G-1, I-1 - Resolution 2025-013 - Enter into GO Bond - North Park Road

RESOLUTION NO. 2025-013 A Resolution taking Additional Action on Proposal to enter into a General Obligation Corporate Purpose Loan Agreement WHEREAS, the City of Tiffin (the “City”), in Johnson County, State of Iowa, heretofore proposed to enter into a 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 has published notice of the proposed action and has held a hearing thereon on February 4, 2025; and NOW, THEREFORE, It Is 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 in the future and orders that General Obligation Corporate Purpose bonds or notes (the “Bonds”) be issued at such time, in evidence thereof. The City Council further declares that this resolution constitutes the “additional action” contemplated under Section 384.25 of the Code of Iowa. Section 2. Further action with respect to the Loan Agreement and the Bonds is hereby adjourned to the City Council meeting on March 4, 2025. Section 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Section 4. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved February 4, 2025. __________________________________________ Mayor Attest: __________________________________________ City Clerk