Resolutions-2013-130

Tiffin/ 436989- 10/ 2° d'/ z Hrg ( rr) & Auth Bond Proceeds t RESOLUTION NO. 2013- 130 Resolution taking additional action to enter into a Loan Agreement 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 pursuant to law and a notice duly published the City has held 'a' public hearing' on such proposal on August -8, 2012; 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 caused the publication of a notice of such proposal, including notice of the`right to petition for an election, under the provisions of Section 384.26 of the Code of Iowa, and as of August 8, 2012 no such petition had been filed; and WHEREAS, pursuant to Section 384. 28 of the Code of Iowa, the City Council took action to combine the Essential Corporate Purpose Loan Agreement and the General Corporate Purpose Loan Agreement into a single loan agreement ( the " Loan Agreement") and approved the issuance of $ 6, 100,000 General Obligation Corporate Purpose and Refunding Bonds, Series 2012A ( the " Bonds"),' dated September 1, 2012, in evidence of its obligations thereunder; and WHEREAS, the City of Tiffin ( the " City"), in the County of Johnson, State of Iowa, has proposed to enter into a General Obligation Loan Agreement ( the " Supplemental Loan Agreement") and borrow money in a principal amount not to exceed $ 400, 000 pursuant to 'the provisions of Section 384. 24A of the Code of Iowa for the purpose of paying the cost, to that extent, of constructing improvements to City Hall ( the " Improvements"), and in lieu of calling an election thereon, the City caused the publication of a notice of such proposal, including notice 'of the right to petition for an election, under the provisions of Section 384. 26 of the Code of Iowa; and as of June 12, 2013 no such petition had been filed; and; WHEREAS, the City now proposes to use its authority to enter into the Supplemental Loan Agreement to authorize the use of the remaining proceeds from the sale of the Bonds for the carrying out of the Improvements; 2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA