HomeMy WebLinkAboutA012 - Sewer Revenue Loan and Disbursement Agreement dated April 18, 2014 i
UNITED STATES OF AMERICA
STATE OF IOWA
COUNTY OF STORY
CITY OF AMES
SEWER REVENUE LOAN AND DISBURSEMENT AGREEMENT ANTICIPATION PROJECT NOTE
(IFA INTERIM LOAN AND DISBURSEMENT AGREEMENT)
No. 1 MAXIMUM PRINCIPAL AMOUNT: $375,000
INTEREST RATE PROJECT NOTE DATE
0% April 18,2014
This Sewer Revenue Loan and Disbursement Agreement Anticipation Project Note (IFA
Interim Loan and Disbursement .Agreement) (the "Project Note") is issued to the Iowa Finance
Authority (the "Lender") by the City of Ames, Iowa (the "City"), as of the Project Note Date.
The Lender shall loan to the City an interim amount not to exceed $375,000.
The City has adopted a resolution (the "Resolution") authorizing and approving this
Project Note pursuant to the provisions of Sections 76.13 and 384.24A of the Code of Iowa,
2013, as amended, and providing for the issuance and securing the payment of this Project Note,
and reference is made to the Resolution for a more complete statement as to the source of
payment of this Project Note and the rights of the owners of this Project Note. This Project Note,
together with any additional obligations as may be hereafter issued and outstanding from time to
time under the conditions set forth in the Resolution, shall be payable solely and only from the
proceeds (the "Loan Proceeds") of an authorized Loan and Disbursement Agreement and the
corresponding future issuance of Sewer Revenue Bonds, a sufficient portion of which have been
appropriated to the payment hereof.
The proceeds of this Project Note shall be used for the purposes set forth in the
Resolution and shall be made available to the City in the form of one or more periodic
disbursements.
This Project Note shall be executed and delivered to the Lender in evidence of the City's
obligation to repay the amounts payable hereunder and shall bear interest at 0%. This Project
Note shall be payable as to principal in full on the Maturity Date (hereinafter defined) and in the
total aggregate amount drawn by the City pursuant to this Project Note, shall be subject to
prepayment in whole or in part can any date at a prepayment price equal to the principal amount
hereof prepaid, and shall contain such other terms and provisions as provided in the Resolution.
This Project Note is payable as to principal three years from the Project Note Date (the
"Maturity Date"). If the City enters into a Loan and Disbursement Agreement with the Lender
pursuant to the Iowa Water Pollution Control Works and Drinking Water Facilities Financing
Program by the Maturity Date, the Lender may provide for the repayment in full of this Project
Note pursuant to the terms of such Loan and Disbursement Agreement and the resolution
authorizing the Loan and Disbursement Agreement.
r
This Project Note is executed pursuant to the provisions of Sections 76.13 and 384.24A
of the Code of Iowa and shall be read and construed as conforming to all provisions and
requirements of the statute.
In the event of any inconsistency or conflict between the terms and conditions of the
Resolution and this Project Note, the parties acknowledge and agree that the terms of this Project
Note shall take precedence over any such terms of the Resolution.
And It Is Hereby Certified and Recited that all acts, conditions and things required by the
laws and Constitution of the State of Iowa, to exist, to be had, to be done or to be performed
precedent to and in the issue of this Project Note were and have been properly existent, had, done
and performed in regular and due form and time; and that the issuance of this Project Note does
not exceed any constitutional or statutory limitations.
IN TESTIMONY WHEREOF, the City of Ames, Iowa has caused this Project Note to be
executed by its Mayor and attested by its City Clerk all as of the Project Note Date.
CITY OF AMES, IOWA
By:
Mayor
Attest:
City Clerk
IOWA FINANCE AUTHORITY
By:
David D. Jamison
Executive Director