Resolutions-2015-065

NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER IN A PRINCIPAL AMOUNT NOT TO EXCEED $400,000 (GENERAL OBLIGATION) The City Council of the City of Tiffin, Iowa, will meet on June 10, 2015, at the City Hall Council Chambers Tiffin, Iowa, at seven o’clock p.m., for the purpose of instituting proceedings and taking action on a proposal to enter into a loan agreement (the “Loan Agreement”) and to borrow money thereunder in a principal amount not to exceed $400,000 for the purpose of paying the cost, to that extent, of constructing municipal recreation trail improvements. 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. Some or all of the repayment of principal under the Loan Agreement may be made subject to annual appropriation by the City Council. The maximum rate of interest which may be payable under the Loan Agreement is 7% per annum. At any time before the date fixed for taking action to enter into the Loan Agreement, a petition may be filed with the Interim City Clerk of the City asking that the question of entering into the Loan Agreement be submitted to the registered voters of the City, pursuant to the provisions of Section 384.26 of the Code of Iowa. By order of the City Council of the City of Tiffin, Iowa. Tim Long Interim City Clerk