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HomeMy Public PortalAboutResolutions-2016-04814 11 i 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: x -1- DORSEY & WHITNEY LLP, ATTORNEYS, DES•MOINES, IOWA j ti 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: 0. -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA I ? Tiffin/436989-14/1' %2 - Sewer Rev t 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 y ) .7 r 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 1. 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 r k: 1 { v YF i -3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA a K' T 7 Tiffin/436989-14/1" Y: - Sewer Rev r k k 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 4 - Attest: City Clerk -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin/436989-14/15' V. - Sewer Rev z ` 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. { 'I City Clerk ri s r . q Y i -5- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA s } • r Tiffin/436989-14/1""h - Sewer Rev' 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 Y Mayor City Administrator/Clerk/Treasurer r Deputy City Clerk Council Member/Mayor Pro Tem s Council Member 1 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 -6- 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.) a r sy 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 x 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). 3 '9 -/- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA a { ♦ M Tiffin/436989-14/1 ' % - Sewer Rev ' w. 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: a 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 l r ' a i a DORSEY & WHITNEY LLP; ATTORNEYS, DES MOINES, IOWA Tiffin/436989-14/151 %z - Sewer Rev PUBLICATION CERTIFICATE: (PLEASE NOTE: Please do not date and return this certificate until you have received the , 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. ' ' e WITNESS MY HAND this day of , 2016. F City Clerk U (Attach here the publisher's original affidavit with clipping of the notice, as published.) i -9- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA t _ , 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. r 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. a . Page 2 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 F 801 GRAND • SUITE 4100 • DES MOINES, IOWA 50309-8002 USA CANADA- EUROPE ASIA r