HomeMy WebLinkAboutA002 - Council Action Form dated August 22, 1995 r �
ITEM #
DATE August 22, 1995
COUNCIL ACTION FORM
SUBJECT: RESOLUTION TO SET SEPTEMBER 12, 1995, AS THE DATE OF
HEARING FOR THE SALE OF GENERAL OBLIGATION BONDS IN
AN AMOUNT NOT TO EXCEED $4,500,000
BACKGROUND:
The following projects were designated in the CIP or by City Council resolution as
being funded through the sale of General Obligations bonds:
Streets:
U.S. 69 Improvements $674,000
Hyland/Sheldon 1 ,000,000
Airport Road 600,000
Bloomington Road Paving 795,000
South 16th Paving 277,000
8th & 9th Alley 30,360
Sub-Total $3,481 ,000
South Duff Storm Sewer 500,000
Fire Truck - 100' Aerial Ladder 220,000
Total $4,201 ,000
This resolution will set the date for a public hearing on the issuance of G.O. bonds for
these projects. That date is proposed to be September 12, 1995. The hearing will
propose a sale date of September 26, 1995. Issuance costs for the bonds will also be
included in the amount of bonds sold on that date.
ALTERNATIVES:
1. Adopt the resolution setting September 12, 1995, as the date of hearing for the
issuance of General Obligation bonds in an amount not to exceed $4,500,000.
2. Postpone the date of hearing pending further information from staff.
MANAGER'S RECOMMENDED ACTION:
It is the recommendation of the City Manager that the City Council adopt Alternative
#1 and adopt the resolution setting September 12, 1995 as the date of hearing for the
issuance of General Obligation bonds in an amount not to exceed $4,500,000.
COUNCIL ACTION:
08/18/95 15:48 FAX 515 283 1060 DORSEY & WHITNEY -,- CITY OF AMES Z 002/004
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RESOLUTION NO.
To fix a date of meeting at which it is proposed to take action for the
issuance of not to exceed $4,500,000 General Obligation Corporate
Purpose Bonds, Series 1995B
WHEREAS, the City of Ames, Iowa (the "City"), proposes to issue not to
exceed $4,500,000 General Obligation Corporate Purpose Bonds, Series 1995B (the
"Bonds"), pursuant to the provisions of Division III of Chapter 384 of the Code of
Iowa for the purpose of paying the cost, to that amount, of the construction of street,
drainage and storm sewer improvements; and the acquisition of a fire truck aerial
ladder, and it is necessary to fix a date of meeting of the Council at which it is
proposed to take action for the issuance of the Bonds and to give notice thereof as
required by such law;
NOW, THEREFORE, It Is Resolved by the Council of the City of Ames, Iowa,
as follows:
Section 1. This Council shall meet on the 12th day of September, 1995, at
the Council Chambers, City Hall, in the City, at o'clock —m., at which
time and place proceedings will be instituted and action taken for the issuance of the
Bonds.
Section 2. The City Clerk is hereby directed to give notice of the proposed
action for the issuance of the Bonds setting forth the amount and purpose thereof,
the time when and place where the said meeting will be held, by publication at least
once and not less than four (4) nor more than twenty (20) days before the meeting,
in a legal newspaper published at least once weekly, and of general circulation in the
City. The notice shall be in substantially the following form:
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DORSEY& WHITNEY F.L.L1'.,ATTORNEYS,DES MOINES,IOWA
08/18/95 13:49 FAX 515 233 1060 DORSEY & WHITNEY -*-4 CITY OF MITES [a003/004
Ames/419370-16/1st 1/2 N/I-Bonds
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS FOR
THE ISSUANCE OF NOT TO EXCEED $4,500,000 GENERAL
OBLIGATION CORPORATE PURPOSE BONDS, SERIES 1995B
The City Council of the City of Ames, Iowa, will meet on the 12th day of
September, 1995, at the Council Chambers, City Hall, in the City, at
o'clock m., for the purpose of instituting proceedings and taking action for the
issuance of not to exceed $4,500,000 General Obligation Corporate Purpose Bonds,
Series 1995B, for the purpose of paying the cost, to that extent, of the construction of
street, drainage and storm sewer improvements; and the acquisition of a fire truck
aerial ladder.
The Bonds, when issued, will constitute general obligations of the City,
payable from taxes levied upon all taxable property in the City.
At such time and place the Council shall receive oral or written objections
from any resident or property owner of the City. After receiving objections, the City
may determine to issue the Bonds, in which case, the decision will be final unless
appealed to the District Court within fifteen (15) days thereafter.
By order of the City Council and pursuant to Section 384.25 of the Code of
Iowa.
Sandra L. Ryan
City Clerk
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DORSEY&WHITNEY P.L.LY.,ATTORNEYS,DES MOINES,IOWA
08/18/95 13:49 FAX 515 283 1060 DORSEY & WHITNEY --� CITY OF ADZES 0 004/004
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Section 3. All resolutions or parts of resolutions in conflict herewith be
and the same are hereby repealed to the extent of such conflict.
Passed and approved August 22, 1995.
Mayor
Attest:
City Clerk
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DORSEY& WHITNEY P.L.L.P.,ATTORNEYS,DES MOWES,IOWA