Resolutions-2012-35

Tiffin/ 436989 - 9 / Auth POS ( part rr) GO CP & Rfdg LA RESOLUTION NO. 2012 -35 Resolution authorizing the use of a preliminary official statement 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, has proposed to enter into a loan agreement ( the " Essential Corporate Purpose Loan Agreement ") in a principal amount not to exceed $ 6, 300, 000 for the essential corporate purposes of paying the costs, to that extent, of ( 1) constructing street, water system, water tower, sanitary sewer and storm sewer improvements; 2) effecting improvements to existing municipal parks; and ( 3) current refunding the City' s outstanding General Obligation Sewer Improvement Bond, SRF Series 1999A, dated September 30, 1999, General Obligation Sewer Improvement Bond, SRF Series 1999B, dated September 30, 1999 and the General Obligation Water Improvement Bonds, SRF Series 2003, dated December 12, 2003, 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 Essential Corporate Purpose Loan Agreement and to give notice thereof as required by such law; and WHEREAS, pursuant to the provisions of Section 384. 24A of the Code of Iowa, the City has also proposed to enter into a loan agreement ( the " General Corporate Purpose Loan Agreement ") in a principal amount not to exceed $ 225, 000 for the general corporate purpose of paying the cost, to that extent, of constructing improvements to City Hall and municipal parking lots, and in lieu of calling an election thereon, the City desires to institute proceedings to enter into the General Corporate Purpose Loan Agreement by causing a notice of such proposal to be published, including notice of the right to petition for an election, under the provisions of Section 384. 26 of the Code of Iowa; and WHEREAS, pursuant to Section 384. 28 of the Code of Iowa, the City Council intends to combine the Essential Corporate Purpose Loan Agreement and the General Corporate Purpose Loan Agreement into a single loan agreement ( the " Loan Agreement ") and to offer an initial issuance of $ 6, 110, 000 General Obligation Corporate Purpose and Refunding Bonds, Series 2012A ( the " Bonds ") in evidence of its obligations thereunder; and WHEREAS, a Preliminary Official Statement ( the " P. O. S. ") has been prepared to facilitate the sale of the Bonds, and it is now necessary to make provision for the approval of the P. O. S. and to authorize its use by Northland Securities, Inc. ( the " Underwriter "); NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. The City Administrator is hereby authorized to take such action as shall be deemed necessary and appropriate with the assistance of the Underwriter to prepare the P. O. S. describing the Bonds and providing for the terms and conditions of their sale, and all action heretofore taken in this regard is hereby ratified and approved. Section 2. The use by the Underwriter of the P. O. S. relating to the Bonds in substantially the form as has been presented to and considered by the City is hereby approved, and the Underwriter is hereby authorized to prepare and use a final Official Statement for the 2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA