Resolutions-2015-074

Tiffin / 436989- 13 / Auth POS WHEREAS, after the aforementioned hearings on the Essential Purpose Loan Agreement, Municipal Park Loan Agreement, Trail Improvements Loan Agreement and Economic Development Loan Agreement, and pursuant to Section 384. 28 of the Code of Iowa, the City Council intends to combine the Essential Purpose Loan Agreement, Municipal Park Loan Agreement, Trail Improvements Loan Agreement and Economic Development Loan Agreement into a single Loan Agreement; and WHEREAS, a Preliminary Official Statement ( the " P. O. S.") has been prepared to facilitate the sale of General Obligation Annual Appropriation Corporate Purpose Bonds, Series 2015 ( the " Bonds") in a principal amount not to exceed $ 5, 500, 000 in evidence of the obligation of the City under the Loan Agreement, and it is now necessary to make provision for the approval of the P.O. S. and to authorize its use by Northland Securities, Inc., Minneapolis, Minnesota ( the " Underwriter"); NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. The City Administrator is hereby authorized to take such action as shall be deemed necessary and appropriate with the assistance of the Underwriter to prepare the P. O. S. describing the Bonds and providing for the terms and conditions of their sale, and all action heretofore taken in this regard is hereby approved. Section 2. The use by the Underwriter of the P. O. S. relating to the Bonds in substantially the form as has been presented to and considered by the City is hereby approved, and the Underwriter is hereby authorized to prepare and use a final Official Statement for the Bonds substantially in the form of the P. O. S. but with such changes therein as are required to conform the same to the terms of the Bonds and the resolution, when adopted, providing for the sale and issuance of the Bonds, and the City Administrator is hereby authorized and directed to execute a final Official Statement for the Bonds, if requested. The P. O. S. as of its date is deemed final by the City within the meaning of Rule 15( c)( 2)- 12 of the Securities and Exchange Commission. Section 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. 3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA