Resolutions-2024-019

Tiffin / 436989- 43 /Auth POS GO CP RESOLUTION NO. 2024- 019 Resolutionauthorizing the use of a preliminary official statement for the sale of General Obligation Corporate Purpose Bonds, Series 2024 WHEREAS, the City of Tiffin ( the " City"),in Johnson County, State of Iowa heretofore proposed to enter into a General Obligation 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 000 for the purpose of purpose of paying the costs, to that principal amount not to exceed $ 3, 750, extent, of (a)constructing street, storm water drainage, sanitary sewer system, water system and sidewalk improvements; (b) acquiring and installing street lighting, signage and signalization improvements; (c) acquiring vehicles and equipment for the municipal public works department; and ( d)acquiring vehicles and equipment for the municipal fire department, and has published notice of the proposed action and has held a hearing thereon on February 20, 2024; and WHEREAS, a Preliminary Official Statement ( the " P. O. S.") has been prepared to facilitate the sale of General Obligation Corporate Purpose Bonds, Series 2024 ( the " Bonds") in evidence of the obligation of the City under the Loan Agreement, and it is now necessary to make provision for the approval of the P. S.and O. to authorize its use by Northland Securities, Inc. ( the Underwriter"), as the underwriter of 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 staff is hereby authorized to take such action as shall be deemed necessary and appropriate with the assistance of the Underwriter to prepare the P.O. S.describing the Bonds and providing for the terms and conditions of their sale, and all action heretofore taken in this regard is hereby ratified and approved. Section 2. The use by the Underwriter of the S.relating to O. P. the Bonds in substantially the form as has been presented to and considered by the City is hereby approved, and the Underwriter is hereby authorized to prepare and use a final Official Statement for the Bonds substantially in the form of the P. S. O. but with such changes therein as are required to conform the same to the terms of the Bonds and the resolution, when adopted, providing for the sale and issuance of the Bonds, and the City Administrator and/ or City Clerk is hereby authorized and directed to execute a final Official Statement for the Bonds, if requested. The P. S. O. as of its date is deemed final by the City within the meaning of Rule 15( 12 2)- c)( of the Securities and Exchange Commission. Section 3. Further action with respect to the authorization of the Loan Agreement and the issuance of the Bonds is hereby adjourned to the City Council meeting on May 6, 2024. Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. 2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA