Resolution 2025-035 - Resolution Authorizing a Loan Agreement, providing the Issuance of $5,350,000

RESOLUTION NO. 2025-035 Resolution authorizing and approving a Loan Agreement, providing for the issuance of $5,350,000 General Obligation Corporate Purpose Bonds, Series 2025A, and providing for the levy of taxes to pay the same WHEREAS, the City of Tiffin, in Johnson County, State of Iowa (the “City”), heretofore proposed to enter into a General Obligation Loan Agreement (the “Loan Agreement”), pursuant to the provisions of Section 384.24A of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $5,500,000 for the purpose of paying the costs, to that extent, of (a) constructing street, water system, sanitary sewer system, sidewalk and storm water drainage improvements; and (b) acquiring and installing street lighting, signage and signalization improvements, and pursuant to law and a notice duly published, the City Council has held a public hearing on such proposal on February 4, 2025; and WHEREAS, a Preliminary Official Statement (the “P.O.S.”) has been prepared to facilitate the sale of General Obligation Corporate Purpose Bonds, Series 2025A (the “Bonds”) in evidence of the obligation of the City under the Loan Agreement, and the City Council has made provision for the approval of the P.O.S. and has authorized its use by Northland Securities, Inc. (the “Underwriter”), as the underwriter of the issuance of the Bonds; and WHEREAS, a certain Bond Purchase Agreement (the “Bond Purchase Agreement”) has been prepared to set forth the terms of the Bonds and the understanding between the City and the Underwriter with respect to the purchase thereof and the City Council has approved the Bond Purchase Agreement and made provision for its execution and delivery; and WHEREAS, the City Council deems it advisable to approve a commitment for municipal bond insurance policy issued by Assured Guaranty Inc. (the “Bond Insurer”) with respect to the Bonds; WHEREAS, it is now necessary to make final provision for the approval of the Loan Agreement and to authorize the issuance of the Bonds; NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. The City Council hereby determines to enter into the Loan Agreement with the Underwriter, 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 $5,350,000, 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.