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HomeMy Public PortalAboutResolutions-2015-084Tiffin/ 436989-13 / Auth BPA GO AA CP LA MINUTES TO APPROVE BOND PURCHASE AGREEMENT 436989-13 Tiffin, Iowa June 24, 2015 The City Council of the City of Tiffin, Iowa, met on June 24, 2015, at seven o'clock p.m., at the City Hall Council Chambers, 300 Railroad Street, 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: Upton, Kahler, Bartels. Absent: Ryan, Havens After due consideration and discussion, Council Member Kahler introduced the following resolution and moved its adoption, seconded by Council Member Ryan. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Upton, Kahler, Bartels Nays: None Whereupon, the Mayor declared the resolution duly adopted, as hereinafter set out. -I- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin/ 436989-13 / Auth BPA GO AA CP LA RESOLUTION NO. 2015-084 Resolution approving Bond Purchase Agreement for General Obligation Annual Appropriation Corporate Purpose Bonds, Series 2015A WHEREAS, the City of Tiffin (the "City"), in the County of Johnson, State of Iowa, heretofore proposed 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 -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin/ 436989-13 / Auth BPA GO AA CP LA 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, pursuant to Section 384.28 of the Code of Iowa, the City Council has taken additional action 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 $4,435,000 General Obligation Annual Appropriation Corporate Purpose Bonds, Series 2015A (the "Bonds") 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 has authorized its use by Northland Securities, Inc., Minneapolis, Minnesota (the "Underwriter"); and WHEREAS, the Underwriter has prepared a certain Bond Purchase Agreement (the "Bond Purchase Agreement") with respect to the Loan Agreement and the Bonds, and it is now necessary for the City Council to approve the Bond Purchase Agreement and to make provision for its execution and delivery; NOW, THEREFORE, It Is Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. The City Council hereby approves the Bond Purchase Agreement in substantially the form as has been presented to the City Council. The Mayor and the City Clerk are hereby authorized to execute the Bond Purchase Agreement on behalf of the City and to deliver the same to the Underwriter. Section 2. Further action with respect to the approval of the Loan Agreement and the issuance of the Bonds is hereby adjourned to the City Council meeting on July 8, 2015. Section 3. All resolutions and orders or parts thereof in conflict with the provisions of this resolution, to the extent of such conflict, are hereby repealed. -3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin/ 436989-13 / Auth BPA GO AA CP LA Section 4. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved June 24, 2015. Mayor Attest: City Clerk At the conclusion of the meeting and upon motion and vote, the City Council adjourned. Attest: City Clerk r Mayor -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Tiffin/ 436989-13 / Auth BPA GO AA CP LA 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's approval of a bond purchase agreement for the sale of General Obligation Annual Appropriation Corporate Purpose Bonds, Series 2015A. WITNESS MY HAND this 24th day of June 2015. City Clerk -5- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA �� OORSEY DORSEY & WHITNEY LLP June 18, 2015 Doug Boldt City Administrator/City Hall Tiffin, Iowa Via Email Re: G.O. Annual Appropriation Corporate Purpose Bonds, Series 2015A Our File No. 436989-13 Dear Doug: We have prepared and attach proceedings related to the action to be taken on the General Obligation Annual Appropriation Corporate Purpose Bonds, Series 2015A at the June 24th City Council meeting. The proceedings attached include the following items: 1. Minutes of the meeting covering the resolution providing for the approval of a Bond Purchase Agreement with Northland Securities, Inc. 2. Certificate attesting transcript. Please take the time to review the proposed Bond Purchase Agreement being provided by Northland Securities, Inc. and contact me to discuss as needed. Please forward a copy of the contract to me for our files. As these proceedings are completed, please return one fully executed copy to our office. If you have any questions, please contact me. 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 515.283.1080 801 GRAND • SUITE 4100 - DES MOINES, IOWA 50309-8002 USA CANADA EURMPE ASIA