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 $6,500,000 (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 $6,500,000 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. 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. At that time and place, oral or written objections may be filed or made to the proposal to enter into the Loan Agreement. After receiving objections, the City may determine to enter into the Loan Agreement, in which case, the decision will be final unless appealed to the District Court within fifteen (15) days thereafter. By order of the City Council of the City of Tiffin, Iowa. Tim Long Interim City Clerk