Resolutions-2025-092

Tiffin / 436989 -NEW ! Set Hrg ( tr)GO UR LA NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER IN A PRINCIPAL AMOUNT NOT TO EXCEED $ 15, 000 000, GENERAL OBLIGATION) The City Council of the City of Tiffin, Iowa ( the " City"),will meet on January 20, 2026, at the TiffinFire Station in Tiffin, Iowa, at 7 o' clock p. m.,for the purpose of instituting proceedings and taking action on a proposal to enter into a loan agreement ( the " Loan Agreement") and to borrow money thereunder, in a principal amount not to exceed $ 15,000, 000, for the purpose of paying the costs, to that extent of,undertaking the Community/ Recreation Center Development Project, an urban renewal project in the Tiffin Urban Renewal Area which was previously authorized by action of the City Council on January 7, 2025. The Loan Agreement is proposed to be entered into pursuant to authority contained in Section 24A 384. and Section 384. 3)( q) 24( of the Code of Iowa and will constitute a general obligation of the City. It is estimated the annual increase in property taxes, if imposed, on a residential property with an actual valuation of one hundred thousand dollars resulting from the City entering into the Loan Agreement will be $ 118. 29,however the City Council may determine for any fiscal year while the Loan Agreement is outstanding to budget other available revenues to the payment of some or all of the debt service coming due thereunder. At any time before the date fixed for taking action to enter into the Loan Agreement, a petition may be filed with the City Clerk of the City asking that the question of entering into the Loan Agreement be submitted to the registered voters of the City, pursuant to the provisions of 26 of the Code of Iowa. If no such Section 384. petition is filed, at the aforementioned time and place, oral or written objections may be filed or made to the proposal to enter into the Loan Agreement. After receiving objections, the City may determine to enter into the Loan Agreement, in which case, the decision will be final unless appealed to the District Court within fifteen ( 15) days thereafter. By order of the City Council of the City of Tiffin, Iowa. Abigail Hora City Clerk 3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA