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HomeMy WebLinkAboutA011 - May 9, 2023 Proceedings Ames/419370-70/2nd'/u I-Irg Only Water Rev. MINUTES FOR HEARING AND ADDITIONAL ACTION ON ENTERING INTO LOAN AGREEMENT AND COMBINING LOAN AGREEMENTS I 419370-70 Ames, Iowa May 9, 2023 The City Council of the City of Ames, Iowa, met on May 9, 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, Betcher, Corrieri, Gartin, Junck, Rollins Absent: None. This being the time and place specified for holding the public hearing and taking action on the proposal to enter into a Water 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. jAfter due consideration and discussion, Council Member Betcher introduced the following resolution and moved its adoption, seconded by Council Member Junck. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Beatty-l-lansen, Betcher, Corrieri, Gat-tin, Junck, Rollins Nays: None. Whereupon, the Mayor declared the resolution duly adopted, as follows: DORSEY&WHITNEY LLP,ATTORNEYS, DES MOMS,IOWA Ames/419370-70/2nd Y:Hrg&Combine Water aev. 1 RESOLUTION NO. 23-283 Resolution taking additional action on proposal to enter into a Water Revenue Loan j and Disbursement Agreement and combining certain Loan Agreements I WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, did heretofore establish a Municipal Waterworks Utility System (the "Utility") in and for the City which has continuously supplied water service in and to the City and its inhabitants since its establishment; and i 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 $76,325,000 Taxable Water Revenue Bond, SRF Series 2015, dated January 30, 2015 (the "Series 2015 Bond"), a portion bfwhich remains outstanding; and WHEREAS, pursuant to a prior resolution of the Council, the City has heretofore issued its $3,500,000 Water Revenue Bond, SRF Series 2022, dated August 26, 2022 (the "Series 2022 Bond"), a portion of which remains outstanding; and WHEREAS, pursuant to the resolutions (the"Outstanding Bond Resolutions")authorizing the issuance of the Series 2015 Bond and the Series 2022 Bond (together, 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 enter into a Water Revenue Loan and Disbursement Agreement (the "Original Agreement") and to borrow money thereunder in a principal amount not to exceed $8,500,000, 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 (the "Project"), and has published notice of the proposed action and has held a hearing thereon on November 22, 2022; and WHEREAS, to pay additional costs of the Project,the City has also proposed to enter into an additional Water Revenue Loan and Disbursement Agreement (the "Additional Agreement") and to borrow money thereunder in a principal amount not to exceed $4,000,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, and has published notice of the proposed . action and has held a hearing thereon on May 9, 2023; and WHEREAS, pursuant to the provisions of Section 384.28 of the Code of Iowa, the City intends to combine its authority under the Original Loan Agreement and the Additional Loan Agreement and to enter into a single loan agreement (the "Loan Agreement'); NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as follows: -2- DORSEY &WHITNEY LLP,ATTORNEYS, DES MOINES, IOWA i Ames/419370-70/2nd%Hrg&Combine Water Rev. I Section L The Original Loan Agreement and the Additional Loan Agreement are hereby combined into the Loan Agreement. The City Council hereby determines to enter into the Loan Agreement in the future and orders that Water 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 efrect immediately upon its adoption and approval, as provided by law. Passed and approved May 9, 2023. Mayor ' Attest: —e4w- City Cle k On motion and vote, the meeting adjourned. Mayor Attest: ��Zw- / ge CitY CI •k -3- DORSEY &WHITNEY LLP,ATTORNEYS, DES MOINES, IOWA Ames/419370-70/2nd%IIrg k Combine Water Rev. ATTESTATION CERTIFICATE: STATE OF IOWA STORY COUNTY SS: CITY OF AMES 1, 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 certain Loan Agreement and combining Loan Agreements, and that the transcript hereto attached contains a true, correct and complete statement of all the measures adopted and proceedings,acts and things had, done and performed up to the present time with respect thereto. WITNESS MY HAND this 9t1i day of May, 2023. <�Zw— /& City Clerl _4_ DORSEY &WHITNEY LLP,ATTORNEYS, DES MOINES, IOWA