The URL can be used to link to this page

Home My Public Portal AboutResolutions-2015-083 (2)Tiffin / 436989-13 / Hrg & Combine LAs MINUTES FOR HEARING ON LOAN AGREEMENT AND TO COMBINE LOAN AGREEMENTS B&Z -30M Tiffin, Iowa June 10, 2015 The City Council of the City of Tiffin, Iowa, met on June 10, 2015, at seven o'clock p.m., at the Council Chambers, City Hall, Tiffin, Iowa. The meeting was called to order by the Mayor, and the roll was called showing the following members of the City Council present and absent: Present: Al Havens, Joan Kahler, Michael Ryan, James Bartels, Peggy Upton Absent: None. This being the time and place specified for taking action on the proposal to enter into an Essential Purpose Loan Agreement in a principal amount not to exceed $6,500,000, 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 closed the public hearing. This also being the time and place specified for taking action on the proposal to enter into a Municipal Park Loan Agreement and to borrow money thereunder in a principal amount not to exceed $400,000, the City Clerk announced that no petition had been filed asking that the question of entering into said Loan Agreement be submitted to the registered voters of the City, and that the City Council may proceed with the authorization of the loan agreement. Whereupon, the Mayor called for any written or oral objections, and there being none, the Mayor closed the public hearing. This also being the time and place specified for taking action on the proposal to enter into a Trail Improvements Loan Agreement and to borrow money thereunder in a principal amount not to exceed $400,000, the City Clerk announced that no petition had been filed asking that the question of entering into said Loan Agreement be submitted to the registered voters of the City, and that the City Council may proceed with the authorization of the loan agreement. Whereupon, the Mayor called for any written or oral objections, and there being none, the Mayor closed the public hearing. This also being the time and place specified for taking action on the proposal to enter into an Economic Development Loan Agreement and to borrow money thereunder in a principal amount not to exceed $140,000, the City Clerk announced that no petition had been filed asking that the question of entering into said Loan Agreement be submitted to the registered voters of the City, and that the City Council may proceed with the authorization of the loan agreement. -1- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin / 436989-13 / Hrg & Combine LAs This also being the time and place specified for taking action on the proposal to enter into a Land Acquisition Loan Agreement and to borrow money thereunder in a principal amount not to exceed $260,000, the City Clerk announced that no petition had been filed asking that the question of entering into said Loan Agreement be submitted to the registered voters of the City, and that the City Council may proceed with the authorization of the loan agreement. Whereupon, the Mayor called for any written or oral objections, and there being none, the Mayor closed the public hearing. After due consideration and discussion, Council Member Ryan introduced the following resolution 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: Al Havens Joan Kahler, Michael Ryan, James Bartels, Peggy Upton 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 ClerV Mayor -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin / 436989-13 / Hrg & Combine LAs RESOLUTION NO. 2015-083 Resolution taking additional action to enter into Loan Agreements and combining Loan Agreements 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 published notice of the proposed action and has held a hearing thereon, on June 10, 2015; 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 upon such proposal, has published notice of the proposed action and has held a hearing thereon, and as of June 10, 2015, no petition had been filed with the City asking that the question of entering into the Municipal Park Loan Agreement be submitted to the registered voters of the City; 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 upon such proposal, has published notice of the proposed action and has held a hearing thereon, and as of June 10, 2015, no petition had been filed with the City asking that the question of entering into the Trail Improvements Loan Agreement be submitted to the registered voters of the City; 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 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 upon such proposal, has published notice of the proposed action and has held a hearing thereon, and as of June 10, 2015, no petition had been filed with the City asking that the question of entering into the Economic Development Loan Agreement be submitted to the registered voters of the City; 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 "Land Acquisition Loan Agreement") (collectively hereinafter the Land Acquisition Loan Agreement, Essential Purpose Loan Agreement, Municipal Park Loan Agreement, Trail Improvements Loan Agreement and Economic Development Loan Agreement, are referred to as the "Loan Agreements") and to -3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin / 436989-13 / Hrg & Combine LAs borrow money thereunder in a principal amount not to exceed $260,000 for the purpose of paying the costs, to that extent, of acquiring land for future municipal uses; and in lieu of calling an election upon such proposal, has published notice of the proposed action and has held a hearing thereon, and as of June 10, 2015, no petition had been filed with the City asking that the question of entering into the Land Acquisition Loan Agreement be submitted to the registered voters of the City; and WHEREAS, after the aforementioned hearings on the Loan Agreements, pursuant to Section 384.28 of the Code of Iowa, the City Council intends to combine the Loan Agreements into a single Loan Agreement (the "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 2015A in a principal amount not to exceed $7,400,000 in evidence of the obligation of the City under the Loan Agreement, and the City has made provision for the approval of the P.O.S. and to authorize its use by Northland Securities, Inc., Minneapolis, Minnesota; NOW, THEREFORE, It Is Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. The Loan Agreements are hereby combined into the Loan Agreement, and the City Council hereby determines to enter into the Loan Agreement in the future and orders that General Obligation Corporate Purpose Bonds be issued at such time, in evidence thereof. The City Council further declares that this resolution constitutes the "additional action" required by Section 384.24A of the Code of Iowa. Section 2. All resolutions and orders or parts thereof in conflict with the provisions of this resolution, to the extent of such conflict, are hereby repealed. Section 3. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved June 10, 2015. Attest: City Clerk Mayor -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin / 436989-13 / Hrg & Combine LAs 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 of the City relating to taking additional action on Loan Agreements and combining Loan Agreements. WITNESS MY HAND this l day of 015. City Clerk -5- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA »)� OORSEY DORSEY & WHITNEY LLP June 4, 2015 Via Email Doug Boldt City Administrator/City Hall Tiffin, Iowa Re: General Obligation Loan Agreements Our File No. 436989-13 Dear Doug: We have prepared and attach the necessary proceedings to take additional action on the General Obligation Loan Agreements and combine the Loan Agreements at the June 10, 2015 City Council meeting. The proceedings attached include the following items: 1. Minutes of the City Council followed by the resolution taking additional action on the General Obligation Refunding Loan Agreement and combining Loan Agreements. 2. Certificate attesting the transcript. As soon as possible after the City Council meeting, please return one fully executed copy of all of the completed pages in these proceedings. Please contact me if you have any questions. Best regards, John P. Danos Attachments cc: Crystal Raiber Ashley Jay Platz Tim Long Northland Securities, Inc. Diana VanVleet 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 NORTHLAND40 SECURIT[ES Honorable City Council City of Tiffin, Iowa Dear City Officials: We understand that you desire to issue $4,430,000 General Obligation Annual Appropriation Corporate Purpose Bonds Bonds, Series 2015A (the "Bonds"). Accordingly, we propose as follows: We agree to purchase $4,430,000 General Obligation Annual Appropriation Corporate Purpose Bonds Bonds, Series 2015A to be dated July 15, 2015 and to mature June 1, 2016 - 2028. We agree to pay for the Bonds $4,361,253.90 and accrued interest to the date of settlement. The Bonds areto be payable at Bankers Trust Company, Des Moines, Iowa, as paying agent and registrar. Interest is to be payable on December 1, 2015 and semiannually thereafter. The Bonds will have the following interest rates and will mature on June 1 in the years and amounts as follows: 2016 $265,000 2.00% 2023 $345,000 2.80% 2017 305,000 2.00 2024 355,000 3.00 2018 310,000 2.00 2025 365,000 3.10 2019 315,000 2.10 2026 380,000 3.20 2020 325,000 2.30 2027 390,000 3.30 2021 330,000 2.50 2028 405,000 3.40 2022 340,000 2.60 All Bonds will be Book Entry and in multiples of $5,000. The average interest rate is 2.9633% and the TIC is 3.1777%. Optional Redemption: Bonds maturing in the years 2022 through 2028, inclusive, are callable at the option of the Issuer in whole or in part on June 1, 2021 and on any date thereafter, at a price of par plus accrued interest. This contract is made for prompt acceptance and subject to the approval of Dorsey & Whitney, LLP (Bond Counsel) of Des Moines, Iowa, as to the legality and regularity of all proceedings taken in the issuance of the Bonds. The Issuer agrees to pay the expenses of registering the Bonds and the fee of Bond Counsel, recognized municipal bond attorneys, in furnishing the necessary proceedings required to authorize the issuance of the Bonds. Northland Securicies, Inc. 45 Souch 7th Streec, Suice 2000, Minneapolis, MN 55402 Tull Fnr 1-800-851-2920 m,m 612-851-5900 F.,. 612-851-5918 www.norchiandsecurities.com Member FINRA and SIPC City of Tiffin, Iowa $4,430,000 General Obligation Annual Appropriation Corporate Purpose Bonds Bonds, Series 2015A No Advisory or Fiduciary Role. The City of Tin, Iowa ("Issuer') acknowledges and agrees that: (i) the transaction contemplated by this contract is an arm's length, commercial transaction between the Issuer and Northland Securities, Inc -("NSI') in which NSI is acting solely as a principal and is not acting as a municipal advisor, financial advisor or fiduciary to the Issuer; (ii) NSI has not assumed any advisory or fiduciary responsibility to the issuer with respect to the transaction contemplated hereby and the discussions, undertakings and procedures leading thereto (irrespective of whether NSI has provided other services or is currently providing other services to the Issuer on other matters); (iii) the only obligations NSI has to the Issuer with respect to the transaction contemplated hereby are those expressly set forth in this contract and those set forth in applicable law and administrative rules and regulations, including but not limited to MSRB Rule G-17; and (iv) the Issuer has consulted its own legal, accounting, tax, financial and other advisors, as applicable, to the extent it has deemed appropriate. Respectfully submitted this 24`h day of June, 2015. NORT AND CURITIES, INC. By: --J The foregoing proposal was duly accepted, by the City Council of Tiffin, Iowa, at 6:30 p.m. this 241h day of June, 2015. By: Mayor Attest: Clerk $4,430,000 City of Tiffin, Iowa General Obligation Annual Appropriation Corporate Purpose Bonds, Series 2015A Final Debt Service Schedule Date Principal Coupon Interest Total P+I Fiscal Total 07/29/2015 7/15/2015 Delivery Date 7/29/2015 First Coupon Date - First available call date - Call Price 100.0000000% 12/01/2015 4,635.75 - - 45,033.00 45,033.00 - 06/01/2016 265,000.00 2.000% 59,602.50 324,602.50 369,635.50 12/01/2016 - - 56,952.50 56,952.50 - 06/01/2017 305,000.00 2.000% 56,952.50 361,952.50 418,905.00 12/01/2017 - - 53,902.50 53,902.50 - 06/01/2018 310,000.00 2.000% 53,902.50 363,902.50 417,805.00 12/01/2018 - - 50,802.50 50,802.50 - 06/01/2019 315,000.00 2.100% 50,802.50 365,802.50 416,605.00 12/01/2019 - - 47,495.00 47,495.00 - 06/01/2020 325,000.00 2.300% 47,495.00 372,495.00 419,990.00 12/01/2020 - - 43,757.50 43,757.50 - 06/01/2021 330,000.00 2.500% 43,757.50 373,757.50 417,515.00 12/01/2021 - - 39,632.50 39,632.50 - 06/01/2022 340,000.00 2.600% 39,632.50 379,632.50 419,265.00 12/01/2022 - 35,212.50 35,212.50 - 06/01/2023 345,000.00 2.800% 35,212.50 380,212.50 415,425.00 12/01/2023 - - 30,382.50 30,382.50 - 06/01/2024 355,000.00 3.000% 30,382.50 385,382.50 415,765.00 12/01/2024 - - 25,057.50 25,057.50 - 06/01/2025 365,000.00 3,100% 25,057.50 390,057.50 415,115.00 12/01/2025 - - 19,400.00 19,400.00 - 06/01/2026 380,000.00 3.200% 19,400.00 399,400.00 418,800.00 12/01/2026 - - 13,320.00 13,320.00 - 06/01/2027 390,000.00 3.300% 13,320.00 403,320.00 416,640.00 12/01/2027 - - 6,885.00 61885.00 - 06/01/2028 405,000.00 3.400% 6,885.00 411,885.00 418,770.00 Total $4,430,000.00 $950,235.50 $5,380,235.50 Date And Term Structure Dated 7/15/2015 Delivery Date 7/29/2015 First Coupon Date 12/01/2015 First available call date 6/01/2021 Call Price 100.0000000% Accrued Interest from 07/15/2015 to 07/29/2015 4,635.75 Yield Statistics Bond Year Dollars$32,066.28 Average Life _ — 7.238 Years Average Coupon 2.9633483% Net Interest Cost (NIC) 3.1777358% True Interest Cost (TIC) 3.1777822% All Inclusive Cost (AIC) 3.2442600% IRS Form 8038 Net Interest Cost 2.9274353% WPioht" O--. AAan—;n,.. __ _. ____ __ 711n ve.— Printer's Fee $ D CERTIFICATE OF PUBLICATION STATE OF IOWA, JOHNSON COUNTY, SS: THE IOWA CITY PRESS -CITIZEN FED.ID#42-0330670 being duly sworn, say that I am the legal clerk of the IOWA CITY PRESS -CITIZEN, a newspaper published in said county, and that a notice, a printed copy of which is hereto attached, was published in said paper__ time(s), on the following date(s): 32 Legal Clerk Subscribed and sworn to before me this 7 day of Notary ublic ADAM JAMES KAHLER Commission Number 785381 My Commission Expires 08/04/2017 OFFICIAL PUBLICATION PUBLIC NOTICE OF STORM WATER DISCHARRE The City of Tiffin, Iowa plans to submit a Notice of Intent to the Iowa Department of 'Natural Resources to be covered under the NDPES General Permit No. 2 "Storm Water Discharge Associated with Industrial Activity for Construction Activities". The storm water discharge will be from the construction site of the 2015 Tiffin Trail Phase 5 Project located in Sections 27, 28,,33 & 34 i Township :.80N'Range 7W of the 5th P.M, City of Tiffin, Johnson County, Iowa. Storm water will be dischargedfrom ONE source into natural ditches and drainage ways and ultimately to Clear Creek. Comments may be submitted to j the Storm Water Discharge Coordinator, IOWA DEPARTMENT OF NATURAL RESOURCES, Envlronmental Protection Division, Henry A. Wallace Bldg., 502 E 9th St., Des Moines, IA 50319-00347 The Public may review the Notice of Intent from 8 a.m, to 4:30 p.m:, j Monday through Friday, atthe above address after , it has been received by the department. Po-e0000eWS4 July 3, 2015