Resolutions-2017-014

DocuSign Envelope ID: 7E8AE5FC- A2BD-44CB-8DF1-F13EE7D77DAB Tiffin/ 436989-19/Hrg (Partrr),Combine andPrelevyGOCPLA RESOLUTION NO. 2017-014 Resolution authorizing and combining Loan Agreements, approving thefuture issuance ofGeneral Obligation Bonds and providing forthelevy oftaxes topay thesame theprovisions ofSection 384.24A oftheCode ofIowa, heretofore proposed toenter into aloan agreement and toborrow money thereunder ina principal amount nottoexceed $5,100,000 forthepurpose ofpaying thecosts, tothatextent, of 1)constructing street, water system, sanitary sewer system, sidewalk, storm water drainage, park trails andimprovements inexisting municipal parks; (2)acquiring vehicles andequipment forthemunicipal public works department; and (3)acquiring andinstalling street lighting and signalization improvements, and haspublished notice oftheproposed action and has held a hearing thereon onMarch 7,2017; and andtoborrow money thereunder inaprincipal amount nottoexceed $150,000, pursuant tothe provisions ofSection 384.24AoftheCode ofIowa, for thepurpose ofpaying the costs, tothat extent, ofconstructing, furnishing andequipping anaddition andimprovements toCity Hall, and inlieuofcalling anelection upon such proposal, haspublished notice oftheproposed action and hasheld ahearing thereon, and asofMarch 7, 2017, nopetition had been filed with the City asking thatthe question ofentering intotheCity Hall Loan Agreement besubmitted tothe registered voters ofthe City; and WHEREAS, theCity intends tocombine theLoan Agreements into asingle loan issue General Obligation Corporate Purpose Bonds Bonds thereunder andanticipates that principal andinterest willcome dueontheBonds before July 1, 2018; and WHEREAS, itisnow necessary tomake provision forthe levyofadebt service property taxinthe2017-2018 fiscal year forthepayment ofsuchprincipal and interest; NOW, THEREFORE, BeItResolved bytheCity Council oftheCity ofTiffin, Iowa, as follows: Section 1. The City hereby combines theLoan Agreements into theLoan Agreement pursuant toSection 384.28oftheCode ofIowa. Section 2. The City Council hereby determines toenter into theLoan Agreement in thefuture and orders that theBonds beissued atsuch time, inevidence thereof. The City Council further declares that thisconstitutes the oftheCode ofIowa. 2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA 4819-1441-9268\\2