonds based upon estimated interest rates; and

        WHEREAS, the Issuance Resolution provided that the actual rate or rates of interest and
the resulting tax levy amounts necessary to pay the principal of and interest on the Bonds should
be determined at the time the City selected a lender and the Issuance Resolution be amended to
so provide; and

        WHEREAS, the City Council has selected a lender, and it is necessary at this time to
approve the Loan Agreement, to amend the Issuance Resolution to provide for the terms and
issuance of $650,000 general Obligation Street Improvement Bonds, Series 2008 and for the levy
of taxes to pay the same;

       NOW, THEREFORE, Be It Resolved by the City Council of the City of Tipton, Iowa, as
follows:

        Section 1.    The City hereby determines to enter into the Loan Agreement with Ruan
Securities Corporation, Des Moines, Iowa, as lender (the “Lender”), in substantially the form as
has been placed on file with the City Council, providing for a loan to the City in the principal
amount of $650,000, for the purpose or purposes set forth in the preamble hereof.

      The Mayor and City Clerk are hereby authorized and directed to sign the Loan
Agreement on behalf of the City, and the Loan Agreement is hereby approved.

        Section 2.     Except insofar as it provides for the levy and collection of taxes in the
fiscal year beginning July 1, 2008, for the payment of the principal of and interest on the Bonds,
all of the contents, paragraphs, sections, clauses and provisions of the Issuance Resolution are
hereby deleted in their entirety and the terms of this resolution substituted in lieu thereof.


                                                          -2-
                                   DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
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        Section 3.     The Bonds are hereby authorized to be issued in evidence of the obligation
of the City under the Loan Agreement and shall be dated November 1, 2008, in the denomination
of $5,000 each, or any integral multiple thereof, shall mature on June 1 in each of the years, in
the respective principal amounts and bear interest at the respective rates, as follows:

                          Principal         Interest Rate                       Principal   Interest Rate
      Year                Amount             Per Annum            Year          Amount       Per Annum

      2009                $80,000              2.75%              2013           $95,000       3.75%
      2010                $90,000              3.00%              2014          $100,000       4.00%
      2011                $90,000              3.25%              2015          $100,000       4.15%
      2012                $95,000              3.50%

       Bankers Trust Company, N.A., Des Moines, Iowa, is hereby designated as the Registrar
and Paying Agent for the Bonds and is sometimes hereinafter referred to as the “Registrar” or the
“Paying Agent.”

        The City reserves the right to prepay part or all of the Bonds maturing in each of the
years 2014 and 2015, inclusive, prior to and in any order of maturity on June 1, 2013, or on any
date thereafter upon terms of par and accrued interest. If less than all of the Bonds of any like
maturity are to be redeemed, the particular part of those Bonds to be redeemed shall be selected
by the Registrar by lot. The Bonds may be called in part in one or more units of $5,000. If less
than the entire principal amount of any Bond in a denomination of more than $5,000 is to be
redeemed, the Registrar will issue and deliver to the registered owner thereof, upon surrender of
such original Bond, a new Bond or Bonds, in any authorized denomination, in a total aggregate
principal amount equal to the unredeemed balance of the original Bond. Notice of such
redemption as aforesaid identifying the Bond or Bonds (or portion thereof) to be redeemed shall
be mailed by electronic means or certified mail to the registered owners thereof at the addresses
shown on the City’s registration books not less than 30 days prior to such redemption date. All
of such Bonds as to which the City reserves and exercises the right of redemption and as to
which notice as aforesaid shall have been given and for the redemption of which funds are duly
provided, shall cease to bear interest on the redemption date.

        All of the interest on the Bonds shall be payable semiannually on the first day of June and
December in each year, commencing June 1, 2009. Interest shall be calculated on the basis of a
360-day year comprised of twelve 30-day months. Payment of interest on the Bonds shall be
made to the registered owners appearing on the registration books of the City at the close of
business on the fifteenth day of the month next preceding the interest payment date and shall be
paid by check or draft mailed to the registered owners at the addresses shown on such
registration books. Principal of the Bonds shall be payable in lawful money of the United States
of America to the registered owners or their legal representatives upon presentation and
surrender of the Bond or Bonds at the office of the Paying Agent.

       The Bonds shall be executed on behalf of the City with the official manual or facsimile
signature of the Mayor and attested with the official manual or facsimile signature of the City
Clerk and shall have the City’s seal impressed or printed thereon, and shall be fully registered
Bonds without interest coupons. In case any officer whose signature or the facsimile of whose

                                                            -3-
                                   DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
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signature appears on the Bonds shall cease to be such officer before the delivery of the Bonds,
such signature or such facsimile signature shall nevertheless be valid and sufficient for all
purposes, the same as if such officer had remained in office until delivery.

        The Bonds shall be fully registered as to principal and interest in the names of the owners
on the registration books of the City kept by the Registrar, and after such registration, payment of
the principal thereof and interest thereon shall be made only to the registered owners or their
legal representatives or assigns. Each Bond shall be transferable only upon the registration
books of the City upon presentation to the Registrar, together with either a written instrument of
transfer satisfactory to the Registrar or the assignment form thereon completed and duly
executed by the registered owner or the duly authorized attorney for such registered owner.

      The Bonds shall not be valid or become obligatory for any purpose until the Certificate of
Authentication thereon shall have been signed by the Registrar.

       The record and identity of the owners of the Bonds shall be kept confidential as provided
by Section 22.7 of the Code of Iowa.

         Section 4.     Notwithstanding anything above to the contrary, the Bonds shall be issued
initially as Depository Bonds, with one fully registered Bond for each maturity date, in principal
amounts equal to the amount of principal maturing on each such date, and registered in the name
of Cede & Co., as nominee for The Depository Trust Company, New York, New York (“DTC”).
On original issue, the Bonds shall be deposited with DTC for the purpose of maintaining a book-
entry system for recording the ownership interests of its participants and the transfer of those
interests among its participants (the “Participants”). In the event that DTC determines not to
continue to act as securities depository for the Bonds or the City determines not to continue the
book-entry system for recording ownership interests in the Bonds with DTC, the City will
discontinue the book-entry system with DTC. If the City does not select another qualified
securities depository to replace DTC (or a successor depository) in order to continue a book-
entry system, the City will register and deliver replacement Bonds in the form of fully registered
certificates, in authorized denominations of $5,000 or integral multiples of $5,000, in accordance
with instructions from Cede & Co., as nominee for DTC. In the event that the City identifies a
qualified securities depository to replace DTC, the City will register and deliver replacement
Bonds, fully registered in the name of such depository, or its nominee, in the denominations as
set forth above, as reduced from time to time prior to maturity in connection with redemptions or
retirements by call or payment, and in such event, such depository will then maintain the book-
entry system for recording ownership interests in the Bonds.

        Ownership interests in the Bonds may be purchased by or through Participants. Such
Participants and the persons for whom they acquire interests in the Bonds as nominees will not
receive certificated Bonds, but each such Participant will receive a credit balance in the records
of DTC in the amount of such Participant’s interest in the Bonds, which will be confirmed in
accordance with DTC’s standard procedures. Each such person for which a Participant has an
interest in the Bonds, as nominee, may desire to make arrangements with such Participant to
have all notices of redemption or other communications of the City to DTC, which may affect
such person, forwarded in writing by such Participant and to have notification made of all
interest payments.

                                                          -4-
                                   DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Tipton/419554-21/2nd ½ Amend Iss



        The City will have no responsibility or obligation to such Participants or the persons for
whom they act as nominees with respect to payment to or providing of notice for such
Participants or the persons for whom they act as nominees.

       As used herein, the term “Beneficial Owner” shall hereinafter be deemed to include the
person for whom the Participant acquires an interest in the Bonds.

        DTC will receive payments from the City, to be remitted by DTC to the Participants for
subsequent disbursement to the Beneficial Owners. The ownership interest of each Beneficial
Owner in the Bonds will be recorded on the records of the Participants whose ownership interest
will be recorded on a computerized book-entry system kept by DTC.

        When reference is made to any action which is required or permitted to be taken by the
Beneficial Owners, such reference shall only relate to those permitted to act (by statute,
regulation or otherwise) on behalf of such Beneficial Owners for such purposes. When notices
are given, they shall be sent by the City to DTC, and DTC shall forward (or cause to be
forwarded) the notices to the Participants so that the Participants can forward the same to the
Beneficial Owners.

        Beneficial Owners will receive written confirmations of their purchases from the
Participants acting on behalf of the Beneficial Owners detailing the terms of the Bonds acquired.
Transfers of ownership interests in the Bonds will be accomplished by book entries made by
DTC and the Participants who act on behalf of the Beneficial Owners. Beneficial Owners will
not receive certificates representing their ownership interest in the Bonds, except as specifically
provided herein. Interest and principal will be paid when due by the City to DTC, then paid by
DTC to the Participants and thereafter paid by the Participants to the Beneficial Owners.

          Section 5.          The Bonds shall be in substantially the following form:




                                                          -5-
                                   DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Tipton/419554-21/2nd ½ Amend Iss



                                                   (Form of Bond)

                               UNITED STATES OF AMERICA
                       STATE OF IOWA             COUNTY OF CEDAR
                                     CITY OF TIPTON

         GENERAL OBLIGATION STREET IMPROVEMENT BOND, SERIES 2008


No. ________                                                                           $__________

          RATE                     MATURITY DATE                  Bond DATE            CUSIP

                                                                November 1, 2008

       The City of Tipton (the “City”), in the County of Cedar, State of Iowa, for value received,
promises to pay on the maturity date of this Bond to

                                                         Cede & Co.

or registered assigns, the principal sum of

                                                                                         DOLLARS

in lawful money of the United States of America upon presentation and surrender of this Bond at
the office of Bankers Trust Company, N.A., Des Moines, Iowa (hereinafter referred to as the
“Registrar” or the “Paying Agent”), with interest on said sum, until paid, at the rate per annum
specified above from the date of this Bond, or from the most recent interest payment date on
which interest has been paid, on June 1 and December 1 of each year, commencing June 1, 2009,
except as the provisions hereinafter set forth with respect to redemption prior to maturity may be
or become applicable hereto. Interest on this Bond is payable to the registered owner appearing
on the registration books of the City at the close of business on the fifteenth day of the month
next preceding the interest payment date, and shall be paid by check or draft mailed to the
registered owner at the address shown on such registration books. Interest shall be calculated on
the basis of a 360-day year comprised of twelve 30-day months.

      This Bond shall not be valid or become obligatory for any purpose until the Certificate of
Authentication hereon shall have been signed by the Registrar.

        This Bond is one of a series of Bonds (the “Bonds”) issued by the City to evidence its
obligation under a certain Loan Agreement, dated as of November 1, 2008 (the “Loan
Agreement”), entered into by the City for the purpose of providing funds to pay a portion of the
cost of constructing street improvements.

       The Bonds are issued pursuant to and in strict compliance with the provisions of
Chapter 76 and Chapter 384 of the Code of Iowa, 2007, and all other laws amendatory thereof
and supplemental thereto, and in conformity with a resolution of the City Council authorizing


                                                          -6-
                                   DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
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and approving the Loan Agreement and providing for the issuance and securing the payment of
the Bonds (the “Resolution”), and reference is hereby made to the Resolution and the Loan
Agreement for a more complete statement as to the source of payment of the Bonds and the
rights of the owners of the Bonds.

        The City reserves the right to prepay part or all of the Bonds maturing in each of the
years 2014 and 2015, inclusive, prior to and in any order of maturity on June 1, 2013, or on any
date thereafter upon terms of par and accrued interest. If less than all of the Bonds of any like
maturity are to be redeemed, the particular part of those Bonds to be redeemed shall be selected
by the Registrar by lot. The Bonds may be called in part in one or more units of $5,000. If less
than the entire principal amount of any Bond in a denomination of more than $5,000 is to be
redeemed, the Registrar will issue and deliver to the registered owner thereof, upon surrender of
such original Bond, a new Bond or Bonds, in any authorized denomination, in a total aggregate
principal amount equal to the unredeemed balance of the original Bond. Notice of such
redemption as aforesaid identifying the Bond or Bonds (or portion thereof) to be redeemed shall
be mailed by electronic means or certified mail to the registered owners thereof at the addresses
shown on the City’s registration books not less than 30 days prior to such redemption date. All
of such Bonds as to which the City reserves and exercises the right of redemption and as to
which notice as aforesaid shall have been given and for the redemption of which funds are duly
provided, shall cease to bear interest on the redemption date.

        This Bond is fully negotiable but shall be fully registered as to both principal and interest
in the name of the owner on the books of the City in the office of the Registrar, after which no
transfer shall be valid unless made on said books and then only upon presentation of this Bond to
the Registrar, together with either a written instrument of transfer satisfactory to the Registrar or
the assignment form hereon completed and duly executed by the registered owner or the duly
authorized attorney for such registered owner.

        The City, the Registrar and the Paying Agent may deem and treat the registered owner
hereof as the absolute owner for the purpose of receiving payment of or on account of principal
hereof, premium, if any, and interest due hereon and for all other purposes, and the City, the
Registrar and the Paying Agent shall not be affected by any notice to the contrary.

        And It Is Hereby Certified and Recited that all acts, conditions and things required by the
laws and Constitution of the State of Iowa, to exist, to be had, to be done or to be performed
precedent to and in the issue of this Bond were and have been properly existent, had, done and
performed in regular and due form and time; that provision has been made for the levy of a
sufficient continuing annual tax on all the taxable property within the City for the payment of the
principal of and interest on this Bond as the same will respectively become due; that the faith,
credit, revenues and resources and all the real and personal property of the City are irrevocably
pledged for the prompt payment hereof, both principal and interest; and that the total
indebtedness of the City, including this Bond, does not exceed any constitutional or statutory
limitations.

       IN TESTIMONY WHEREOF, the City of Tipton, Iowa, by its City Council, has caused
this Bond to be sealed with the facsimile of its official seal, to be executed with the duly


                                                          -7-
                                   DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Tipton/419554-21/2nd ½ Amend Iss



authorized facsimile signature of its Mayor and attested with the duly authorized facsimile
signature of its City Clerk, as of November 1, 2008.


                                                                CITY OF TIPTON, IOWA


                                                                By: (DO NOT SIGN)
                                                                Mayor

Attest:


(DO NOT SIGN)
City Clerk

(Seal)


Registration Date:

                         REGISTRAR’S CERTIFICATE OF AUTHENTICATION

          This Bond is one of the Bonds described in the within-mentioned Resolution.

                                                                Bankers Trust Company, N.A.
                                                                Des Moines, Iowa
                                                                Registrar


                                                                By: (DO NOT SIGN)
                                                                Authorized Officer

                                                ABBREVIATIONS

      The following abbreviations, when used in this Bond, shall be construed as though they
were written out in full according to applicable laws or regulations:

TEN COM           -     as tenants in common               UTMA
TEN ENT           -     as tenants by the entireties                               (Custodian)
JT TEN            -     as joint tenants with              As Custodian for
                        right of survivorship and                                      (Minor)
                        not as tenants in common           under Uniform Transfers to Minors Act

                                                                                 (State)

          Additional abbreviations may also be used though not in the list above.



                                                          -8-
                                   DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Tipton/419554-21/2nd ½ Amend Iss



                                                   ASSIGNMENT

       For valuable consideration, receipt of which is hereby acknowledged, the undersigned
assigns this Bond to


                              (Please print or type name and address of Assignee)



PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

and does hereby irrevocably appoint _______________________________, Attorney, to transfer this
Bond on the books kept for registration thereof with full power of substitution.

Dated:


Signature guaranteed:




(Signature guarantee must be provided in accordance
with the prevailing standards and procedures of the
Registrar and Transfer Agent. Such standards and
procedures may require signatures to be guaranteed
by certain eligible guarantor institutions that
participate in a recognized signature guarantee
program.)



                                                                NOTICE: The signature to this Assignment must
                                                                correspond with the name of the registered owner as
                                                                it appears on this Bond in every particular, without
                                                                alteration or enlargement or any change whatever.




                                                          -9-
                                   DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Tipton/419554-21/2nd ½ Amend Iss



         Section 6.     The Bonds shall be executed as herein provided as soon after the adoption
of this resolution as may be possible and thereupon shall be delivered to the Registrar for
registration, authentication and delivery to the Lender, upon receipt of the loan proceeds, and all
action heretofore taken in connection with the Loan Agreement is hereby ratified and confirmed
in all respects.

        Section 7.      For the purpose of providing for the levy and collection of a direct annual
tax sufficient to pay the principal of and interest on the Bonds as the same become due, there is
hereby ordered levied on all the taxable property in the City in each of the years while the Bonds
are outstanding, a tax sufficient for that purpose, and in furtherance of this provision, but not in
limitation thereof, in addition to the tax levied pursuant to the Issuance Resolution for collection
in the fiscal year beginning July 1, 2008, there is hereby levied on all the taxable property in the
City the following direct annual tax for collection in each of the following fiscal years, to-wit:

                    For collection in the fiscal year beginning July 1, 2009,
                    sufficient to produce the net annual sum of $110,663;

                    For collection in the fiscal year beginning July 1, 2010,
                    sufficient to produce the net annual sum of $107,963;

                    For collection in the fiscal year beginning July 1, 2011,
                    sufficient to produce the net annual sum of $110,038;

                    For collection in the fiscal year beginning July 1, 2012,
                    sufficient to produce the net annual sum of $106,713;

                    For collection in the fiscal year beginning July 1, 2013,
                    sufficient to produce the net annual sum of $108,150;

                    For collection in the fiscal year beginning July 1, 2014,
                    sufficient to produce the net annual sum of $104,150.

        Section 8.    A certified copy of this resolution shall be filed with the County Auditor
of Cedar County, and the County Auditor shall be and is hereby instructed to enter for collection
and assess the tax hereby authorized. When annually entering such taxes for collection, the
County Auditor shall include the same as a part of the tax levy for Debt Service Fund purposes
of the City and when collected, the proceeds of the taxes shall be converted into the Debt Service
Fund of the City and set aside therein as a special account to be used solely and only for the
payment of the principal of and interest on the Bonds hereby authorized and for no other purpose
whatsoever.

         Section 9.     The interest or principal on the Bonds becoming due in any year or years
shall, if necessary, be paid promptly from current funds on hand in advance of taxes levied and
when the taxes shall have been collected, reimbursement shall be made to such current funds to
the sum thus advanced.




                                                         -10-
                                   DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Tipton/419554-21/2nd ½ Amend Iss



       The City hereby pledges the faith, credit, revenues and resources and all of the real and
personal property of the City for the full and prompt payment of the principal of and interest on
the Bonds.

        Section 10.    It is the intention of the City that interest on the Bonds 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 City 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 the applicable future laws, regulations, published rulings and court decisions as may
be necessary to insure that the interest on the Bonds will remain excluded from gross income for
federal income tax purposes. Any and all of the officers of the City are hereby authorized and
directed to take any and all actions as may be necessary to comply with the covenants herein
contained.

        The City hereby designates the Bonds as “Qualified Tax Exempt Obligations” as that
term is used in Section 265(b)(3)(B) of the Internal Revenue Code.

        Section 11. Continuing Disclosure. The Securities and Exchange Commission (the
“SEC”) has promulgated certain amendments to Rule 15c2-12 under the Securities Exchange Act
of 1934 (17 C.F.R. § 240.15c2-12) (the “Rule”) that make it unlawful for an underwriter to
participate in the primary offering of municipal securities in a principal amount of $1,000,000 or
more unless, before submitting a bid or entering into a purchase contract for the bonds, it has
reasonably determined that the issuer or an obligated person has undertaken in writing for the
benefit of the bondholders to provide certain disclosure information to prescribed information
repositories on a continuing basis or unless and to the extent the offering is exempt from the
requirements of the Rule.

         The principal amount of the Bonds is less than $1,000,000. The City hereby represents
that it has not issued within the six months before the date of issuance of the Bonds, and that it
reasonably expects that it will not issue within six months after the date of issuance of the Bonds,
other securities of the City of substantially the same security and providing financing for the
same general purpose or purposes as the Bonds. Consequently, the City Council hereby finds
that the Rule is inapplicable to the Bonds, because the aggregate principal amount of the Bonds
and any other securities required to be integrated with the Bonds under the Rule is less than
$1,000,000.




                                                         -11-
                                   DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Tipton/419554-21/2nd ½ Amend Iss



       Section 12.     All resolutions or parts thereof in conflict herewith be and the same are
hereby repealed to the extent of such conflict.

          Passed and approved on October 20, 2008.



                                                                Mayor

Attest:



City Clerk




                                                         -12-
                                   DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Tipton/419554-21/2nd ½ Amend Iss




STATE OF IOWA
COUNTY OF CEDAR                                        SS:
CITY OF TIPTON

        I, the undersigned, City Clerk of the City of Tipton, do hereby certify that as such City
Clerk I have in my possession or have access to the complete corporate records of the City and of
the City Council and officers and that I have carefully compared the transcript hereto attached
with those corporate records and that the transcript hereto attached is a true, correct and complete
copy of all the corporate records in relation to the authorization and approval of a certain Loan
Agreement and the issuance of $650,000 General Obligation Street Improvement Bonds, Series
2008, of said City evidencing the City’s obligation under the Loan Agreement and that the
transcript hereto attached contains a true, correct and complete statement of all the measures
adopted and proceedings, acts and things had, done and performed up to the present time with
respect thereto.

        I further certify that no appeal has been taken to the District Court from the decision of
the City Council to enter into the Loan Agreement, to issue the Bonds or to levy taxes to pay the
principal of and interest on the Bonds.

          WITNESS MY HAND and this ____________day of _____________________, 2008.



                                                                City Clerk




                                                         -13-
                                   DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Tipton/419554-21/2nd ½ Amend Iss



STATE OF IOWA
                                       SS:
COUNTY OF CEDAR


        I, the undersigned, County Auditor of Cedar County, in the State of Iowa, do hereby
certify that on the ___________ day of ___________________, 2008, the City Clerk of the City
of Tipton filed in my office a certified copy of a resolution of such City shown to have been
adopted by the City Council and approved by the Mayor thereof on October 20, 2008, entitled:
“Resolution approving and authorizing a Loan Agreement, amending Resolution No. 030308A
and providing for the issuance of $650,000 General Obligation Street Improvement Bonds,
Series 2008, and providing for the levy of taxes to pay the same,” and that I have duly placed the
copy of such amending resolution on file in my records, together with Resolution No. 030308A,
which was previously filed in my office on March 4, 2008.

        I further certify that the taxes provided for in the amending resolution will in due time,
manner and season be entered on the State and County tax lists of this County for collection in
the fiscal year beginning July 1, 2009, and subsequent years as provided in the amending
resolution.

          WITNESS MY HAND this _______ day of ________________, 2008.



                                                                County Auditor




                                                         -14-
                                   DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
October 16, 2008



Doug Boldt
City Manager/City Hall
407 Lynn Street
Tipton, Iowa 52772-1633

Re:    $650,000 Loan Agreement - General Obligation Street Improvement Bonds, Series 2008
       Our File No. 419554-21

Dear Doug:

      We have prepared and enclose the necessary proceedings to be used at the October 20,
2008 meeting to amend Resolution No. 030308A adopted on March 3, 2008, approve the Loan
Agreement and provide for the issuance of the Bonds.

       The proceedings enclosed include the following items:

       1.     Minutes of the City Council meeting, followed by the amending resolution (the
“Resolution”). The form of Bonds and Assignment set out in the enclosed Resolution should not
be completed or executed.

       2.      Certificate attesting to the transcript.

       3.     Certificate of the County Auditor relating to the filing of a certified copy of the
Bond Issuance Resolution in that office.

       After it is adopted, a certified copy of the Resolution must be filed with the Cedar County
Auditor. An extra copy of the Resolution is enclosed for this purpose.

        The County Auditor has a mandatory duty to make a levy of taxes to pay principal of and
interest on the Bonds unless the City’s budget each year affirmatively shows that the tax should
not be levied because other funds will be applied to the payment of the Bonds for that budget
year. To the extent the City determines that property tax levies will be needed for payment in
any year, the tax levy amounts needed must be certified for that year in the City’s budget as part
of the Debt Service Fund, and the funds derived from sources other than taxes must be shown on
the appropriate budget document.

       As these proceedings are completed, please return one fully executed copy to our office.
Page 2


       We have enclosed three copies of the Loan Agreement for execution by the City Clerk
and the Mayor, after which you should return all three copies to our office so that we can have
them signed on behalf of Ruan Securities Corporation. We will provide you with an executed
copy of the Agreement for the City’s records at the time of closing.

        Also enclosed are three copies of a Registrar and Paying Agent Agreement for the City
Clerk and the Mayor to sign, after which all three executed copies should be returned to us so
that we may forward them to Bankers Trust Company, N.A. for signature. We will provide you
with a fully executed copy of the Agreement at the time of closing.

         If you have any questions, please contact me.


                                                     Best regards,



                                                     John P. Danos



Enclosures

cc:      John J. Foley
         Jeff Heil
L. Motions For Approval
10-16-2008 03:59 PM                                                    A/P PAYMENT REGISTER
PACKET:      00374 COUNCIL MTG 10/20/08 AL
VENDOR SET: 01
                                                                         VENDOR SEQUENCE

VENDOR      ITEM NO#      DESCRIPTION                          BANK       CHECK
                                                                           DUE DT STAT      GROSS          PAYMENT
                                                                           DISC DT         BALANCE        DISCOUNT
---------------------------------------------------------------------------------------------------------------------

01-0052     AIR FILTER SALES & SERVICE

   I 0180751-IN              BLDG MAINT & RPR SUPP       FAC   AP                  R     11/15/2008      295.41      295.41CR
                                                                                                         295.41

                             VENDOR TOTALS                          REG. CHECK              295.41          295.41CR
                                                                                            295.41            0.00
---------------------------------------------------------------------------------------------------------------------

01-0071     ALLIANCE WATER RESOURCES IN

   I 3935                    CONTRACT SERVICES     FAC/WA/W AP                     R     11/15/2008   21,596.25   21,596.25CR
                                                                                                      21,596.25

                             VENDOR TOTALS                          REG. CHECK           21,596.25       21,596.25CR
                                                                                         21,596.25            0.00
---------------------------------------------------------------------------------------------------------------------

01-0074     ALLIANT ENERGY

   I 9/10-10/10              NONMETER EXCESS FAC       ELECTR AP                   R     11/15/2008      196.54      196.54CR
                                                                                                         196.54

                             VENDOR TOTALS                          REG. CHECK              196.54          196.54CR
                                                                                            196.54            0.00
---------------------------------------------------------------------------------------------------------------------

01-0143     ARAMARK

   I 5059443                 BLDG MAINT SUPP     GENERAL       AP                  R     11/15/2008       44.36       44.36CR
                                                                                                          44.36

   I 5060950                 BLDG MAINT SUPP     FAC           AP                  R     11/15/2008       22.76       22.76CR
                                                                                                          22.76

                             VENDOR TOTALS                          REG. CHECK               67.12           67.12CR
                                                                                             67.12            0.00
---------------------------------------------------------------------------------------------------------------------

01-0152     ARROW QUICK

   I 00019189                WEBSITE HOSTING     COMM DEV      AP                  R     11/15/2008      230.20      230.20CR
                                                                                                         230.20

   I 00019522                EMAIL & WEBSITE HOSTING           AP                  R     11/15/2008       28.95       28.95CR
                                                                                                          28.95

                             VENDOR TOTALS                          REG. CHECK              259.15          259.15CR
                                                                                            259.15            0.00
---------------------------------------------------------------------------------------------------------------------
10-16-2008 03:59 PM                                                 A/P PAYMENT REGISTER
PACKET:      00374 COUNCIL MTG 10/20/08 AL
VENDOR SET: 01
                                                                      VENDOR SEQUENCE

VENDOR       ITEM NO#     DESCRIPTION                       BANK       CHECK
                                                                           DUE DT
                                                                               STAT         GROSS          PAYMENT
                                                                           DISC DT         BALANCE        DISCOUNT
---------------------------------------------------------------------------------------------------------------------

01-0238      BOW TIE AUTOMOTIVE

   I 1146                  VEHICLE REPAIRS     CNTRL GARA AP                    R     11/15/2008   1,303.83     1,303.83CR
                                                                                                   1,303.83

                           VENDOR TOTALS                         REG. CHECK               1,303.83        1,303.83CR
                                                                                          1,303.83            0.00
---------------------------------------------------------------------------------------------------------------------

01-0317      BUSINESS RADIO SALES AND SE

   I 48660                 PAGER REPAIRS     FIRE           AP                  R     11/15/2008     130.26       130.26CR
                                                                                                     130.26

                           VENDOR TOTALS                         REG. CHECK                 130.26          130.26CR
                                                                                            130.26            0.00
---------------------------------------------------------------------------------------------------------------------

01-0801      CADBURY SCHWEPPES BOTTLING

   I 393851                BEVERAGE ORDER     FAC           AP                  R     11/15/2008      82.26        82.26CR
                                                                                                      82.26

   I 394060                BEVERAGE ORDER     FAC           AP                  R     11/15/2008     131.40       131.40CR
                                                                                                     131.40

                           VENDOR TOTALS                         REG. CHECK                 213.66          213.66CR
                                                                                            213.66            0.00
---------------------------------------------------------------------------------------------------------------------

01-0327      CBE GROUP INC, THE

   I 09-284559             COLLECTION EXPENSE       AMBULAN AP                  R     11/15/2008      14.83        14.83CR
                                                                                                      14.83

                           VENDOR TOTALS                         REG. CHECK                  14.83           14.83CR
                                                                                             14.83            0.00
---------------------------------------------------------------------------------------------------------------------

01-0410      CEDAR COUNTY CO-OP

   C 0005926               FUEL DISCOUNT     CENTRAL GARA AP                    R     10/16/2008      23.23CR      23.23
                                                                                                      23.23CR

   I 0260488               OIL    CENTRAL GARAGE            AP                  R     11/15/2008      42.18        42.18CR
                                                                                                      42.18

   I 0262777               OIL    CENTRAL GARAGE            AP                  R     11/15/2008      42.18        42.18CR
                                                                                                      42.18
10-16-2008 03:59 PM                                                  A/P PAYMENT REGISTER
PACKET:      00374 COUNCIL MTG 10/20/08 AL
VENDOR SET: 01
                                                                       VENDOR SEQUENCE

VENDOR       ITEM NO#     DESCRIPTION                        BANK       CHECK
                                                                           DUE DT
                                                                                STAT        GROSS          PAYMENT
                                                                           DISC DT         BALANCE        DISCOUNT
---------------------------------------------------------------------------------------------------------------------
01-0410   CEDAR COUNTY CO-OP         (CONT)

   I 0908CCC               806.873 GL UL        CENTRAL GARA AP                  R     11/15/2008    2,841.67    2,841.67CR
                                                                                                     2,841.67

   I 25433                 8981 GL LP     GAS                AP                  R     11/15/2008   13,381.69   13,381.69CR
                                                                                                    13,381.69

                           VENDOR TOTALS                          REG. CHECK             16,284.49       16,284.49CR
                                                                                         16,284.49            0.00
---------------------------------------------------------------------------------------------------------------------

01-0530      CENTRAL IOWA DISTRIBUTING I

   I 39134                 BLDG MAINT SUPP        FAC        AP                  R     10/16/2008       60.75       60.75CR
                                                                                                        60.75

                           VENDOR TOTALS                          REG. CHECK                 60.75           60.75CR
                                                                                             60.75            0.00
---------------------------------------------------------------------------------------------------------------------

01-0556      CITY CARTON CO INC

   I 77650                 RECYCLING SORT FEES               AP                  R     11/15/2008      651.00      651.00CR
                                                                                                       651.00

                           VENDOR TOTALS                          REG. CHECK                651.00          651.00CR
                                                                                            651.00            0.00
---------------------------------------------------------------------------------------------------------------------

01-0587      CLARENCE LOWDEN SUN-NEWS &

   I 200810                POOL SCHEDULE        FAC          AP                  R     11/15/2008      140.18      140.18CR
                                                                                                       140.18

                           VENDOR TOTALS                          REG. CHECK                140.18          140.18CR
                                                                                            140.18            0.00
---------------------------------------------------------------------------------------------------------------------

01-0743      DENEVE ENTERPRISES

   I 509                   MOWING CONTRACT        AIRPORT    AP                  R     11/15/2008    1,000.00    1,000.00CR
                                                                                                     1,000.00

                           VENDOR TOTALS                          REG. CHECK              1,000.00        1,000.00CR
                                                                                          1,000.00            0.00
---------------------------------------------------------------------------------------------------------------------
10-16-2008 03:59 PM                                                A/P PAYMENT REGISTER
PACKET:      00374 COUNCIL MTG 10/20/08 AL
VENDOR SET: 01
                                                                     VENDOR SEQUENCE

VENDOR    ITEM NO#     DESCRIPTION                         BANK       CHECKDUE DT
                                                                              STAT          GROSS          PAYMENT
                                                                           DISC DT         BALANCE        DISCOUNT
---------------------------------------------------------------------------------------------------------------------

01-0820   DUECO INC

   I 196273             INSPCTN,RPR,CERT        ELECTRIC   AP                  R     10/16/2008   1,016.77   1,016.77CR
                                                                                                  1,016.77

   I 196274             INSPCTN/RPR/CERT        ELECTRIC   AP                  R     10/16/2008     696.65     696.65CR
                                                                                                    696.65

                        VENDOR TOTALS                           REG. CHECK                1,713.42        1,713.42CR
                                                                                          1,713.42            0.00
---------------------------------------------------------------------------------------------------------------------

01-0860   EASTERN IOWA LIGHT & PWR

   I 8/26-9/26          UTILITIES     LAGOON               AP                  R     11/15/2008     761.97     761.97CR
                                                                                                    761.97

   I 8/28-9/30          UTILITIES     CEMETERY             AP                  R     11/15/2008      32.09      32.09CR
                                                                                                     32.09

                        VENDOR TOTALS                           REG. CHECK                  794.06          794.06CR
                                                                                            794.06            0.00
---------------------------------------------------------------------------------------------------------------------

01-0840   ECIA

   I 000005974          SOFTWARE     COMM DEV              AP                  R     11/15/2008     484.18     484.18CR
                                                                                                    484.18

                        VENDOR TOTALS                           REG. CHECK                  484.18          484.18CR
                                                                                            484.18            0.00
---------------------------------------------------------------------------------------------------------------------

01-0970   FARNER-BOCKEN COMPANY

   I 5729575            FOOD/CLNG&OPER SUPP        FAC     AP                  R     11/15/2008     572.01     572.01CR
                                                                                                    572.01

                        VENDOR TOTALS                           REG. CHECK                  572.01          572.01CR
                                                                                            572.01            0.00
---------------------------------------------------------------------------------------------------------------------

01-0993   FINANCIAL ADJUSTMENT BUREAU

   I 0908FAB            COLLECTION EXPENSE        EL/WW    AP                  R     11/15/2008      40.00      40.00CR
                                                                                                     40.00

                        VENDOR TOTALS                           REG. CHECK                   40.00           40.00CR
                                                                                             40.00            0.00
---------------------------------------------------------------------------------------------------------------------
10-16-2008 03:59 PM                                                  A/P PAYMENT REGISTER
PACKET:      00374 COUNCIL MTG 10/20/08 AL
VENDOR SET: 01
                                                                       VENDOR SEQUENCE

VENDOR       ITEM NO#       DESCRIPTION                      BANK       CHECK
                                                                           DUE DT
                                                                                STAT        GROSS          PAYMENT
                                                                           DISC DT         BALANCE        DISCOUNT
---------------------------------------------------------------------------------------------------------------------

01-1020      FLETCHER-REINHARDT CO.

   I 582801                  METERS   ELECTRIC               AP                  R     11/15/2008     684.80     684.80CR
                                                                                                      684.80

                             VENDOR TOTALS                        REG. CHECK                684.80          684.80CR
                                                                                            684.80            0.00
---------------------------------------------------------------------------------------------------------------------

01-1030      FRANKLIN GENERAL HOSPITAL

   I 2008-0906               IOWA PATIENT CARE REPORTS       AP                  R     11/15/2008     292.50     292.50CR
                                                                                                      292.50

                             VENDOR TOTALS                        REG. CHECK                292.50          292.50CR
                                                                                            292.50            0.00
---------------------------------------------------------------------------------------------------------------------

01-1055      G&K SERVICES

   I 1184139444              MAINT SUPPLIES      ELECTRIC    AP                  R     11/15/2008      55.54      55.54CR
                                                                                                       55.54

   I 1184147448              MAINT SUPPLIES      CENTRAL GAR AP                  R     11/15/2008     136.05     136.05CR
                                                                                                      136.05

   I 1184150100              MAINT SUPPLIES      ELECTRIC    AP                  R     11/15/2008      55.54      55.54CR
                                                                                                       55.54

                             VENDOR TOTALS                        REG. CHECK                247.13          247.13CR
                                                                                            247.13            0.00
---------------------------------------------------------------------------------------------------------------------

01-1066      GARDEN & ASSOCIATES INC

   I 25988                   STRM WA PERMIT/UTLTS MAPPIN AP                      R     11/15/2008   2,372.50   2,372.50CR
                                                                                                    2,372.50

                             VENDOR TOTALS                        REG. CHECK              2,372.50        2,372.50CR
                                                                                          2,372.50            0.00
---------------------------------------------------------------------------------------------------------------------

01-1076      GENERAL PEST CONTROL INC

   I 26158                   PEST CONTROL     ELECTRIC       AP                  R     11/15/2008      31.03      31.03CR
                                                                                                       31.03

   I 26159                   PEST CONTROL     GENERAL        AP                  R     11/15/2008      35.00      35.00CR
                                                                                                       35.00
10-16-2008 03:59 PM                                                    A/P PAYMENT REGISTER
PACKET:      00374 COUNCIL MTG 10/20/08 AL
VENDOR SET: 01
                                                                         VENDOR SEQUENCE

VENDOR       ITEM NO#     DESCRIPTION                          BANK       CHECK
                                                                           DUE DT STAT      GROSS          PAYMENT
                                                                           DISC DT         BALANCE        DISCOUNT
---------------------------------------------------------------------------------------------------------------------
01-1076   GENERAL PEST CONTROL INC   (CONT)

   I 26160                 PEST CONTROL     FIRE               AP                  R     11/15/2008    25.00    25.00CR
                                                                                                       25.00

   I 26161                 PEST CONTROL     AMBULANCE          AP                  R     11/15/2008    25.00    25.00CR
                                                                                                       25.00

   I 26162                 PEST CONTROL     LIBRARY            AP                  R     11/15/2008   125.00   125.00CR
                                                                                                      125.00

   I 26169                 PEST CONTROL     FAC                AP                  R     11/15/2008    45.00    45.00CR
                                                                                                       45.00

                           VENDOR TOTALS                            REG. CHECK              286.03          286.03CR
                                                                                            286.03            0.00
---------------------------------------------------------------------------------------------------------------------

01-1094      GRAINGER

   I 9750689201            REGULATOR & GAUGE          ELECTRIC AP                  R     11/15/2008   118.48   118.48CR
                                                                                                      118.48

                           VENDOR TOTALS                            REG. CHECK              118.48          118.48CR
                                                                                            118.48            0.00
---------------------------------------------------------------------------------------------------------------------

01-1106      GROEBNER & ASSOCIATES

   I 192292                SUPP FOR MAINS       GAS            AP                  R     11/15/2008   224.89   224.89CR
                                                                                                      224.89

   I 192311                REGULATORS     GAS                  AP                  R     11/15/2008   287.03   287.03CR
                                                                                                      287.03

   I 192419                SUPP FOR MAINS       GAS            AP                  R     11/15/2008   770.67   770.67CR
                                                                                                      770.67

                           VENDOR TOTALS                            REG. CHECK            1,282.59        1,282.59CR
                                                                                          1,282.59            0.00
---------------------------------------------------------------------------------------------------------------------

01-1186      HEATH CONSULTANTS INCORPORA

   I 59351                 REPAIR GAS DETECTOR                 AP                  R     11/15/2008   167.14   167.14CR
                                                                                                      167.14

                           VENDOR TOTALS                            REG. CHECK              167.14          167.14CR
                                                                                            167.14            0.00
---------------------------------------------------------------------------------------------------------------------
10-16-2008 03:59 PM                                                A/P PAYMENT REGISTER
PACKET:      00374 COUNCIL MTG 10/20/08 AL
VENDOR SET: 01
                                                                     VENDOR SEQUENCE

VENDOR    ITEM NO#        DESCRIPTION                      BANK       CHECKDUE DT
                                                                              STAT          GROSS          PAYMENT
                                                                           DISC DT         BALANCE        DISCOUNT
---------------------------------------------------------------------------------------------------------------------

01-1188   HEIMAN INC

   I 0749712-IN            REDUCER   FIRE                  AP                  R     11/15/2008    56.00     56.00CR
                                                                                                   56.00

                           VENDOR TOTALS                        REG. CHECK                   56.00           56.00CR
                                                                                             56.00            0.00
---------------------------------------------------------------------------------------------------------------------

01-1239   HYGIENIC LABORATORY

   I 7184-0809             HEALTH SERVICES      FAC        AP                  R     11/15/2008    11.00     11.00CR
                                                                                                   11.00

                           VENDOR TOTALS                        REG. CHECK                   11.00           11.00CR
                                                                                             11.00            0.00
---------------------------------------------------------------------------------------------------------------------

01-1312   IOWA CULTURAL CORRIDOR ALLI

   I 200810                PARTICIPATION FEE      COMM DEV AP                  R     10/16/2008   100.00    100.00CR
                                                                                                  100.00

                           VENDOR TOTALS                        REG. CHECK                  100.00          100.00CR
                                                                                            100.00            0.00
---------------------------------------------------------------------------------------------------------------------

01-1332   IOWA ONE CALL

   I 106895                LOCATES   EL/WA/GAS             AP                  R     11/15/2008    59.40     59.40CR
                                                                                                   59.40

                           VENDOR TOTALS                        REG. CHECK                   59.40           59.40CR
                                                                                             59.40            0.00
---------------------------------------------------------------------------------------------------------------------

01-1375   IOWA PRISON INDUSTRIES

   I 391708                SIGN RIVETS      TRAFFIC SERVIC AP                  R     11/15/2008    73.50     73.50CR
                                                                                                   73.50

                           VENDOR TOTALS                        REG. CHECK                   73.50           73.50CR
                                                                                             73.50            0.00
---------------------------------------------------------------------------------------------------------------------
10-16-2008 03:59 PM                                                   A/P PAYMENT REGISTER
PACKET:      00374 COUNCIL MTG 10/20/08 AL
VENDOR SET: 01
                                                                        VENDOR SEQUENCE

VENDOR       ITEM NO#      DESCRIPTION                        BANK       CHECK
                                                                           DUE DTSTAT       GROSS          PAYMENT
                                                                           DISC DT         BALANCE        DISCOUNT
---------------------------------------------------------------------------------------------------------------------

01-1424      JOHN'S LOCK & KEY INC

   I 146420                 DOOR LOCK REPAIR     POLICE       AP                  R     11/15/2008   219.00   219.00CR
                                                                                                     219.00

                            VENDOR TOTALS                          REG. CHECK               219.00          219.00CR
                                                                                            219.00            0.00
---------------------------------------------------------------------------------------------------------------------

01-1500      KUNDE OUTDOOR EQUIPMENT

   I 20264                  GROUNDS MAINT SUPP     CEMETER AP                     R     11/15/2008    16.50    16.50CR
                                                                                                      16.50

                            VENDOR TOTALS                          REG. CHECK                16.50           16.50CR
                                                                                             16.50            0.00
---------------------------------------------------------------------------------------------------------------------

01-1561      LINWELD

   I R243316                WELDING SUPPLIES     ELECTRIC     AP                  R     10/16/2008     6.30     6.30CR
                                                                                                       6.30

                            VENDOR TOTALS                          REG. CHECK                 6.30            6.30CR
                                                                                              6.30            0.00
---------------------------------------------------------------------------------------------------------------------

01-1660      MANATTS INC

   I 522355                 CATCH BASIN 1ST&CEDAR-STORM AP                        R     11/15/2008   100.00   100.00CR
                                                                                                     100.00

   I 522884                 WATER VALVE REPLACEMENT        WA AP                  R     11/15/2008   256.38   256.38CR
                                                                                                     256.38

                            VENDOR TOTALS                          REG. CHECK               356.38          356.38CR
                                                                                            356.38            0.00
---------------------------------------------------------------------------------------------------------------------

01-1883      NEWTON HOME OIL CO INC

   I 0934272076NF           MONTHLY DIAL FEE     AIRPORT      AP                  R     11/15/2008    30.00    30.00CR
                                                                                                      30.00

   I 0935227471NF           MONTHLY DIAL FEE     AIRPORT      AP                  R     11/15/2008    30.00    30.00CR
                                                                                                      30.00

                            VENDOR TOTALS                          REG. CHECK                60.00           60.00CR
                                                                                             60.00            0.00
---------------------------------------------------------------------------------------------------------------------
10-16-2008 03:59 PM                                                    A/P PAYMENT REGISTER
PACKET:      00374 COUNCIL MTG 10/20/08 AL
VENDOR SET: 01
                                                                         VENDOR SEQUENCE

VENDOR       ITEM NO#     DESCRIPTION                          BANK       CHECK
                                                                           DUE DT STAT      GROSS          PAYMENT
                                                                           DISC DT         BALANCE        DISCOUNT
---------------------------------------------------------------------------------------------------------------------

01-1957      O'ROURKE MOTORS

   I 20012                    VEHICLE REPAIRS       CNTRL GARA AP                  R     11/15/2008   302.62   302.62CR
                                                                                                      302.62

   I FOCS21224                VEHICLE OPERATIONS       AMBULAN AP                  R     11/15/2008   238.80   238.80CR
                                                                                                      238.80

   I FOCS21225                VEHICLE OPERATIONS       AMBULAN AP                  R     11/15/2008   184.73   184.73CR
                                                                                                      184.73

                              VENDOR TOTALS                         REG. CHECK              726.15          726.15CR
                                                                                            726.15            0.00
---------------------------------------------------------------------------------------------------------------------

01-1958      ORTIVUS NORTH AMERICA

   I 026891                   AMBULANCE SERVICE BILLING        AP                  R     11/15/2008   935.00   935.00CR
                                                                                                      935.00

                              VENDOR TOTALS                         REG. CHECK              935.00          935.00CR
                                                                                            935.00            0.00
---------------------------------------------------------------------------------------------------------------------

01-2044      PITNEY BOWES INC

   I 673659                   RENTAL CHARGE     ADMIN SERVIC AP                    R     11/15/2008   210.00   210.00CR
                                                                                                      210.00

                              VENDOR TOTALS                         REG. CHECK              210.00          210.00CR
                                                                                            210.00            0.00
---------------------------------------------------------------------------------------------------------------------

01-2057      PRAXAIR DISTRIBUTION INC 71

   I 30843983                 OXYGEN    AMBULANCE              AP                  R     11/15/2008    55.14    55.14CR
                                                                                                       55.14

                              VENDOR TOTALS                         REG. CHECK               55.14           55.14CR
                                                                                             55.14            0.00
---------------------------------------------------------------------------------------------------------------------

01-2052      PURCHASE POWER

   I 1008PP                   POSTAGE    ADMIN SERVICES        AP                  R     10/16/2008   278.38   278.38CR
                                                                                                      278.38

                              VENDOR TOTALS                         REG. CHECK              278.38          278.38CR
                                                                                            278.38            0.00
---------------------------------------------------------------------------------------------------------------------
10-16-2008 03:59 PM                                                 A/P PAYMENT REGISTER
PACKET:      00374 COUNCIL MTG 10/20/08 AL
VENDOR SET: 01
                                                                      VENDOR SEQUENCE

VENDOR       ITEM NO#      DESCRIPTION                      BANK       CHECK
                                                                           DUE DT
                                                                               STAT         GROSS          PAYMENT
                                                                           DISC DT         BALANCE        DISCOUNT
---------------------------------------------------------------------------------------------------------------------

01-2117      RESALE POWER GROUP OF IA

   I 34                     RENEWABLE ENERGY CERTIFICAT AP                      R     11/15/2008   3,798.38   3,798.38CR
                                                                                                   3,798.38

                            VENDOR TOTALS                        REG. CHECK               3,798.38        3,798.38CR
                                                                                          3,798.38            0.00
---------------------------------------------------------------------------------------------------------------------

01-2074      RK DIXON CO

   I 49169                  COPIER CONTRACT SERVICE      AM AP                  R     11/15/2008      16.51      16.51CR
                                                                                                      16.51

                            VENDOR TOTALS                        REG. CHECK                  16.51           16.51CR
                                                                                             16.51            0.00
---------------------------------------------------------------------------------------------------------------------

01-2300      STUELAND CHEVROLET-OLDS

   I 14495                  REPAIR PARTS     CENTRAL GARAG AP                   R     11/15/2008       7.50       7.50CR
                                                                                                       7.50

                            VENDOR TOTALS                        REG. CHECK                   7.50            7.50CR
                                                                                              7.50            0.00
---------------------------------------------------------------------------------------------------------------------

01-2340      TERRY DURIN COMPANY

   I 230213                 TRANSITION CONNECTOR      ELECT AP                  R     11/15/2008      12.84      12.84CR
                                                                                                      12.84

                            VENDOR TOTALS                        REG. CHECK                  12.84           12.84CR
                                                                                             12.84            0.00
---------------------------------------------------------------------------------------------------------------------

01-2435      TIPTON GREENHOUSE

   I 20443                  GRASS SEED     CEMETERY         AP                  R     11/15/2008      54.40      54.40CR
                                                                                                      54.40

                            VENDOR TOTALS                        REG. CHECK                  54.40           54.40CR
                                                                                             54.40            0.00
---------------------------------------------------------------------------------------------------------------------
10-16-2008 03:59 PM                                                  A/P PAYMENT REGISTER
PACKET:      00374 COUNCIL MTG 10/20/08 AL
VENDOR SET: 01
                                                                       VENDOR SEQUENCE

VENDOR      ITEM NO#     DESCRIPTION                         BANK       CHECK
                                                                           DUE DT
                                                                                STAT        GROSS          PAYMENT
                                                                           DISC DT         BALANCE        DISCOUNT
---------------------------------------------------------------------------------------------------------------------

01-2461     TIPTON STRUCTURAL FABRICATI

   I 8813                 STEEL FOR NEW SALT BRINE TA AP                         R     11/15/2008    1,659.50    1,659.50CR
                                                                                                     1,659.50

   I 9085                 RAIL FOR WALL AT BB FIELD-P AP                         R     11/15/2008    2,900.00    2,900.00CR
                                                                                                     2,900.00

                          VENDOR TOTALS                           REG. CHECK              4,559.50        4,559.50CR
                                                                                          4,559.50            0.00
---------------------------------------------------------------------------------------------------------------------

01-2473     TITAN MACHINERY

   I JC01355              REPAIR     PARTS   CENTRAL GARA AP                     R     10/16/2008      263.57      263.57CR
                                                                                                       263.57

                          VENDOR TOTALS                           REG. CHECK                263.57          263.57CR
                                                                                            263.57            0.00
---------------------------------------------------------------------------------------------------------------------

01-2488     TRANSWORLD SYSTEMS INC

   I 342817               COLLECTION EXPENSE         UTILITI AP                  R     10/16/2008      263.26      263.26CR
                                                                                                       263.26

   I 3441803              COLLECTION EXPENSE         AMBULAN AP                  R     10/16/2008       58.88       58.88CR
                                                                                                        58.88

                          VENDOR TOTALS                           REG. CHECK                322.14          322.14CR
                                                                                            322.14            0.00
---------------------------------------------------------------------------------------------------------------------

01-2550     UTILITY EQUIPMENT COMPANY

   I 90008483             FIRE HYDRANTS      WATER           AP                  R     11/15/2008   11,333.32   11,333.32CR
                                                                                                    11,333.32

   I 90008540             MAINT SUPP     STORM SEWER         AP                  R     11/15/2008      234.94      234.94CR
                                                                                                       234.94

   I 90008576             SUPP FOR MAINS      WATER          AP                  R     11/15/2008      418.55      418.55CR
                                                                                                       418.55

                          VENDOR TOTALS                           REG. CHECK             11,986.81       11,986.81CR
                                                                                         11,986.81            0.00
---------------------------------------------------------------------------------------------------------------------
10-16-2008 03:59 PM                                             A/P PAYMENT REGISTER
PACKET:      00374 COUNCIL MTG 10/20/08 AL
VENDOR SET: 01
                                                                  VENDOR SEQUENCE

VENDOR    ITEM NO#     DESCRIPTION                      BANK       CHECK   DUE DT
                                                                           STAT             GROSS          PAYMENT
                                                                           DISC DT         BALANCE        DISCOUNT
---------------------------------------------------------------------------------------------------------------------

01-2556   UTILITY SUPPLY OF AMERICA

   I 686374             TEST BALL PLUG   FAC            AP                  R     11/15/2008     106.86     106.86CR
                                                                                                 106.86

                        VENDOR TOTALS                        REG. CHECK                     106.86          106.86CR
                                                                                            106.86            0.00
---------------------------------------------------------------------------------------------------------------------

01-2640   WENDLING QUARRIES

   I 356309             115.84 STONE& SAND      WA/STRM AP                  R     11/15/2008     926.72     926.72CR
                                                                                                 926.72

   I 356812             22.12 RD STONE   STORM SEWER AP                     R     11/15/2008     176.96     176.96CR
                                                                                                 176.96

