Resolutions-2017-122

RESOLUTION NO. 2017-122 Resolution authorizing and approving a Loan Agreement, providing for the issuance of $5,140,000 General Obligation Corporate Purpose Bonds, Series 2017A and providing for the levy of taxes to pay the same 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 (together, the “Essential Purpose Projects”), 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 (the “General Purpose #1 Project”), 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 #1 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 (the “General Purpose #2 Project”) 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 #2 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 (the “General Purpose #3 Project”) (collectively, the Essential Purpose Projects, the General Purpose #1 Project, the General Purpose #2 Project, and the General Purpose #3 Project shall be referred to hereinafter as the “Projects”), 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 #3 be submitted to the registered voters of the City; and