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.
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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
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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.
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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
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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
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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
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