G-1, I-1 - Resolution 2024-007 - 3.75M General Obligation Bond - 2024A

RESOLUTION NO. 2024-007 Resolution taking additional action on proposal to enter into a General Obligation Loan Agreement and providing for the levy of taxes to pay General Obligation Corporate Purpose Bonds, Series 2024A WHEREAS, the City of Tiffin (the “City”), in Johnson County, State of Iowa 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 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 has published notice of the proposed action and has held a hearing thereon on February 20, 2024; and WHEREAS, the City intends to enter into the Loan Agreement in the future and to issue General Obligation Corporate Purpose Bonds, Series 2024A (the “Bonds”) in evidence of its obligations thereunder and anticipates that principal and interest will come due on the Bonds before July 1, 2025; and WHEREAS, it is now necessary to make provision for the levy of a debt service property tax in the 2024-2025 fiscal year for the payment of such anticipated principal and interest; 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 in the future and orders that 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. For the purpose of providing for the levy and collection of a direct annual tax sufficient to pay the principal of and interest on the Bonds as the same become due, there is hereby ordered levied on all the taxable property in the City the following direct annual tax: For collection in the fiscal year beginning July 1, 2024, sufficient to produce the net annual sum of $349,076. provided, however, that at the time the Bonds are issued, the actual tax levy amounts required to pay the principal of and interest on the Bonds in each year shall be determined based upon the interest rate or rates at which the Bonds are issued, and this resolution shall be supplemented by a resolution of the City Council to provide for such actual and necessary tax levy amounts. Section 3. A certified copy of this resolution shall be filed with the Johnson County Auditor and said Auditor is hereby instructed to enter for collection and assess the tax hereby authorized. When annually entering such taxes for collection, the County Auditor shall include the same as a part of the tax levy for Debt Service Fund purposes of the City and when collected,