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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 -1- 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. -2- 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. -3- 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. -4- DORSEY & WHITNEY L,LP, ATTORNEYS, IIES MOINES, IOWA.