Resolutions-2017-122

WHEREAS, pursuant to Section 384.28 of the Code of Iowa, the City Council has combined 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 WHEREAS, a Preliminary Official Statement (the “P.O.S.”) has been prepared to facilitate the sale of $5,140,000 General Obligation Corporate Purpose Bonds, Series 2017A (the “Bonds”) in evidence of the obligation of the City under the Loan Agreement, and the City Council has made provision for the approval of the P.O.S. and has authorized its use by Northland Securities, Inc. (the “Underwriter”) as the underwriter of the issuance of the Bonds; and WHEREAS, a certain Bond Purchase Agreement has been prepared to set forth the terms of the Bonds and the understanding between the City and the Underwriter with respect to the purchase thereof, and the City Council has approved the Bond Purchase Agreement and has made provision for its execution and delivery; and WHEREAS, it is now necessary to make final provision for the approval of the Loan Agreement and to authorize the issuance of the Bonds; NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. The City shall enter into the Loan Agreement with the Underwriter in substantially the form as has been placed on file with the City Council, providing for a loan to the City in the principal amount of $5,140,000, for the purpose or purposes set forth in the preamble hereof. The Mayor and City Clerk are hereby authorized and directed to sign the Loan Agreement on behalf of the City, and the Loan Agreement is hereby approved. Section 2. The Bonds, in the aggregate principal amount of $5,140,000, are hereby authorized to be issued to the Underwriter in evidence of the City’s obligation under the Loan Agreement. The Bonds shall be dated December 20, 2017, shall be issued in the denomination of $5,000 each or any integral multiple thereof and shall mature on June 1 in each of the years, in the respective principal amounts, and bear interest at the respective rates as follows: <table> <tr> <th>Date</th> <th>Principal</th> <th>Interest Rate</th> <th>Date</th> <th>Principal</th> <th>Interest Rate</th> </tr> <tr> <td>2019</td> <td>$275,000</td> <td>3.00%</td> <td>2026</td> <td>$340,000</td> <td>3.00%</td> </tr> <tr> <td>2020</td> <td>$285,000</td> <td>3.00%</td> <td>2027</td> <td>$350,000</td> <td>3.00%</td> </tr> <tr> <td>2021</td> <td>$295,000</td> <td>3.00%</td> <td>2028</td> <td>$360,000</td> <td>3.00%</td> </tr> <tr> <td>2022</td> <td>$300,000</td> <td>3.00%</td> <td>2029</td> <td>$370,000</td> <td>3.00%</td> </tr> <tr> <td>2023</td> <td>$310,000</td> <td>3.00%</td> <td>2030</td> <td>$385,000</td> <td>3.00%</td> </tr> <tr> <td>2024</td> <td>$320,000</td> <td>3.00%</td> <td>2032</td> <td>$800,000</td> <td>3.00%</td> </tr> <tr> <td>2025</td> <td>$330,000</td> <td>3.00%</td> <td>2033</td> <td>$420,000</td> <td>3.15%</td> </tr> </table>