HomeMy WebLinkAbout~Master - Set date of public hearing for Electric Revenue Bonds, Series 2015B in the amount of $10,360,000 Ames/419370-52/SetHrng2015EIectricRev LA
RESOLUTION NO. 15-645
Resolution to fix a date for a public hearing on an electric revenue loan agreement
in a principal amount not to exceed $10,950,000
WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, has
established a municipal electric light and power plant and system (the "Utility"); and
WHEREAS, the management and control of the Utility are vested in the City Cc uncil and
no board of trustees exists for that purpose; and
WHEREAS, the City proposes to enter into an Electric Revenue Loan Agreement (the
"Loan Agreement") in a principal amount not to exceed $10,950,000, pursuant to the rovisions
of Section 384 24A of the Code of Iowa, for the purpose of financing constriction of
improvements to the Utility; and
WHEREAS, it is necessary to fix a date of meeting of the City Council at which it is
proposed to hold a hearing on the proposal to enter into the Loan Agreement and to g ve 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 10t" day of November, 2015, at the
City Hall Council Chambers, Ames, Iowa, at 7:00 o'clock p.m., at which time and place a
hearing will be held on the proposal to enter into the Loan Agreement as set out in the preamble
hereof.
Section 2. The City Clerk is hereby directed to give notice of the propose hearing,
setting forth the amount and purpose thereof, the time when and place where the hearing will be
held, by publication at least once and not less than 4 nor more than 20 days before the date of the
hearing, 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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Ames/419370-52/SetHma2015EIectricRev LA
NOTICE OF HEARING ON ELECTRIC REVENUE LOAN AGREEMENT I
A PRINCIPAL AMOUNT NOT TO EXCEED $10,950,000
The City Council of the City of Ames, Iowa, will meet on the 10th day of November,
2015, at the City Hall Council Chambers, Ames, Iowa, at 6:00 o'clock p.m., for the purpose of
holding a public hearing on a proposal to enter into a loan agreement (the "Loan Agreement") in
a principal amount not to exceed $10,950,000, for the purpose of paying the cost, to that extent,
of constructing improvements to the municipal electric light and power plant and systern.
The Loan Agreement is proposed to be entered into pursuant to authority co tained in
Section 384.24A of the Code of Iowa. The Loan Agreement will not constitute general
obligation of the City, but will be paid solely and only from the net revenues of the municipal
electric light and power plant and system.
At that time and place, oral or written objections may be filed or made to the proposal to
enter into the Loan Agreement. After receiving objections, the City may determine to .nter into
the Loan Agreement, in which case, the decision will be final unless appealed to th District
Court within fifteen (15) days thereafter.
By order of the City Council of the City of Ames, Iowa.
Diane Voss
City Clerk
DORSEY&WHITNEY LLP,ATTORNEYS.DES MOINES,IOWA
Ames/419370-52/SetHrng20I5E1ectricRev LA
Section 3. All resolutions or parts of resolutions in conflict herewith a e hereby
repealed to the extent of such conflict.
Passed and approved October 27, 2015.
Mayor
Attest:
City Clerk
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