Resolutions-2017-011

DocuSign Envelope ID: 32B0FC7D- E9FA-46F2-ABBB-2E45AF37EC24 st Tiffin/436989-18/1½ Rev - RESOLUTION NO.2017-007 Resolution tofixadate forapublic hearing onaproposal toenter into aSewer Revenue Loan and Disbursement Agreement and toborrow money thereunder in aprincipal amount nottoexceed $150,000 WHEREAS, theCity ofTiffin Johnson County, State ofIowa, did eCity which hascontinuously supplied sanitary sewer service inandtotheCity and itsinhabitants since its establishment; and WHEREAS, the management and control ofthe Utility arevested intheCity Council stsforthispurpose; and Series 1999C City has heretofore issued its $521,315Sewer Revenue Bond, SRF Series 1999C, dated September 30, 1999 Series 1999C Bondhich remains outstanding; and Series 2016 and, the City has heretofore issued its $2,296,000 Sewer Revenue Bond, SRF Series 2016, dated September 30, 2016 Series 2016 Bond, aportion ofwhich remains outstanding; and WHEREAS, pursuant tothe Outstanding Bond Resolutions, theCity reserved the right to issue additional obligations payable from thenetrevenues oftheUtility andranking onaparity with theOutstanding Bonds under theterms and conditions setforth intheOutstanding Bond Resolutions; and WHEREAS, theCity now proposes toenter into aSewer Revenue Loan and andtoborrow money thereunder inaprincipal amount nottoexceed $150,000 pursuant totheprovisions ofSection 384.24A ofthe Code of Iowa forthepurpose ofpaying thecost, tothat extent, ofplanning, designing andconstructing improvements andextensions tothe Utility , and itisnecessary tofixadate of meeting ofthe City Council atwhich itisproposed totake action toenter into theAgreement andtogivenotice thereof asrequired bysuch law; NOW, THEREFORE, BeItResolved bytheCity Council oftheCity ofTiffin, Iowa, as follows: Section 1. This City Council shall meet onMarch 7,2017, attheCity Hall Council Chambers inthe City, at . m.,atwhich time andplace ahearing will beheld and proceedings willbeinstituted andaction taken toenter into theAgreement. 2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA