Resolutions-2022-025

RESOLUTION NO. 2022-025 Resolution taking additional action on proposals to enter into a General Obligation Loan Agreements WHEREAS, the City of Tiffin (the “City”), in Johnson County, State of Iowa, pursuant to the provisions of Section 384.24A of the Code of Iowa, 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 $600,000 for the purpose of paying the costs, to that extent, of acquiring vehicles and equipment for the municipal fire department; and acquiring vehicles and equipment for the municipal public works/street department, and pursuant to law and a notice duly published, the City Council has held a public hearing on such proposal on March 15, 2022; and WHEREAS, the City also proposed to enter into a loan agreement (the “Urban Renewal Loan Agreement”) (collectively, the Essential Purpose Loan Agreement and the Urban Renewal Loan Agreement are sometimes referred to hereinafter as the “Loan Agreements”) and to borrow money thereunder in a principal amount not to exceed $1,600,000, 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 undertaking the Public Works Building Project, an urban renewal project in the Tiffin Urban Renewal Area authorized by action of the City Council June 16, 2020, 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 March 15, 2022, 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; 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 Agreements in the future and to issue General Obligation Bonds, Series 2022A (the “Bonds”) 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. Further action with respect to the Loan Agreement and the Bonds is hereby adjourned to the City Council meeting scheduled for April 5, 2022. Section 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict.