I-1 - Resolution 2022-042 - Approving Loan Agreement for GO Series 2022A

RESOLUTION NO. 2022-042 Resolution authorizing and approving a certain Loan Agreement, providing for the issuance of $2,740,000 General Obligation Corporate Purpose Bonds, Series 2022A and providing for the levy of taxes to pay the same WHEREAS, the City of Tiffin (the “City”), in Johnson County, State of Iowa, pursuant to the provisions of Section 384.24A of the Code of Iowa, heretofore proposed to enter into a loan agreement (the “Essential Purpose Loan Agreement”) and to borrow money thereunder in a principal amount not to exceed $600,000 for the purpose of paying the costs, to that extent, of acquiring vehicles and equipment for the municipal fire department; and acquiring vehicles and equipment for the municipal public works/street department, and pursuant to law and a notice duly published, the City Council has held a public hearing on such proposal on March 15, 2022; and WHEREAS, the City also proposed to enter into a loan agreement (the “Urban Renewal Loan Agreement #1”) and to borrow money thereunder in a principal amount not to exceed $1,600,000, pursuant to the provisions of Sections 384.24A and 384.24.3(q) of the Code of Iowa, for the purpose of paying the costs, to that extent, of undertaking the Public Works Building Project, an urban renewal project in the Tiffin Urban Renewal Area authorized by action of the City Council June 16, 2020, and in lieu of calling an election upon such proposal, has published notice of the proposed action and has held a hearing thereon, and as of March 15, 2022, no petition had been filed with the City asking that the question of entering into the Urban Renewal Loan Agreement #1 be submitted to the registered voters of the City; and WHEREAS, the City also proposed to enter into a loan agreement (the “Urban Renewal Loan Agreement #2” and together with the Essential Purpose Loan Agreement, and the Urban Renewal Loan Agreement #1, the “Loan Agreements”) and to borrow money thereunder in a principal amount not to exceed $700,000, pursuant to the provisions of Sections 384.24A and 384.24.3(q) of the Code of Iowa, for the purpose of paying the costs, to that extent, of undertaking the Public Safety Campus Land Acquisition Project, an urban renewal project in the 2017 Park Place Commercial Urban Renewal Area, authorized by action of the City Council March 15, 2022, and in lieu of calling an election upon such proposal, has published notice of the proposed action, including notice of the right to petition for an election, and has held a hearing thereon, and as of April 5, 2022, no petition has been filed with the City asking that the question of entering into the Urban Renewal Loan Agreement #2 be submitted to the registered voters of the City; and WHEREAS, pursuant to Section 384.28 of the Code of Iowa, the City combined the Loan Agreements into a single loan agreement (the “Loan Agreement”); and WHEREAS, a Preliminary Official Statement (the “P.O.S.”) has been prepared to facilitate the sale of General Obligation Corporate Purpose Bonds, Series 2022A (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