HomeMy WebLinkAbout~Master - State Revolving Fund Sewer Revenue Loan and Disbursement Agreement Ames/419370-47/1"'h-Rev
RESOLUTION NO. 12-446
To fix a date for a public hearing on a Sewer 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 Sanitary Sewer System (the "Utility") in and for the City which
has continuously supplied sanitary sewer 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 Sewer Revenue Loan and
Disbursement Agreement (the "Agreement") in a principal amount not to exceed $3,121,000
pursuant to the provisions of Section 384.24A of the Code of Iowa for the purpose of paying the
cost, to that extent, of constructing improvements and extensions to the Utility, and it is
necessaryto fix a date of meetingof the Council at which it is proposed to take action to enter
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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 28th day of August, 2012, at the City Hall
Council Chambers, 515 Clark Avenue, 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 date of said 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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DORSEY& WHITNEY LLP,ATTORNEYS,DES MOINES, IOWA
Ames/419370,-47/1"'/z-Rev
NOTICE OF PROPOSED ACTION TO INSTITUTE
PROCEEDINGS TO ENTER INTO A LOAN AND DISBURSEMENT AGREEMENT
IN A PRINCIPAL AMOUNT NOT TO EXCEED $3,121,000
(SEWER REVENUE)
The City Council of the City of Ames, Iowa, will meet on the 28th day of August, 2012,
at the City Hall Council Chambers, in the City, at seven o'clock p.m., for the purpose of
instituting proceedings and taking action to enter into a loan and disbursement agreement (the
"Agreement") and borrow money in a principal amount not to exceed $3,121,000, for the
purpose of paying the cost, to that extent, of constructing improvements and extensions to the
Municipal Sanitary Sewer System(the "Utility").
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 Utility.
At that time and place, oral or written objections may be 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
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-47/1"'/-Rev
Section 3. All resolutions or parts of resolutions in conflict herewith are hereby
repealed to the extent of such conflict.
Passed and approved August 14, 2012.
Mayor
Attest:
City Clerk
On motion and vote, the meeting adjourned.
Mayor
Attest:
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City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA