Resolutions-2015-089

Tiffin / 436989- 13 / ISS GO AA 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 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 ( the " Land Acquisition Project") ( collectively hereinafter the Land Acquisition Project, Essential Purpose Projects, Park Project, Trail Improvements Project and Economic Development Project, are referred to as the " Projects"); 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, 430, 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 the City Council has approved the Bond Purchase Agreement and to has made provision for its execution and delivery; and WHEREAS, it is now necessary to make provision for the issuance of the Bonds to the Underwriter; NOW, THEREFORE, It Is Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. The City shall enter into the Loan Agreement with the Underwriter, in substantially the form as has been placed on file with the City Council, providing for a loan to the City in the principal amount of $4,430, 000, for the purpose or purposes set forth in the preamble hereof. The Mayor and City Clerk are hereby authorized and directed to sign the Loan Agreement on behalf of the City, and the Loan Agreement is hereby approved. Section 2. The Bonds are hereby authorized to be issued in evidence of the obligation of the City under the Loan Agreement, in the total aggregate principal amount of $4, 430, 000, to be dated July 15, 2015, in the denomination of $5, 000 each, or any integral multiple thereof, 3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA