Resolutions-2012-36

Tiffin/ 436989 -NEW / Set Hrg ( part rr) GO CP & Rfdg LA NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AGREEMENT AND BORROW MONEY IN A PRINCIPAL AMOUNT NOT TO EXCEED $ 6, 300, 000 GENERAL OBLIGATION) 8th The City Council of the City of Tiffin, Iowa, will meet on the day of August, 2012, at the Springmier Community Library at the CCA Middle School, in the City, at 6: 30 p.m., for the purpose of instituting proceedings and taking action to enter into a loan agreement ( the " Loan Agreement ") and borrow money in a principal amount not to exceed $ 6, 300, 000 for the purpose of paying the cost, 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, General Obligation Sewer Improvement Bond, SRF Series 1999B and General Obligation Water Improvement Bonds, SRF Series 2003. The Loan Agreement is proposed to be entered into pursuant to authority contained in Section 384. 24A of the Code of Iowa and will constitute a general obligation 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 Loan Agreement. After receiving objections, the City may determine to enter into the Loan 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. Michon Jackson City Administrator / Clerk 3 DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA