I-1 - Resolution 2025-046 - Set Public Hearing for Water Revenue Loan - 2025

Tiffin/436989-42/1st ½ - Water Rev RESOLUTION NO. 2025-046 A Resolution Setting the date of June 3, 2025, for a Public Hearing on proposal to enter into a Water Revenue Loan and Disbursement Agreement and to Borrow Money thereunder in a Principal amount not to exceed $15,000,000 WHEREAS, the City of Tiffin (the “City”), in Johnson County, State of Iowa, did heretofore establish a Municipal Waterworks Utility System (the “Utility”) in and for the City which has continuously supplied water service in and to the City and its inhabitants since its establishment; and WHEREAS, the management and control of the Utility are vested in the City Council (the “Council”), and no board of trustees exists for this purpose; and WHEREAS, the City now proposes to enter into a Water Revenue Loan and Disbursement Agreement (the “Agreement”) and to borrow money thereunder in a principal amount not to exceed $15,000,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the cost, to that extent, of planning, designing and constructing improvements and extensions to the Utility (the “Project”), and it is necessary to fix a date of meeting of the City Council at which it is proposed to take action to enter into the Agreement and to give notice thereof as required by such law; NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. This City Council shall meet on June 3, 2025, at the __________________________, in the City, at ______ o’clock ___.m., at which time and place a hearing will be held and proceedings will be instituted and action taken to enter into the Agreement. Section 2. The City Clerk is hereby directed to give notice of the proposed action on the Agreement setting forth the amount and purpose thereof, the time when and place where the said meeting will be held, by publication at least once, not less than four (4) and not more than twenty (20) days before the meeting, in a legal newspaper which has a general circulation in the City. The notice shall be in substantially the following form: -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA