Resolutions-2024-031

Tiffin / 436989- 43 Iss / GO CP Bonds RESOLUTION NO. 2024- 031 Resolution authorizing and approving a Loan Agreement, providing for the issuance of $ 565, 000 3, General Obligation Corporate Purpose Bonds, Series 2024A, and providing for the levy of taxes to pay the same WHEREAS, the City of Tiffin, in the County of Johnson, State of Iowa ( the " City"), heretofore proposed to enter into a General Obligation Loan Agreement ( the " Loan 24A of the Code of Iowa, and to borrow Agreement"), pursuant to the provisions of Section 384. money thereunder, in a principal amount not to exceed $ 3, 000,for the purpose of paying the 750, water costs, to that extent, of (a)constructing street, storm water drainage, sanitary sewer system, 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 the " and Projects"), to law and a notice duly published, the City Council has held a pursuant public hearing on such proposal on February 20, 2024; and Official Statement ( the " P. has been S.") O. prepared to WHEREAS, a Preliminary facilitate the sale of General Obligation Corporate Purpose Bonds, Series 2024A ( the " Bonds") in evidence of the obligation of the City under the Loan Agreement, and the City Council has made provision for the approval of the P.S. O. and has authorized its use by Northland Securities, Inc. (the " Underwriter"), as the underwriter of the issuance of the Bonds; and WHEREAS, certain Bond Purchase Agreement ( the " Bond Purchase Agreement") has a been prepared to set forth the terms of the Bonds and the understanding between the City and the Underwriter with respect to the purchase thereof, and the City Council has approved the Bond Purchase Agreement and made provision for its execution and delivery; and WHEREAS, it is now necessary to make final provision for the approval of the Loan Agreement and to authorize 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 Council hereby determines to enter into the Loan Agreement with the Underwriter, in substantially the form as has been placed on file with the City Council, providing for a loan to the City in the principal amount of $ 3, 000, for the purpose or 565, purposes set forth in the preamble hereof. the Loan Mayor and City Clerk are hereby authorized and directed to sign The Agreement on behalf of the City,and the Loan Agreement is hereby approved. Section 2. The Bonds, in the aggregate principal hereby amount of $ 3, 565, 000, are s obligations under the authorized to be issued in evidence of the City' Agreement. The Loan 000 each or any Bonds shall be dated May 30, 2024, shall be issued in the denomination of $5, integral multiple thereof and shall mature on June 1 in each of the years, in the respective principal amounts, and bearing interest at the respective rates as follows: 2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA