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HomeMy WebLinkAbout~Master - Fix a date of public hearing for Construction Loan for New Water Treatment Plant Ames/419370-42/Set Hrg Water Rev LDA RESOLUTION NO. 14-596 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") in a principal amount not to exceed $76,606,000 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 9t" day of December, 2014, in the City 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: -2- DORSEY & WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-42/Set Hrg Water Rev LDA NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AND DISBURSEMENT AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $76,606,000 (WATER REVENUE) The City Council of the City of Ames, Iowa, will meet on the 91h day of December, 2014, in the City 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 $76,606,000 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 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 R WHITNEY LLP, ATTORNEYS,DES MOINES,IOWA Ames/419370-42/Set Hrg Water Rev LDA Section 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Section 4. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved this November 25, 2014. Mayor Attest: City Clerk On motion and vote, the meeting adjourned. Mayor Attest: City Clerk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA