Resolutions-2018-018

RESOLUTION NO. 2018-018 Resolution approving Bond Purchase Agreement for the sale of bonds thereunder 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 for use by the municipal fire department, and pursuant to law and a notice duly published, the City Council has held a public hearing on such proposal on February 20, 2018; 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 the City has made provision for the approval of the P.O.S. and has authorized its use by Northland Securities, Inc., Minneapolis, Minnesota (the “Underwriter”) as the underwriter for the issuance of the Bonds; and WHEREAS, a certain bond purchase agreement (the “Bond Purchase Agreement”) has been prepared with respect to the Loan Agreement and the Bonds, and it is now necessary for the City Council to approve the Bond Purchase Agreement and to make provision for its execution and delivery; NOW, THEREFORE, It Is Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. The City Council hereby approves the Bond Purchase Agreement in substantially the form as has been presented to the City Council. The Mayor and the City Clerk are hereby authorized and directed to execute the Bond Purchase Agreement on behalf of the City and to deliver the same to the Underwriter. Section 2. Further action with respect to the Loan Agreement is hereby adjourned to the City Council meeting on March 20, 2018. Section 3. All resolutions and orders or parts thereof in conflict with the provisions of this resolution, to the extent of such conflict, are hereby repealed. Section 4. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved March 6, 2018. [Signature] Mayor Attest: [Signature] City Clerk