HomeMy Public PortalAboutResolutions-2017-102
DocuSign Envelope ID: A4C806C4-6FB9-4F82-AC68-41F4A64E1955
Tiffin / 436989-22 / Hrg & Auth POS
MINUTES FOR HEARING ON LOAN
AGREEMENT AND AUTHORIZING
OFFICIAL STATEMENT FOR BONDS
436989-22
Tiffin, Iowa
October 17, 2017
The City Council of the City of Tiffin, Iowa, met on October 17, 2017, at seven 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: Upton, Bartels, Havens, Ryan, Kahler.
Absent: None.
This being the time and place specified for taking action on the proposal to enter into an
Essential Purpose Loan Agreement and to borrow money thereunder in a principal amount not to
exceed $4,650,000, 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
declared the public hearing closed.
After due consideration and discussion, Council Member Ryan introduced the resolution
next hereinafter set out and moved its adoption, seconded by Council Member Kahler. The
Mayor put the question upon the adoption of said resolution, and the roll being called, the
following Council Members voted:
Ayes: Upton, Bartels, Havens, Ryan, Kahler.
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
DocuSign Envelope ID: A4C806C4-6FB9-4F82-AC68-41F4A64E1955
Tiffin / 436989-22 / Hrg & Auth POS
RESOLUTION NO. 2017-102
Resolution taking additional action to enter into General Obligation Loan
Agreement and authorizing the use of a preliminary official statement for the sale
of Bonds
WHEREAS, the City of Tif
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 $4,650,000 for the purpose of paying the costs, to that extent, of
(1) constructing street, water system, storm water drainage, sanitary sewer system and sidewalk
improvements; and (2) installing street lighting and street signalization, and pursuant to law and
a notice duly published, the City Council has held a public hearing on such proposal on October
17, 2017; and
facilitate the sale of the General Obligation Corporate Purpose Bonds, Series 2017A (the
w
necessary to make provision for the approval of the P.O.S. and to authorize its use by Northland
NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, Iowa, as
follows:
Section 1. The City Council hereby determines to enter into the Loan Agreement in
the future orders that the Bonds be issued at such time, in evidence thereof. The City Council
further declares that this resolution constitutes the
384.24A of the Code of Iowa.
Section 2. 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 3. 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 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 4. Further action with respect to the Loan Agreement and the Bonds is
hereby adjourned to the City Council meeting scheduled for November 7, 2017.
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
DocuSign Envelope ID: A4C806C4-6FB9-4F82-AC68-41F4A64E1955
Tiffin / 436989-22 / Hrg & Auth POS
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 October 17, 2017.
Mayor
Attest:
City Clerk
On motion and vote, the meeting adjourned.
Mayor
Attest:
City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
DocuSign Envelope ID: A4C806C4-6FB9-4F82-AC68-41F4A64E1955
Tiffin / 436989-22 / Hrg & Auth POS
STATE OF IOWA
JOHNSON COUNTY 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 certain a Loan Agreement and 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 ______ day of _______________, 2017.
City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
DocuSign Envelope ID: A4C806C4-6FB9-4F82-AC68-41F4A64E1955
October 12, 2017
Via Email
Doug Boldt
City Administrator/City Hall
Tiffin, Iowa
Re: General Obligation Corporate Purpose Bonds, Series 2017A
Our File No. 436989-22
Dear Doug:
We have prepared and attach the necessary proceedings covering the hearing on the
Essential Purpose Loan Agreement and providing for the adoption of a
th
resolution taking additional action with respect to that Loan Agreement, at the October 17 City
Council meeting. The resolution also authorizes the use of a preliminary official statement (the
Northland Securities, Inc. in connection with the marketing of the Bonds.
The proceedings attached include the following items:
1. Minutes of the meeting covering the hearing, followed by the resolution taking
additional action in connection with the Loan Agreement. This resolution simply sets forth the
The resolution also provides for
the authorization of the P.O.S.
2. Attestation Certificate with respect to the validity of the transcript.
th
On October 17 the City Council should meet as scheduled, hold the hearing on its
intention to enter into the Loan Agreement and adopt the attached resolution. The minutes as
drafted assume that no objections will be file or made.
Prior to the adoption of the resolution, you and the City Council should review the
proposed P.O.S., which Northland Securities, Inc. is preparing, carefully for accuracy and to
ensure that there are no important facts being left out of the document that might bear on
potential risks to bond holders. It should be noted that, while we will review and comment on
the portions of the document that are pertinent to our role as bond counsel, we have not been
engaged as disclosure counsel, and we will not engage in a full due diligence process to
investigate the accuracy of financial data or any bond holder risks that are unknown to us, nor
will we be providing any legal opinions with respect to the documents offering the Bonds for
sale.
801 Grand Avenue | Suite 4100 | Des Moines, IA | 50309-8002 | 4 515.283.1000 | & 515.283.1060 | dorsey.com
DocuSign Envelope ID: A4C806C4-6FB9-4F82-AC68-41F4A64E1955
Page 2
As soon as possible after the City Council meeting, please return one fully executed copy
of all of the completed pages in these proceedings. If you have any questions, please contact
Rebecca Donaldson or me.
Best regards,
John P. Danos
Attachments
cc: Jeff Heil
Diana VanVleet
Ashley Jay Platz
Cindy Tebbitt
Certificate Of Completion
Envelope Id: A4C806C46FB94F82AC6841F4A64E1955Status: Completed
Subject: Please DocuSign: 2017-102 - GO Bond - Hrg Auth POS (Tiffin 22-2017)-v2.docx
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