Resolutions-2017-105

RESOLUTION NO. 2017-105 Resolution taking additional action on proposal to enter into Loan Agreements and combining Loan Agreements WHEREAS, the City of Tiffin (the “City”), in Johnson County, State of Iowa, pursuant to the provisions of Section 384.24A of the Code of Iowa, heretofore proposed to enter into a loan agreement (the “Essential Purpose Loan Agreement”) and to borrow money thereunder in a principal amount not to exceed $4,650,000 for the purpose of paying the costs, to that extent, of (1) constructing street, water system, storm water drainage, sanitary sewer system and sidewalk improvements; and (2) installing street lighting and street signalization, and pursuant to law and a notice duly published, the City Council has held a public hearing on such proposal on October 17, 2017; and WHEREAS, the City also proposed to enter into a loan agreement (the “General Purpose Loan Agreement #1”) and to borrow money thereunder in a principal amount not to exceed $150,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the costs, to that extent, of acquiring real estate for public uses, including fire protection services, and in lieu of calling an election upon such proposal, has published notice of the proposed action and has held a hearing thereon, and as of November 7, 2017, no petition had been filed with the City asking that the question of entering into the Urban Renewal Loan Agreement be submitted to the registered voters of the City; and WHEREAS, the City also proposed to enter into a loan agreement (the “General Purpose Loan Agreement #2”) and to borrow money thereunder in a principal amount not to exceed $230,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the costs, to that extent, of constructing parking improvements for the municipal baseball and soccer recreational facilities, and in lieu of calling an election upon such proposal, has published notice of the proposed action and has held a hearing thereon, and as of November 7, 2017, no petition had been filed with the City asking that the question of entering into the Urban Renewal Loan Agreement be submitted to the registered voters of the City; and WHEREAS, the City also proposed to enter into a loan agreement (the “General Purpose Loan Agreement #3”) and to borrow money thereunder in a principal amount not to exceed $245,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the costs, to that extent, of constructing recreation trails, and in lieu of calling an election upon such proposal, has published notice of the proposed action and has held a hearing thereon, and as of November 7, 2017, no petition had been filed with the City asking that the question of entering into the General Purpose Loan Agreement be submitted to the registered voters of the City; and WHEREAS, pursuant to Section 384.28 of the Code of Iowa, the City Council intends to combine the Essential Purpose Loan Agreement, the General Purpose Loan Agreement #1, the General Purpose Loan Agreement #2 and the General Purpose Loan Agreement #3, into a single loan agreement (the “Loan Agreement”); and