HomeMy WebLinkAboutA024 - Loan Agreement dated September 12, 2017 1
LOAN AGREEMENT
This Loan Agreement is entered into as of September 12, 2017, by and between the City of Ames, Iowa
(the"City"), and Janney Montgomery Scott LLC, Philadelphia, PA(the"Purchaser"). The parties agree as follows:
1. The Purchaser shall loan to the City the sum of$10,975,000, and the City's obligation to repay
hereunder shall be evidenced by the issuance of General Obligation Corporate Purpose and Refunding Bonds, Series
2017A in the aggregate principal amount of$10,975,000 (the "Bonds").
2. The City adopted a resolution on August 22, 2017 (the "Resolution") authorizing and approving
this Loan Agreement and providing for the issuance of the Bonds and the levy of taxes to pay the principal of and
interest on the Bonds for the purpose or purposes set forth in the Resolution. The Resolution is incorporated herein
by reference, and the parties agree to abide by the terms and provisions of the Resolution. In and by the Resolution,
provision has been made for the levy of a sufficient continuing annual tax on all the taxable property within the City
for the payment of the principal of and interest on the Bonds as the same will respectively become due.
3. The Bonds, in substantially the form set forth in the Resolution, shall be executed and delivered to
or on behalf of the Purchaser to evidence the City's obligation to repay the amounts payable hereunder. The Bonds
shall be dated September 12, 2017, shall be in denominations of$5,000 or integral multiples thereof, shall bear
interest, shall be payable as to principal on the dates and in the amounts, shall be subject to prepayment prior to
maturity and shall contain such other terms and provisions as provided in the Bonds and the Resolution.
4, This Loan Agreement is executed pursuant to the provisions of Section 384.24A of the Code of
Iowa and shall be read and construed as conforming to all provisions and requirements of the statute.
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IN WITNESS WHEREOF, we have hereunto affixed our signatures all as of the date first above written.
CITY OF AMES, IOWA
By_j A14,IA�l
Mayor
Attest:
City Clerk
JANNEY MONTGOMERY SCOTT LLC
By
(Signature)
(Print Name and Title)