HomeMy WebLinkAbout~Master - Agreement for Resource Recovery Revenue Loan :Amcs�4i9370-10'2"'', IIig, ApprDNRLoan
RESOLUTION NO. 08•-159
Resolution authorizing and approving a Loan from Iowa Department of Natural
Resources for project at Ames Resource Recovery Plant
WHEREAS, pursuant to the provisions of Section 384.24A of the Code of Iowa, the City
of Ames (the "City"), in Story County, State of Iowa has heretofore proposed to contract
indebtedness and enter into a loan agreement (the "Loan Agreement") for the purpose of paying
costs of implementing a non-ferrous metal recovery system at the Ames Resource Recovery
Plant (the "Project"), and has published notice of the proposed action and held a hearing thereon;
and
WHEREAS, the City will obtain a loan from the Iowa Department of Natural Resources
(the "IDNR") in the principal amount of$825,000 (the "IDNR Loan") for the purpose of paying
costs of the Project; and
WHEREAS, the IDNR has provided the City with certain agreements and related
documents which set out the terms of the IDNR Loan (the "IDNR Loan Documents");
NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. The IDNR Loan in the principal amount of$825,000 and the IDNR Loan
Documents are hereby approved, and the Mayor and City Clerk are hereby authorized and
directed to execute the IDNR Loan Documents on behalf of the City. The IDNR Loan shall not
be a general obligation of the City and shall not be payable from property taxation, but shall be
payable solely and only from the net revenues of the Ames Resource Recovery Plant.
Section 2. All resolutions or parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
Passed and approved April 22, 2008.
Mayor
Attest:
City Clerk
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