HomeMy WebLinkAboutA024 - Loan Agreement dated November 22, 2022 - $12,440,000 LOAN AGREEMENT
This Loan Agreement is entered into as of November 22, 2022 by and between the City
of Ames, Iowa (the "City"), and Janney Montgomery Scott LLC, Philadelphia, Pennsylvania(the
"Purchaser"). The parties agree as follows:
1. The Purchaser shall loan to the City the sum of $12,440,000 and the City's
obligation to repay hereunder shall be evidenced by the issuance of General Obligation
Corporate Purpose Bonds, Series 2022A in the aggregate principal amount of$12,440,000 (the
"Bonds").
2. The City has adopted a resolution on November 8, 2022 (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 November 22, 2022, 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.
IN WITNESS WHEREOF, we have hereunto affixed our signatures all as of the date first
above written.
CITY
IT OF MES, IOWA
Mayor
Attest:
City Clerk
JANNEY MONTGOMERY SCOTT LLC
Philadelphia, Pennsylvania
By
(Signature)
(Print Name and Title)