Resolutions-2015-019

Tiffin / 436989- 11 / RRR RESOLUTION NO. 2015- 019 Resolution Relating to Financing of Proposed Project to be Undertaken by the City of Tiffin, Iowa; Establishing Compliance with Reimbursement Regulations Under the Internal Revenue Code BE IT RESOLVED by the City Council ( the " Council") of the City of Tiffin, Iowa ( the City"), as follows: Section 1. Recitals. a) The Internal Revenue Service has issued Section 1. 150- 2 of the Income Tax Regulations ( the " Regulations") dealing with the issuance of bonds, all or a portion of the proceeds of which are to be used to reimburse the City for project expenditures made by the City prior to the date of issuance. b) The Regulations generally require that the City make a prior declaration of its official intent to reimburse itself for such prior expenditures out of the proceeds of a subsequently issued borrowing and that the borrowing occur and the reimbursement allocation be made from the proceeds of such borrowing within a certain period after the payment of the expenditure or the date the project is placed in service; and c) The City desires to comply with requirements of the Regulations with respect to a certain project hereinafter identified. Section 2. Official Intent Declaration. a) The City proposes to undertake the following project and to make original expenditures with respect thereto prior to the issuance of bonds, notes or other obligations the " Bonds") and reasonably expects to issue the Bonds for such project in the maximum principal amount shown below: Maximum Amount of Bonds Project Expected to be Issued for Project Sanitary and Storm Sewer $ 1, 000, 000 Improvements