Resolutions-2016-050

Tiffin/ 436989- 14/ 2nd'/ 2 Hrg Only Sewer Rev. RESOLUTION NO. 2016- 050 Resolution taking additional action on 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 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 has heretofore proposed to contract indebtedness and enter into a certain Sewer Revenue Loan and Disbursement Agreement in a principal amount not to exceed 2, 400, 000 ( the " Agreement') 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 to the Utility ( the " Project'), and has published notice of the proposed action and has held a hearing thereon on August 2, 2016; NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. The City Council hereby determines to enter into the Agreement in the future and orders that Sewer Revenue Bonds be issued at such time in evidence thereof. The 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orders or parts thereof in conflict with the provisions of this resolution, to the extent of such conflict, are hereby repealed. 2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA