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Ames 419370-45/1s'%x GO Rfdg LA
RESOLUTION NO. 11-088
Resolution to fix a date for a public hearing on a refunding loan agreement in a
principal amount not to exceed$6,150,000
WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, pursuant to a
resolution of the City Council adopted on April 9, 2002 (the "2002A Bond Resolution"),
previously issued its $3,475,000 General Obligation Corporate Purpose Bonds, Series 2002A,
dated May 1, 2002 (the "2002A Bonds"), a portion of which remain outstanding; and
WHEREAS, pursuant to the 2002A Bond Resolution, the City reserved the right to
prepay the 2002A Bonds maturing in the years 2012 to 2021 (the "Callable 2002A Bonds"),
inclusive, on any date on or after: June 1, 2011; and
WHEREAS, the City,pursuant to a resolution of the City Council adopted on September
24, 2002 (the "2002B Bond Resolution"), previously issued its $5,885,000 General Obligation
Corporate Purpose Bonds, Series 2002B, dated October 15, 2002 (the "2002B Bonds"),'a portion
of which remain outstanding; and
WHEREAS, pursuant to. the 2062B Bond Resolution, the City reserved the right to
prepay the 2002B Bonds maturing in the years 2012 to 2014 (the "Callable 2002B Bonds"),
inclusive, on any date on or after June 1, 2011; and
WHEREAS, the City,pursuant to a resolution of the City Council adopted on August 26,
2003 (the "2003 Bond Resolution"), previously issued its $6,555,000 General Obligation
Corporate Purpose Bonds, Series 2003, dated September 1, 2003 (the "2003 Bonds"), a portion
of which remain outstanding; and
WHEREAS, pursuant to the 2003 Bond Resolution, the City reserved the right to prepay
the 2003 Bonds maturing in the years 2012 to 2015 (the "Callable 2003 Bonds"), inclusive, on
any date on or after June 1, 2011; and
WHEREAS, the City now proposes to enter into a General Obligation Refunding Loan
Agreement (the "Loan Agreement") in a principal amount not to exceed $6,150,000 pursuant to
the provisions'of Section 384.24A of the Code of Iowa,for the purpose of paying the cost,to that
extent, of refunding the Callable 2002A Bonds, the Callable 2002B Bonds and the Callable 2003
Bonds, 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 22d day of March, 2011, at the
C'otmci 1 C:hamhare ,.Ames, Iowa,. at seven o'clock _.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.
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Ames 419370-45/1"%GO Rfdg LA
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 4 nor more than
20 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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J
Ames 419370-45/1'%00 Rfdg LA.
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO
ENTER INTO A REFUNDING LOAN AGREEMENT IN A PRINCIPAL
AMOUNT NOT TO EXCEED $6,150,000
(GENERAL OBLIGATION REFUNDING)
The City Council of the City of Ames, Iowa, will meet on the 22d day of March, 2011, at
the Council Chambers , Ames, Iowa, at seven o'clock _.m., for the purpose of
instituting proceedings and taking action to enter into a loan agreement (the "Loan Agreement")
in a principal amount not to exceed $6,150,000, for the purpose of paying the cost,to that extent,
of refunding the outstanding balance of the City's General Obligation Corporate Purpose Bonds,
Series 2002A, dated May 1, 2002; the outstanding balance of the City's General Obligation
Corporate Purpose Bonds, Series 2002B, dated October 15, 2002 and the outstanding balance of
the City's General Obligation Corporate Purpose Bonds, Series 2003, dated September 1,2003.
The Loan Agreement is proposed to be entered into pursuant to authority contained in
Section 384.24A of the Code of Iowa and will constitute a general obligation of the City.
At that 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 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 Voss
City Clerk
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Ames 419370-45/1 GO Rfdg LA
Section 3. All resolutions or parts of resolutions in conflict herewith are hereby
repealed to the extent of such conflict.
Passed and approved March 8, 2011.
Mayor
Attest:
City Clerk
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