HomeMy WebLinkAboutA006 - Resolution No. 24-159 adopted March 26, 2024 Ames/419370-75/Hrg,Combine,Audi Prelevy GO CP LA
RESOLUTION NO. 24-159
Resolution taking additional action on proposal to enter into an Essential Purpose
Loan Agreement, combining Loan Agreements, and providing for the levy of
taxes to pay General Obligation Corporate Purpose Bonds, Series 2024A
WHEREAS the City of Ames (the "City"),) in Story County, State of Iowa here
tofore
proposed to enter into a General Obligation Urban Renewal Loan Agreement (the Urban
Renewal Loan Agreement') pursuant to the provisions of Sections 384.24A and 384.24.3(q) of
the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed
$21,200,000 for the purpose of paying the costs, to that extent, undertaking a project in the
Downtown Reinvestment District Urban Renewal Area consisting of constructing, furnishing
and equipping an indoor aquatic center and associated grounds and facilities as further detailed in
the urban renewal plan approved by the City Council on August 24, 2021 (the "Urban Renewal
Project'), and in lieu of calling an election upon such proposal, has published notice of the
proposed action, including notice of the right to petition for an election, and has held a hearing
thereon, and as of September 14, 2021, no petition had been filed with the City asking that the
question of entering into the Urban Renewal Loan Agreement be submitted to the registered
voters of the City; and
WHEREAS, the City has used a portion of its authority to borrow under the Urban
Renewal Loan Agreement for the prior issuance of bonds, but has reserved the right to use the
remainder of its authority thereunder for additional debt issuances; and
WHEREAS, the City, pursuant to the provisions of Section 384.24A of the Code of Iowa,
also proposed to enter into an additional loan agreement (the "Essential Purpose Loan
Agreement', and together with the Urban Renewal Loan Agreement, the "Loan Agreements")
and to borrow money thereunder in a principal amount not to exceed $2,000,000 for the purpose
of paying the costs, to that extent, of acquiring and installing street/traffic system equipment;
undertaking improvements to the Ada Hayden Heritage Park; and undertaking improvements to
the municipal airport, and it is necessary to fix a date of meeting of the City Council at which it
is proposed to take action to enter into the Essential Purpose Loan Agreement and to give notice
thereof as required by such law; and
WHEREAS, pursuant to the provisions of Section 384.28 of the Code of Iowa, the City
intends to combine its authority under the Loan Agreements and to enter into a single loan
agreement(the "Loan Agreement'); and
WHEREAS, the City intends to enter into the Loan Agreement in the future and to issue
General Obligation Corporate Purpose Bonds, Series 2024A (the "Bonds") in evidence of its
obligations thereunder and anticipates that principal and interest will come due on the Bonds
before July 1, 2025; and
WHEREAS, it is now necessary to make provision for the levy of a debt service property
tax in the 2024-2025 fiscal year for the payment of such anticipated principal and interest;
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Ames/419370-75/Hrg,Combine,Auth Prelevy GO CP LA
NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. The Loan Agreements are hereby combined into the Loan Agreement.
The City Council hereby determines to enter into the Loan Agreement in the future and orders
that the Bonds be issued at such time, in evidence thereof. The City Council further declares that
this resolution constitutes the "additional action" contemplated under Section 384.25 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 as the same become due, there is
hereby ordered levied on all the taxable property in the City the following direct annual tax:
For collection in the fiscal year beginning July 1, 2024,
sufficient to produce the net annual sum of$1,547,701.
provided, however, that at the time the Bonds are issued, the actual tax levy amounts required to
pay the principal of and interest on the Bonds in each year shall be determined based upon the
interest rate or rates at which the Bonds are issued, and this resolution shall be supplemented by
a resolution of the City Council to provide for such actual and necessary tax levy amounts.
Section 3. A certified copy of this resolution shall be filed with the Story County
Auditor and said 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 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 and for no other purpose whatsoever.
Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
Section 5. This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
Passed and approved March 26, 2024.
Mayor
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City Clerk
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Ames/419370-75/Hrg,Combine,Auth Prelevy GO CP LA
ATTESTATION CERTIFICATE
STATE OF IOWA
STORY COUNTY SS:
CITY OF AMES
I, theundersigned, City Clerk of the City of Ames, do hereby certify thot as such I have
in my possession or have access to the complete corporate records of the City and of its City
Council and officers and that I have carefully compared the transcript hereto attached with those
corporate records and that the transcript hereto attached is a true, correct and complete copy of
all the corporate records relating to a public hearing and additional action on the proposal to
enter into a certain Loan Agreements, combining Loan Agreements, and the authorization of a
debt service property tax levy for the payment of principal and interest on certain General
Obligation Corporate Purpose Bonds, Series 2024A 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 26 day of March, 2024.
City dJerk
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