Resolutions-2015-065

Tiffin / 436989- 13 / Set Hrg GO AA CP LAs ( part rr) RESOLUTION NO. 2015- 065 Resolution setting the date for public hearings on proposals to enter into General Obligation Loan Agreements and to borrow money thereunder WHEREAS, the City of Tiffin ( the " City"), in the County of Johnson, State of Iowa, proposes to enter into a General Obligation Loan Agreement ( the " Essential Purpose Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $ 6, 500, 000, pursuant to the provisions of Section 384. 24A of the Code of Iowa, for the purpose of paying the costs, to that extent, of. ( 1) constructing street, water system, sanitary sewer system, sidewalk and storm water drainage improvements; ( 2) installing street lighting and signage; and ( 3) improving and equipping existing municipal parks ( together, the " Essential Purpose Projects"); and it is necessary to fix a date of meeting of the City Council at which it is proposed to take action to enter into the Essential Purpose Loan Agreement and to give notice thereof as required by such law; and WHEREAS, pursuant to the provisions of Section 384. 24A of the Code of Iowa, the City also proposes to enter into a General Obligation Loan Agreement ( the " Municipal Park Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $ 400, 000 for the purpose of paying the costs, to that extent, of developing and equipping new municipal parks the " Municipal Park Project"); and in lieu of calling an election thereon, the City desires to institute proceedings to enter into the Municipal Park Loan Agreement by causing a notice of such proposal to be published, including notice of the right to petition for an election, under the provisions of Section 384. 26 of the Code of Iowa; and it is now necessary to fix a date of meeting of the City Council at which it is proposed to take action to enter into the Municipal Park Loan Agreement and to give notice thereof as required by such law; and WHEREAS, pursuant to the provisions of Section 384. 24A of the Code of Iowa, the City also proposes to enter into a General Obligation Loan Agreement ( the " Trail Improvements Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $ 400, 000 for the purpose of paying the costs, to that extent, of constructing municipal recreation trail improvements ( the " Trail Improvements Project"); and in lieu of calling an election thereon, the City desires to institute proceedings to enter into the Trail Improvements Loan Agreement by causing a notice of such proposal to be published, including notice of the right to petition for an election, under the provisions of Section 384. 26 of the Code of Iowa; and it is now necessary to fix a date of meeting of the City Council at which it is proposed to take action to enter into the Trail Improvements Loan Agreement and to give notice thereof as required by such law; and WHEREAS, pursuant to the provisions of Section 384. 24A of the Code of Iowa, the City also proposes to enter into a General Obligation Loan Agreement ( the " Economic Development Loan Agreement" and, together with the Essential Purpose Loan Agreement, Municipal Park Loan Agreement and Trail Improvements 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 costs, to that extent, of funding an economic development grant to a private developer in connection with the construction of water infrastructure improvements ( the " Economic Development Project" and, together with the Essential Purpose Projects, Municipal Park Project and Trail Improvements Project, the " Projects"); and in lieu of calling an election thereon, the 2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA