Resolutions-2012-37

WHEREAS, it is now necessary ( i) to take final action for approval of the Loan Agreement and the issuance of the Bonds; and ( ii) to authorize the call of the Series 1999A Bond, the Series 1999B Bond, and the Series 2003 Bond for redemption on September 12, 2012; NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section The City Council hereby approves the Bond Purchase Agreement with the 1. Underwriter in substantially the form as has been presented to the City Council. The Mayor and the City Clerk are hereby authorized to execute the Bond Purchase Agreement on behalf of the City and to deliver the same to the Underwriter. Section 2. The Essential Purpose Loan Agreement and the General Purpose Loan Agreement are hereby combined into the Loan Agreement and the City shall enter into the Loan Agreement with the Underwriter in substantially the form as has been placed on file with the City Council, providing for a loan to the City in the principal amount of $6, 100, 000, for the purpose set forth in the preamble hereof. The Mayor and City Clerk are hereby authorized and directed to sign the Loan Agreement on behalf of the City, and the Loan Agreement is hereby approved. Section 3. The Bonds, in the aggregate principal amount of $6, 100, 000, are hereby authorized to be issued in evidence of the City' s obligations under the Loan Agreement. The Bonds shall be dated September 1, 2012, shall be issued in the denomination of $5, 000 each or any integral multiple thereof and shall mature on June 1 in each of the years, in the respective principal amounts, and bear interest at the respective rates as follows: Principal Interest Rate Principal Interest Rate Year Amount Per Annum Year Amount Per Annum 2013 $ 450, 000 1. 00% 2021 $ 395, 000 1. 75% 2014 $ 430, 000 1. 00% 2022 $ 405, 000 2. 00% 2015 $ 435, 000 1. 00% 2023 $ 410, 000 2. 00% 2016 $ 440, 000 1. 00% 2024 $ 335, 000 2. 15% 2017 $ 445, 000 1. 00% 2025 $ 345, 000 2. 30% 2018 $ 450, 000 1. 20% 2026 $ 350, 000 2. 40% 2019 $ 460, 000 1. 35% 2027 $ 360, 000 2. 50% 2020 $ 390, 000 1. 55% Section 4. Bankers Trust Company, Des Moines, Iowa, is hereby designated as the Registrar and Paying Agent for the Bonds and may be hereinafter referred to as the " Registrar" or the " Paying Agent." The City shall enter into an agreement ( the " Registrar /Paying Agent Agreement ") with the Registrar, in substantially the form as has been placed on file with the Council; the Mayor and City Clerk are hereby authorized and directed to sign the Registrar /Paying Agent Agreement on behalf of the City; and the Registrar/ Paying Agent Agreement is hereby approved.