HomeMy WebLinkAboutA057 - Resolution No. 09-518 adopted October 27, 2009 Y
Ames 419370-42/2°d'h Hrg
RESOLUTION NO. 09_518
Taking Additional Action to enter into Water Revenue Loan and Disbursement
Agreement
WHEREAS, the City of Ames (the "City"), in the County of Story, State of Iowa, did
heretofore establish a Municipal Waterworks System (the "Utility") in and for the City which has
continuously supplied water and water service in and to the City and its inhabitants since its
establishment; and
WHEREAS, the management and control of the Utility are vested in the City Council
(the"Council"), and no board of trustees exists for this purpose; and
WHEREAS, pursuant to the provisions of Section 384.24A of the Code of Iowa, the City
has heretofore proposed to borrow money and enter into a Water Revenue Loan and
Disbursement Agreement (the "Agreement") and to issue Water Revenue Bonds (the "Bonds")
in evidence thereof in a principal amount not to exceed $6,249,000, to provide funds to pay the
costs, to that extent, of planning, designing, and constructing improvements and extensions to the
Utility (the "Project"), and has published notice of the proposed action and has held a hearing
thereon on October 27, 2009;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. The Council hereby determines to enter into the Agreement in the future
and orders the Bonds to be issued at such time in evidence thereof. The Council further declares
that this resolution constitutes the "additional action" required by Section 384.24A 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of this resolution, to the extent of such conflict, are hereby repealed.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 October 27, 2009.
Mayor
Attest:
City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA