Resolutions-2017-013

DocuSign Envelope ID: 7E8AE5FC- A2BD-44CB-8DF1-F13EE7D77DAB nd Tiffin/436989-18/2½ Hrg -P&DSewer Iss NOW, THEREFORE, BeItResolved bytheCity Council oftheCity ofTiffin, Iowa, as follows: Section 1. TheCity Council hereby covenants for thebenefit oftheLender and all who may atanytime betheholder oftheProject Note toenter into theLoan and Disbursement Agreement and toissue and deliver theBonds prior tothe Maturity Date, asdefined inthe Section 384.24A ofthe Code ofIowa. The Bonds arehereby ordered tobeissued atsuchtime as theCity enters into theLoan andDisbursement Agreement. Section 2. The Project Note intheprincipal amount of $150,000 ishereby authorized tobeissued totheLender. The Project Note shall bedated asofthedate ofclosing, shall mature ontheMaturity Date asdefined intheProject Note, and shallbear interest attherate of0%per annum. The Project Note shall beexecuted onbehalf oftheCity with theofficial manual or facsimile signature oftheMayor andattested with theofficial manual orfacsimile signature of theCity Clerk andshall beafully registered instrument without interest coupons. Incase any officer whose signature orthefacsimile ofwhose signature appears ontheProject Note shall cease tobesuch officer before thedelivery oftheProject Note, such signature orsuch facsimile signature shall nevertheless bevalid and sufficient forallpurposes, thesame asifsuch officer hadremained inoffice until delivery. TheCity Clerk ishereby designated asthe Registrar and Paying Agent fortheProject Note and may beher TheCity reserves theright toprepay principal oftheProject Note inwhole orinpart on anydate prior totheMaturity Date, asdefined inthe Project Note, ataprepayment price equal to theprincipal amount thereof prepaid. The Project Note shall befully registered astoboth principal andinterest inthe name of theowner intherecords oftheCity kept forsuch purpose, after which notransfer shall bevalid unless made onsaid records bythe City Clerk, and then only upon awritten instrument of transfer satisfactory totheCity, duly executed bytheregistered owner ortheduly authorized attorney forsuch registered owner. TheCity shall maintain asconfidential therecord ofidentity ofowners oftheProject Note, asprovided bySection 22.7 oftheCode ofIowa. Section 3. TheProject Note shall beinsubstantially the following form: 3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA