HomeMy Public PortalAboutResolutions-2017-014
DocuSign Envelope ID: 7E8AE5FC-A2BD-44CB-8DF1-F13EE7D77DAB
Tiffin/ 436989-19/ Hrg (Part rr), Combine and Prelevy GO CP LA
MINUTES FOR HEARINGS ON LOAN
AGREEMENTS AND TO AUTHORIZE
PRELEVY
436989-19
Tiffin, Iowa
March 7, 2017
The City Council of the City of Tiffin, Iowa, met on March 7, 2017, at 7:00 p.m., at the
City Hall Council Chambers, Tiffin, Iowa.
The meeting was called to order by the Mayor, and the roll being called, the following
named Council Members were present and absent:
Present: Havens, Ryan, Kahler, Upton, Bartels.
Absent: None.
This being the time and place specified for taking action on the proposal to enter into an
Essential Purpose Loan Agreement in a principal amount not to exceed $5,100,000, the City
Clerk announced that no written objections had been placed on file. Whereupon, the Mayor
called for any written or oral objections, and there being none, the Mayor closed the public
hearing.
This also being the time and place specified for taking action on the proposal to enter into
a City Hall Loan Agreement in a principal amount not to exceed $150,000, the City Clerk
announced that no petition had been filed asking that the question of entering into the loan
agreement be submitted to the registered voters of the City, and that the City Council may
proceed with the authorization of the loan agreement. Whereupon, the Mayor called for any
written or oral objections, and there being none, the Mayor closed the public hearing.
After due consideration and discussion, Council Member Havens introduced the
resolution next hereinafter set out and moved its adoption, seconded by Council Member Ryan
The Mayor put the question upon the adoption of said resolution, and the roll being called, the
following Council Members voted:
Ayes: Havens, Ryan, Kahler, Upton, Bartels
Nays: None.
Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out.
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
4819-1441-9268\\2
DocuSign Envelope ID: 7E8AE5FC-A2BD-44CB-8DF1-F13EE7D77DAB
Tiffin/ 436989-19/ Hrg (Part rr), Combine and Prelevy GO CP LA
RESOLUTION NO. 2017-014
Resolution authorizing and combining Loan Agreements, approving the future
issuance of General Obligation Bonds and providing for the levy of taxes to pay
the same
the provisions of Section 384.24A of the Code of Iowa, heretofore proposed to enter into a loan
agreement and to borrow money thereunder in a
principal amount not to exceed $5,100,000 for the purpose of paying the costs, to that extent, of
(1) constructing street, water system, sanitary sewer system, sidewalk, storm water drainage,
park trails and improvements in existing municipal parks; (2) acquiring vehicles and equipment
for the municipal public works department; and (3) acquiring and installing street lighting and
signalization improvements, and has published notice of the proposed action and has held a
hearing thereon on March 7, 2017; and
and to borrow money thereunder in a principal amount not to exceed $150,000, pursuant to the
provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the costs, to that
extent, of constructing, furnishing and equipping an addition and improvements to City Hall, and
in lieu of calling an election upon such proposal, has published notice of the proposed action and
has held a hearing thereon, and as of March 7, 2017, no petition had been filed with the City
asking that the question of entering into the City Hall Loan Agreement be submitted to the
registered voters of the City; and
WHEREAS, the City intends to combine the Loan Agreements into a single loan
issue General Obligation Corporate Purpose Bonds Bonds
thereunder and anticipates that principal and interest will come due on the Bonds before July 1,
2018; and
WHEREAS, it is now necessary to make provision for the levy of a debt service property
tax in the 2017-2018 fiscal year for the payment of such principal and interest;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, Iowa, as
follows:
Section 1. The City hereby combines the Loan Agreements into the Loan Agreement
pursuant to Section 384.28 of the Code of Iowa.
Section 2. The City Council hereby determines to enter into the Loan Agreement in
the future and orders that the Bonds be issued at such time, in evidence thereof. The City
Council further declares that this constitutes the
of the Code of Iowa.
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
4819-1441-9268\\2
DocuSign Envelope ID: 7E8AE5FC-A2BD-44CB-8DF1-F13EE7D77DAB
Tiffin/ 436989-19/ Hrg (Part rr), Combine and Prelevy GO CP LA
Section 3. For the purpose of providing for the levy and collection of a direct annual
tax sufficient to pay the principal of and interest on the Bonds as the same become due, there is
hereby ordered levied on all the taxable property in the City the following direct annual tax:
For collection in the fiscal year beginning July 1, 2017,
sufficient to produce the net annual sum of $185,618.
Provided, however, that at the time the Bonds are issued, the actual tax levy amounts required to
pay the principal of and interest on the Bonds in each year shall be determined based upon the
interest rate or rates at which the Bonds are issued, and this resolution shall be supplemented by
resolution of the City Council to provide for such actual and necessary tax levy amounts.
Section 4. A certified copy of this resolution shall be filed with the County Auditor
of Johnson County, and said Auditor is hereby instructed to enter for collection and assess the
tax hereby authorized. When annually entering such taxes for collection, the County Auditor
shall include the same as a part of the tax levy for Debt Service Fund purposes of the City and
when collected, the proceeds of the taxes shall be converted into the Debt Service Fund of the
City and set aside therein as a special account to be used solely and only for the payment of the
principal of and interest on the Bonds hereby authorized and for no other purpose whatsoever.
Section 5. All resolutions or parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
Section 6. This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
Passed and approved March 7, 2017.
Mayor
Attest:
City Clerk
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DocuSign Envelope ID: 7E8AE5FC-A2BD-44CB-8DF1-F13EE7D77DAB
Tiffin/ 436989-19/ Hrg (Part rr), Combine and Prelevy GO CP LA
On motion and vote, the meeting adjourned.
Mayor
Attest:
City Clerk
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DocuSign Envelope ID: 7E8AE5FC-A2BD-44CB-8DF1-F13EE7D77DAB
Tiffin/ 436989-19/ Hrg (Part rr), Combine and Prelevy GO CP LA
ATTESTATION CERTIFICATE:
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 City
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 authorizing Loan Agreements, combining Loan Agreements
and providing for a debt service property tax levy for the payment of principal of and interest on
General Obligation Corporate Purpose Bonds 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 ______ day of _______________, 2017.
City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
4819-1441-9268\\2
DocuSign Envelope ID: 7E8AE5FC-A2BD-44CB-8DF1-F13EE7D77DAB
Tiffin/ 436989-19/ Hrg (Part rr), Combine and Prelevy GO CP LA
COUNTY FILING CERTIFICATE:
STATE OF IOWA
SS:
COUNTY OF JOHNSON
I, the undersigned, County Auditor of Johnson County, in the State of Iowa, do hereby
certify that on the ______ day of _________________, 2017, the City Clerk of the City of Tiffin
filed in my office a certified copy of a resolution of such City shown to have been adopted by the
Council on March 7, 2017Resolution authorizing and combining Loan Agreements,
approving the future issuance of General Obligation Bonds and providing for the levy of taxes to
pay the samethat I have duly placed the copy of the resolution on file in my records.
I further certify that the taxes provided for in that resolution will in due time, manner and
season be entered on the State and County tax lists of this County for collection in the fiscal year
beginning July 1, 2017, as provided in the resolution.
WITNESS MY HAND this ______ day of ________________, 2017.
County Auditor
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
4819-1441-9268\\2
DocuSign Envelope ID: 7E8AE5FC-A2BD-44CB-8DF1-F13EE7D77DAB
March 3, 2017
Via Email
Doug Boldt
City Administrator/City Hall
Tiffin, Iowa
Re: General Obligation Loan Agreements
Our File No. 436989-19
Dear Doug:
th
We have prepared and attach proceedings to be used at the March 7 City Council
meeting covering the hearings on the loan agreements and providing for the adoption of the
resolution
, taking additional action with respect to the General Obligation Corporate Purpose
Bonds Bondsdebt service property tax levy for the fiscal year
beginning on July 1, 2017 in the amount of $185,618 for the payment of debt service on the
Bonds.
If a petition is filed asking that the proposal to enter into the City Hall Loan Agreement
be put to an election, please contact us right away.
After it is adopted, a certified copy of the attached Resolution must be filed with the
no later than March 31, 2017
Johnson County Auditor . Please print an extra copy of the
Resolution for this purpose.
When the City is ready to enter into the Loan Agreement, we will prepare proceedings to
enable the City Council to supplement the Resolution to provide for the actual repayment
structure, interest rate on the Bonds, and the additional tax levies and to make a supplemental
filing with the County Auditor.
The proceedings attached include the following items:
th
1. Minutes of the March 7 City Council meeting covering the hearings and
providing for the adoption of the Resolution. The Resolution combining loan agreements and
authorizing the property tax levy follows the minutes.
2. Attestation Certificate with respect to the validity of the transcript.
3. County Filing Certificate of the Johnson County Auditor relating to the filing of a
certified copy of the resolution in that office
4819-1441-9268\\2
DocuSign Envelope ID: 7E8AE5FC-A2BD-44CB-8DF1-F13EE7D77DAB
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As these proceedings are completed, please return one fully executed copy to our office.
If you have any questions, please contact Rebecca Donaldson or me.
Best regards,
John P. Danos
Attachments
cc: Ashley Jay Platz
Jeff Heil
Diana VanVleet
4819-1441-9268\\2
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