HomeMy Public PortalAboutResolutions-2012-35Tiffin/436989 -9 / Auth POS (part rr) GO CP & Rfdg LA
RESOLUTION NO. 2012 -35
Resolution authorizing the use of a preliminary official statement
WHEREAS, the City of Tiffin (the "City "), in Johnson County, State of Iowa, pursuant
to the provisions of Section 384.24A of the Code of Iowa, has proposed to enter into a loan
agreement (the "Essential Corporate Purpose Loan Agreement ") in a principal amount not to
exceed $6,300,000 for the essential corporate purposes of paying the costs, to that extent, of (1)
constructing street, water system, water tower, sanitary sewer and storm sewer improvements;
(2) effecting improvements to existing municipal parks; and (3) current refunding the City's
outstanding General Obligation Sewer Improvement Bond, SRF Series 1999A, dated September
30, 1999, General Obligation Sewer Improvement Bond, SRF Series 1999B, dated September
30, 1999 and the General Obligation Water Improvement Bonds, SRF Series 2003, dated
December 12, 2003, and it is necessary to fix a date of meeting of the City Council at which it is
proposed to take action to enter into the Essential Corporate Purpose Loan Agreement and to
give notice thereof as required by such law; and
WHEREAS, pursuant to the provisions of Section 384.24A of the Code of Iowa, the City
has also proposed to enter into a loan agreement (the "General Corporate Purpose Loan
Agreement ") in a principal amount not to exceed $225,000 for the general corporate purpose of
paying the cost, to that extent, of constructing improvements to City Hall and municipal parking
lots, and in lieu of calling an election thereon, the City desires to institute proceedings to enter
into the General Corporate Purpose Loan Agreement by causing a notice of such proposal to be
published, including notice of the right to petition for an election, under the provisions of
Section 384.26 of the Code of Iowa; and
WHEREAS, pursuant to Section 384.28 of the Code of Iowa, the City Council intends to
combine the Essential Corporate Purpose Loan Agreement and the General Corporate Purpose
Loan Agreement into a single loan agreement (the "Loan Agreement ") and to offer an initial
issuance of $6,110,000 General Obligation Corporate Purpose and Refunding Bonds, Series
2012A (the "Bonds ") in evidence of its obligations thereunder; and
WHEREAS, a Preliminary Official Statement (the "P.O.S. ") has been prepared to
facilitate the sale of the Bonds, 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 ");
NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, Iowa, as
follows:
Section 1. The City Administrator 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
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Tiffin/436989 -9 / Auth POS (part n) GO CP & Rfdg LA
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 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 August 8,
2012.
Section 4. All resolutions or parts of resolutions in conflict herewith are hereby
repealed to the extent of such conflict.
Section 5. This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
Passed and approved July 16, 2012.
Attest•
�chon �ckso . , City Administrator /Clerk
Attest:
... •
On motion and vote, the meeting adjourned.
Michon j c Ton, City Administrator /Clerk
SLA
Steve Berner, Mayor
Steve Berner, Mayor
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Tiffin/ 436989 -NEW / Set Hrg (part rr) GO CP & Rfdg LA
MINUTES TO SET DATE FOR
HEARINGS ON LOAN AGREEMENTS
436989 -NEW
(N /I) - GENERAL OBLIGATION
Tiffin, Iowa
June 27, 2012
The City Council of the City of Tiffin, Iowa, met on June 27, 2012, at 6:34 p.m., at the
Springmier Community Library at CCA Middle School, in the City. The Mayor presided and the
roll was called showing the following members of the City Council present and absent:
Present: Chris Ball, Peggy Upton, Jim Bartels (arrived at 7:42 p.m.), Travis Weipert,
Mike Ryan (arrived at 7:43 p.m.)
Absent: none.
Council Member Ryan introduced the resolution hereinafter next set out and moved its
adoption, seconded by Council Member Weipert; and after due consideration thereof by the City
Council, the Mayor put the question upon the adoption of the said resolution and the roll being
called, the following named Council Members voted:
Attest:
Ayes: Ball, Weipert, Upton, Ryan, Bartels
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.
M Chen ckso Silty Administrator /Clerk
Steve Berner, Mayor
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Tiffin/436989 -9 / Auth POS (part rr) GO CP & Rfdg LA
STATE OF IOWA
COUNTY OF JOHNSON SS:
CITY OF TIFFIN
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 authorization of a certain Loan Agreement and General
Obligation Corporate Purpose and Refunding Bonds, Series 2012A to be issued in evidence of
the City's obligation under the Loan Agreement, approving the 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 16th day of July, 2012.
Mi , on sr#7y Administrator /Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA