Resolutions-2022-029

RESOLUTION NO. 2022-029 Resolution taking additional action to enter into an Urban Renewal Loan Agreement, combining loan agreements, and authorizing the use of a preliminary official statement for the sale of Bonds 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 #1”) 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 #1 be submitted to the registered voters of the City; and WHEREAS, the City also proposed to enter into a loan agreement (the “Urban Renewal Loan Agreement #2” and together with the Essential Purpose Loan Agreement, and the Urban Renewal Loan Agreement #1, the “Loan Agreements”) and to borrow money thereunder in a principal amount not to exceed $700,000, 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 Safety Campus Land Acquisition Project, an urban renewal project in the 2017 Park Place Commercial Urban Renewal Are authorized by action of the City Council March 15, 2022, and in lieu of calling an election upon such proposal, has published notice of the proposed action, including notice of the right to petition for an election, and has held a hearing thereon, and as of April 5, 2022, no petition has been filed with the City asking that the question of entering into the Urban Renewal Loan Agreement #2 be submitted to the registered voters of the City; and WHEREAS, pursuant to the provisions of Section 384.28 of the Code of Iowa, the City intends to combine its authority under the Loan Agreements and to enter into a single loan agreement (the “Loan Agreement”); and WHEREAS, a Preliminary Official Statement (the “P.O.S.”) has been prepared to facilitate the sale of the General Obligation Urban Renewal Bonds, Series 2022A (the “Bonds”) in evidence of the obligation of the City under the Loan Agreement, and it is now necessary to