Resolutions-2015-083 (2)

Tiffin / 436989- 13 / Hrg & Combine LAs borrow money thereunder in a principal amount not to exceed $ 260, 000 for the purpose of paying the costs, to that extent, of acquiring land for future municipal uses; 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 Land Acquisition Loan Agreement be submitted to the registered voters of the City; and WHEREAS, after the aforementioned hearings on the Loan Agreements, pursuant to Section 384. 28 of the Code of Iowa, the City Council intends to combine the Loan Agreements into a single Loan Agreement ( the " 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 2015A in a principal amount not to exceed $ 7, 400, 000 in evidence of the obligation of the City under the Loan Agreement, and the City has made provision for the approval of the P. O. S. and to authorize its use by Northland Securities, Inc., Minneapolis, Minnesota; NOW, THEREFORE, It Is Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section The Loan Agreements are hereby combined into the Loan Agreement, and 1. the City Council hereby determines to enter into the Loan Agreement in the future and orders that General Obligation Corporate Purpose Bonds be issued at such time, in evidence thereof. The City Council further declares that this resolution constitutes the " additional action" required by Section 384. 24A of the Code of Iowa. Section 2. All resolutions and orders or parts thereof in conflict with the provisions of this resolution, to the extent of such conflict, are hereby repealed. Section 3. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved June 10, 2015. Mayor Attest: City Clerk 4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA