HomeMy WebLinkAboutA012 - Resolution No. 12-101 adopted March 6, 2012 Ames419370-46/Hrg&Prelevy
RESOLUTION NO. 12-101
Resolution authorizing a Loan Agreement and providing for the levy of taxes to
pay the same
WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, has
heretofore proposed to enter into a General Obligation Loan Agreement (the "Loan Agreement")
in a principal amount not to exceed $13,150,000 pursuant to the provisions of Section 384.24A
of the Code of Iowa for the purpose of paying the cost, to that extent, of paying the cost, to that
extent, of constructing improvements to streets, water and sanitary sewer lines; carrying out
flood mitigation projects; rehabilitating city parks; and replacing a city park bicycle/pedestrian
bridge that was damaged by flooding, and has published notice of the proposed action and has
held a hearing thereon; and
WHEREAS, the City intends to enter into the Loan Agreement and to issue General
Obligation Corporate Purpose Bonds in an amount not to exceed $13,150,000 (the "Bonds") in
the future, and anticipates that principal and interest will come due on the Bonds before June 30,
2013, and it is now necessary to make provision for the levy of a debt service property tax to be
collected in the fiscal year that will begin July 1, 2012 for the payment of such principal and
interest;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. The Council hereby expresses its intention to enter into the Loan
Agreement and to issue the Bonds at such time as funds are needed, and the Council hereby
declares that this resolution constitutes the additional action required by Chapter 384 of the Code
of Iowa.
Section 2. For the purpose of providing for the levy and collection of a direct annual
tax sufficient to pay the principal of and interest on the Note as the same become due, there is
hereby ordered levied on all the taxable property in the City the following direct annual tax for
collection, as follows:
For collection in the fiscal year beginning July 1, 2012,
sufficient to produce the net annual sum of$949,162.
Section 3. A certified copy of this resolution shall be filed with the County Auditor
of Story County, and said Auditor is hereby instructed to enter for collection and assess the tax
hereby authorized. When annually entering such taxes for collection, the County Auditor shall
include the same as a part of the tax levy for Debt Service Fund purposes of the City and when
collected, the proceeds of the taxes shall be converted into the Debt Service Fund of the City and
set aside therein as a special account to be used solely and only for the payment of the principal
of and interest on the Note hereby authorized and for no other purpose whatsoever.
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Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
Passed and approved March 6, 2012.
Mayor
Attest:
City Clerk
On motion and vote, the meeting adjourned.
Mayor
Attest:
City Clerk
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STATE OF IOWA
COUNTY OF STORY SS:
CITY OF AMES
I, the undersigned, City Clerk of the City of Ames, 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 authorization of a loan agreement and authorization of a
debt service tax levy related to the City's $13,150,000 General Obligation Corporate Purpose
Bonds, 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 6 day of March, 2012. /r
City Clerk
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