I-3 - Resolution 2024-027 - Approving GO Bond Purchase - Series 2024A

RESOLUTION NO. 2024-027 Resolution approving Bond Purchase Agreement for the sale of General Obligation Corporate Purpose Bonds, Series 2024A WHEREAS, the City of Tiffin, in the County of Johnson, 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 $3,750,000, for the purpose of paying the costs, to that extent, of (a) constructing street, storm water drainage, sanitary sewer system, water system and sidewalk improvements; (b) acquiring and installing street lighting, signage and signalization improvements; (c) acquiring vehicles and equipment for the municipal public works department; and (d) acquiring vehicles and equipment for the municipal fire department, and pursuant to law and a notice duly published, the City Council has held a public hearing on such proposal on February 20, 2024; and WHEREAS, a Preliminary Official Statement (the “P.O.S.”) has been prepared to facilitate the sale of General Obligation Corporate Purpose Bonds, Series 2024A (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 it is now necessary to make provision for the approval of the Bond Purchase Agreement and its execution and delivery; NOW, THEREFORE, It Is Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. The City Council hereby approves the Bond Purchase Agreement in substantially the form as has been presented to the City Council. The Mayor and the City Clerk are hereby authorized to execute the Bond Purchase Agreement on behalf of the City and to deliver the same to the Underwriter. Section 2. Further action with respect to the authorization of the Loan Agreement and the issuance of the Bonds is hereby adjourned to the City Council meeting scheduled for May 21, 2024. Section 3. All resolutions and orders or parts thereof in conflict with the provisions of this resolution, to the extent of such conflict, are hereby repealed.