HomeMy WebLinkAboutA010 - Resolution No. 21-122 adopted March 9, 2021 Ames419370-67(2021AGO Hrgs&Prelevy
RESOLUTION NO. 21-122
Resolution authorizing a Loan Agreement and providing for the levy of taxes
WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, has
heretofore proposed to enter into a General Obligation Essential Purposes Loan Agreement (the
"Essential Purposes Loan Agreement") in a principal amount not to exceed $25,665,000,
pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the
cost, to that extent, of constructing improvements to streets and sanitary sewers, installation of
traffic control improvements and refunding the outstanding balance of the City's General
Obligation Corporate Purpose and Refunding Bonds Series 2013, and has published notice of the
proposed action and has held a hearing thereon; and
WHEREAS. The City has also proposed to enter into a General Obligation Downtown
Plaza Loan Agreement (the "Downtown Plaza Loan Agreement") in a principal amount not to
exceed $700,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the
purpose of converting a parking lot into a downtown plaza, and has published notice of the
proposed action and has held a hearing thereon, and no petition has been filed asking that the
questions of entering into this loan agreement be submitted to the City's voters; and
WHEREAS, the City intends to combine the Essential Purposes Loan Agreement and the
Downtown Plaza Loan Agreement into a single loan agreement and enter into a General
Obligation Corporate Purpose and Refunding Loan Agreement and to issue General Obligation
Corporate Purpose and Refunding Bonds in an amount not to exceed $26,365,000 (the "Bonds")
in the future, and anticipates that principal and interest will come due on the Bonds before June
30, 2022, and it is now necessary to make provision for the levy of a debt service property tax to
be collected in the fiscal year that will begin July 1, 2021 for the payment of such principal and
interest;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. The Council hereby expresses its intention to enter into the General
Obligation Corporate Purpose and Refunding Loan Agreement and to issue the Bonds at such
time as funds are needed, and the Council hereby declares that this resolution constitutes the
additional action required by Chapter 384 of the Code of Iowa.
Section 2. For the purpose of providing for the levy and collection of a direct annual
tax sufficient to pay the principal of and interest on the Bonds, there is hereby ordered levied on
all the taxable property in the City a direct annual tax for collection in the fiscal year beginning
July 1, 2021, sufficient to produce the sum of$1,045,393.
Section 3. A certified copy of this resolution shall be filed with the County Auditor
of Story County, and the Auditor is hereby instructed to enter for collection and assess the tax
hereby authorized. When annually entering such taxes for collection, the County Auditor shall
include the same as a part of the tax levy for Debt Service Fund purposes of the City and when
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Ames419S70-67/ZO2IAGO Hros&Prelevy
collected, the proceeds of the taxes shall be converted into the Debt Service Fund of the City and
set aside therein as a special account to be used solely and only for the payment of the principal
of and interest on the Bonds hereby authorized.
Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
Passed and approved March 9, 2021.
j JAIJ
Mayor
Attest:
City Clerk
On motion and vote, the meeting adjourned.
Mayor
Attest:
City Clerk
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