HomeMy WebLinkAbout~Master - Public hearing on loan agreement with IFA to plan and design new Water Treatment Plant RESOLUTION NO. l l-563
To fix a date for a public hearing on a Water Revenue Loan and Disbursement
Agreement
WHEREAS, the City of Ames (the "City"), in the County of Story, State of Iowa, did
heretofore establish a Municipal Waterworks System (the "Utility") in and for the City which has
continuously supplied water and water service in and to the City and its inhabitants since its
establishment; and,
WHEREAS, the management and control of the Utility are vested in the City Council (the
"Council") and no board of trustees exists for this purpose; and,
WHEREAS, the City now proposes to enter into a Water Revenue Loan and Disbursement
Agreement(the"Agreement")with the Iowa Finance Authority under the State Revolving Fund loan
program, in a principal amount not to exceed $11,425,000, pursuant to the provisions of
Section 384.24A of the Code of Iowa,for the purpose of paying the cost,to that extent,of planning,
designing and constructing improvements and extensions to the Utility, and it is necessary to fix a
date of meeting of the Council at which it is proposed to hold a public hearing, to take action to
enter into the 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. This Council shall meet on the 24th day of January, 2012, at the Council
Chambers, in the City, 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 Agreement.
Section 2. The City Clerk is hereby directed to give notice of the proposed action on the
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:
NOTICE OF PROPOSED ACTION TO INSTITUTE
PROCEEDINGS TO ENTER INTO A LOAN AND DISBURSEMENT AGREEMENT IN
A PRINCIPAL AMOUNT NOT TO EXCEED $11,425,000
(WATER REVENUE)
The City Council of the City of Ames, Iowa, will meet on the 24t'day of January, 2012, at
the Council Chambers,in the City,at seven o'clock p.m.,for the purpose of holding a public hearing
and taking action to enter into a loan and disbursement agreement(the"Agreement")with the Iowa
Finance Authority under the State Revolving Fund loan program, and borrow money in a principal
amount not to exceed $11,425,000, for the purpose of paying the cost, to that extent, of planning,
designing and constructing improvements and extensions to the Municipal Waterworks System.
The 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 Municipal Waterworks System of the City.
At that time and place, oral or written objections maybe filed or made to the proposal to
enter into the Agreement. After receiving objections, the City may determine to enter into the
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
Section 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed
to the extent of such conflict.
Passed and approved December 13, 2011.
Mayor
Attest:
cils�""R L.1,
City Clerk
On motion and vote, the meeting adjourned.
A � c�• ��
Mayor
Attest:
C.lo`u1J/
City Clerk