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Home My Public Portal AboutResolutions-2019-085 DRI N%9 ",5/Hq&MUM AA1141TIlIS FOR 11EARING ON LOAN AGRETWENT ANN) AIFFIK)RIZING OFFIOAJ, S"FATFNENTFOR BONDS 436989-25 lowa J ul y 2, 2019 IS Chy WuncH ofle Uity ot"Fiffin, loNva, W on JWy2, 2019, a17 p.al,, kit "Fiffin (,'fly. I latl (7ouncill (lianfliers, 'Ti ffin, Iowa. Thc, rnecling was called to car by the Mayor, and the roll behq,; caflcd, the f'ollIoNving ilanied (,ouncil Mcnribcn-s Nvere prescritand absent: Present; Abscra: Nonc, 'Ads being; the We and place spalRed Ar takjrqp �action on ttic pajowd to enWr hAo a Wool MgMjon (7orporale Puqwse Iman Agmement and U) borrow inoru.,.y thercurider inn a lQuipal ani(mnt not to excecd S4,500,000, Te Chy Clerk announcal d no %winen oQpcdons had beeni oil filc,, Whereupon, the Mayor (:a1led flor any written or oral ol�jcctions, and there beiny;ncuic, the Mayor c1cclowed the PLM: hearing c1osed. ARcr due etwiderabon arm! cbsamMon WWI Wnber Havens rnUoducul 1he resolutOn next herdnafter set out nn.xi nmvcd Hs adopHori, se"Wed by (;ouncil Mcnibcr Rartcls. Thc Mayor punt dic question upon the adoption of Ad rMuflon, and thc roll being calic(], thcn THowing Aund! NAwSwi-s votal., Ayes: Nays� Nplu, Whe,rcupoi,'i, the Mayor dedived the rewduNon My Fdoptal as herdnaHer setn out. -K MRSEY & WHITNEY I JT, ATTORNKV$ IMA MOINES, R)VVA h I fin/4369W25/I hg&A wh POS RESOLUTION NO. 20 9-085 Resolution lakinf.., addifiona] action tap anter into a Gcnc,,ral Obligation (.',orporate Purpose Loan Agre(nnent a111d aUthorizing Ifie use of a prefiminary official statement fior the sa,le, of Bonds WHEREAS, it has been proposed that. the City enter into the Loan Agreement and the Clity heretoforc proposed to crAcr into as loan agreement (the "L,oan Agrcement"), J)UNUMIC tO the provisions of Section 384,24A of the C.odc of Iowa, and to borrow money therumder in as 1,vincipai aunouunnt not to cxceed $4,500,000 f6r the purpose of'paying the cost., to that extent, of cons1,rLJC,fi11j,,, street., storn,i watcr drainage, sadewalk, sanitary sewer and water, system improvements and acquiring and installing, street fighting, signaliza.fion and signage, and JR11"SUallt W 1,AW and a notice dUly j)UhflShCd, the City COumed has held an. pUbfi.0 hearing on such proposal on Rfly 2, 2019" ann.d I W1111REAS, the ("ity has deternIfi)(A 1,0 iSSLIC (Jeneral Obligation Annual Appropriation C.orporatc Purpose Bonds, Series 2019A (the "Bonds") in cvicicnacc® or its obligations under the Lmin Agreetnent through as negotia[Wd LMCICTWI'itillg.; and has direct(,xi the preparation crap` an. preliniinary official statennnc rd, f6r the inarketing,of the, 1.3onds, and WHEREAS, a,t 11rchn'driary Offi(,A,al Stateinuit (the, "P,O.S.") has been prepared to fiacilit'ate the Sa-.de of,tine Bonds, and it is now inecessary to make provision fin flic approval of the 11"O'S.1 NOW, T1 IF'REJ ORF, Be It ResoNed by t11C C"i[V OUTICil OfthC City (A"[11141, 10"1,1, as f6flows., Section I ThC City COU1161 hereby dcterrn.ines to enter into the 1-oan Ap geement in the Futturc and orders that the Bonds be iSSUCd at such time, in evidcnce thereof The City. C'mund Rulfier declares that this resolution constitutes the "additional aIdiOfl" N(pired by Section 384.24A, ofthe Code cap`lowa, Scction 2. The City Administrator is hereby authorim] to take such action as shall be deeined necessary and appropriate, Nvith the assistance of Northland SCCLII-itiCS, k1C., thC City's ITILMicipa] financial advisor (the "Financial Advisor"), to prepare the P,('),S. describirq,.;the is and providing for the terms and conditions cab their sale, and all action heretofore taken in this regard is hereby ratiried and approved. Section 3. The us(,.', ofthc 11,0,S, rclating to the Bonds in substantially the fion-n as has bc,en presented to and considered by the Board is [wreby approwd, and the I imancial Advisof is hereby authorized to prepare and Los(, as final Official StatC111CfA [M thC [3011dS SUbstantially in the fiorni of the PX1S. but with such changles therchi as are requircxl ten conflorrn the same to the terrns of the Bonds arid the resolution, when adoptcd, providing fior the sale and issuance of'the Bonds, and the Board Secretary is hereby authorized and difCCtCd ten CXCCUtC as finai Official Staletnent to)- the Bonds, if' requested. Thc 11,0S, as of" its date is deerned final by the (,'it)/ Within th,e ineaninj.:, of'Rule 15(e)(2) ]2 OfthC SCCLUifieS kind [�,xchangc, C.,.on'u-nission. -2, DORSEA1 & NA11111"NEY' LLY1, ATTORNEYS, DES MOINES, IOWA Till-in/436989-25/Hrg&Auth POS Section 4. Further action with respect to the Loan Agreement and the Bonds is hereby adjourned to the City Council meeting scheduled for August 6, 2019. Section 5. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 6. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved July 2, 2019. ........... Mayor Attest: ............... 6ify Clerk -3- DORSEY& WHITNEY LLP,ATTORNEYS, DES MOINES, IOWA Tiffin.,436989-25,'Hrg&Auth POS On motion and vote, the meeting adjourned. 124Z Mayor Attest: City Clerk -4- DORSEY & WHITNEY LLP, ATTORNEYS,DES MOINES, IOWA Till-in 1436989-25 i Hrg&Auth POS STATE OF IOWA JOHNSON COUNTY SS: CITY OF TIFFIN I, the undersigned, City Clerk of the City of Tiffin, do hereby certify that as such I have in my possession or have access to the complete corporate records of the City and of its Council and officers and that I have carefully compared the transcript hereto attached with those corporate records and that the transcript hereto attached is a true, correct and complete copy of all the corporate records relating to the hearing on and authorization of certain a Loan Agreement and the approval of a preliminary official statement for the sale of bonds thereunder, 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 with respect thereto. WITNESS MY HAND this day of � ° �" '��,; �� , 2019. City Clerka, -5- DO SEY & WHITNEY LLP,ATTORNEYS, DES MOINES,IOWA a � ways ahead Rine 27, 2019 Via Eirsail City Adrilinistrator/C.1ty Hafl Tiffin, Iowa Re: Goreral Obliga.diorl Annual Appropriation Corpol-ate Purpose On& Series 2019A Our File No. 436989-25 Dear lhiug: We have prepalvd and m1wh the necessary proemlinj)"s Covering the, hcaxing on the loan agmement (Te "Iman Aglvement') irnd pawiding fcmthe adoption of" as resohition takhng additional action Nvith. respcd to that Loan Agreement at the July 2"� CIty Cm.mcil nlectin& Ile resolution rdso authorizes the Lme of as QlAnary official staternmt (be "PITS21 W ummection widi the markethig of thel3onds, I'he rwocculings attached inck,tdc the, foflowing itcins: I. MOW of the imecting covering the hearing, 00=0 by the resolution taking additional aetion in connevion "it the Iman iNgrewncid. This resolution sirripfy sets 176rt h the C"ity C OL11161's detenninution to enter into the Loan A.grcerricnt in thc futurc, araban adoption consWes the %khWinal act on" rcqLdrxxl by the Iowa Codn The resolution also provides for thC RithOriZ,10011 Oftl'IC PO.S. 1 Attestation Cei-Oficate with respect to the validily of'the trwiscript. On July 2"d, the City C,ouricil should inect as scheduled, hold the heariing oil its interition U) enter Unto the Loari A.greeinent, and adopt the attached resohifion- '1110 llliflUtcs as drafted a.ssurne that no ol,,)Jeetions W he Bled or inade, Pdor to the adoption of the resolution, you and die Uty Council should review the Inoymal PANS, which Northland SCCUIT'ifiCS, Inc. is preparing, carefully fi)r aCCUracy and to erisure that there are iu) Wipcirtant thets heir g JeR orlt of the clocurnent thst inight bLm on pwroial risks to Wd Wdm, It sdndd be noted that, while we Nvill review and con,nnent on Gyre podkms ofAhe domnnmH that are pertinent to OUr role, as bolid counsel, we have not [)can engaged as (fiSCIOSUrC COU11sel, arid as Will not C',flga,gC in a Full dUe difij.�CIICC PrOCeSs to invesl�gatc the. aceuracy oF financial data or tiny bond lwkkr risks gen U are unknmvn to ut reser RmWA Awmw PMnm"Ds Mom,IN yyy%OT95A3 iomj FQ52Hy3oRjdowuy cou) P PC 2 ( W D 0 FR S ET Y "Al we be pnovidhig a:V pa Wd ophims with respecl it) the chmments ofTerhig the Bormls Ar Ma We are nAlable U) ch) IN addibmial %v(wk as the Clt)!'S diSdOSUN COMISd d'N(pUCS,'ted. AS Soon as, posAfle, aker the Chy (Awncfl mmain p,., please retum one p'Lffly execuled copy OFMI orme coml-fleted pages in We pawecAngm T)uu have any questions, please conwc,.t Ine, Bcst regards, John P. Dams Allachlogs cc: Ashley Jul, Platz jefy I ICH UNIR Bank Dima