HomeMy WebLinkAboutA024 - Loan Agreement dated September 17, 2020 LOAN AGREEMENT
This Loan Agreement is entered into as of September 17,2020, by and between the City of Ames,
Iowa(the"City"), and Piper Sandler& Co. (the "Purchaser"). The parties agree as follows:
1. The Purchaser shall loan to the City the sum of$17,865,000, and the City's obligation to
repay hereunder shall be evidenced by the issuance of General Obligation Corporate Purpose and
Refunding Bonds, Series 2020A, in the aggregate principal amount of$17,865,000 (the"Bonds").
2. The City Council adopted a resolution on August 25, 2020 (the "Resolution") authorizing
and approving this Loan Agreement and providing for the issuance of 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 17, 2020, 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.
IN WITNESS WHEREOF, we have hereunto affixed our signatures all as of the date first above
written.
CITY OF AMES, IOWA
By
Mayor
Attest:
City Clerk
PIPER SANDLER& CO.
Minneapolis, MN
By
(Signature)
(Print Name and Title)