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Home My Public Portal AboutResolutions-2015-074Tiffin / 436989-13 / Auth POS MINUTES TO APPROVE PRELIMINARY OFFICIAL STATEMENT FOR BONDS 436989-13 (N/I) - GENERAL OBLIGATION Tiffin, Iowa May 27, 2015 The City Council of the City of Tiffin, Iowa, met on May 27, 2015, at seven o'clock p.m., at the City Hall Council Chambers, in the City. The Mayor presided and the roll was called showing the following members of the City Council present and absent: Present: Upton, Bartels, Havens, Kahler Absent: Ryan Council Member Havens introduced the resolution hereinafter next set out and moved its adoption, seconded by Council Member Bartels; and after due consideration thereof by the City 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 Nays: none Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out: At the conclusion of the meeting, and upon motion and vote, the City Council adjourned. Attest: City Crerk Mayor -1- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin / 436989-13 / Auth POS RESOLUTION NO. 2015-074 Resolution approving Preliminary Official Statement WHEREAS, the City of Tiffin (the "City"), in the County of Johnson, State of Iowa, proposes to enter into a General Obligation Loan Agreement (the "Essential Purpose Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $6,500,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the costs, to that extent, of: (1) constructing street, water system, sanitary sewer system, sidewalk and storm water drainage improvements; (2) installing street lighting and signage; and (3) improving and equipping existing municipal parks, and has fixed June 10, 2015 as the date of meeting of the City Council at which a public hearing and additional action will be taken on such proposal; and WHEREAS, pursuant to the provisions of Section 384.24A of the Code of Iowa, the City also proposed to enter into a General Obligation Loan Agreement (the "Municipal Park Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $400,000 for the purpose of paying the costs, to that extent, of developing and equipping new municipal parks; and in lieu of calling an election thereon, the City desires to institute proceedings to enter into the Municipal Park Loan Agreement by causing a notice of such proposal to be published, including notice of the right to petition for an election, under the provisions of Section 384.26 of the Code of Iowa; and has fixed June 10, 2015 as the date of meeting of the City Council at which a public hearing and additional action will be taken on such proposal; and WHEREAS, pursuant to the provisions of Section 384.24A of the Code of Iowa, the City also proposed to enter into a General Obligation Loan Agreement (the "Trail Improvements Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $400,000 for the purpose of paying the costs, to that extent, of constructing municipal recreation trail improvements; and in lieu of calling an election thereon, the City desires to institute proceedings to enter into the Trail Improvements Loan Agreement by causing a notice of such proposal to be published, including notice of the right to petition for an election, under the provisions of Section 384.26 of the Code of Iowa; and has fixed June 10, 2015 as the date of meeting of the City Council at which a public hearing and additional action will be taken on such proposal; and WHEREAS, pursuant to the provisions of Section 384.24A of the Code of Iowa, the City also proposed to enter into a General Obligation Loan Agreement (the "Economic Development Loan Agreement" and, together with the Essential Purpose Loan Agreement, Municipal Park Loan Agreement and Trail Improvements Loan Agreement, the "Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $140,000 for the purpose of paying the costs, to that extent, of funding an economic development grant to a private developer in connection with the construction of water infrastructure improvements; and in lieu of calling an election thereon, the City desires to institute proceedings to enter into the Economic Development Loan Agreement by causing a notice of such proposal to be published, including notice of the right to petition for an election, under the provisions of Section 384.26 of the Code of Iowa; and has fixed June 10, 2015 as the date of meeting of the City Council at which a public hearing and additional action will be taken on such proposal; and -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin / 436989-13 / Auth POS WHEREAS, after the aforementioned hearings on the Essential Purpose Loan Agreement, Municipal Park Loan Agreement, Trail Improvements Loan Agreement and Economic Development Loan Agreement, and pursuant to Section 384.28 of the Code of Iowa, the City Council intends to combine the Essential Purpose Loan Agreement, Municipal Park Loan Agreement, Trail Improvements Loan Agreement and Economic Development Loan Agreement into a single Loan Agreement; and WHEREAS, a Preliminary Official Statement (the "P.O.S.") has been prepared to facilitate the sale of General Obligation Annual Appropriation Corporate Purpose Bonds, Series 2015 (the "Bonds") in a principal amount not to exceed $5,500,000 in evidence of the obligation of the City under the Loan Agreement, and it is now necessary to make provision for the approval of the P.O.S. and to authorize its use by Northland Securities, Inc., Minneapolis, Minnesota (the "Underwriter"); NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. 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 approved. Section 2. 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 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. -3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin / 436989-13 / Auth POS Section 4. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved May 27, 2015. Attest: City k Mayor -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin / 436989-13 / Auth POS STATE OF IOWA COUNTY OF JOHNSON SS: CITY OF TIFFIN I, the undersigned, City Clerk of the City of Tiffin, do hereby certify that attached hereto is a true and correct copy of the proceedings of the City Council relating to the final approval a Preliminary Official Statement. WITNESS MY HAND this day of '2015. t f City C k -5- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA OORSEY DORSEY & WHITNEY LLP May 21, 2015 Via Email Doug Boldt City Administrator/City Hall Tiffin, Iowa a Re: General Obligation Annual Appropriation Corporate Purpose Bonds, Series 2015A Our File No. 436989-13 Dear Doug: We have prepared and attach proceedings related to the approval of the Preliminary Official Statement (the "P.O.S.") with respect to the marketing of the City's General Obligation Annual Appropriation Corporate Purpose Bonds, Series 2015A by Northland Securities, Inc. The documents attached include the following items: 1. Minutes of the meeting covering the adoption of the resolution authorizing the use of the P.O.S. by Northland Securities, Inc. 2. Certificate attesting the transcript. 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 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. 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 us. Best regards, John P. Danos Attachments cc: Crystal Raiber Ashley Jay Platz Northland Securities, Inc. 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