Resolutions-2015-084

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, pursuant to Section 384.28 of the Code of Iowa, the City Council has taken additional action 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 $4,435,000 General Obligation Annual Appropriation Corporate Purpose Bonds, Series 2015A (the “Bonds”) 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 has authorized its use by Northland Securities, Inc., Minneapolis, Minnesota (the “Underwriter”); and WHEREAS, the Underwriter has prepared a certain Bond Purchase Agreement (the “Bond Purchase Agreement”) with respect to the Loan Agreement and the Bonds, and it is now necessary for the City Council to approve the Bond Purchase Agreement and to make provision for its execution and delivery; NOW, THEREFORE, It Is Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. The City Council hereby approves the Bond Purchase Agreement in substantially the form as has been presented to the City Council. The Mayor and the City Clerk are hereby authorized to execute the Bond Purchase Agreement on behalf of the City and to deliver the same to the Underwriter. Section 2. Further action with respect to the approval of the Loan Agreement and the issuance of the Bonds is hereby adjourned to the City Council meeting on July 8, 2015. Section 3. All resolutions and orders or parts thereof in conflict with the provisions of this resolution, to the extent of such conflict, are hereby repealed.