Resolutions-2020-063

RESOLUTION NO. 2020-063 Resolution authorizing and approving a certain Loan Agreement, providing for the issuance of $7,670,000 General Obligation Urban Renewal and Refunding Bonds, Series 2020A and providing for the levy of taxes to pay the same WHEREAS, the City of Tiffin (the “City”), in Johnson County, State of Iowa, previously issued its $6,100,000 General Obligation Corporate Purpose and Refunding Bonds, Series 2012A, dated September 1, 2012 (the “2012A Bonds”), a portion of which currently remain outstanding, maturing on June 1 in each of the years, in such amounts and bearing interest at such rates, as follows: <table> <tr> <th>Year</th> <th>Principal Amount</th> <th>Interest Rate Per Annum</th> </tr> <tr> <td>2021</td> <td>$395,000</td> <td>1.75%</td> </tr> <tr> <td>2022</td> <td>$405,000</td> <td>2.00%</td> </tr> <tr> <td>2023</td> <td>$410,000</td> <td>2.00%</td> </tr> <tr> <td>2024</td> <td>$335,000</td> <td>2.15%</td> </tr> <tr> <td>2025</td> <td>$345,000</td> <td>2.30%</td> </tr> <tr> <td>2026</td> <td>$350,000</td> <td>2.40%</td> </tr> <tr> <td>2027</td> <td>$360,000</td> <td>2.50%</td> </tr> </table> ; and WHEREAS, pursuant to the resolution (the “2012A Bond Resolution”) authorizing the issuance of the 2012A Bonds, the City reserved the right to prepay part or all of the 2012A Bonds maturing in each of the years 2020 to 2027 (the “Callable 2012A Bonds”), inclusive, prior to maturity on June 1, 2019, or on any date thereafter, subject to the provisions of the 2012A Bond Resolution; and WHEREAS, the City 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 $6,950,000 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; (2) making improvements to an existing municipal park; (3) acquiring and installing street lighting, signage and signalization improvements; and (4) current refunding of the Callable 2012A Bonds, and pursuant to law and a notice duly published, the City Council has held a public hearing on such proposal on July 7, 2020; and WHEREAS, the City also proposed to enter into a loan agreement (the “Urban Renewal Loan Agreement”) and to borrow money thereunder in a principal amount not to exceed $1,250,000, pursuant to the provisions of Sections 384.24A and 384.24.3(q) of the Code of Iowa, for the purpose of paying the costs, to that extent, of constructing and equipping a municipal public works facility, 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 July 7, 2020, no petition had been filed with the City asking that the question of entering into the Urban Renewal Loan Agreement be submitted to the registered voters of the City; and