                        VENDOR TOTALS                        REG. CHECK                   1,103.68        1,103.68CR
                                                                                          1,103.68            0.00
---------------------------------------------------------------------------------------------------------------------

01-2650   WESCO RECEIVABLES CORP

   I 296671             OVERHEAD SUPPLIES      ELECTRIC AP                  R     11/15/2008     465.19     465.19CR
                                                                                                 465.19

                        VENDOR TOTALS                        REG. CHECK                     465.19          465.19CR
                                                                                            465.19            0.00
---------------------------------------------------------------------------------------------------------------------

01-2596   WM OF CEDAR RAPIDS-IOWA CIT

   I 031227913451       SEPT GARBAGE SERVICE            AP                  R     11/15/2008   9,850.83   9,850.83CR
                                                                                               9,850.83

                        VENDOR TOTALS                        REG. CHECK                   9,850.83        9,850.83CR
                                                                                          9,850.83            0.00
---------------------------------------------------------------------------------------------------------------------
10-16-2008 03:59 PM                                            A/P PAYMENT REGISTER
PACKET:      00374 COUNCIL MTG 10/20/08 AL
VENDOR SET: 01

===================================================     R E P O R T        T O T A L S    ====================================

                                                     F U N D        D I S T R I B U T I O N

                                                FUND NO# FUND NAME                           AMOUNT
                                             ----------------------------------------------------------
                                                   001    GENERAL GOVERNMENT               9,690.83CR
                                                   002    COMMUNICATIONS - LOCAL AC            9.95CR
                                                   160    ECONOMIC/INDUSTRIAL DEVEL        1,186.25CR
                                                   600    WATER OPERATING                 25,033.59CR
                                                   610    WASTEWATER/AKA SEWER REVE       10,104.60CR
                                                   630    ELECTRIC OPERATING               7,249.04CR
                                                   640    GAS OPERATING                   14,949.88CR
                                                   660    AIRPORT OPERATING                1,060.00CR
                                                   670    GARBAGE COLLECTION              10,520.89CR
                                                   750    CEMETERY ENTERPRISE                102.99CR
                                                   810    CENTRAL GARAGE                   6,575.87CR
                                                   835    ADMINISTRATIVE SERVICES            495.38CR

                                                       ** TOTALS **                    86,979.27CR
=====================================================================================================================

                                                      ---- TYPE OF CHECK TOTALS ----

                                                                                                     GROSS          PAYMENT
                                                                                         NUMBER     BALANCE        DISCOUNT

                        HAND CHECKS                                                                     0.00           0.00
                                                                                                        0.00           0.00

                        DRAFTS                                                                          0.00           0.00
                                                                                                        0.00           0.00

                        REG-CHECKS                                                                86,979.27       86,979.27CR
                                                                                                  86,979.27            0.00

                        EFT                                                                             0.00           0.00
                                                                                                        0.00           0.00

                        NON-CHECKS                                                                      0.00           0.00
                                                                                                        0.00           0.00


                        ALL CHECKS                                                                86,979.27       86,979.27CR
                                                                                                  86,979.27            0.00

TOTAL CHECKS TO PRINT:      55
---------------------------------------------------------------------------------------------------------------------

                                         ERRORS:                0                 WARNINGS:         0
                                                                                            Tipton Community
                                                                                                  Development
                                                                                 520 Cedar Street – Downtown
                                                                                           Tipton, Iowa 52772
                                                                                                (563) 886-6350
                                                                       www.tiptoniowa.org | www.tiptoniowa.us
                                                                                           info@tiptoniowa.us

October 16, 2008

Dear City Council:

I’d like to again applaud the Council for exploring the concept of a revolving loan fund (RLF) program for the City of
Tipton. RLF programs have been very successful economic development tools in communities across the country,
providing an additional local financing source for business start-ups and expansions. I have no doubt that a RLF
program in Tipton would also be successful. After reviewing the council’s feedback on this project, I now present this
draft proposal for a local RLF program.

The Council overwhelmingly wished to support a potential RLF using grant dollars. I believe that the best option for
this is to apply for a USDA Rural Development RBEG (Rural Business Enterprise Grant) which can provide dollars for
starting a community RLF. A couple of weeks ago I sat down with Tom Miller at the local USDA Rural Development
office and went through the process and discussed how Tipton would score on the grant application. We have a good
shot at receiving this grant, and Tom provided the needed forms and advice for completing the application.

As you’ll see from the Scope of Work and RLF Plan documents, I have it set up so that the Tipton Development
Commission will serve as the Loan Committee. The process would work in a similar way as the Downtown
Revitalization Incentive Program, where the TDC will review the applications and make recommendations to City
Council for final approval. I would recommend having a rolling deadline for the RLF as well, to combine review
meetings to cover both programs.

The proposed local match is $5,000 and we would request $94,000 from USDA. That puts us over the 5% threshold,
which gives us more points on the application. We get more points for a larger local match, but with the inherent risk
in providing these loans I suggest we use as few “local dollars” as possible.

The framework of the RLF plan is based on USDA-RD guidelines, as well as the successful RLF program in Charles
City (which was also initially funded by a RBEG grant). Using RBEG dollars prevents us from limiting this program to
downtown businesses, but we can give some subjective weight to downtown in the review process if desired.

I will be at Monday’s meeting to discuss the proposed draft of the RLF plan and to answer any questions you may
have. Please keep in mind that this is simply a draft and until approved by the Council, it is a working document.
Once the City Council is satisfied with the proposed RLF plan, I will complete the RBEG grant application which has a
quarterly deadline.

Respectfully Submitted,




Travis B. Alden, Tipton Community Development Director
                                            DRAFT
                                          CITY OF TIPTON
                                     REVOLVING LOAN FUND PLAN

The Tipton Revolving Loan Fund (RLF) shall be operated under the guidance of the following
revolving loan fund plan. This Revolving Loan Fund Plan will not be amended or changed without
prior written concurrence from Rural Development (grantor), an Agency of the USDA.

    1. Use of Grant Funds:

                Grant funds to be received by the grantee through the Rural Business Enterprise Grant
                program will be used to establish a revolving loan fund (RLF). The RLF will be used to
                provide financial assistance to third parties within the guidelines of this revolving loan fund
                plan.

    2. Scope of program:

                The Tipton Community RLF is primarily targeted toward small start-up or established
                businesses expanding / relocating to Tipton. The RLF is focused on Tipton’s downtown
                commercial district, but applications will be accepted from any new business within Tipton
                city limits.

                The Tipton Development Commission (TDC) will serve as the Loan Committee for the
                purposes of the RLF program.


    3. Sources of all non-grant funds:

                The Grantee will contribute a cash match to establish the RLF. Verification of these funds is
                provided with the grant application. These funds will remain in the RLF until the RLF is
                terminated. Termination will not take place without prior concurrence of the grantor.

                Applicants of the RLF will be required to meet their financial needs from their own resources
                and commercial financial institutions whenever possible. The RLF will be used to finance
                applicant needs that cannot be met from the above resources. The RLF may finance up to
                100% of an applicant’s needs if other resources are not available.


    4. Purpose and limitations of the loans made from the RLF:
             Planned projects to be financed may include but not limited to:
                          a. Project / business to be assisted by the RLF program typically must be
                             physically located within the city limits of Tipton, Iowa. On a case-by-case
                             basis, the RLF Committee may waive this requirement and provide loan
                             funds to a business located outside the city limits if the committee
                             determines doing so will have a positive economic impact on the
                             community to be assisted with RLF funds.
Revised October 2008
                            b. Acquisition and development of land, easements, and rights-of-way.
                            c. Construction, conversion, enlargement, repairs or modernization of
                                buildings (including façade repairs), plants, machinery, equipment, access
                                streets and roads, parking areas, utilities, and pollution control and
                                abatement facilities.
                            d. Loans for startup operating cost and working capital.
                            e. Technical assistance for private business enterprises.
                            f. A priority will be given to downtown retail and commercial projects.
                Limitation on loans from the RLF:
                            a. RLF funds will not be used to produce agriculture products through
                                growing, cultivation, and harvesting either directly or through horizontally
                                integrated livestock operations except for commercial nurseries, timber
                                operations, or limited agricultural production related to technical assistance
                                projects.
                            b. RLF funds will not be used to finance comprehensive area-wide type
                                planning. This does not preclude the use of grant funds for planning for a
                                given project.
                            c. RLF funds will not be used to fund a part of a project, which is dependent
                                on other funding unless there is a firm commitment of the other funding to
                                ensure completion of the project.
                            d. Loans will not be made unless there is a reasonable prospect that the
                                applicant meets the definition of “small and emerging private business
                                enterprises” defined as “any private business that will employ 50 or fewer
                                new employees and has less than $1 million in projected gross revenues.”
                                If the grantor changes its definition of small and emerging business as
                                defined by the Rural Business Enterprise Grant regulations, the grantee
                                reserves the right to utilize the amended definition without further approval
                                from the grantor.
                            e. At least 51% of the outstanding interest in the applicant must be owned by
                                those who are either citizens of the United States or reside in the United
                                States after being legally admitted for permanent residence.

                Other Lending criteria:
                           a. Loans to be made from the RLF will not exceed the level of available
                              funding in the RLF bank account. Loans made from the RLF typically will
                              not be less than $5,000. The Loan Committee may authorize smaller loans
                              on a case-by-case basis.
                           b. Loans may be amortized over the lesser of seven years or the life of the
                              security. The Loan Committee shall determine the term.
                           c. Initially the interest rate will typically not exceed prime rate by more than
                              1%. The Loan Committee will determine the rate.
                           d. Typically security shall consist of the best possible lien available on real
                              estate, equipment, inventory, etc. The discounted value of the security
                              (using typical lender discount rates) shall equal or exceed the value of the
                              loan. The Loan Committee may require personal guarantees and/or co-
                              signors. The Loan Committee shall have authority to require lesser
                              security on a case-by-case basis.

Revised October 2008
                            e. There must be evidence presented by the applicant that indicates the RLF
                               loan is necessary to make the proposed project feasible.
                            f. RLF loan funds will not be used to pay off any previous debt. Refinancing
                               construction financing is an allowable exception to this rule.
                            g. If the business relocates outside of Tipton city limits, the Loan Committee
                               shall require immediate pay off of the loan.
                            h. The proposed project must be presented to the Loan Committee by the
                               prospective business owner or his/her representative.
                            i. The Loan Committee may require written feasibility studies, business
                               plans, market studies, etc. as appropriate for the business type.
                            j. A $100 application fee shall be submitted with each application. Costs
                               associated with processing the application (e.g. credit report fees, UCC
                               and lien search fees, filing security documents, filing legal documents fees,
                               etc.) shall be the responsibility of the applicant. The Loan Committee may
                               waive or amend this fee structure at any time, without further approval from
                               the grantor.

    5. Number of jobs to be created/saved with each project:

                The grantee has a goal of creating or retaining at least one full time job for each $10,000
                loaned from the RLF.

    6. Project priority and length of time involved in completion of each project:
               Applications for RLF funds will be accepted on a continual basis. Applicants who choose to
               apply in times when inadequate funds exist for extending a loan will be informed of the lack
               of funds. Applications will be reviewed and funded (if eligible) based on the following
               criteria:

                            a. Applications with the greatest anticipated economic impact for the
                               community shall receive greatest priority. Criteria to be considered in
                               determining economic impact include number of jobs created or saved,
                               wage scale of employees, benefits paid to employees. The TEDCO TIF
                               incentive matrix, or a modified version of that matrix, may be used to score
                               each application in these areas.
                            b. Applications of equal economic impact will be funded in date order of
                               application.
                            c. In accordance with Federal law and U.S. Department of Agriculture policy,
                               the Loan Committee will not discriminate on the basis of race, color,
                               national origin, sex, religion, age, disability, or marital or family status.
                            d. The Loan Committee will be responsible for determining priorities of
                               application to be funded. Eligibility of applicants will typically be
                               determined within 30 days of receipt of a complete application. An
                               application will be considered complete when all information necessary for
                               the Loan Committee to make a decision has been received.




Revised October 2008
    7. Other information:
               The Loan Committee will administer the RLF. The Tipton Development Commission will
               serve as the Loan Committee, which consists of two City Council members, two Chamber
               of Commerce Board members, two Tipton Economic Development Corp. Board members,
               and one at-large member. The Community Development Director will be an ex-officio
               member of the Loan Committee. (see Scope Of Work for additional information)

                A representative from each participating private financial institution shall be invited to
                participate in each meeting of the Loan Committee. However, official voting / loan approvals
                & denials will be the responsibility of the TDC.

                The Community Development Director shall be responsible for the day-to-day
                administration requirements of the RLF.


This Revolving Loan Fund Plan is submitted by the grantee. Upon approval by the grantor, the
grantee agrees that no changes will be made to the Revolving Loan Fund Plan without prior written
approval by the grantor.



City of Tipton (GRANTEE)


By: _________________ _______,          _____________________________             _______________
       (Signature)                             (Title)                               (Date)




This Revolving Loan Fund Plan is hereby approved by USDA - Rural Development.



USDA - RURAL DEVELOPMENT


By: _________________ _______,          _____________________________             _______________
       (Signature)                             (Title)                               (Date)




Revised October 2008
                                           DRAFT
                                          Scope of Work
                          Rural Business Enterprise Grant Application
                                     City of Tipton, Iowa


The City of Tipton is applying for a Rural Business Enterprise Grant (RBEG) from Rural
Development (hereafter referred to as "grantor"), an Agency of the USDA. The following Scope of
work will be used to measure the performance of the City of Tipton (hereafter referred to as
"grantee").

1)     The specific purposes for which grant funds will be utilized:
       Funds will be used to create a revolving loan fund (RLF) to assist small and emerging businesses
       - specifically in the retail sector - within the city limits of Tipton, Iowa, located in Cedar County.
2)     Timeframes or dates by which action surrounding the use of funds will
       be accomplished.

       The grantee anticipates having all documentation completed for the purposes of closing the grant
       within three months after notification of grant funding. The grantee also anticipates having all
       initial RLF funds loaned within 24 months after notification of grant funding.

3)     Who will be carrying out the purpose for which the grant is made (key personnel should be
       identified).

       The RLF will be administered by the Tipton Community Development Director along with the
       RLF Loan Committee. The Tipton Development Commission (TDC) will serve as the RLF Loan
       Committee. These people consist of:

       Travis Alden – Tipton Community Development Director
       Dr. Mark Niles (TDC Chairman) – Executive Board member of Tipton Economic Development
       Corporation (TEDCO). Dr. Niles owns Niles Chiropractic Clinic in Tipton.
       Jeff Meyer – TEDCO President. Mr. Meyer is President of Bridge Community Bank in
       Mechanicsville, Iowa.
       Mike Pelzer – Tipton Chamber of Commerce Board member. Mr. Pelzer is President of
       Community Insurance and Financial Services in Tipton.
       Todd Miller – Tipton Chamber of Commerce Board member. Mr. Miller is a Pharmacist at
       Tipton Pharmacy.
       Dean Anderson – Tipton City Councilor. Mr. Anderson also owns Tipton Greenhouse & Florist.
       Bob Klemme – Tipton City Councilor. Mr. Klemme is employed by Cedar County.
       Paul Stueland – Tipton Chamber of Commerce President. Mr. Stueland owns Stueland Auto
       Center, Tipton’s local GM dealership.

       The TDC / RLF Loan Committee will make loan recommendations to the Tipton City Council.
       City Council will have the final approval or denial of any loan applications.
4)   How the grant purposes will be accomplished.

     Tipton’s RLF will be administered by a Loan Committee. The Loan Committee shall be
     comprised the seven-person Tipton Development Commission (TDC), including the Community
     Development Director. The Community Development Director shall not have voting privileges
     and will serve in an advisory role.

     The Tipton City Council appoints the members of the TDC. Two representatives are members of
     the Tipton Economic Development (TEDCO) Board, two are members of the Tipton Chamber of
     Commerce Board, two are members of the Tipton City Council, and one member is at-large. Four
     persons of the committee shall constitute a quorum necessary for approving or rejecting an
     application for funding from the RLF. A simple majority (51%) of members voting shall be
     necessary for approval.

     The Community Development Director shall be responsible for administrative requirements of
     the RLF. The chairperson may delegate these responsibilities to other persons. The current TDC
     Chairperson will serve as the chairperson for the RLF committee.

     See the "Revolving Loan Fund Plan" for additional information pertinent to administering the
     RLF.

5)   Documentation regarding the availability and amount of other funds to be used in
     conjunction with the grant funds.

     The City of Tipton will contribute $5,000 to establish the RLF. Verification of these funds is
     provided in the form of a letter of intent from City Manager Doug Boldt. These funds will remain
     in the RLF until the RLF is terminated. Termination will not take place without prior
     concurrence of the grantor.

6)   Additional information to justify the need for a RLF:
     a)      Information which will establish/identify the need for the revolving loan fund.

             The City of Tipton is located in Cedar County. Economic statistics are as follows:

                                                Tipton      Cedar      State of       US
                                                            County      Iowa
              August 2008 Unemployment Rate      N/A         3.9%       4.6%         6.1%

              Median Household Income (2002)    $36,778     $44,940    $42,278     $43,318

              2000 Census Population             3,155      18,187    2,926,324   281,421,906

                 Unemployment rates are based on Iowa Workforce Development and Bureau of Labor
                 Statistics Information
                 Population is based on 2000 Census

             The average unemployment rate for Cedar County is 3.9% compared to the State of Iowa
             unemployment rate of 4.6% indicating local unemployment rates are 15.3% lower than
             state average. Median Household Income (MHI) of Tipton is $36,778; 87% of state MHI
             and 84.9% of national MHI. Cedar County MHI is 106.3% of state MHI and 103.71% of
             national MHI.
              In addition to the above statistical data, Cedar County was designated a disaster area
              county by the Governor’s office due to the foods of summer 2008. Although Tipton City
              Limits was unaffected by the floods, the surrounding area was very negatively impacted.

              Creating a revolving loan fund will provide a means and opportunity to assist local small
              businesses retain employment or create employment. It will also help to continue the
              revitalization of our downtown commercial area and further development of our
              industrial park.

       b)     Financial statements which will demonstrate the financial ability of the grantee to
              administer the revolving loan fund.
              See enclosed balance sheet and income statement.

       c)     Applicant's experience in operating a revolving loan fund.
              Applicant has no experience in operating a revolving loan fund. However, the City
              maintains a multi-million dollar budget and members of the Loan Committee have years
              of banking and other financial experience.



This Scope of Work is submitted by the grantee. Upon approval by the grantor, the grantee agrees
that no changes will be made to the Scope of Work without prior written approval by the grantor.



City of Tipton (GRANTEE)


By: _________________ _______,        _____________________________            _______________
       (Signature)                           (Title)                              (Date)




This Scope of Work is hereby approved by USDA - Rural Development.



USDA - RURAL DEVELOPMENT


By: _________________ _______,        _____________________________            _______________
       (Signature)                           (Title)                              (Date)
                                                                               AGENDA ITEM # L-4

                                    AGENDA INFORMATION
                            TIPTON CITY COUNCIL COMMUNICATION

DATE:                      October 16, 2008

AGENDA ITEM: Discussion and Consideration of TEDCO Recommendation for Tax
             Increment Financing Incentive for Vermeer of Iowa and Council Action as
             Needed

ACTION:                    Discussion and Possible Motion

FILE: City5:C\MyDoc\Reports to Council\Ecdev\Vermeer of Iowa TIF


SYNOPSIS: Attached is a copy of the Financial Incentive Matrix for Vermeer of Iowa, soon
to be located in the Tipton Business Park. Rick Boat, CEO of Vermeer of Iowa, has
purchased 5 acres in the business park to expand their operations into eastern Iowa. Vermeer
of Iowa qualifies for the highest level of 8 years, 80% level of incentive based on the
qualification model. Jeff Meyer will be at the meeting Monday night to present the
information.




BUDGET ITEM: N/A

MAYOR/COUNCIL ACTION: Discussion and Possible Motion

ATTACHMENTS: Incentive Matrix

PREPARED BY: Doug Boldt                                            DATE PREPARED: October 16, 2008
     City of Tipton
     Business/Industry Incentive Qualification Model (Score Scale, 1 to 5)
     Subject Business:

                             Score Value
     AREA I (Quantitative)                 1              2             3               4              5       Score
1      Number of Jobs                 1 - 10      X     10 - 25      25 - 50         50 - 75         75 +       2

2      Site Size Required             0-3 ac.     X     3-5 ac.      5-10 ac.       10-15 ac.       15 ac. +    2

     AREA II (Qualitative)
3      Average Wage/Job               $6-7/hr           $7-9/hr     $9-11/hr        $11-15/hr   X   $15/hr +    5

4      Expansion Potential            0 - 10%          10 - 20%     20 - 30%        30 - 40%    X    40% +      5

     AREA III (Economics)
5      Economic Impact               $0-500M          $500-$1.0M   $1.0-$2.0M   X $2.0-$5.0M        $5.0M+      4

6      Business History                New              0-3 yrs      3-5 yrs         5-10 yrs   X   10 yrs+     5

     AREA IV (Environment)
7      Desirability                 Undesirable        Potential    Desirable       Targeted    X Enhanced      5

8      Compatibility                Undesirable        Potential    Desirable       Targeted    X Enhanced      5

9                                                                                                   TOTAL       33


       Business/Industry Incentive Matrix

10     Composite Incentive Score       0-8              9-16         17-24           25-32           33+
       Scale for non- Park Prop.       0-7              8-14         15-21           22-28           29+
11     Lot Price                      100%              90%          80%             70%             60%

12     TIF Property Tax Benefit            0          2yr/50%       4yr/60%         5yr/70%         8yr/80%
                      CITY OF TIPTON
                  TIF Calculation Worksheet
                       XYZ Corporation

    $500,000    Property Assessed Value (established by County Assessor)

-   $15,000     Base Assessed Value (prior to improvements)

=   $485,000    Captured Tax Capacity Value

x   .02970807   Qualified Tax Levy Millage Rate

=   $14,408     Tax Increment Funding Available Per Year

x      8        Number of Years Proposed (from Matrix, Line 12)

=   $115,267    Total TIF Value

x      0.8      Percentage Qualifier (from Matrix)

=   $92,214     Total TIF Fund Available

=   $11,527     Total TIFApplication Per Year (Debt/Rebate/Credit)
                                                                               AGENDA ITEM # L-5

                                    AGENDA INFORMATION
                            TIPTON CITY COUNCIL COMMUNICATION

DATE:                     October 16, 2008

AGENDA ITEM: Discussion and Consideration to Authorize City Manager to Contact Dorsey
             and Whitney to Prepare Development Agreement for Vermeer of Iowa and
             Council Action as Needed

ACTION:                   Discussion and Possible Motion

FILE: City5:C\MyDoc\Reports to Council\Ecdev\Vermeer of Iowa DAA


SYNOPSIS: Pending approval of L-4, the council would then need to make a motion to
authorize me to contact Dorsey and Whitney to prepare a development agreement with the
information from the incentive matrix. Once the development agreement is prepared, it will
be on the next agenda for council review. Pending a favorable review, the council will set a
public hearing for the November 17th meeting.




BUDGET ITEM: N/A

MAYOR/COUNCIL ACTION: Discussion and Possible Motion

ATTACHMENTS:

PREPARED BY: Doug Boldt                                            DATE PREPARED: October 16, 2008
                                                                                           AGENDA ITEM # L-6

                                    AGENDA INFORMATION
                            TIPTON CITY COUNCIL COMMUNICATION

DATE:                     October 16, 2008

AGENDA ITEM: Discussion and Consideration of Third Addendum to Antenna Site
             Agreement and Council Action as Needed

ACTION:                   Discussion and Possible Motion
FILE: City5:C\MyDoc\Reports to Council\Admin\Third Addendum to Communications Tower Site



SYNOPSIS: Attached is the third addendum to the antenna site agreement the City has with
Kirkwood Community College for the communications tower in the City Park. The original
agreement began in 1982 and for your reference, will be on your desks Monday night. This
addendum would renew the lease for another 10 years. The City receives 50% ($3600) of the
rent of the leased space of the tower.




STATUTORY REFERENCES/AUTHORITY:

BUDGET ITEM:

MAYOR/COUNCIL ACTION: Discussion and Possible Motion

ATTACHMENTS: Third Addendum and Original Lease Agreement

PREPARED BY: Doug Boldt                                                DATE PREPARED: October 16, 2008
                                                                                                  1


           THIRD ADDENDUM TO ANTENNA SITE AGREEMENT


This Third Addendum to Antenna Site Agreement (this “Addendum”) is made and entered into
this _____ day of October, 2008, by and between the City of Tipton, Iowa, (“Lessor”), an Iowa
Municipal corporation, and Kirkwood Community College, a community college organized and
operated pursuant to Iowa Code chapter 260C (the “Lessee”), and collectively hereinafter
referred to as the “Parties”.

The parties have previously entered into an Antenna Site Agreement, dated March 8, 1982 (the
“Lease”) under which the Lessor agreed to lease certain real property to the Lessee on which to
locate a radio tower and building, subject to the terms and conditions as set forth in the
Agreement. The Agreement provided for an initial term of twenty (20) years, and granted the
Lessee with an option to renew the Agreement for an additional ten year term. That option was
exercised by Kirkwood Community College on the 30th day of June, 1999 with the First
Addendum to Antenna Site Agreement. A Second Addendum to Antenna Site Agreement
modifying the First Addendum to Antenna Site Agreement was exercised on the 9th day of June,
2003 and among other items being corrected, granted the option for the Lessor, Kirkwood
Community College, to renew for a succeeding ten year period that was exercised on June 30,
1999.

In order to grant approval and amend the Agreement and the First and Second Addendums to the
Antenna Site Agreement, the Parties, each on behalf of themselves and their successors and
assigns, hereby agree as follows:

   1.  The First Addendum to Antenna Site Agreement dated the 9th day of June, 2003 shall be
      amended by deleting section 2., Fee for Sub-Lease, and adding a new section 2., Fee for
      Sub-Lease. The Lessor hereby consents to the sub-leasing of tower space on the tower
      owned by Kirkwood Community College. Such consent shall not be construed as a
      release of the Lessee of any rights, obligations or duties required of the Lessee by the
      terms of this Lease. In consideration of said consent, Lessee shall pay to the Lessor 50
      percent of all revenues actually received by the Lessee derived from said sub-lease(s),
      with the exception of the sub-lease with Commspeed Iowa.
   2. The Second Addendum to Antenna Site Agreement shall be amended by deleting sub
      section c. of section 3, (The first Addendum to the Antenna Site Agreement shall be
      amended by deleting all references to Cedar County PCS, LLC and inserting United
      States Cellular.)
   3. The Lessee is hereby granted the option to renew the present lease period that expires on
      June 30, 2009 for a ten year period. This ten year renewal shall begin on June 30, 2009.



Tipton Tower Lease
Third Addendum 10/08/2008
                                                                                                2


   4. The lessee is hereby granted one additional option to renew for a succeeding ten year
      period at the expiration of the ten year period effective with this Third Addendum to
      Antenna Site Agreement.
   5. All other terms and conditions of the Lease not addressed in the First Addendum to Site
      Agreement and the Second Addendum to Site Agreement are hereby ratified and remain
      in full force and effect.



ATTEST:                                           Kirkwood Community College

___________________________                By:__________________________
Secretary                                         Mick Starcevich, President



ATTEST:                                           CITY of TIPTON, IOWA

___________________________                       By:__________________________
City Clerk                                        Shirley Kepford, Mayor




Tipton Tower Lease
Third Addendum 10/08/2008
M. Reports to be Received / Filed
                                         Community Development Director's Report
                                                For Tipton City Council
                                                    October 20, 2008

Promotion
* Website usage:                Tiptoniowa.org: 40,613 hits in September
                                Tiptoniowa.us: 70,245 hits in September

* My guest article for the Corridor Business Journal was published in the September 29th issue. In the article I
outlined the challenges and benefits of Tipton’s location, relationships with larger metro areas, and what local
efforts are underway to further enhance economic development in our community.

* This fall I will be beginning a comprehensive redesign of the City website. It is always a good idea to freshen the
look of a website every couple of years, to increase interest and to stay current on the multitude of search engines.
A re-design is also a good way to make sure that all online information is current and up to date. Please let me
know if you have any suggestions.

* On October 14th, the Chamber-sponsored scarecrow project was featured on the KCRG-TV9 news at 10. After
sending them a photo of the McCain & Obama scarecrows, they requested I send some more and they ended up
showing 6-7 of them during the newscast.

Business Development
* Part of tonight’s agenda is approval of a TIF incentive for Vermeer of Iowa. For the past few years this Iowa-based
company has been looking to expand into eastern Iowa with a sales & service location for their industrial
equipment. The president of the company and the future manager of this new location have been to Tipton a
number of times and have agreed to purchase 5 acres in the business park. The area they selected is the frontage
along Hwy 38, west of Cummins Manufacturing and south of Commerce Blvd. Vermeer will be a fantastic addition
to the business park; with great name recognition, high wage rates, and impressive growth potential.

* I am currently working with a national-chain business prospect represented by a firm based in Minnesota. They
have already visited Tipton and are exploring their options, ranging from downtown storefronts to new construction.

Community Development
* The initial meeting of our local skate park committee is scheduled for Thursday (October 23rd) at 5:30pm. We have
a good group put together, including both city officials and young skateboarders. Mike Tanner of Midwest Sales
Company (Davenport) will be there to go over potential designs and layouts for the park, and to explain the
differences, benefits, and costs of different stake elements. Thank you to Bob Klemme for representing City Council
in this process.

* I recently submitted a grant application for the Tony Hawk Foundation, which supports skate park projects across
the country. The maximum grant amount is $25,000.

Events
* The Chamber of Commerce Board continues to discuss possibilities and ideas for a new annual signature event
for Tipton. The thought is to hold the event the same weekend as Ridiculous Days to build on that. Much more to
come on this in the coming weeks and months.

Respectfully Submitted,




Travis B. Alden
Tipton Community Development Director
N. Reports of Mayor / Council /
           Manager
_______________________________________________________________________________
                                CITY OF TIPTON
                                CITY MANAGER
                          REPORT TO THE CITY COUNCIL
                                 October 16, 2008

        Our next department tour will be of the Electric Department before the next council
        meeting at 4:45 p.m.

        Just an FYI, Lorna continues to progress nicely with the rehabilitation of her left knee.
        However, prior to going in for surgery to replace her right knee the doctors detected an
        infection which needs to be cleared up and has postponed the surgery until October
        29th. We continue to wish her well.

        All American Concrete continues to struggle to get Illowa back in town to pave
        Meridian Street and now 8th Street as it is also ready. Attached is a letter from Jack
        Pope sent to Bill Simon expressing our concern over the completion of the project prior
        to the contract expiring.

        Attached for your review is an estimate from Jack Pope for the reconstruction of Cedar
        Street, two blocks of East 7th Street and the possible replacement of the 4” water main
        along the west side of Cedar Street. Steve Nash is coordinating televising the sanitary
        sewer main under Cedar Street to see its condition and if any repair or replacement
        work will be necessary.

        The City has taken possession of the property at 401 Cedar Street (Reggie’s) and
        pending a change in direction from the council, I will be sending out demolition
        proposals next week.

        John Foley has coordinated with the county our annual flu shots for the city employees.
        The date has been set for November 7th from 7:00 a.m. – 9:00 a.m. at the courthouse.
        This also includes council members.

        Also attached for your information is a letter from Dave Burbach notifying the City of
        a new regulation and drastic change affecting both indoor and outdoor swimming pool
        outlet grates. Adam Spangler and I have been in contact with Dave, Pool Tech and
        pool managers in the surrounding area discussing this issue. We have requested a
        Professional Services Package proposal from Dave. That document is also attached.
        We continue to explore our options as we coordinate information and correctional
        procedures with surrounding facilities and will keep the council informed with our plan
        of action as the deadline for compliance is December 19, 2008.

        Ron Hembry and Adam Spangler were able to locate and isolate the leak in the 4”
        return line at the Family Aquatic Center that was responsible for the water loss we were
        experiencing. With the help of Don Drager and Brian Wendel, the broken pipe has
        been repaired.

								
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