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HomeMy WebLinkAboutA007 - Proceedings from Hearing dated September 25, 2018 Ames/4 1 93 70-63/Hrg Only Sewer Rev LDA (Hearing - Sewer Revenue) 419370-63 Ames, Iowa September 25, 2018 The City Council of the City of Ames, Iowa, met on September 25, 2018, at 6:00 o'clock p.m., at the City Hall Council Chambers, Ames, Iowa. The meeting was called to order and the roll was called showing the following members of the Council present and absent: Present: Beatty-Hansen, Betcher, Corrieri, Gartin, Martin,Nelson. Absent: None. 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 in a principal amount not to exceed $5,700,000, it was 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 Betcher introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member Beatty- Hansen. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Beatty-Hansen, Betcher, Corrieri, Gartin, Martin, Nelson. Nays: None. Whereupon, the Mayor declared the resolution duly adopted, as follows: -1- DORSEY & WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-63/Hrg Only Sewer Rev LDA RESOLUTION NO. 18-555 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 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 WHEREAS, pursuant to the resolutions (the "Outstanding Bond Resolutions") authorizing the issuance of the Series 2012 Bond, the Series 2016 Bond and the Series 2018 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 $5,700,000, 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, designing and constructing improvements and extensions to the Utility, and has published notice of the proposed action and has held a hearing thereon on September 25, 2018; 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 that Sewer Revenue Bonds 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. -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/4 1 93 70-63/Hrg Only Sewer Rev LDA 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 September 25, 2018. Mayor Attest: City Clerk On motion and vote, the meeting adjourned. Mayor Attest: City Clerk -3- DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES, IOWA Ames/419370-63/Hrg Only Sewer Rev LDA STATE OF IOWA COUNTY OF STORY 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 Council's intention to enter into a Sewer Revenue Loan and Disbursement Agreement in a principal amount not to exceed $5,700,000. �Vl WITNESS MY HAND this day of 2018. City Clerk -4- DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA