HomeMy Public PortalAboutResolutions-2016-04814
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Tiffin/436989-14/1" "/z - Sewer Rev E
MINUTES TO SET DATE FOR HEARING
' ON ENTERING INTO A LOAN AND
DISBURSEMENT AGREEMENT
436989-14 (N/I)
Tiffin, Iowa
July 19, 2016
The City Council of the City of Tiffin, `Iowa, met on. July 19, 2016, at seven o'clock p.m.,
at the Tiffin City Hall Council Chambers in the City. The Mayor presided and the roll was
called showing the following members of the Council present and absent:
Present: Michael Ryan, James Bartels, Peggy Upton, Al Havens, Jo`Kahler
Absent: None.
Council Member Upton introduced a resolution hereinafter next set out and moved its
adoption, seconded by Council Member Kahler and after due consideration thereof by the
Council, the Mayor put the question upon the adoption of the said resolution and the roll being
called, the following named Council Members voted:
' Ayes: Upton, Bartels, Havens, Kahler, Roman
Nays: None.
Whereupon, the Mayor declared the resolution duly adopted as follows:
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DORSEY & WHITNEY LLP, ATTORNEYS, DES•MOINES, IOWA
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Tiffin/436989-14/1"'/z - Sewer Rev'
RESOLUTION NO.2016-048
Resolution to fik a date for a public hearing on a proposal to enter into a Sewer
Revenue Loan and Disbursement Agreement, and to borrow money thereunder in
a principal amount not to exceed $2,400,000
WHEREAS, the City of Tiffin (the "City"), in Johnson County, State of Iowa, did
heretofore establish a Municipal Sanitary Sewer System (the "Utility") in and for the, City which
has continuously supplied sanitary sewer service in and to the City and its inhabitants since its
establishment -'and
I WHEREAS, the management and control of the Utility are vested in the City Council
(the "Council") and no board of trustees exists for this purpose; and
WHEREAS, pursuant to a resolution adopted and approved by the City Council on
September 8, 1999 (the "Outstanding Bond Resolution"), the City previously issued its Sewer
Revenue, Bond, SRF Series 1999C, dated September 30, 1999 (the "Outstanding Bond"), a
portion of which remain outstanding; and
WHEREAS, pursuant to the Outstanding Bond Resolution, the City reserved the right to
issue additional obligations payable from the net revenues of the -Utility and ranking on a parity
with the Outstanding Bond; and
WHEREAS, the City_ now proposes to enter into a Sewer Revenue Loan and
Disbursement Agreement (the "Agreement") in a principal amount not to exceed $2,400,000 a
pursuant to the provisions of Section 384.24A of the Code of Iowa for the purpose of paying the
cost, to that extent; of planning, designing and constructing improvements and extensions (the
"Project") to the Utility, and it is necessary to fix a date of meeting of the Council at which it is
proposed to take action to enter into the Agreement and to give notice thereof.as required by
such law;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, 'Iowa, 'as
follows:
Section 1. This City Council shall meet on August 2, 2016, at the Tiffin City Hall
Council Chambers in the City, at Seven o'clock p.m., at which time and place a hearing will be
held and proceedings will be"instituted and action taken to enter into the Agreement.
'Section 2. The City Clerk is hereby, directed to give notice of the proposed action on
the Agreement setting forth the amount and purpose thereof, the time when and place where the
said meeting will be held, by publication at least once, not less than four (4) nor more than
twenty (20) days before the meeting, in' a legal newspaper which has a general circulation in the
City. The notice shall.be in substantially the following form:
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
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NOTICE OF'PROPOSED ACTION TO INSTITUTE s
PROCEEDINGS TO ENTER INTO A LOAN AND DISBURSEMENT AGREEMENT', t
IN A PRINCIPAL AMOUNT NOT TO EXCEED $2,400,000
(SEWER REVENUE)
r The City Council of the City of Tiffin, Iowa, will meet on August 2, 2016, at the Tiffin .
u Cit Hall Council Chambers in the City at seven o'clock p m for the purpose of instituting
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proceedings and taking action to enter' into a loan and disbursement agreement Jthe
"Agreement") and to borrow money thereunder in a principal amount not to exceed $2,400,000,
for the' ose-of paying the cost, to that extent, of planning, designing and constructing
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improvements and extensions to the Municipal Sanitary Sewer System.
The Agreement will not constitute a general obligation of the City, nor will it be payable
in any manner by taxation but, together with the City's Sewer Revenue Bond, SRF Series 1999C,
dated September 30, 1999, and any additional obligations of the City as may be hereafter issued
and outstanding from time to time ranking on a parity therewith, will be payable solely and only
from the Net Revenues of the Municipal Sanitary Sewer System of the City.
At the aforementioned time and place, oral or written objections may be filed or made to
the proposal to enter into the Agreement: After receiving'objections, the City may determine to
enter into the 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.
Doug Boldt
City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
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Section 3. Pursuant to Section 1.150-2 of the Income Tax Regulations (the
"Regulations") of the Internal Revenue Service, the City declares (a) that it intends to undertake
the Project which is reasonably estimated to cost approximately $2,400,000, (b)' that other than
(i) expenditures to be paid or reimbursed from sources other than the issuance of bonds, notes or
other obligations (the "Bonds"), or (ii) expenditures made not earlier than 60 days prior to the
date of this Resolution or, a previous intent resolution of the City, or (iii) expenditures amounting
to the lesser of $100,000for 5% of the proceeds of the Bonds, or (iv) expenditures constituting
preliminary expenditures as defined in Section 1.150-2(f)(2) of the Regulations, no expenditures'`
for the Project have heretofore been made by the City and no expenditures will be made by the
City until after the date of this Resolution or a prior intent resolution of the City, and (c) that the
City'reasonably expects to reimburse the expenditures made for costs of the City out of the
proceeds of the Bonds. This declaration is a declaration of official intent adopted pursuant to
Section 1.150-2 of the Regulations.
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 it
adoption and approval, as provided by law.
Passed an&approved this July 19, 2016.
Mayor
Attest:
City Clerk
On motion and vote, the meeting adjourned.
Mayor
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Attest:
City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
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ATTESTATION CERTIFICATE:
STATE OF IOWA
COUNTY OF JOHNSON SS:
CITY OF TIFFIN
I, the undersigned, City Clerk of the aforementioned City, do hereby certify that attached
hereto is a true and correct copy of the proceedings of the City Council relating to_fixing a date
for hearing on the City Council's proposal to take action in -connection with a'Sewer Revenue
Loan and Disbursement Agreement.
WITNESS MY HAND this day of 52016.
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City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
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ORGANIZATION AND ESTABLISHMENT CERTIFICATE:
STATE OF IOWA
COUNTY OF JOHNSON SS:
CITY OF TIFFIN
I, the undersigned City Clerk, do hereby certify that the aforementioned City -is organized
and operating under the provisions of Title IX of the Code of Iowa and not under any special
charter ,and that such City is operating under the Mayor -Council form of government and that
there is not pending or threatened any question or litigation whatsoever touching the ,
incorporation of the City, the inclusion` of any territory within its limits or the incumbency in
office of any of the officials hereinafter named.
And I do further certify that Pe following named parties are officials of the City as
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Mayor
City Administrator/Clerk/Treasurer
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Deputy City Clerk
Council Member/Mayor Pro Tem s
Council Member
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Council Member
Council Member
Council Member
I, further certify that the City established the Municipal Sanitary Sewer -System (the
"Utility") and that the Utility has been in continuous operation by the City since its establishment
as aforesaid in supplying sanitary sewer service to the City and its inhabitants.
I further certify that the management and control of the Utility are vested in the Council
of the City, and that no board of trustees exists which has any part of the control and
management of such Utility. �- ' /
WITNESS MY HAND this day of 7 2016.
City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Tiffin/436989-14/1" 1/� - Sewer Rev
FINANCIAL CERTIFICATE:
STATE OF IOWA
COUNTY OF JOHNSON SS:
CITY OF TIFFIN
I, the undersigned, City Clerk of the City of Tiffin, Iowa` (the "City"), do hereby certify
that the City has no bonds or other obligations of any kind now outstanding which are secured by
and payable from the revenues derived from the operation of the Utility, except as follows:
Date Type Principal Amount Maturity
,Outstanding
09-30-1999 Sewer Revenue Bond $ June 1, 2019
(Attach here a separate sheet listing any other outstanding obligations of the
City secured by and payable from the revenues of the Utility 'excluding the z
proposed issue.)
