I-1 - Resolution 2025-007 - Setting Date for PH for GO Note - North Park Road

NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER IN A PRINCIPAL AMOUNT NOT TO EXCEED $5,500,000 (GENERAL OBLIGATION) The City Council of the City of Tiffin, Iowa (the “City”), will meet on February 4, 2025, at the ________________________________, Tiffin, Iowa, at _____ o’clock ___.m., for the purpose of instituting proceedings and taking action on a proposal to enter into a loan agreement (the “Loan Agreement”) 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. The Loan Agreement is proposed to be entered into pursuant to authority contained in Section 384.24A of the Code of Iowa and will constitute a general obligation of the City. It is estimated the annual increase in property taxes on a residential property with an actual valuation of one hundred thousand dollars resulting from the City entering into the Loan Agreement will be $50.66, however the City Council may determine for any fiscal year while the Loan Agreement is outstanding to budget other available revenues to the payment of some or all of the debt service coming due thereunder. At that time and place, oral or written objections may be filed or made to the proposal to enter into the Loan Agreement. After receiving objections, the City may determine to enter into the Loan Agreement, in which case, the decision will be final unless appealed to the District Court within fifteen (15) days thereafter. By order of the City Council of the City of Tiffin, Iowa. Abigail Hora City Clerk