HomeMy WebLinkAbout~Master - General Obligation Loan Agreement Ames4 1 93 70-46/Hrg&Prelevy
RESOLUTION NO. 12-101
Resolution authorizing a Loan Agreement and providing for the levy of taxes to
pay the same
WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, has
heretofore proposed to enter into a General Obligation Loan Agreement (the "Loan Agreement")
in a principal amount not to exceed $13,150,000 pursuant to the provisions of Section 384.24A
of the Code of Iowa for the purpose of paying the cost, to that extent, of paying the cost, to that
extent, of constructing improvements to streets, water and sanitary sewer lines; carrying out
flood mitigation projects; rehabilitating city parks; and replacing a city park bicycle/pedestrian
bridge that was damaged by flooding, and has published notice of the proposed action and has
held a hearing thereon; and
WHEREAS, the City intends to enter into the Loan Agreement and to issue General
Obligation Corporate Purpose Bonds in an amount not to exceed $13,150,000 (the "Bonds") in
the future, and anticipates that principal and interest will come due on the Bonds before June 30,
2013, and it is now necessary to make provision for the levy of a debt service property tax to be
collected in the fiscal year that will begin July 1, 2012 for the payment of such principal and
interest;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. The Council hereby expresses its intention to enter into the Loan
Agreement and to issue the Bonds at such time as funds are needed, and the Council hereby
declares that this resolution constitutes the additional action required by Chapter 384 of the Code
of Iowa.
Section 2. For the purpose of providing for the levy and collection of a direct annual
tax sufficient to pay the principal of and interest on the Note as the same become due, there is
hereby ordered levied on all the taxable property in the City the following direct annual tax for
collection, as follows:
For collection in the fiscal year beginning July 1, 2012,
sufficient to produce the net annual sum of$949,162.
Section 3. A certified copy of this resolution shall be filed with the County Auditor
of Story County, and said Auditor is hereby instructed to enter for collection and assess the tax
hereby authorized. When annually entering such taxes for collection, the County Auditor shall
include the same as a part of the tax levy for Debt Service Fund purposes of the City and when
collected, the proceeds of the taxes shall be converted into the Debt Service Fund of the City and
set aside therein as a special account to be used solely and only for the payment of the principal
of and interest on the Note hereby authorized and for no other purpose whatsoever.
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Ames419370-46/Hrg&Prelevy
Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
Passed and approved March 6, 2012.
Mayor
Attest:
City Clerk
On motion and vote, the meeting adjourned.
Mayor
Attest:
City Clerk
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