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I further certify that the annual earnings and annual operating expenses in connection
with the operation of the Utility for each of the years indicated have, been as follows:
Operation and Net Revenues from
Maintenance Expenses Operation Before
Fiscal (do not include Bond Payment of Capital
Year Debt Service and Capital Expenditures and Bond
Ending Gross Revenues Expense Items) Debt Service
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2015 $ $ $
2016 $ $ $
I do further certify that the rates which were in effect for services furnished to customers
by the Utility during the aforementioned fiscal years were as follows:
(Attach here a copy of each of the rate schedules in effect during such fiscal
years).
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
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I further certify that the, projected annual earnings and annual operating expenses in
connection with the operation of the Utility for the Fiscal Year ending June 30, 2017 are as
follows:
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Operation and Net Revenues from
Maintenance Expenses "Operation Before
Fiscal (do not include Bond Payment of Capital
Year Debt Service and Capital Expenditures and Bond
Ending Gross Revenues Expense Items) Debt Service
2017 $ $ $
t I do further certify that attached hereto is a true, correct and complete copy of the present
rate ordinance for the Utiliiy.
(Attach here a copy of the current rate ordinance).
WITNESS MY HAND this day of 52016.
City Clerk
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PUBLICATION CERTIFICATE:
(PLEASE NOTE: Please do not date and return this certificate until you have received the
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publisher's affidavit and have verified that the notice was published on the date indicated
in the affidavit, but please return all other completed pages to us as soon as they are
available.)
STATE OF IOWA
COUNTY OF JOHNSON SS:
CITY OF TIFFIN
I, the undersigned, City Clerk of the aforementioned City, do hereby; certify that pursuant
to the resolution of its Council fixing a date of meeting at which it is proposed to take action to
enter into a loan and disbursement agreement, the notice, of which the printed slip attached to the
publisher's affidavit hereto attached is a true and complete copy, was published on the date, and
in the newspaper specified in such affidavit, which newspaper has a general circulation in the
City. '
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WITNESS MY HAND this day of , 2016.
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City Clerk
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(Attach here the publisher's original affidavit with clipping of the notice, as published.)
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
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DORSEY
DORSEY &'WHITNEY LLP
July 14, 2016
Doug Boldt
City Administrator/City Hall
Tiffin, IA
Re: $2;400,000 SRF Sewer Revenue Loan and Disbursement Agreement
File No. 436989-14
Dear Doug:
5 We have prepared and attach proceedings for the July 19, 2016 City Council meeting to
enable the Council to set, August 2, 2016, -as the date for a hearing on the proposal to enter. into
the SRF Sewer Revenue Loan and Disbursement Agreement (the "Agreement").
r The documents attached include the following items:
1. Resolution fixing the date of meeting at which it is proposed to take action to
enter into the Agreement. The'form of notice is set out in Section 2 of the resolution. Please
print an"extra copy for delivery to the newspaper. Please insert the time and place of the hearing
in both the resolution and the notice.
2. Attestation, Certificate with respect to the validity of the transcript.
3. Organization and Establishment Certificate.
4. Financial Certificate with respect to the outstanding debt, earnings and expenses
of the Sewer Utility and its rates and charges to customers.
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5. Publication Certificate with respect to publication of the notice, to which must be,
attached the publisher's affidavit of publication with a clipping of the notice as published.
The notice must be published at least once, not less than four (4) nor more than twenty
{ (20) days'before the meeting date set for,the hearing, in a legal newspaper which has a general
circulation in Tiffin. The -last date on which this notice can be effectively published is July 29,
2016:
As soon as the notice appears in the newspaper, please have a copy faxed to our office at
(515) 283-1060.
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Please return one fully executed copy of all completed pages to us as soon as they are
available.
Please call John Danos, Emily Hammond or me if you have. questions.
=Kind regards,
Amy Bjork
Attachments
cc: Ashley Jay Platz
Tracy Scebold
DORSEY & WHITNEY LLP • WWW;DORSEY.COM • T 515.283.1000 • F 515.283.1060
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801 GRAND • SUITE 4100 • DES MOINES, IOWA 50309-8002
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