Resolutions-2024-043

Tiffin / 436989- 42/RRR RESOLUTION NO. 2024- 043 Resolution relating to the Financing of Proposed Projects to be undertaken by the City of Tiffin, Iowa; Establishing Compliance with Reimbursement Bond Regulations under the Internal Revenue Code BE IT RESOLVED by the City Council ( the " Council") of the City of Tiffin, Iowa ( the City"),as follows: Section 1. Recitals. a) The Internal Revenue Service has issued Section 1. 2 of the 150- Income Tax Regulations ( the " Regulations") dealing with the issuance of bonds, all or aportion of the proceeds of which are to be used to reimburse the City for project expenditures made by the City prior to the date of issuance. b) The Regulations generally require that the City make a prior declaration of its official intent to reimburse itself for such prior expenditures out of the proceeds of a subsequently issued borrowing and that the borrowing occur and the reimbursement allocation be made from the proceeds of such borrowing within a certain period after the payment of the expenditure or the date the projects are placed in service; and c) The City desires to comply with requirements of the Regulations with respect to certain projects hereinafter identified. Section 2. Official Intent Declaration. a) The City proposes to undertake the following projects and to make original expenditures with respect thereto prior the issuance of bonds, notes or to other obligations ( the " Bonds")and reasonably expects to issue the Bonds for such projects in the maximum principal amount shown below: Maximum Amount of Bonds Projects Expected to be Issued for Projects Water Treatment Plant Upgrades Electrical $ 50, 000 Equipment Procurement b) Other than ( i) expenditures to be paid or reimbursed from sources other than the Bonds or ( ii)expenditures made not earlier than sixty days prior to the date of this Resolution or ( iii)expenditures amounting to the lesser of $100, 000 or of the proceeds 5% of the Bonds or ( iv)expenditures constituting preliminary expenditures as defined in Section 1. 150- 2( 0( 2) of the Regulations, no expenditures for the projects have heretofore been made by the City for which the City will seek reimbursement from the proceeds of the Bonds. 2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA