Resolutions-2016-048

ti Tiffin/ 436989- 14/ 1"'/ z- Sewer Rev' RESOLUTION NO. 2016- 048 Resolution to fik 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 $ 2, 400, 000 WHEREAS, the City of Tiffin ( the " City"), in Johnson County, 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 I 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 $ 2, 400, 000 a 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 This City Council shall meet on August 2, 2016, at the Tiffin City Hall 1. 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. Section 2. The City Clerk is hereby, directed to give notice of the proposed action on the Agreement setting forth the amount and purpose thereof, the time when and place where the said meeting will be held, by publication at least once, not less than four ( 4) nor more than twenty ( 20) days before the meeting, in' a legal newspaper which has a general circulation in the City. The notice shall. be in substantially the following form: 0. 2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA I