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HomeMy WebLinkAboutA057 - Proceedings from July 11, 2023 meeting Anics/4 193 70-74/1-Irg Only Sewer Rev LDA (Hearing - Sewer Revenue) 419370-74 Ames, Iowa i July 11, 2023 The City Council of the City of Ames, Iowa, met on July 11, 2023, at 6:00 p.m., in the City Hall — Council Chambers, in the City. The meeting was called to order by the Mayor, and the roll was called showing the following members of the Council present and absent: Present: Beatty-Hansen, Corrieri, Gartin, Junck, Rollins Absent: Betcher f This being the time and place specified for holding the public hearing and taking action on the proposal to enter into a Sewer Revenue Loan and Disbursement Agreement, the City Clerk announced that no written objections had been placed on file. Whereupon, the Mayor called for any written or oral objections, and there being none, the Mayor declared the public hearing closed. After due consideration and discussion, Council Member Beatty-Hansen introduced the following resolution and moved its adoption, seconded by Council Member Corrieri. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Beatty-Hansen, Corrieri, Gartin, Junek, Rollins Nays: None Whereupon, the Mayor declared the resolution duly adopted, as follows: -1- DORSEY& WHITNEY LLP,ATTORNEYS, DES MOINES, IOWA Ames/419370-74/Iirg Only Sewer Rev LDA RESOLUTION NO. 23-405 Resolution taking additional action on proposal to enter into a Sewer Revenue Loan and Disbursement Agreement WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, did heretofore establish a Municipal Sanitary Sewer System (the "Utility") in and for the City which has continuously supplied sanitary sewer 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 I WHEREAS, pursuant to a prior resolution of the Council, the City has heretofore issued its $3,121,000 Sewer Revenue Bond, SRF Series 2012, dated November 16, 2012 (the "Series 2012 Bond"), a portion of which remains outstanding; and WHEREAS, pursuant to a prior resolution of the Council, the City has heretofore issued its $797,000 Taxable Sewer Revenue Bond, SRF Series 2016, dated September 30, 2016 (the "Series 2016 Bond"), a portion of which remains outstanding; and WHEREAS, pursuant to a prior resolution of the Council, the City has heretofore issued its $1,001,000 Taxable Sewer Revenue Bond, SRF Series 2018, dated February 16, 2018 (the "Series 2018 Bond"), a portion of which remains outstanding; and i WHEREAS, pursuant to a prior resolution of the Council, the City has heretofore issued its $5,107,055.19 Taxable Sewer Revenue Improvement and Refunding Bond, SRF Series 2021, dated February 19, 2021 (the "Series 2021 Bond"), a portion of which remains outstanding; and WHEREAS, pursuant to a prior resolution of the Council, the City has heretofore issued its $4,071,000 Sewer Revenue Bond, SRF Series 2023A, dated January 27, 2023 (the "Series 2023A Bond"), a portion of which remains outstanding; and WHEREAS, pursuant to a prior resolution of the Council, the City has heretofore issued its $8,357,000 Taxable Sewer Revenue Bond, SRF Series 2023B, dated Janney 27, 2023 (the "Series 2023B Bond"), a portion of which remains outstanding; and WHEREAS, pursuant to the resolutions (the "Outstanding Bond Resolutions") authorizing the issuance of the Series 2012 Bond, the Series 2016 Bond, the Series 2018 Bond, the Series 2021 Bond, the Series 2023A Bond, and the Series 2023B Bond (collectively, the "Outstanding Bonds"), the City reserved the right to issue additional obligations payable from the net revenues of the Utility and ranking on a parity with the Outstanding Bonds under the terms and conditions set forth in the Outstanding Bond Resolutions; and WHEREAS, the City has heretofore proposed to contract indebtedness and enter into a Sewer Revenue Loan and Disbursement Agreement (the "Agreement") and to borrow money thereunder in a principal amount not to exceed $2,150,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the cost, to that extent, of planning, -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames/419370-74/Hrg Only Sewer Rev LDA designing and constructing improvements and extensions to the Utility, and has published notice of the proposed action and has held a hearing thereon on July 11, 2023; NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. The City Council hereby determines to enter into the Agreement in the future and orders that Sewer Revenue Bonds be issued at such time in evidence thereof. The City Council further declares that this resolution constitutes the "additional action" required by Section 384.24A of the Code of Iowa. Section 2. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 3. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved July 11, 2023. Mayor A s : Le 4� v City Cl rk On motion and vote, the meeting adjourned. Mayor t 1 y Jerk -3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames/419370-74/I-Irg Only Sewer Rev I..DA ATTESTATION CERTIFICATE: STATE OF IOWA STORY COUNTY SS: CITY OF AMES I, the undersigned, City Clerk of the City of Ames, do hereby certify that attached hereto is a true and correct copy of the proceedings of the City Council relating to the hearing on the City Council's intention to enter into a Sewer Revenue Loan and Disbursement Agreement in a principal amount not to exceed $2,150,000. i WITNESS MY HAND this day of 2023. City Cl < -4- DORSEY &WHITNEY LLP, ATTORNEYS,DES MOINES, IOWA