Resolutions-2015-074

Tiffin / 436989- 13 / Auth POS RESOLUTION NO. 2015- 074 Resolution approving Preliminary Official Statement 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, and has fixed June 10, 2015 as the date of meeting of the City Council at which a public hearing and additional action will be taken on such proposal; and WHEREAS, pursuant to the provisions of Section 384. 24A of the Code of Iowa, the City also proposed 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; 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 has fixed June 10, 2015 as the date of meeting of the City Council at which a public hearing and additional action will be taken on such proposal; and WHEREAS, pursuant to the provisions of Section 384. 24A of the Code of Iowa, the City also proposed 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; 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 has fixed June 10, 2015 as the date of meeting of the City Council at which a public hearing and additional action will be taken on such proposal; and WHEREAS, pursuant to the provisions of Section 384. 24A of the Code of Iowa, the City also proposed 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; and in lieu of calling an election thereon, the City desires to institute proceedings to enter into the Economic Development 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 has fixed June 10, 2015 as the date of meeting of the City Council at which a public hearing and additional action will be taken on such proposal; and 2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA