Resolutions-2018-023

RESOLUTION NO. 2018-023 Resolution authorizing and approving a Loan Agreement, providing for the issuance of $1,100,000 General Obligation Annual Appropriation Fire Truck Acquisition Bonds, Series 2018A and providing for the levy of taxes to pay the same 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 association (the “Project”), 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 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 $1,100,000, 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 $1,100,000, 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 April 4, 2018, 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: