Resolutions-2025-074

Tiffin / 42 436989- ?'/ 2"' z lss — Water Rev LDA RESOLUTION NO. 2025- 074 Resolution authorizing and approving a Loan and Disbursement Agreement and 000 Water Revenue providing for the issuance and securing the payment of $14, 384, Bonds, Series 2025 WHEREAS, the City of Tiffin ( the " City"),in Johnson County, State of Iowa, did heretofore establish Municipal Waterworks Utility a Systern ( the " Utility") in and for the City which has continuously supplied water service in and to the City and its inhabitants since its establishment; and WHEREAS, the management and control of the Utility are vested in the City Council ( the Council"),and no board of trustees exists for this purpose; and WHEREAS, the City has heretofore proposed to contract indebtedness and enter into a certain Water Revenue Loan and Disbursement Agreement ( the " Agreement") and to borrow money thereunder 000,pursuant to the provisions of in a principal amount not to exceed $ 15, 000, 24A of the Code of Iowa, for the purpose of paying the cost, to that extent, of planning, Section 384. designing and constructing improvements and extensions ( the " Project")to the Utility, and has published notice of the proposed action and has held a hearing thereon on June 3, 2025; and WHEREAS, it is necessary at this time for the City Council to approve the Agreement with the Iowa Finance Authority, an agency and public instrumentality of the State of Iowa, as lender the " Lender") and to issue Water Revenue Bonds, Series 2025 ( the " Bonds") in evidence thereof 000 to pay the costs of the Project; in the principal amount of $14, 384, NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. It is hereby determined that the City shall enter into the Agreement with the Lender. The Agreement shall be in substantially the form as has been placed on file with the City and shall provide for a loan ( the " Loan") to the City in the amount of $14, 000,for the purpose 384, as set forth in the preamble hereof. The Mayor and City Clerk hereby authorized and directed to sign the Agreement are on behalf of the City, and the Agreement is hereby approved. Section 2. hereby authorized to be issued in evidence of the obligation The Bonds are 000,to be dated of the City under the Agreement, in the aggregate principal amount of $ 14, 384, the date of delivery to or upon the direction of the Lender, and bearing interest from the date of each advancement made at the rate of 3.12% per annum ( or at such lower rate as agreed upon by the Lender and set forth in the Bonds and the Agreement) until payment thereof, as set forth in Exhibit A attached to the Agreement. To the extent that the Lender determines a lower rate of interest is available for the Bonds after the adoption of this Resolution, the Mayor and City Clerk, with advice from bond counsel, are hereby authorized make to: (i) such changes to the Agreement, the Bonds and any related transactional documents as are necessary to give effect to the lower rate 2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA