HomeMy WebLinkAbout~Master - Public Hearing date for loan agreement with IDNR Ames/41 93 70-3 6/'1"!/GO LA
RESOLUTION NO. 08-115
To fix a date for a public hearing on a loan agreement in the principal amount of
$825,000
WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, did
heretofore establish the Ames Resource Recovery Plant (the "Plant"); and
WHEREAS, the City proposes to enter into a loan agreement (the "Loan Agreement") in
the principal amount of$825,000 pursuant to the provisions of Section 384.24A of the Code of
Iowa for the purpose of paying the cost, to that extent, of implementing a non-ferrous metal
recovery system at the Plant, 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 Loan Agreement and to give notice thereof as
required by such law;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. The City Council shall meet on the 22nd day of April, 2008, at the
Council Chambers , Ames, Iowa, at seven o'clock ___p.m., at which time and
place a hearing will be held and proceedings will be instituted and action taken to enter into the
Loan Agreement,
Section 2. The City Clerk is hereby directed to give notice of the proposed action on
the Loan Agreement setting forth the amount and purpose thereof, the time when and place
where the said meeting will be held, by publication at least once, and not less than four nor more
than twenty days before the meeting, in a legal newspaper which has a general-circulation in the
City. The notice shall be in substantially the following form:
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-36/1"!/�GO LA
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO
ENTER INTO A LOAN AGREEMENT IN THE PRINCIPAL AMOUNT OF
$825,000
(RESOURCE RECOVERY REVENUE LOAN)
The City Council of the City of Ames, Iowa, will meet on the 22nd day of April, 2008, at
the Council Chambers , Ames, Iowa, at seven _ o'clock pin. for the purpose of
instituting proceedings and taking action to enter into a loan agreement (the "Loan Agreement")
in the principal amount of $825,000 for the purpose of paying the cost, to that extent, of
implementing a non-ferrous metal recovery system at the Ames Resource Recovery Plant.
The Loan Agreement will not constitute a general obligation of the City, nor will it be
payable in any manner by taxation, but together with any additional obligations of the City as
may be.hereafter issued and outstanding from time to time ranking on a parity therewith, will be
payable solely and only from the Net Revenues of the Ames Resource Recovery Plant.
The Loan Agreement is proposed to be entered into pursuant to authority contained in
Section 384.24A of the Code of Iowa.
At such time and place, oral or written objections may be filed or made to the proposal to
enter into the Loan Agreement. After receiving objections, the City Council may determine to
enter into the Loan Agreement, in which case, the decision will be final unless appealed to the
District Court within fifteen (15) days thereafter.
By order of the City Council of the City of Ames, Iowa.
Diane R. Voss
City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
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Ames/4 1 93 70-3 6/1 S1: GO LA
Section 3. All resolutions or parts of resolutions in conflict herewith are hereby
repealed to the extent of such conflict.
Passed and approved April 8, 2008.
Mayor
Attest:
Qom& I
City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA