HomeMy WebLinkAboutA042 - Resolution No. 12-493 adopted September 11, 2012 RESOLUTION NO. 12-493
Taking additional action to enter into a Loan Agreement and borrow money
WHEREAS, heretofore in the year 1916, the Mary Greeley Memorial Hospital (now
known as the Mary Greeley Medical Center and hereinafter sometimes referred to as the
"Hospital") was established in and for the City of Ames, Iowa (the "City") by lawful acceptance
of a conditional gift of certain real estate and the then existing hospital facility, deeded to the
City by Mr. W. M. Greeley; and
WHEREAS, pursuant to the provisions of Section 384.24A of the Code of Iowa, the City
has heretofore proposed to enter into a loan agreement (the "Loan Agreement") and borrow
money in a principal amount of not to exceed $26,000,000, for the purposes of(1) financing a
portion of the costs of the Hospital's improvement projects to acquire, construct, equip, furnish,
expand and remodel portions of its existing hospital facilities, including a new patient tower, a
new support service building, a new main entrance, an expanded emergency room department,
related land/site improvements thereto, and other improvements to the hospital facilities, all
located at 11 l 1 Duff Ave, Ames, Iowa (the "Project"); (2) refunding the City's Hospital Revenue
Refunding Bonds (Mary Greeley Medical Center), Series 2003 (the "Prior Bonds"); (3) funding
necessary reserve funds for the Bonds; and (4) funding issuance expenses for the Bonds; and;
NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. The Council hereby determines to enter into the Loan Agreement and
borrow the money in the future and declares that this resolution constitutes the "additional
action" required by Sections 384.24A and 384.25 of the Code of Iowa.
Section 2. All resolutions and orders or parts thereof in conflict with the provisions
of this resolution, to the extent of such conflict, are hereby repealed.
Section 3. This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
Passed and approved September 11, 2012.
Mayor
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Attest:
City Clerk
* * * Other Business
On motion and vote, the meeting adjourned.