HomeMy WebLinkAboutA023 - Resolution No. 11-041 adopted February 8, 2011 Ames/419370-44/1""/z GO.LAs
RESOLUTION NO. 11-041
Resolution to fix a date for public hearings on loan agreements in a total amount
not to exceed $6,950,000
WHEREAS, pursuant to the provisions of Section 384.24A of the Code of Iowa, the City
Council of the City of Ames, in the County of Story, State of Iowa(the"City"),proposes to enter
into a loan agreement (the "Essential Corporate Purpose Loan Agreement") in a principal
amount not to exceed $6,640,000, for the essential corporate purpose of paying the cost, to that
extent, of constructing street improvements, and it is necessary to fix a date of meeting of the
Council at which it is proposed to take action to enter into the Essential Corporate Purpose Loan
Agreement and to give notice thereof as required by such law; and
WHEREAS, pursuant to the provisions of Section 384.24A of the Code of Iowa, the City
also proposes to enter into a loan agreement (the "General Corporate Purpose Loan Agreement")
in a principal amount not to exceed $310,000 for the general corporate purpose of making
improvements to City Hall, and in lieu of calling an election therefor, the City desires to institute
proceedings to enter into such loan agreement by causing a notice of such proposal to be
published, including notice of the right to petition for an election, under the provisions of
Section 384.26 of the Code of Iowa;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. This Council shall meet on February 22, 2011, at the
City Council Chambers the City, at seven o'clock _.m., at which time and place the
hearings will be held and proceedings will be instituted and action taken to enter into the loan
agreements.
Section 2. The City Clerk is hereby directed to give notice of the proposed action on
the Essential Corporate Purpose Loan Agreement, 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 4 nor more than 20 days before the date of said meeting, in a legal newspaper which has
a general circulation in the City. The notice shall be in substantially the following form:
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Dorsey&Whitney LLP,Attorneys,Des Moines,Iowa
Ames/419370-44/1""/z GO.LAs
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO
A LOAN AGREEMENT IN A PRINCIPAL AMOUNT
NOT TO EXCEED $6,640,000
(GENERAL OBLIGATION ESSENTIAL CORPORATE PURPOSE)
The CityC oouffil of the City of Ames, Iowa, will meet on February 22, 2011, at the
City Council , in the City, at seven o'clock _.m., for the purpose of instituting
proceedings and taking action to enter into a loan agreement (the "Loan Agreement") in a
principal amount not to exceed $6,640,000 for the purpose of paying the cost, to that extent, of
constructing street improvements.
The Loan Agreement is proposed to be entered into pursuant to authority contained in
Section 384.24A of the Code of Iowa and will constitute a general obligation of the City.
At that time and place, oral or written objections may be filed or made to the proposal to
enter into the Loan Agreement. After receiving objections, the City Council may determine to
enter into the Loan Agreement, 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 of the City of Ames, Iowa.
Diane R. Voss
City Clerk
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Dorsey&Whitney LLP,Attorneys,Des Moines,Iowa
Arrles/4193 70-44/1 51/z GO.LAs
Section 3. The City Clerk is hereby directed to give notice of the proposed action on
the General Corporate Purpose Loan Agreement setting forth the amount and purposes thereof,
the time when and place where the meeting will be held, by publication at least once and not less
than 10 nor more than 20 days before the date of said meeting, in a legal newspaper which has a
general circulation in the City. The notice shall be in substantially the following form:
4
Dorsey&Whitney LLP,Attorneys,Des Moines,Iowa
Ames/4193'70-44/1'%s GO.LAs
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO
A LOAN AGREEMENT IN A PRINCIPAL AMOUNT
NOT TO EXCEED $310,000
(GENERAL OBLIGATION GENERAL CORPORATE PURPOSE)
The Cit ham rs i
C%uncil of the City of Ames, Iowa, will meet on February 22, 2011, at the
_City Council , n the City, at seven o'clock p.m., for the purpose of instituting
proceedings and taking action to enter into a loan agreement (the "Loan Agreement") in a
principal amount not to exceed$310,000 for the purpose of making improvements to City Hall.
This Loan Agreement is proposed to be entered into pursuant to authority contained in
Section 384.24A of the Code of Iowa and will constitute a general obligation of the City.
The maximum rate of interest which may be payable under this Loan Agreement is 6%
per annum.
At any time before the date fixed for taking action to enter into this Loan Agreement, a
petition may be filed with the City Clerk of the City asking that the question of entering into this
Loan Agreement be submitted to the registered voters of the City, pursuant to the provisions of
Section 384.26 of the Code of Iowa.
By order of the City Council of the City of Ames, Iowa.
Diane R. Voss
City Clerk
s
Dorsey&Whitney LLP,Attorneys,Des Moines,Iowa
"es/4193'70-44/1s''/2 GO.LAs
Section 4. All resolutions or parts of resolutions in conflict herewith are hereby
repealed to the extent of such conflict.
Passed and approved February 8,2011.
Mayor
Attest:
, U
City Clerk
On motion and vote,the meeting adjourned.
Mayor
Attest:
City Clerk
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Dorsey&Whitney LLP,Attorneys,Des Moines,Iowa