Resolutions-2015-119

RESOLUTION NO.2015-119 Resolution to fix a date for a public hearing on a proposal to enter into a Sewer Revenue Loan and Disbursement Agreement and to borrow money thereunder in a principal amount not to exceed $400,000 WHEREAS, the City of Tiffin (the “City”), in the County of Johnson, State of Iowa, did heretofore establish a Municipal Sanitary Sewer System (the “Utility”) in and for the City which has continuously supplied sanitary sewer service in and to the City and its inhabitants since its establishment; and WHEREAS, the management and control of the Utility are vested in the City Council (the “Council”) and no board of trustees exists for this purpose; and WHEREAS, pursuant to a resolution adopted and approved by the City Council on September 8, 1999 (the “Outstanding Bond Resolution”), the City previously issued its Sewer Revenue Bond, SRF Series 1999C, dated September 30, 1999 (the “Outstanding Bond”), a portion of which remain outstanding; and WHEREAS, pursuant to the Outstanding Bond Resolution, the City reserved the right to issue additional obligations payable from the net revenues of the Utility and ranking on a parity with the Outstanding Bond; and WHEREAS, the City now proposes to enter into a Sewer Revenue Loan and Disbursement Agreement (the “Agreement”) in a principal amount not to exceed $400,000 pursuant to the provisions of Section 384.24A of the Code of Iowa for the purpose of paying the cost, to that extent, of planning, designing and constructing improvements and extensions (the “Project”) to the Utility, and it is necessary to fix a date of meeting of the Council at which it is proposed to take action to enter into the Agreement and to give notice thereof as required by such law; NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. This Council shall meet on the 24th day of November, 2015, at the Tiffin City Hall Council Chambers, in the City, at seven o’clock p.m., at which time and place a hearing will be held and proceedings will be instituted and action taken to enter into the Agreement.