HomeMy Public PortalAboutResolutions-2024-019Tiffin / 436989-43 / Auth POS GO CP
MINUTES TO AUTHORIZE OFFICIAL
STATEMENT FOR BONDS
436989-43
Tiffin, Iowa
April 1, 2024
The City Council of the City of Tiffin, Iowa, met on April 1, 2024, at 7 o'clock p.m. at the
City Hall Council Chambers, in the City. The meeting was called to order by the Mayor, and the
roll being called, the following named Council Members were present and absent:
Present: Limkemann, Havens, Orris, Olney, Schnedler.
Absent: None.
After due consideration and discussion, Council Member Havens introduced the following
resolution and moved its adoption, seconded by Council Member Orris. The Mayor put the
question upon the adoption of said resolution, and the roll being called, the following Council
Members voted:
Ayes: Havens, Orris, Olney, Schnedler, Limkemann.
Nays: None.
Whereupon, the Mayor declared the resolution duly adopted, as hereinafter set out.
... •
At the conclusion of the meeting and, upon motion and vote, the City Council adjourned.
Attes
City Clerk
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DORSEY & WHITNEY LEP, ATTORNEYS, DES MOINES, IOWA
Tiffin / 436989-43 / Auth POS GO CP
RESOLUTION NO. 2024-019
Resolution authorizing 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
principal amount not to exceed $3,750,000 for the purpose of purpose of paying the costs, to that
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.O.S. and 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 P.O.S. relating to 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.O.S. 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.O.S. as of its date
is deemed final by the City within the meaning of Rule 15(c)(2)-12 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.
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Tiffin / 436989-43 / Ankh POS GO CP
Section 5. This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
Passed and approved April 1, 2024.
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA.
Tiffin / 436989-43 / Auth POS GO CP
ATTESTATION CERTIFICATE
STATE OF IOWA
COUNTY OF JOHNSON
CITY OF TIFFIN
SS:
I, the undersigned, City Clerk of the City of Tiffin, do hereby certify that as such I have in
my possession or have access to the complete corporate records of the City and of its Council and
officers and that I have carefully compared the transcript hereto attached with those corporate
records and that the transcript hereto attached is a true, correct and complete copy of all the
corporate records relating to the approval of a preliminary official statement and that the transcript
hereto attached contains a true, correct and complete statement of all the measures adopted and
proceedings, acts and things had, done and performed up to the present time with respect thereto.
WITNESS MY HAND this lr day of f1 r,
2024.
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DORSEY & WHITNEY L,LP, ATTORNEYS, IIES MOINES, IOWA.