Resolutions-2020-095

RESOLUTION NO. 2020-095 Resolution taking additional action with respect to a General Obligation Annual Appropriation Refunding Loan Agreement WHEREAS, the City of Tiffin (the “City”), in Johnson County, State of Iowa, previously issued its $4,430,000 General Obligation Annual Appropriation Corporate Purpose Bonds, Series 2015A, dated July 15, 2015 (the “2015A Bonds”), a portion of which remains outstanding, maturing on June 1 in each of the years and in such amounts as follows: <table> <tr> <th>Date</th> <th>Principal</th> <th>Interest Rate</th> </tr> <tr> <td>2021</td> <td>$330,000</td> <td>2.50%</td> </tr> <tr> <td>2022</td> <td>$305,000</td> <td>2.60%</td> </tr> <tr> <td>2023</td> <td>$345,000</td> <td>2.80%</td> </tr> <tr> <td>2024</td> <td>$355,000</td> <td>3.00%</td> </tr> <tr> <td>2025</td> <td>$365,000</td> <td>3.10%</td> </tr> <tr> <td>2026</td> <td>$380,000</td> <td>3.20%</td> </tr> <tr> <td>2027</td> <td>$390,000</td> <td>3.30%</td> </tr> <tr> <td>2028</td> <td>$405,000</td> <td>3.40%</td> </tr> </table> ; and WHEREAS, pursuant to the resolution (the “2015A Bond Resolution”) authorizing the issuance of the 2015A Bonds, the City reserved the right to prepay part or all of the 2015A Bonds maturing in each of the years 2022 to 2028 (the “Callable 2015A Bonds”), inclusive, prior to and in any order of maturity on June 1, 2021 or on any date thereafter, subject to the provisions of the 2015A Bond Resolution; and WHEREAS, the City heretofore proposed to enter into a General Obligation Annual Appropriation Refunding 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 $2,660,000 for the purpose of paying the cost, to that extent, of current refunding the outstanding balance of the Callable 2015A Bonds, and pursuant to law and a notice duly published, the City Council has held a public hearing on such proposal on December 15, 2020; NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. The City Council hereby determines to enter into the Loan Agreement in the future and orders that general obligation refunding bonds or notes be issued at such time, in evidence thereof. The City Council further declares that this resolution constitutes the “additional action” required by Section 384.24A of the Code of Iowa. Section 2. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict.