HomeMy WebLinkAbout~Master - Issuance of $6,640,000 Essential Corporate Purpose G.O. Bonds Ames/419370-44/2'd%Hrgs Only
RESOLUTION N0. 11-066
Resolution taking additional action to enter into Loan Agreements
WHEREAS, pursuant to the provisions of Section 384.24A of the Code of Iowa,the City
Council of the City of Ames, in the County of Story, State of Iowa (the "City'), has heretofore
proposed to enter into a loan agreement (the "Essential Corporate Purpose Loan Agreement") in
a principal amount not to exceed $6,640,000, for the essential corporate purpose of paying the
cost, to that extent, of constructing street improvements, and has published notice of the
proposed action and has held a hearing thereon on February 22, 2011; and
WHEREAS, pursuant to the provisions of Section 384.24A of the Code of Iowa,the City
has also proposed to enter into a loan agreement (the "General' Corporate, Purpose Loan
Agreement") in a principal amount not to exceed $310,000 for the general corporate purpose of
making improvements to City Hall, and in lieu of calling an election upon such proposal, has
published notice of the proposed action and has held a hearing thereon, and no petition has been
filed with the City asking that the question of entering into the General Corporate Purpose Loan
Agreement be submitted to the registered voters of the City;and
WHEREAS, pursuant to Section 384.28 of the Code of Iowa, the City Council may
combine the Essential Corporate Purpose Loan Agreement and the General Corporate Purpose
Loan Agreement into a single loan agreement;
NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. The Essential Corporate Purpose Loan Agreement and the General
Corporate Purpose Loan Agreement are hereby combined into a single loan agreement (the
"Loan Agreement"), and the City Council hereby determines to enter into the Loan Agreement in
the future and orders that general obligation bonds or notes be issued 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 and orders or parts thereof in conflict with the provisions
of this resolution,to the extent of such conflict,are hereby repealed.
Section 3. This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
-3-
DORSEY&WIETNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-44/2nd%Hrgs Only
Passed and approved February 22, 2010.
Mayor
Attest:
City Clerk
DORSEY&WHITNEY I-LP,ATTORNEYS,DES MOINES,IOWA