Resolutions-2017-013

DocuSign Envelope ID: 7E8AE5FC- A2BD-44CB-8DF1-F13EE7D77DAB nd Tiffin/436989-18/2½ Hrg -P&DSewer Iss RESOLUTION NO. 2017-013 Resolution taking additional action with respect toaSewer Revenue Loan and Disbursement Agreement andauthorizing, approving andsecuring thepayment of a $150,000 Sewer Revenue Loan and Disbursement Agreement Anticipation Project Note (IFA Interim Loan andDisbursement Agreement) WHEREAS, theCity ofTiffin Johnson County, State ofIowa, did hascontinuously supplied sanitary sewer service inandtotheCity and itsinhabitants since its establishment; and WHEREAS, themanagement andcontrol oftheUtility arevested intheCity Council, andnoboard oftrustees exists forthispurpose; and WHEREAS, pursuant toaprior resolution oftheCity Series 1999C etofore issued its $521,315 Sewer Revenue Bond, SRF Series 1999C, dated September 30, 1999 Series 1999C Bond outstanding; and WHEREAS, pursuant toaprior resolution oftheCity Series 2016 and Resolutionsthe City has also heretofore issued its $2,296,000 Sewer Revenue Bond, SRF Series 2016, dated September 30, 2016 Series 2016 Bond, and, together with the Series 1999C ), aportion ofwhich remains outstanding; and WHEREAS, inandbythe Outstanding Bond Resolutions, the City reserved the right to issue additional obligations payable from thenetrevenues oftheUtility and ranking onaparity with theOutstanding Bonds under theterms andconditions setforth intheOutstanding Bond Resolutions; and WHEREAS, theCity hasheretofore proposed toborrow money andenter into aSewer 150,000 toprovide funds topay the costs, tothat extent, ofplanning, designing, andconstructing improvements andextensions tothe thereon onMarch 7,2017; and WHEREAS, itisnecessary atthis time toauthorize and approve theissuance ofa 150,000 Sewer Revenue Loan andDisbursement Agreement Anticipation Project Note (IFA Section 76.13oftheCode ofIowa inanticipation ofthereceipt ofandpayable from theproceeds inconnection withplanning and designing theProject; 2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA