HomeMy WebLinkAbout~Master - Increase in Issuance of 2015 G.O. Bonds by $395,000 Ames419370-55/SetHrnglncrease2015-16 GO LA
RESOLUTION NO. 15-374
Resolution to fix a date for a public hearing on increasing the principal amount of
a loan agreement by $395,000
WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, has proposed
to enter into a General Obligation Corporate Purpose and Refunding Loan Agreement (the "Loan
Agreement") in a principal amount not to exceed $20,950,000, 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 street, water main, sanitary and storm sewer, bridge, and related improvements; of
constructing a new municipal airport terminal building, of flood mitigation and remediation, and
of refunding the outstanding balances of the City's General Obligation Corporate Purpose
Bonds, Series 2006A and General Obligation Corporate Purpose Bonds, Series 2007A and has
published notice and held a hearing thereon; and
WHEREAS, it has been determined that the amount of the Loan Agreement should be
increased by $395,000, to a total of$21,345,000, and it is necessary to fix a date of meeting of
the City Council at which it is proposed to approve the increased amount of the Loan 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. The City Council shall meet on the 14th day of July, 2015, at the City Hall
Council Chamber, Ames, Iowa, at 6:00 o'clock p.m., at which time and place a hearing will be
held and proceedings will be instituted and action taken to approve an increase in the Loan
Agreement.
Section 2. The City Clerk is hereby directed to give notice of the proposed action on
increasing the amount of the Loan 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 4 nor more than 20 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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Ames419370-55/SetHrnglncrease2015-16 GO LA
NOTICE OF PUBLIC HEARING ON INCREASING PRINCIPAL AMOUNT
OF LOAN AGREEMENT
(GENERAL OBLIGATION CORPORATE PURPOSE AND REFUNDING)
The City Council of the City of Ames, Iowa, will meet on the 14th day of July, 2015, at
the City Hall Council Chamber, 515 Clark Avenue, Ames, Iowa, at 6:00 o'clock p.m., for the
purpose of holding a hearing and taking action to approve an increase of $395,000 in the
principal amount of a loan agreement (the "Loan Agreement") to produce a total principal
amount of $21,345,000, for the purpose of paying the cost, to that extent, of constructing street,
water main, sanitary and storm sewer, bridge, and related improvements; of constructing a new
municipal airport terminal building, of flood mitigation and remediation and of refunding the
outstanding balances of the City's General Obligation Corporate Purpose Bonds, Series 2006A
and General Obligation Corporate Purpose Bonds, Series 2007A.
The increase in the principal amount of the Loan Agreement is proposed to be approved
pursuant to authority contained in Section 384.24A of the Code of Iowa and will constitute a
general obligation of the City.
At that time and place, oral or written objections may be filed or made to the proposal to
increase the principal amount of the Loan Agreement. After receiving objections, the City may
determine to approve an increase in the principal amount of the Loan 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
Ames419370-55/SetHmglncrease2015-16 GO LA
Section 3. All resolutions or parts of resolutions in conflict herewith are hereby
repealed to the extent of such conflict.
Passed and approved June 23, 2015.
Mayor
Attest:
a
City Clerk
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