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RESOLUTION NO. 2013-130
Resolution taking additional action to enter into a Loan Agreement
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
(the , "Infra=structure" Projects"); (2) effecting improvements` to existing municipal parks (the
"Parks Projects"); and (3) current refunding (the "Current Refunding") the City's outstanding
General, Obligation Sewer Improvement .Bond, SRF Series 1999A (the "Series 1999A Bond"),
dated September 30, 1999, General Obligation Sewer Improvement Bond, SRF, Series 1999B
(the "Series 1999B Bond"), dated September 30, 1999 and the General Obligation Water
Improvement Bond, SRF Series 2003 (the "Series 2003 Bond"), dated December 12, 2003, and
pursuant to law and a notice duly published the City has held 'a'public hearing'on such proposal
on August -8, 2012; 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 (the "Facilities Projects") (collectively, hereinafter the Infra -structure Projects, the Parks
Projects and the Facilities Projects are collectively referred'to as the "Projects"), and in'lieu of
calling an election thereon, the City caused the publication of a notice of such proposal,
including notice of the`right to petition for an election, under the provisions of Section 384.26 of
the Code of Iowa, and as of August 8, 2012 no such petition had been filed; and
WHEREAS, pursuant to Section 384.28 of the Code of Iowa, the City Council took
action to combine the Essential Corporate Purpose Loan Agreement and the General Corporate
Purpose Loan Agreement into a single loan agreement (the "Loan Agreement") and approved the
issuance of $6,100,000 General Obligation Corporate Purpose and Refunding Bonds, Series
•2012A (the "Bonds"),'dated September 1, 2012, in evidence of its obligations thereunder; and
WHEREAS, the City of Tiffin (the "City"), in the County of Johnson, State of Iowa, has
proposed to enter into a General Obligation Loan Agreement (the "Supplemental Loan
Agreement") and borrow money in a principal amount not to exceed $400,000 pursuant to 'the
provisions of Section 384.24A of the Code of Iowa for the purpose of paying the cost, to that
extent, of constructing improvements to City Hall (the "Improvements"), and in lieu of calling an
election thereon, the City caused the publication of a notice of such proposal, including notice 'of
the right to petition for an election, under the provisions of Section 384.26 of the Code of Iowa;
and as of June 12, 2013 no such petition had been filed; and;
WHEREAS, the City now proposes to use its authority to enter into the Supplemental
Loan Agreement to authorize the use of the remaining proceeds from the sale of the Bonds for
the carrying out of the Improvements;
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA