Resolutions-2012-37

RESOLUTION NO. 2012 -37 Resolution approving Bond Purchase Agreement and authorizing the issuance of 6, 100, 000 General Obligation Corporate Purpose and Refunding Bonds, Series 2012A, and providing for the levy of taxes to pay the same 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 the " Infra- structure Projects "); ( 2) effecting improvements to existing municipal parks ( the Parks Projects "); and ( 3) current refunding ( the " Current Refunding ") the City' s outstanding General Obligation Sewer Improvement Bond, SRF Series 1999A ( the " Series 1999A Bond "), dated September 30, 1999, General Obligation Sewer Improvement Bond, SRF Series 1999B the " Series 1999B Bond "), dated September 30, 1999 and the General Obligation Water Improvement Bond, SRF Series 2003 ( the " Series 2003 Bond "), 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 ( the " Facilities Projects ") ( collectively, hereinafter the Infra -structure Projects, the Parks Projects and the Facilities Projects are collectively referred to as the " Projects "), 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, 100, 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 the City has made provision for the approval of the P. O. S. and authorized its use by Northland Securities, Inc. ( the " Underwriter "); WHEREAS, the Underwriter has prepared a certain Bond Purchase Agreement ( the Bond Purchase Agreement ") with respect to the Loan Agreement and the Bonds, and it is now necessary for the City Council to approve the Bond Purchase Agreement and make provision for its execution and delivery; and