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HomeMy WebLinkAbout~Master - Set public hearing date for authorization to enter into SRF loan for sanitary sewer rehabilitation program Ames/419370-50/151%z-Rev RESOLUTION NO. 14-106 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, pursuant to a resolution of the Council dated October 9, 2012 (the "Outstanding Bond Resolution"), the City has heretofore issued its $3,121,000 Sewer Revenue Bond, SRF Series 2012, dated November 16, 2012 (the "Outstanding Bond"), a portion of which remains outstanding; and WHEREAS, pursuant to the Outstanding Bond Resolution, the City reserved the right to issue additional obligations payable from the net revenues of the Utility and ranking on a parity with the Outstanding Bond; 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 $375,000 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 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 251" day of March, 2014, at the Ames City 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 meeting, in a legal newspaper which has a general circulation in the City. The notice shall be in substantially the following form: -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-50/1"'/�-Rev NOTICE OF PROPOSED ACTION TO INSTITUTE. PROCEEDINGS TO ENTER INTO A LOAN AND DISBURSEMENT AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $375,000 (SEWER REVENUE) The City Council of the City of Ames, Iowa, will meet on the 25th day of March, 2014, at the Ames City Council Chambers, 515 Clark Avenue, 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 $375,000, for the purpose of paying the cost, to that extent, of planning, designing and constructing improvements and extensions to the Municipal Sanitary Sewer 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 the City's outstanding Sewer Revenue Bond, SRF Series 2012, dated November 16, 2012, and 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 Sanitary Sewer System of the City. 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 R. Voss City Clerk -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/4 1 93 70-50/1"%s-Rev Section 3. All resolutions or parts of resolutions in' conflict herewith are hereby repealed to the extent of such conflict. Passed and approved February 25, 2014. -sty Mayor Attest: 0 City Clerk On motion and vote, the meeting adjourned. Mayor Attest: City Clerk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA