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Home My Public Portal AboutResolutions-2015-078Tiffin / 436989-13 / Set Hrg GO AA LAs (rr) MINUTES TO SET DATE FOR ADDITIONAL ACTION ON ENTERING INTO GENERAL OBLIGATION LOAN AGREEMENT 436989-13 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, Tiffin, Iowa. 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 Kahler 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: i City Wrk Mayor -1- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin / 436989-13 / Set Hrg GO AA LAs (rr) RESOLUTION NO. 078 Resolution setting the date for additional action on proposal to enter into General Obligation Loan Agreement and to borrow money thereunder WHEREAS, the City of Tiffin (the "City"), in the County of Johnson, State of Iowa, proposes to enter into a General Obligation Land Acquisition Loan Agreement (the "Land Acquisition Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $260,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the costs, to that extent, of acquiring land for future municipal uses, and in lieu of calling an election thereon, the City desires to institute proceedings to enter into the Land Acquisition 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 it is now necessary to fix a date of meeting of the City Council at which it is proposed to take action to enter into the Land Acquisition Loan 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. The City Council shall meet on June 10, 2015, at the City Hall Council Chambers, Tiffin, Iowa, 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 Land Acquisition Loan Agreement. Section 2. The City Clerk is hereby directed to give notice of the proposed action on the Land Acquisition Loan 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 and not less than 10 and not more than 20 days before the date selected for the meeting, in a legal newspaper which has a general circulation in the City. The notice shall be in substantially the following form: -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin / 436989-13 / Set Hrg GO AA LAs (rr) NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER IN A PRINCIPAL AMOUNT NOT TO EXCEED $260,000 (GENERAL OBLIGATION) The City Council of the City of Tiffin, Iowa, will meet on June 10, 2015, at the City Hall Council Chambers Tiffin, Iowa, at seven o'clock p.m., for the purpose of instituting proceedings and taking action on a proposal to enter into a loan agreement (the "Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $260,000 for the purpose of paying the cost, to that extent, of acquiring land for future municipal uses The Loan Agreement is proposed to be entered into pursuant to authority contained in Section 384.24A of the Code of Iowa and will constitute a general obligation of the City. Some or all of the repayment of principal under the Loan Agreement may be made subject to annual appropriation by the City Council. The maximum rate of interest which may be payable under the Loan Agreement is 7% per annum. At any time before the date fixed for taking action to enter into the Loan Agreement, a petition may be filed with the City Clerk of the City asking that the question of entering into the Loan Agreement be submitted to the registered voters of the City, pursuant to the provisions of Section 384.26 of the Code of Iowa. By order of the City Council of the City of Tiffin, Iowa. Doug Boldt City Clerk -3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin / 436989-13 / Set Hrg GO AA LAs (rr) 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 land acquisition which is reasonably estimated to cost, in the aggregate, approximately $260,000, (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 $100,000 or 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 land acquisition 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 its adoption and approval, as provided by law. Passed and approved May 27, 2015. Attest: Vri City Cl Mayor -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin / 436989-13 / Set Hrg GO AA LAs (rr) 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 fixing a date for hearings on the City's proposals to take action in connection with a certain loan agreement, as referred to therein. WITNESS MY HAND this � day of �a , 2015. City rk -5- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin / 436989-13 / Set Hrg GO AA LAs (rr) STATE OF IOWA COUNTY OF JOHNSON SS: CITY OF TIFFIN I, the undersigned City Clerk, do hereby certify that the City of Tiffin is organized and operating under the provisions of Title IX of the Code of Iowa and not under any special charter and that the 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 the following named parties are officials of the City as indicated: Mayor i City Administrator/City Clerk Council Member/Mayor Pro Tem •) c CFSU–<— , Council Member Council Member F Council Member A Council Member WITNESS MY HAND this A day of 12015. City eerk -6- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin / 436989-13 / Set Hrg GO AA LAs (rr) STATE OF IOWA COUNTY OF JOHNSON SS: CITY OF TIFFIN I, the undersigned, City Clerk of the City of Tiffin, do hereby certify that pursuant to the resolution of the City Council fixing a date of meeting at which it is proposed to take action to enter into certain loan agreements, the notices, of which the printed slip attached to the publisher's affidavit hereto attached is a true and complete copy, were published on the date and in the newspaper specified in such affidavit, which newspaper has a general circulation in the City. 00 WITNESS MY HAND this day of �4'2015. City Cler (Attach here the publisher's original affidavits with clippings of the notices, as published.) (PLEASE NOTE: Do not date and return this certificate until you have received the publisher's affidavits and have verified that the notices were published on the date indicated in the affidavits but please return all other completed pages to us as soon as they are available.) -7- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA j) OORSEY DORSEY & WHITNEY LLP May 22, 2015 Via Email Doug Boldt City Administrator/City Hall Tiffin, Iowa Re: General Obligation Loan Agreement Our File No. 436989-13 Dear Doug: We have prepared and attach the necessary proceedings for action to be taken at the May 27, 2015 City Council meeting setting June 10, 2015 as the date for the hearings and additional action on the General Obligation Loan Agreement. The documents attached include the following items: 1. Minutes of the City Council followed by the resolution fixing the date, time and place of the meeting at which it is proposed to hold the hearing and take action to enter into the Loan Agreement. The form of notice of hearing is set out in Section 2 of the resolution. Please print an extra copy of the notice for delivery to the publisher. Please insert the time and place of the hearing in both the resolution and the notice. 2. Certificate attesting the transcript. 3. Certificate of Organization. 4. Certificate with respect to publication of the notice, to which must be attached the publisher's affidavit of publication with the clipping of the notice as published. The notice covering the hearing on the Loan Agreement must be published at least once not less than 10 nor more than 20 days before the June 10th meeting date set for the hearing, in a legal newspaper which has a general circulation in the City. PLEASE NOTE THE NOTICE MUST BE DELIVERED TO THE PAPER IN TIME FOR PUBLICATION ON THURSDAY MAY 28. As soon as the notice appears in the newspaper, please have a copy faxed to our office at (515) 283-1060. Please return one fully -executed copy of all of the completed pages in these proceedings as soon as possible. DORSEY & WHITNEY LLP • WWW.DORSEY.COM • T 515.283.1000 • F 515.283.1060 801 GRAND • SUITE 4100 • DES MOINES, IOWA 50309-2790 USA CANADA EUROPE ASIA -PACIFIC Page 2 If you have any questions, please contact me. Best regards, John P. Danos Attachments cc: Crystal Raiber Ashley Jay Platz Northland Securities, Inc. Diana VanVleet ( )) DORSEY DORSEY & WHITNEY LLP PUBLISHER'S CERTIFICATE STATE OF IOWA ss. County of Johnson } I; Jake Krob, being duly sworn, on my oath to do say, that I am publisher of the Leader, a Newspaper issued weekly at Solon in said County- of Johnson; that the Notice of which the attached printed copy taken from the printed files of said Newspaper is a copy, was inserted and published in said Newspaper in the issue of MAY 2 8 2015 and the reasonable fee for publishing said Notice is Jake Krort. Publisher Subscribed by the above named Jake Krob in my presence, and by him sworn before me, at Solon, Johnson County, Iowa. No 4Publicln' ran1d;o-'r--L—inn.Coun7, owa =o RICHARD ESULSE;V r COMMISSim NUM(7, 36016 MYCOmmiasion Exp,