Minutes-11/11/1998 (3)

NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AND DISBURSEMENT AGREEMENT AND BORROW MONEY IN A PRINCIPAL AMOUNT NOT TO EXCEED $521,315 (SEWER REVENUE) The City Council of the City of Tiffin, Iowa, will meet on the 9th day of December, 1998, at the Tiffin Fire Station, in the City, at 6:30 o'clock p.m., for the purpose of instituting proceedings and taking action to enter into a loan and disbursement agreement (the "Agreement") and borrow money in a principal amount not to exceed $521,315 for the purpose of paying the cost, to that extent, of constructing improvements and extensions to the Municipal Sanitary Sewer System. The Loan and Disbursement Agreement will not constitute a general obligation of the City, nor will it be payable in any manner by taxation but, together with the any additional obligations of the City as may be hereafter issued and outstanding from time to time ranking on a parity therewith, will be payable solely and only from the Net Revenues of the Municipal Sanitary Sewer System of the City. At the aforementioned time and place, oral or written objections may be filed or made to the proposal to enter into the Agreement. After receiving objections, the City may determine to enter into the Agreement, in which case, the decision will be final unless appealed to the District Court within fifteen (15) days thereafter. By order of the City Council of the City of Tiffin, Iowa. Margaret B. Reihman City Clerk