Resolutions-2012-36

Tiffin/ 436989 - NEW / Set Hrg ( part rr) GO CP & Rfdg LA RESOLUTION NO. 2012- 36 Resolution to fix a date for public hearings on Loan Agreements 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, proposes 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 also proposes 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; NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. The City Council shall meet on August 8, 2012, at the Springmier Community Library at CCA Middle School, Tiffin, Iowa, at 6: 30 o' clock p. m., at which time and place hearings will be held and proceedings will be instituted and action taken to enter into the Essential Corporate Purpose Loan Agreement and the General Corporate Purpose Loan Agreement. Section 2. The City Clerk is hereby directed to give notice of the proposed action on the Essential Corporate Purpose 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 and not less than 4 nor more than 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: 2 DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA