HomeMy Public PortalAboutResolutions-2019-096 TO A/43690 25/ks(A)CP LA
MINCTFS TO PROVIDE FIFOR YHE
lS',',,')UANC,'F OFBONDS�
436989-25
1110, Iowa
August 20, 2019
ne coy (wim or the my of,n rfjn, i0wa, rnet on August 20, 2019, at 7 o4lock Inni.,
at So My Hull WWI Chambem, Tillit, Iowa,
Thc mcefing was Wed U) onkr by thc, Mayor, and the ad! bQ4 calld, the WHowing
namul COW] Meinbexs WC111C
, 11141("s et an d abs en t:
Prcs,entUpton, I lavens, f3artek,, Ryan, Schncdh. .
Abscnl: None
A% due coMmakwi and dkcusMon, C.,ouned Mernbcr Schnedler introdw,ed thc
re'solution fierenafter nex�t set out axi'd rnovecl that the resoklfior� be adopled, se(;onded by
COM Member Hamm Aftcr duicconsideradon IN,,, Mayor put Ifie on Ult: 1111ofiorl
eased the roll bAng cidled, the fidlowing rmmcd C(m,incil Mernbers vwe&
Ayes: Havenq Badds, Qum, Ryan, Schnedler
NaysNone
W'hercupon, the Myer duflum! the rcmdulim My adq%t as hembnHer mm ouL
1-
DOR!'A V &' WH1'T'J",jLY LIT',AT'MIM"411,A, DES IMN/A
I HIn/43698425/ks W CP LA
R FSOLLY] JON NO, 2019-096
Rewilumorl authorizi.ngrnnd approving a wnlnin Loan Agruerncnt, pmviding hor
the issuaruic of $4000MOO (kneral Obligation C.orporate 111.11-posc Bonds, Sc.ric.s
200 9A, and proWng Rw the, levy oftaxc,,s to pay the sanle
W11FAFAS, it has bemi pnTosal that the Uty Mer inh) Ific Loan Agrecmc.nt and th,c
Uty heretoibre 1woposm! to cnkx irntnr as loan agreement (duo "I xmn AgreemmU71 pumum U) Me
provisions, of' Section 38124A of 11n: Ade or Iowa, and to borrow rn0n(.,,y thcreunder in an.
principal aniount not to emwed $4,50("(WO Rm- the purpose of'paying W amt to that exleM, of'
constructing slrcct, slorm water drainaq; MdewWk, sardtary sc\vcr and watcr syNteni
hi-iprovcmenls and acquh-ing anti inns ralhng street lighting, signal i zation and signaly: (the
`%Qects'), and pursuant to law and as nodee duly publish(-xi, the Ctry Council has 110d a. public
hearing mi such proposal mi July 2, 2019; and
WHIAREA&V a Prelindnap/ Official Stalerric,,nt (the has been pnqmrcd k)
1kilitate dic sic or Wnck (Nigation At-pmate Purpose Honds, Series 2019A (thc "Llonds")
in evidaiu; of Be (AHWHAn N' the Wy under the Loan Agreement, and the Crty Council has
made proAdon nfpnn the aplwoval orthe 1011k and has Wiorized its use, by Northland Securities,
lnc (the "L'IndenvAce), as the Werwriter of the oftfic, 13onds, and
WHEREAS, a ecitairl Wint Purchase, Agreernent (thc "Tiond llurchxs(,a Agreernent") has
bccn I'n,cpared to sc,t Ruth the tcnns or Hm lkmds and No unk,roanIng between the Uty and the
UnderAvriter with resj,,)c%,,,t to the purch,ase thereof and the City (,7oUnCH hw.; aj,:)proved the 13ond
purchase Agrceinant and We PWAMI RW its executioill and de'livery; and
NN-71IFTEAS, it is now necessary ki make final provision fior the approval of the Loan
and to authoriz(,,,1he issuance of tint: 13onds;
NoMn 1111011FORIL A It Resolvcd by die Uty WWI of the (11 of Win, as
Adlows:
Scc,fion 1. This ("iry C.ouncil hereby detcr-mines to enter into 11-rc lLoanrn Agi-cernent,
with the Undcrwriter, in substantial1y the 11irm its has been placcd on Me mol the Chy Unmcn,
providing fior as han to the (Ty in the ptincipal amount or $4jO%00% Is the puqmse or
pUrlioses set finth in the prewable hcra)f,
T'he Mayor and City Clak arc Imnly aWhorized and direcled to sign the Loan
Agreerneni on behalf orthe (03y, and theLowi AInwnwnt k hemby appuval.
,2,
DORSF Y As 5fUl NHN Un ATRMN HY IMS MOMAJOWA
'I Olin/436989.25/Is GO CP IIA
Scc.tion 2. 'rhc Flonds are hereby art1horizal U) be issucd to flic Undcnvritcr, in the,
aggmgaw p1wipal aniount of' S4,50QW0, maltning on June I in each of' the, years, in Lfic�
respeclive princil,-ml WTIOUntS, and bcmdng intcrc,,st at the resm,,,cfive rates, as 1`611(,)Nvso-
Date 1111il-in jpqj 1piggNt,it al
2024 $1,520,000 2.00%
2031 $2,980,000 23 5(Vo
Smflon 3, 'rhe lNmds shaJ1 be in the derimmination or moo cas cm- any hmegral
niuHAIN therml shil be dared SeNembcr 4, 2019, and shMI bcconic due and payable and bcar
intercst as set forth in Sk.,,clion 2 hercof,
g./NO Bank, na., West Des Moines, chair a, is hereby (4,-,signatcd as dic, Registrar and
Paying Agent for' the Bormis and assay he hereinafter reRmial to as the "R(,gistrar" or the "Paying
AgetaY The Chy shall enwr huo an agmernmt (Me "Registrar/Paying; Agertt Agreement") %dth
the Rejostrao in suNmhlly the f6ri-ri as has bm pheal on file \vith the C!ity Councd; the
N4yer and Oty Clak me hcmby authorind and WOW U) sign the Registrar/Paying Agcnt
Agreenicrit oti behadf ofthe Uty; and [lie Registrarl'aying Agent Ageenuma is hereby anmoved.
IS CAy reserves the rylt to op')fionafly prepciy paa or A oT We prirwipal of"the Bol,,rds
matur�ng 0�1 J'Luie L, 2031, prior to and �in any order orummy m hns 1, 2027 or on any dale,
the.reafter upon terrns ofpar and aeumm! inimst, If Ins Vaii A or the Bonds of any He
ni,riurity are to be rmkcmc, the palc&r pwi of dune Bonds to be rakemed shA be selectmd
by the cg is by lot, IN HoWs my be cMId di pan in one o"mom imils of$5§00,
Princjpd of 1he Bonds inniuring on June 1, 2024 is Qject to rnandaiory redeniption (by
W, as scleded by ilic, Rcgistrar) on Junc I in each (W the yems 20T, NQ2, and 2023 at as
WcnTtion price of I OW/O offfie principal sumnint Anvor to bc redcerned, 11)j1pi accxrucd inlerest
thermn to the redoripthmi daW, in the WHo"Ang ruindpal anumnUs.-
Principal
Year Awnw!
2021 $370,000
2022 S375JO)
2023 $385MOO
2024 $390,000 (Maturity)
-3
DORSEY & \V�If d�Ild"Y LIT,ATTOR NI EY, DES 10WA
Tiffin/436989 25/Iss 00 CT LA
Principal of'Oic, IWO rMuring on June, 1, 203 1 is subjed to mwidatory redenjAhon (by
ko, as sdeded by the ReWstrar) on June I in each of the, year's 2025, 2026, 2027, 2028, 2029,
and 2030 at a redemption price or ion. or the lwincipal arnouint thereol" lo be jrcdeenied, 1-flus
ac,crucd interestIfiercon, to flic redemption date, in the fiflIoNving principal aniotints�
Principal
2025 STQOW
2026 $405JXX)
2027 $415JYM
2028 S4.2 5,000
2029 $435JO)
2030 $445MOO
2031 $455,000 (Maturity)
It' less than the er,fire principal amount of any Bond in a ckirondriation of more 1han
S5§00 is U) he ralcernst the Registrar will issue and defivct, to the reg"stered owner thereof
tqxmi surrender or W odginal Bond, a rwvv 13ond or FAnds, ill loy tUdhorized derfornination, in
a Wtal aggregate prhyApal arnount equal to the urwedeminsd bab nee orme (AgNI Bon? Notice,
of" Such rederription as aforesaid identifying die Bonal or Bonds (or 1wrtion dier,A) to im
red(.,.c,,n-red shall I-)e by CpCctronic rrlearui or by ecrtificS inodp to the registead owners TenY,
at the sukOsses shomm cm the City's regNtraboti books not less 1 a 30 days p6or U) s
redemp0w; date, Any notice of raIrription rnny cmnWhi a sUtInnent that the rederril)tion is
c(middioncA upo,n the receipt by th: Paong Apmt (W Inds on or bca fore ffic date fixcd Mr
redemption sufficieni ho pay the ralerrWdon price orthe Flonds so cW Or mdomptim; and that.
if fUnds are im! WNW, such Wernphon W be canctiNd by i"Aten iwdcc W Te ownars of'
the Bonds enHcd Or redunpthmi in the sarne rnanner as the original redernplion noticc, was sent,
All or such Flonds as to which the gy reserves and exerckcs dw QU or ruienqWon and as to
which notice as a1resaid shall have been oven and Rw the redomrskmi of w1fich f"unds are duly
pmvWej ,ria N ceme to bear intercM on the rexicniption, date,
Acerum] interest oti tht: Hotuls vdiall be payal-0c, sci-fi iarinual ly on tht,,. first (lay of"June, and
[Wonba in each yew, amnmencing Jtme 1, 2020. Interest shil be eAcWaWd (m the bads ora
360-day year coniprised of twdve Way numth, Paymcnit ofinlerest on 1he Bonds shall be
made to the regioered owners, appearing on the rcgishaHon books or the to to the dose of
Wrims on Q, fu ficenth day or the rnoWh next preceding the intcrcst payrnent d'ate and shal I he
paid to the regimenxi ownus at be ad6esses slxmm on sudi, mgkkathni books. 1406pal of thc
Bonch; NO he parble hi lavvibp numey of Me I.Wted Stares of Arnerica k) the registered owners
or tlicir legal rc-,premNHaUVOS LqX)T1 preWation and surt-ender of the Bond or Bonds at the Wee
of1he 14ying Agent.
"I'he Bonds shall be excewed on behMf of W-42hy midi the of` 16a] martual or fhcsitride
signaturc of' the Mayor and attested With the official rrianual cn, %sindle signature ofthe City
Ocn-L, and shaH be firlly registmvi lAnds without interest coulmns. In case any officer whose
signalurc or the fa.csimile of"whose signalure appears on the Bonds shall cease to bc stich officcr
heNe the ddivery or the Bonds, such idgriature (m- such shall neverthdc.ss be
d-
DORS�,,',Y f&, r,i]',AYKYUJIF)'� le,,,�; JOS A
TRW/416989 25/Im W(V LA
valid and sufficient 1br all ptwpows, be swre as, if such oflicer had remainui in oRim uAl
d6veig.
'llic 13onds shAl be foully regislewd as to principal and interest in the na.nics of owners
(mi the regisiradon WAs or the Uty kept by 1he Registrar, and aRer such regWradon paymovof
the principal thereof and interest thcivmi shall be made only to the reElstered owncIN or their
legal repitsentadves or ass i I 4"Wn sFach Bonxi shWJ be Wnsibrable NOY LWon the reomrstion,
b(x)ks of the City upon, prcsenlation W the Registrar, togcflier with cifficr an writrcn instrumcnt of'
trans,fi.r satisfactory to the RegiMnir (w the Wgnnimv Orin thcreon conipleted and drily
cxe,c,,uted by the repjstered owncr or the dudy awhodzed an orfor such ivgistcred owner,
The rvconl and iderqiQ, of the: owners of ffic 13onds shall be kapt con0deniAl as Inavidal
by SmAW 22.7 of the UK of Iowa.
'Ile Bonds shall not lie, valid or become oldigaloij Or any Imupose untH the (Artificate of'
Authentication thereon A have been signed by the ReWstrar,
Section 4, Not dtfistanfng anything above to the conUmy, he EAnds 4mll W issued
inhhQ as DqWUwy 13orrids, with one Rdly rcgimered Bond f6r, each maturtty dale, in principal
anUnHAS eqqal W the animn of pdneipal inatLwing on cadi such date, and rq,;istered in the nzunc
of(Ode St Co, as nomirwe for The Dcpository 1W Cornpany., New 'Cork, Nc,,,%v )"ork ("D'I"C"),
On orighml Wine, th(,,, Bonds shall be ckposAcd With DTC,, fblth(° IlUrpose of" rmaintaining a,
bmik-entry system Or reccwding the ownuship interests of A quAcQatits and the transfir of"
those inic.rests aTr[ong A patlicipanfs (Te "ParlidliaMs'j. In the (went flial D'I C, det erru itics not
to ankiwe to act as securities QoAny Ar the Honds or the City delenriines not to continue
the bmWentry system Or reconhng ovHrership Vntcr(,,sts In the Bonds Nvith. I)T(,, the ("ity will
discontinue 1110 Wok-entry systern. %vio, in, it the (,,it), (ioes not select 'smother qualified
securides depository to replace LYIV (or as successor dep(xiwry) in Wet- to continue a
Wok-entry systenj the 0ty will reWsWr and deliver replucement bonds in the tbrrn of fbily
rejostered certificates, In aulhodzcol derxwnhatkms or Woo or integral inidliples of MMO(t in
accordance With instructions ffi)rn Ade &. Co, as nonAnce Or I Y112. In the event that die C"'ily
identines as cpialinwl secuiVes depokory to replace DTC,, the City Nvfll register and dchvcr
replacernent bonds, f1flly registered in the name of such depository, or item norninee, in the
clef uminatbris as sel AS ahove, as reduced frorn finic to fitire prior to matuirity in connection
Nvith redcniptions or rethements by call or paymeM, and W such evero, such depository will then
ruaintaiii the b(A-ciAry system Rw ramnling ownerMhp JIM= hi Me lkmds,
Ownership intausts in the Bonds rn8y be PLII-ChaSed by or through Participant,s. Such
PaNcipaMs atrial the persons Or whom bey acquke itherests in Tc Ikmds as nornhwes = Imt
rceeive cerdfleatcd Bonds, but each such Participant INA receive a balance in the rccords
or DIC in the sunmmnA of smsh Klicipant's interest in the Boiuk which ivill be cx)nfinned in
accord"'Ince with D'I'C"s standard l"wocedures, E`ach stich person 11or whicli as, Pa rti Ci pail t fia's an
hAcreM in As Bonds, as nomince, may Whre to nwTc arrangenieruts wiT such Par'kApant to
We Al notiaN of raknoption or odwr ammmunical ions ofthe City in lYFC, whWh may Abd
sAi person, harivaidW in writing by such Parde4tant and to We rwHHcMWn mAs or a
intcrest ranients,
,5,
J)M5,,�[�V sWHIJ 1,J EY Uh ATAM NEY f W S NKMAJOWA
Ta fin/CM89-25/Lss GO CP LA
'rhe (Ity xvill have no resrMnsibRy or ohligation to sucl-� Participants or ffic jx,�rsojls 161,
whorn they act as nominces %vilh napect to paymcnt U) cw pmviding of n(Aice Ar such
Parficipaiits or the persons forAWHmi Key ad as nominem.
As used hcrein, the lenm WenelIcial Owne' shAI heiNnalOr he demmm! U) hwhWe the
person R)r whom, the Partic.ipant acquires in interest, in the Bonds.
EYR? WH receive paymeMs Am the Uqq to he ruAtted by to the Parflcipaills for
subsequml disburscinent to tile: 13eneficial Owncxw The o"mmship interest or each BenAcial
Owner in the is will be rccorded m the recordS OfthC INWINIIAS Whose, OW11Cnihip 1111ca�I-CSt
will N.,, recorded on a computcrized hook-mUry sysWrn kept by DTC'
When rekivnee is nmde to m, ncOm which is raphY or perrAnd to be Wen by The
13cneAcial Owners, suLT refercricc shaLl (mly rdate to thosc perrnittcd to act (by stalutc,
regulation or otherwise) on b(Talf of such Benendal Owners for such purposes. W11cm no6ccs
art,, �,.Jveio, fficy shWl he sent by the C,ity to D11% and DTC, shall florward (or cw,ise to be
1:61-%varded) the notic.cs to tile Parficipants so that the PaNcyal-its (,,an fiorward the ;,an,w, to the
BencHeial Ownets,
benne ficral Owners wdl rcedvo wdtU:n conHrrnaflons of:' their purellases ftom, the,
Nirticipants acting on Whorathe Bendicial Owners detailing the tenns ollhe Bonds acquAd.
"ITansIrs ani' ownerdip inN,,n,ests in 11're IWnds will be acemllplishal by book entries niade by
DTC, and the who am t on twhWf of the Benendal Owners, Benctic/lA Owncrs wdl
rx)t receive certificates representing; their ownership interest in the Boilds, cxcc�pt as specifically
provided hcreiri. Intoxest and Imincipal "111 be paid when due by the (Ty to DIX7, thm paki by
DIT? to the PaWymns aml wereaner paid by Me PaNcQaws U) the BencBeial Owners,
Section 5. I'lic An& shall he in sWuWally Ow IhWng Rwm:
W11fl"NEYLIA',ATTORIII'Pi', IkS NVATFS, K)WA
ufin/4 W)89-25/k,60 CP LA
Qrrn or I krim)
t,,jNITFD STAI 0FA,N1I,',R1(_,A
&I YVI10 CN, R)NVJA JoFVqSoN C'OUNTY
CIY ()U "FIFIIPN
GINIRAI (MILIGNTION WRIWAIV PURPUS&", 130ND, SFRIUS 2019A
No.
RATE NNIATURYPY' DATF, BOND DAIT,
1% June 1, September 4, 2019 886561
IS Cly (W1 up'p"pan (the "Chy'), in Johnwn Wunty, SWW or kma, for value ivedve" painkes to
pay on the Imalurity (late ofthis Bond to
(Nde Ok Q.
New York, Ncw York
or rs;gjst(nr,,d assgns, th(,;p6n6pat surn of
I I K)USAND DOLLARS
in JawIW money of the WOW Wtes or America ut')on Presentation and suirrender ofthis Bond at d,se
onke of LM113 BmT, nA, West Des Mounes, Iowa (ficreasaficr to as tk.w,, "Rc,gaktrdr" or dic
"14ying AgaW'X "Wh iMmvst on said man umd paid, at the rate fwr annum specled We Imn the dMe
oftlAs I&W, or Cann dic nrost rccent hacroxt rwyrrunu date on whWh interest has bcc.in paid, awn prune 1. and
!kemWkr I of W ye, co,numcnWrig June 1, 2(y20, except as 111a; P-Ovisi()ITS hereinafter set Forth with
respect ID redempkwi par or to inatwAy nmy be or bayme apokaWe haum IMacst (m tMs Pkmd is
payable to the registemd owmx anwWrig on Qu ryisoation Wks of IN:Chy W the ckne or business on
We nflmmth chy offlic, morith next pirceeding the interest payment date am! W he pAd to die registemd
owner at Me a&kms drown on smh registratkni W)koh Interest shall be caleulatcd on the basis ofa 360..
(Jay year cornpriscd oftwcvc 30-day nsonths,
This Bond shall not be %Ylid or becorne oblQatoU Rw any rwrymse umH the QvMcatc of
Auffientication horan W have hemi signed by the WgIstrar.
'Ibis 13cmd is one of as series of(iencnfl ()bhp _gadon CbriumAe Puqxmc ISK, SeHes 2019A. (thc,,
"Bonds") issued by the (Ty to evidawe ru cohhgalkmi under a certain hmn egreernott, dated as of
SepwWwr 4, 2019 (to "I man Agmon="L entemd into hy the Uq Ir the puqmse of payng the cogs,
to that extent, of coristruedirg "'Arcct, storin Water drainage, side%valk, sairitary sewer and w�atcr systonrl
irnprovcrncnts ;md ampkIg and hNnHing Mrmt figJaing, sij2nahzafion and sigmagc.
Ile Flonds are inued pan rstnurt to and fii strict c.om1fliance 1xidi the pnwkhms (W(AwNem 76 aml
334 of We (Ode of Iowa, 2019, and all oker W arae mlatory thereof wrap vaqNplementY thereto, and hr
cmdAmly with a remArdimi of the CRy WuncH acMjud on Amgmt 20, 2019, authorrzing and appmving
than Loan Agreen-wo and providing for die issuance mid securhig the payment of the IS& (the
"Resokition"), and irep`crcnce is ht.Teby inade to die ReWmion and We knui Algreument for as imm-e,,
ewjdc Wanoil as to the unuce of pnynwnt ofdre Bonds wrol Lhe rigNs of Lhe o%viners app the Bonds,
-71
DDRSFY &MAilk Y W} Nn(=t IMS MOHANjOWA
I uhn/436989 25/b,,GO(Al TA
The 01 rmenes Te QM to olpi0mlly prepay partor of'the pi-nicitial ofthe. 13onds rriaturing
cmi June 1, 2031, prior U) and in any (mler of nmumity on June 1, 2D27 oi on any datd", thereaft.cr upon
tents of par and ace nvadp hwum Ulms Onn aH of to Bomk orars like maturity aas to be re(kerned, thc,
partudar paii onwe 13onds to be redmawd diall he sdaUd by % Regisuar by K The Fkmds may he
eaHed Ln pad in one (w nuwe imils of$5100. 11buripal of the Hand s Ynaturtrig on Junc, t, 2024, and Junc,
1, 2031 is sul"al R) rnandawy wdemption (by lo; as selmd. by Ke Regimar) (wr June 1, :R)2 1, Junc 1,
2022, and June 1, 2023; aml June 1, 2025, June 1, 2026, June 1, 2027, Juiic 1, 2028, June 1, 2029, and
June 1, 2030, respcctWely, At amordance 1xi4➢i Ow mandatory redemption schedides set Rah in the
RrmlHion at a red einptioti price of HM% of Out Imincipal sunount thereof in be redeariml, papa s awrwd
inlerest thercon to the rdeniption datd„
If less than the eWhre primApl, aincrurt of any Fkmd in as demmiWation or imm-e thm, symo is h)
be rcdecmcd, the Repisirer will issuc and dcliva;r to the regisiand owna, there or, upon surrender orsucAl
wiginM Hand, as new lkmd or Honds, in any authorized denomination, in an totat aggregate pirincipal
arnourn eqml w the unUmmed halainx of Me Ogind Iforid. Notice ot'such rcdctription as afbrer41id
idenflf'ypng,, tfic, flond or lionds (or porfion thcreof) to be redeerncd shall be %.mt by electronic 111cans or
mailml by cx0ified rnail h) IN, nTii mvnas then-corat the addressed; shown on Its City's wgistrookm
l')ooks not less tinn 30 days prKr to sudi rtxkNnjAion date. Any nofice of' redeniption may conlayn a
stwv= Otat Me redernp6on is cond1knied tWon Be rectript by the 1%yKg Agent of frunds on oi bef'orc
Ow daic Sal Pr redemption suMdoM to pay the redouption ofthe 13onds called lbr red,eiription,
suml that if f4mh mv ixg available, such rcdc�ription shaH he ernwelled by v"Ten ncAle U) dw ownms of
the lkmds callial Rw ndaqwlioa in the sarro: awnner as the origirml recianpdon nodewas Sent, All oil
such bonds as to mAkh die C21y msoves and excadws the rjht (W redurpWmi and as to which nodec as
a5mmAd diall hay(, been 1,,iven and t6r the tcdcrnji of wh1h UK we dub/ pnwi&xt shaH cease to
bear,intcrest on the redemption date,
1tris Hond is Mily iwWMA1s1e but shall be JUHy reostavd, as k) bodi inn-indpal and imerw in the
name dor the owner on the NxAi ofte CAI in Ke oRAT of the Registrar, alter whK no transfer shall kw
VOlid LUACSS mwkn on said NnAs and theii oQ upon prownutihmi A this I-Iond to the Regisour, tog cther
with erther a wriuen iroAl"urntnit of,transfer safisfactoy lo Hic Registrar or the assignment Rnni hert,on
emnoded and duly- executed by the reg istacd owna or be duly arrAmbed allonwy Mr sudi regist,enA
ownur.
I hepity, Me Pigistrar and the Ulong Agm nny deern and wat the registcr"I owner hereof as
the absolute owner My Ac purpose ofrecc.iving Payink"'Int ONW on amount orpiincipal fici-col, prcmium, if
any, and imenst (We foaram and Rw aH doter ptuposm, and the the Registrar and the Paying Agent
shMI not be anictal by any rumbe to the amArmy.
And It Is lkgcby CTAMed am! ReeiWd thait all acts, condilions and Otings required by the laws
and QnMhution of the Sude of Iowa, to cxbd, V; be had, to be done or to be perAmwd 1weeaInt, lo and
in the snue or ibis 13onx! vxre and have been ryopuly existeM, had, done HmJ paRwrned in reguiar and
due forin and thrie; that, provision has bmn nmdo my we wy or a sWAdertt coMOmirig mmnial tax on 0
the taxahle iprnpemy %ilin die (Ty Rw the paynwni or the Qw1ml of and Kant on Tk Nmd as Ole
same wH1 wspx6vely bumnu; duq and Omt thc k4al indebtedness of the (�.'4y, iincluding this Hond, does
not (,"Xcced any construrtJonal or stah.story prrrrtlations.
)OR, +F)1 &WHI'l t4F)l IAAI, AV101,1,:1A,,Yq IDFS ,`1001N�LS,K)VVA
'I Wfin/436980 25/ks GO Ol LA
I FS'YlM0NY' NVl 1ERIXT the 01 orTOn, lowv by hs (My OmuwiL, has cuumAl dds Bmid
to be cxecuted with the dury aulhorwzcd F`acsimde siMmwc of is Nlayou and attested with the (fifly
authorized lacsirnfic QwRwc or us city (.Aerk, allas ofSeptetillmn 4, ).M 9,
cry), OF1 IFIIN, IONVA
0)Q-NOJL5YiN)..................................... . ..... -- -----
Mayor
AM
(D() NOTSIQN) . ... .. .....................
CA,cluk
Rcoswa6on JIM JqWshmOon IkAO
RIUS1 HART CAIRIWK,Al F AlYll ljNTr(,A,TV)!N'
"llis Bond is one of the Bonds dcscxibed lrll the Withill,TllC,,TltxOVWd 1(,SOIL160n.
UNO BANK, ma,
West Dc"s, Moines,
Regkour
BY: .............................. . .. ..................... .... .....
Audmdzed Onkor
DCAU,,�Fy 8"",\,VlflTT,,H-,Y ILL PF ATJ'ORJ,,JFY, IOWA
nfin/413698'9 25/ks GO CT LA
MUMVIA1 V&S,
I Is(" kd1ovvirig abbleOafions, wheril used in ppnn;, IBon(L sliaH be,constirued as diough thoy,vvcre, wriocll r,,)w ffn
FuH 'accor(filig a)lnl"flicablo, haws or lrepflafions:
Tf?"N as lenanm; in ccannnojt U11 M A
.......................
'I F],,� L"N,I as lenants by thic, 91MOM)
enikedes, As OWN for
YFJ FN asjonl ta ma lilv;vvAjil ("\i J`1"),A r)
dgW unwaNwAQ and MY UWRwin MnAwn NINcus Act
not as(enants nn corninnon
...................................................---..........
MAW& aMmoMons may a6o he used Ihough ncn hi die 161 abcw.
ASSIGNNIIN I
I%valuaNe conskictaknq mccIN cW whWh 6 hadig admiwOdgai,dw WeNjed aQvls the liond U)
. ............ .... ......---................... "I'll" ...............
(Pleasc prnt or lypc name and Max of Assignee)
...............
papASF INSFR4 SOCIAL SLCUPITY OR,041 HR
IDINTIFYINl(i "NJJMBFIR 01, ASSIGI�FFI
and docs hcr(l),
,)/ I w lransfcj this, Bond (m 11-le
bo(:4,,s L:pf for rcgistra6on vvfth tuff pa/ru/arxarl substiudon,
...........----.............. ...
...................
Z;I-p la M v p,—w m Aw he pwAd amoomwe wah Ow
pcvaifing,� samhds mO procolures of Ihe Reg�,,oar and Jmnsfer
Agew, Such snandairds and pocedunes in,�y reqUNC SinyMhHVS n0
he guamoocd fey clntain ofigfl)k" guanaWor oRsiiwtkwv, lhat
iccogni7cd sgnafta,c Rivaransoe pwgrmin,y
.... ..................
concsfAnii
d wifli
01,o, mllic M Inc rcgkuned owner as nI appears on thk Bond pn
CVCPy j)aA,6ctILu wahout wwra"I M MoMMMI M MW chawe
ww"m
DOR15)EY &WHNIIIVIFY 11,11,Al 10R,3,,,,E)I, DF`'pNIMPIIIIJ�,s, fovvvi,
Fa I nn/136989�2")/us, GO(T I A
SwAhn I The Bwuls shAl be exmnded as hembi paivided as soon Mer t1u; adoption
or ths rmohAon ws, lilay be r)ossfl-flc .in(] thercut)(mi My shall bc dclivercd to dic Rc�gistrar for
reWMrMkm, aulcroication am! dchvuy to or on tutor of the U'riderwriler, upon rcveipt. offlie,
loan procceds, inclulng any origirml We jwwWuni Ohe Man PYocmx6"X and all actioin
hawoRwe Ann in conmKon At Te Iman Agreement is hereby ratified and confirmed in all
respects.
A rwrlion ofthe Loan Prmweds ($56,250) shall hc ret,,tincd by the. 1-Jnderwriter as Ihe
Uiiderwriler'�--, Discount.
A portion of flic, I man Pameds ($1421850) reAval ftorn the sale ofthe lion shall be
depwdWd in a deleared Ibnd (the Wow AM% which is bereby creaud, U) he usul Rw We
papmetil cW co;As of the 19Q,ets and U) Te ex Out that any such Pi-qjed Procecds ren min afier tile
fUll payment of the costs of the lhyjcctq such Project Procccds, shall be MMOrred U) Ow Del-)t
SuNice Nnd Or flie. payn ient. ofinterest on the. Borids,
fhe nus nwinder of the [Alan Mcmds ($15YOO) Ohe "Oot of lssuancc Procceds"),
reccivcxi Own the sale oflhe Bonds shall be depoital in the llr(ijcct Fund, and shall be usc.d fior
the Payinc,111 of Cost!',; OfiSSUanec of the BondN atul to the extent that Cost of' lssuance Procceds
remain after the full payment of the COAS Of jSSU,'1J1CC 01' thC 130II&S, SUC11 C,01;1 Of ISSUH11M,
Proecedssfi,all be tionsRuTed to tfx; Debt Service Fund A the, Iiaynniennt, ofintercst on the Bonds,
11n: City shall keep an detailed and Segregated accounting of' the expert(filure of., arid
in earnings (n, Ae Insm llocceds to misure corrildiance with the,. rcquirenic,,nis, of' the,
Internal Revenue C,odc, as licreinafte'r defincd,
Section 7. 11o;the [nupose or pnwilng 16r the levy and col Won of as direct annua]
tax sufficjent to pay, Ow rwindpal orarw inwrcst wi die lAnds as Ic swre beamwe duq there is
hemby Maud 1cvied on all the WaNe pnTcHy in dic C',ity the following dirc.ct annual lax f6r
collection in each oflhe fiollowing fiscal ycars:
For collection in thc fiscal year bcginnirig July 1, 2020,
sufficient tui produce thc nc-1 annual �,um of'$4,70,4.30;
For colledion in the fiscal year beyonnitig July 1, 2021,
suffic.icni to producc the iwt annual surn of$468JYq);
For udleclk)n in thc. fiscal year beginning July 1, 2022.,
suRicient to pr(Muce the nctannual suni ()fS470,530;
For colicclion in the fiscal year licginning July 1, 2023;
suf1him to pn)duce the net annual sum, o1`$467,830;
]`or collection in the fiscal year bq,?,inning July 1, 2024,
sufficient to produce the netannual sum of'S470,,030;
For collcedon u-i the fiscal ycor bes:,,jnnjng July l-, 2025,
suRldent to produce the net annual sum of$465,63Q
-11
DORSFY At WfH MY WNPRMNFY M MOPPAjOWA,
'1[fflin 136989 25 esti GO CP LA
For willection in tN3 MI year beginning h.fly l, 206,
sufficienit to produce the net annual suni of$466,113;
For MKIM in the WE year beginnitig My L 2027,
sufficient to piroduce the net antrual suill of S466.360;
For collection in the fiscal ycNar beginning July 1, 2028,
su nident to produce the net annual suni or$466 373;
For ccdlectkn in the fiscal yezir Njonning July 1, 2029,
Wident to produce the net annual suni of S466J I); and
For CoHe'clion in die fiscal You- beginninf,,, July 1, 2030,
suff
icicnt to produce the net annuAl sum of$465,693.
Section 8. A ecHified cop.), of dais resoluition shall be filed with the (�oujrty Atiditor
of Johnson U=y, and the Auditor is hereby Mau.-ted to enter ft')r collcclion ainnsi assess the tax
hemby autborize? When annmily entering such taxes Or collectio, the Cluny WNW shall
indude the sanie as as part of die tax levy Rm- Dcbt Service Fund puirposes ofthe (.ity and when
wilectul, the proceeds of the taxes shall lie convened ink) the Debt ScTvice Fund oFthe My and
set aside thereiri as as spMal accow,ft to be used solcly and orlb; Rn the j.,myn'ront of the 1whicipal
of and interest on die Bonds Weily authotized and for no olh(,r pi n-pose wfiatsoevcr. Ally
sunmint received by die Cay as acu'ued in t( rct'st on [lie Bonds shall be deposited into auuaa is specW
�tCCVLR`lt a,Ifld USC(l W pay intenNt due on ON, INK on the first interest, payni(',mt datc,
Pursuant to tile pmwimons of Section 76A of the (.odc of Iowa, each year ivldle, 1he
Bonds renidn outstanding and unpdj :my lbruls of the Uty which may lawibUy be appild Rn'
suc,h purpose, inay be appropriated, budgelod anj if reccived., used tbr the, paayaunenny of pi
pdndpd or and interest on 10 Hormis EN the same heconic due, arid if'sin appropriated, the taxes
Rw any given nscal year as rwovided Rw in Sediorl 7 offids RCM)Wflon, shall be rcduced by the
'1111011111 Of'SUCh altenrale fVnds as have bemi apwopriMcd Or said pt.trpose and evidenced ill tf-le
(.11y's bUdlp.),Ct,
Section 9. The interest or principal and both ofthen'i filling due in any year or years
sha.11, ifnecessary, be paid proniptly from current Funds on hand in advance of taxes lcvi(,,,d and
when the taxes shall have been colle(.Acd, reirnbursenieni shall bc,� made to SUCh CL11-1-Ult FUndS ill
the sum thus advanced,
Section 10. It is thc, intention, of' the C,ity that intcrest on the Bonds be and ren-min
excludcd frorn gross hwomc Ir Idol hwonic Wx purpows purmmnt U) the appnqmiaw
pmvkkms of Ve mita rmfl Revcnue Wde of 1986, as arriondaL and the Ffc&;Ur. ReguWions in
Me! with rcqwcl thereto (aH of the WeElaing herein referred to as thc� "Internal Revenue
CM). In Rutherance thervol the Chy (mvmialvts to =031 witli the pnivisions orthe Internal
Rcvenuc ('odc as they rnay from tinic to We be in elf'ect cir amended aild further covenants to
conilly Win the appliable RAWN.- haws, regulations, PLddished ruHngs and cannt deci,dons as may.
No necessary to huawe that No interest cmi the Mmds will runiain excluded from 1,.?,ross inconic Tr
fiederal inconie tax purposes. Any and Al of die (0aws of die (11y are hereby authorized and
(firccled to take any and it! akons as inay be neemsmy to comply with the covenanls hereirl
cmitained,
-12
DORSH V&.W!MTTY "Jt XrRMN H"W 14yOU00JOWA
Tiffin a 436989-25 r Iss GO CP LA
The City hereby designates the Bonds as "Qualified Tax Exempt Obligations" as that
ten-n is used in Section 265(b)(3)(B) of the Internal Revenue Code.
Section 11. The Securities and Exchange Commission (the "SEC") has promulgated
certain amendments to Rule 15c2-12 under the Securities Exchange Act of 1934 (17 C.F.R.
§ 240.15c2-12) (the"Rule") that make it unlawful for an underwriter to participate in the primary
offering of municipal securities in a principal amount of $1,000,000 or more unless, before
submitting a bid or entering into a purchase contract for such securities, an underwriter has
reasonably determined that the issuer or an obligated person has undertaken in writing for the
benefit of the holders of such securities to provide certain disclosure information to prescribed
information repositories on a continuing basis so long as such securities are outstanding or unless
and to the extent the offering is exempt from the requirements of the Rule.
On the date of issuance and delivery of the Bonds, the City will execute and deliver a
Continuing Disclosure Certificate pursuant to which the City will undertake to comply with the
Rule. The City covenants and agrees that it will comply with and carry out the provisions of the
Continuing Disclosure Certificate. Any and all of the officers of the City are hereby authorized
and directed to take any and all actions as may be necessary to comply with the Rule and the
Continuing Disclosure Certificate.
Section 12. All resolutions or parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
Section 13. This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
Passed and approved August 20, 2019.
Mayor
Attest:
�,*Fity Clerk
DORSEY&WFIITNF1Y UP,ATTORNEY, DES MOINES, IOWA
Tiffin/436989-25 f Iss GO CP LA
�r
On motion and vote, the meeting adjourned.
Mayor
Attest:
x
�� .. City Cler,
-14-
DORSFY&WHITNEY LIT,ATTORNEY, DFS PAOINFS, IOWA
Tiffinr'436989-25/Iss GO CP LA
ATTESTATION CERTIFICATE
STATE OF IOWA
COUNTY OF JOHNSON SS:
CITY OF TIFFIN
1, 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 the
issuance of$4,500,000 General Obligation Corporate Purpose Bonds, Series 2019A, and that the
transcript hereto attached contains a true, correct and complete statement of all the measures
adopted and proceedings, acts and things had, done and performed up to the present time in
relation to the issuance and disposition of such bonds.
I further certify that no appeal has been taken to the District Court from the decision of
the City Council to issue such bonds or to levy taxes to pay the principal thereof and interest
thereon.
WITNESS MY HAND this 21St day of August, 2019. 1
City Clerk,
-15-
DORSEY&WHITNEY LLP,ATTORNEY,DES MOINES, IOWA
I iffin/436989 25/ks GO( P LA
COUNINFILINC', C'ERTIFWATE
ITUM 01, IOWA
ST
CKAJNTY OF' J01INSON
L the undaQwd, (Munq Audhor ofJohmmi CAnudy, in the State of lowa, do hem y.
ca%Q, Omt on the day of ; 2019, 1he Cily CIerk of'thc, ('_'ily of
Qr a rmoh I ahn of sucfi Ci.ty shoNVI-) Io have bee'r)
'11MI low, Mal A my Mce a cenTIMP),
adoptcx] by I he City Council and approved by the Maym Sum r on August 20, 2019, endl Id:
"Resolution ai,ithoriAng and aMmming a cedAn Iman Agmement, pnividing IS the imumee of
$4,500,000 Ciencral OblWation (AMNwMe lhwp)sc BondM Sedes 2019A, and providing, (br flic
Wy of Unes U) pay the smnq" and IhaL I have My Idwed H copy of the resoluljoin on file, in my
records,
I Rmdux Ml y thal the taxes providul kir in Um t rmWudon will in due firne, i'manner and
season be cntmed on Te We and Umugy tax INS of dis CouMy Or MOM in die Hsu! year
beginning July 1, 2020, and subsequent �years as providcd in t resolufion.
W I INT,S S NI Y' I I A N 1) th i s day of- —-—-----------------------_____- 20 19,
Cow:ipy Auditor
DORSI.,,"Y & VVHITI\JFY LLP,AT'10RJ`JFV, DF,S MOH'IJL,S, IOWA
ry
C.) C] R S E "Y'
a I %Ar a It s a a cd
August 16, 2019
yj,�IVia: Majl
Doug Bolat
City Administrator/C.rty Hall
`liffin, Iowa
lie: $4,50(1,000 General Mgadmi Corporate Purpose Bonds, Series 2019A
(')ur I'fle No. 436989-25
Dear Doug:
We have pmpared und ana& Be nccesury 1m9coeeedings to be uscd at the August 20"' City
OHM nweting to adopt the resokifion (thic "Resolution") pnwiding fior talncu issuancc of'General
Obligation C`orporatc Purpose Bowls, SwK 2019A (Te "Bon1j).
'I he proccedrngs attacil(.xl irtcludc, the f6flowing itcrrls;
I Resolution autholiAng the issuarwe or we jhm(js, rt,u,c t"Orat of, 1�tofl(j,
Aurhentreation C.erfincw und AssignmriA set out in the R,(,,soluliorr should not cornpletcd or
execut.],
2. AMemadon Odifiarte "it reecA to the validity of the lranscrupt,
3. (burdy lThW Wrtilicate mkIng to the fifing of an ceniMcd copy of ilds
RCSOILMI in the CbuMy WhMs office. After it iS adOptMI, an CC1-1ifiCX1 COff0i'Llh.' ReSOlU1,iO11
niust be tilcd widi the RAnson Onmty Auditor prior to closing on Septelinbeir 4, 2019, All,
extra (;copy of tire Resolution MUM be, printcd fior tliis purposc.
As provided in the Rewdution, beginning in the 2020-2021 fiscal year, the COLn1ty
Auditor M11 have a manxiMpy duly to niake a ievy or taxes to pay principal of and interest on
the Bonds urdess the Chy's ezch year ainnna6vely shows that thc tax should not bc
levicd becmme odwr funds Nvill bc, apphed to the payrrient orthe Bonds for that budget ycar, To
the cxtcnt the C',hy deWnnhws that properly tax leAcs W he nc-,cxled for payn-icrit fir ally year,
the tax levy—amounts nec:ded 111LB1 he WWI for that year iru flIC, City"S bUdget as part of t1w
Dcbt Service Fund, and the funds detiVC(i f-0111 1;OL1IrCCS other, thnn taxes muM be shovs-li on Ote
appropriate bUdget docurytent.
As thc-,se jI,)ro(;,eedings arc cornocte" please retiun one WHY CXCCUICCI c;opy to our onice,
Also alla.ched is as Loan Agreemerd, Ir excoHimi by you and ate Mayor. Please print
jbK�,c copies or we I man Agmement 1br execution, Aficr they have, been signed please ireturn "111
of thesc copies (VIA US IA114 to us so to wc carl It ave, theni signcd on behalf of the
Northlund Secuddes, Wo, after "licli we wil furnish you with a signed original,
do:i Grin d Avenue SUR 4100 1 Des Mduq Vq 9)3C)c) &)0 2 r 5.1 5,283L('MO JIG SJ5 �fjc)rSQY CfW1,I
Pagc 2 ( AD D C3 Fq S EI Y'
We are adso swuhq; as (AnInuing Disclosure C'Crfifieatelllcitsc Print �I]rce copk"�S fior
meMon. Mew Wn one executal copyIr the (Ty's, remils aml Murn tow wpics to us,
Finally, WC are, attaching a Rej.,Jstrar and Paying Agmt. Agreenient Im-you and 1he Mayor
to si�
gn. Picase print jjnp�e copies Or execudon, aRer whk.h all dirce excCutct] copies Should be
rdurned to us so thm we may—lbrwnrd them Io LM4B Ihnk Or Qqatumn We %vHI Iwovide you
with as FUIJy CXCCLHCCI C(Ily Of thc Al,,,re.enient at the firne of'closing.
I fyou have any quemionq Idea se contact Chcryl Ritter or tne.
Hest regank,
John 11. Dams
Alhichments
cc via ema? /k bi gai I I I ora
j 0 T I lei�
Qmthki Abbitt
INana AMC