Resolutions-2015-083 (2)

Tiffin / 436989- 13 / Hrg & Combine LAs RESOLUTION NO. 2015- 083 Resolution taking additional action to enter into Loan Agreements and combining Loan Agreements 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 published notice of the proposed action and has held a hearing thereon, on June 10, 2015; 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 upon such proposal, has published notice of the proposed action and has held a hearing thereon, and as of June 10, 2015, no petition had been filed with the City asking that the question of entering into the Municipal Park Loan Agreement be submitted to the registered voters of the City; 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 upon such proposal, has published notice of the proposed action and has held a hearing thereon, and as of June 10, 2015, no petition had been filed with the City asking that the question of entering into the Trail Improvements Loan Agreement be submitted to the registered voters of the City; 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 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 upon such proposal, has published notice of the proposed action and has held a hearing thereon, and as of June 10, 2015, no petition had been filed with the City asking that the question of entering into the Economic Development Loan Agreement be submitted to the registered voters of the City; 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 " Land Acquisition Loan Agreement") ( collectively hereinafter the Land Acquisition Loan Agreement, Essential Purpose Loan Agreement, Municipal Park Loan Agreement, Trail Improvements Loan Agreement and Economic Development Loan Agreement, are referred to as the " Loan Agreements") and to 3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA