Resolutions-2018-005

RESOLUTION NO. 2018-005 Resolution authorizing the use of a preliminary official statement for the sale of bonds WHEREAS, the City of Tiffin (the “City”), in Johnson County, State of Iowa, heretofore proposed to enter into a General Obligation Annual Appropriation Fire Truck Acquisition Loan Agreement (the “Loan Agreement”), pursuant to the provisions of Section 384.24A of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $1,100,000 for the purpose of paying the costs, to that extent, of acquiring a fire truck (the “Project”) for use by the municipal fire department, and has fixed the February 20, 2018 City Council meeting as the date at which it is proposed to take action to enter into the Loan Agreement; and WHEREAS, a Preliminary Official Statement (the “P.O.S.”) has been prepared to facilitate the sale of General Obligation Annual Appropriation Fire Truck Acquisition Bonds, Series 2018A (the “Bonds”) in evidence of the obligation of the City under the Loan Agreement, and it is now necessary to make provision for the approval of the P.O.S. and to authorize its use by Northland Securities, Inc., Minneapolis, Minnesota (the “Underwriter”) as the underwriter for 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 Clerk is hereby authorized to take such action as shall be deemed necessary and appropriate, with the assistance of the Underwriter, to prepare the P.O.S. describing the Bonds and providing for the terms and conditions of their sale, and all action heretofore taken in this regard is hereby ratified and approved. Section 2. The use by the Underwriter of the P.O.S. relating to the Bonds in substantially the form as has been presented to and considered by the City Council is hereby approved, and the Underwriter is hereby authorized to prepare and use a final Official Statement for the Bonds substantially in the form of the P.O.S. but with such changes therein as are required to conform the same to the terms of the Bonds and the resolution, when adopted, providing for the sale and issuance of the Bonds, and the City Administrator and/or City Clerk are hereby authorized and directed to execute a final Official Statement for the Bonds, if requested. The P.O.S. as of its date is deemed final by the City within the meaning of Rule 15(c)(2)-12 of the Securities and Exchange Commission. Section 3. Further action with respect to the Loan Agreement is hereby adjourned to the City Council meeting on February 20, 2018. Section 4. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict.