I-1 - Resolution 2022-005 - Set PH Date for Sewer Revenue Loan and Disbursement Agreement - SRF

RESOLUTION NO. 2022-005 Resolution to fix a date for a public hearing on proposal to enter into a Sewer Revenue Loan and Disbursement Agreement and to borrow money thereunder in a principal amount not to exceed $486,000 WHEREAS, the City of Tiffin (the “City”), in Johnson County, State of Iowa, did heretofore establish a Municipal Sanitary Sewer System (the “Utility”) in and for the City which has continuously supplied sanitary sewer service in and to the City and its inhabitants since its establishment; and WHEREAS, the management and control of the Utility are vested in the City Council (the “Council”) and no board of trustees exists for this purpose; and WHEREAS, pursuant to a prior resolution of the Council (the “Series 2016 Bond Resolution”), the City has heretofore issued its $2,296,000 Sewer Revenue Bond, SRF Series 2016, dated September 30, 2016 (the “Series 2016 Bond”), portion of which remains outstanding; and WHEREAS, pursuant to a prior resolution of the Council (the “Series 2018 Bond Resolution”), the City has heretofore issued its $6,754,000 Sewer Revenue Bond, SRF Series 2018, dated May 11, 2018 (the “Series 2018 Bond”), a portion of which remains outstanding; and WHEREAS, pursuant to the Series 2016 Bond Resolution and the Series 2018 Bond Resolution (together sometimes referred to hereinafter as the “Outstanding Bond Resolutions”), the City reserved the right to issue additional obligations payable from the net revenues of the Utility and ranking on a parity with the Series 2016 Bond and the Series 2018 Bond (together sometimes referred to hereinafter as the “Outstanding Bonds”) under the terms and conditions set forth in the Outstanding Bond Resolutions; and WHEREAS, the City will undertake the construction of certain water resource restoration projects (the “Projects”); and WHEREAS, pursuant to Section 384.84 of the Code of Iowa, the City has the authority to issue revenue bonds to pay for such qualifying water resource restoration projects; and WHEREAS, the Iowa Finance Authority (the “Lender”), as lender for the Series 2018 Bond, has agreed to provide financing for the Projects by decreasing the interest rate on the Series 2018 Bond and providing a 0% interest loan to the City for the Projects; and WHEREAS, the City now proposes to enter into a Sewer Revenue Loan and Disbursement Agreement (the “Agreement”) with the Lender and to borrow money thereunder in a principal amount not to exceed $486,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the cost, to that extent, of constructing the Projects; and it is now necessary to fix a date of meeting of the City Council at which it is proposed to take action to enter into the Agreement and to give notice thereof as required by such law;