Resolutions-2015-065

STATE OF IOWA Counties of Linn and Johnson ss. NOTICE OF PROPOSED ACTION TO INITIATE PROCEEDINGS TO ENTER INTO A LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER IN A PRINCIPAL AMOUNT NOT TO EXCEED $140,000 (GENERAL INVESTIGATION) The City Council at the City of Tiffin, Iowa, will meet on June 10, 2015, at the City Hall Council Chamber in 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 $140,000 for the purpose of paying the cost, to that extent, of funding an economic development area water system developer in connection with the construction of water infrastructure 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 create a new long-term 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 proposal to enter into the Loan Agreement be submitted to the registered voters of the City, pursuant to the provisions of Section 384.24 of the Code of Iowa. By order of the City Council of the City of Tiffin, Iowa. Tim Lang Interim City Clerk I, James Burke, do state that I am the publisher of THE GAZETTE, a daily newspaper of general circulation in Linn and Johnson Counties, in Iowa. The notice, a printed copy of which is attached, was inserted and published in THE GAZETTE newspaper in the issue(s) of May 29, 2015. The reasonable fee for publishing said notice is $197.14. This instrument was acknowledged by James Burke before me on May 29, 2015. Sandra K. Smith Notary Public in and for the State of Iowa