I-2 - Resolution 2024-005 - Setting PH Date for 3.5M GO Note - 2024

RESOLUTION NO. 2024-005 Resolution Setting the Date of February 20, 2024, for Public Hearing on Proposal to enter into a General Obligation Loan Agreement and to borrow money thereunder in a Principal Amount not to exceed $3,500,000 WHEREAS, the City of Tiffin (the “City”), in Johnson County, State of Iowa, proposes 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 $3,500,000 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 (the “Projects”); and it is necessary to fix a date of meeting of the City Council at which it is proposed to take action to enter into the Loan Agreement and to give notice thereof as required by such law; NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. This City Council shall meet on February 20, 2024, at the ____________________________, Tiffin, Iowa, at ________ o’clock ___m., at which time and place a hearing will be held and proceedings will be instituted and action taken to enter into the Loan Agreement. Section 2. The City Clerk is hereby directed to give notice of the proposed action on the Loan Agreement setting forth the amount and purpose thereof, the time when and place where the said meeting will be held by publication at least once, not less than four (4) and not more than twenty (20) days before the date of said meeting, in a legal newspaper which has a general circulation in the City. The notice shall be in substantially the following form: