HomeMy WebLinkAbout~Master - Hospital Revenue Refunding Bonds, MGMC 2016, in an amount not to exceed $68,000,000 Mary Greeley,418663-44,Set Date
4852-9451-1406\3\418663\00049
RESOLUTION NO. 16-157
To fix a date for a public hearing on the proposal to issue hospital revenue
refunding bonds or notes in a principal amount not to exceed $68,000,000 for the
purpose of refunding prior bonds issued to finance improvement projects for
Mary Greeley Medical Center
WHEREAS, heretofore in the year 1916, the Mary Greeley Memorial Hospital (now
known as the Mary Greeley Medical Center and hereinafter sometimes referred to as the
"Hospital") was established in and for the City of Ames, Iowa (the "City") by lawful acceptance
of a conditional gift of certain real estate and the then existing hospital facility, deeded to the
City by Mr. W. M. Greeley; and
WHEREAS, the Board of Trustees of the Hospital (the "Board") has requested the City
to issue its hospital revenue refunding bonds or notes (Mary Greeley Medical Center Project), in
one or more series, in the aggregate principal amount of not to exceed $68,000,000 (the
"Bonds") for the purpose of (1) refunding the City's Hospital Revenue Bonds (Mary Greeley
Medical Center), Series 2011 (the "Prior Bonds"); (2) funding any necessary reserve funds for
the Bonds; and (3) paying issuance expenses for the Bonds; and
WHEREAS, it is necessary to fix a date of meeting of this City Council at which it is
proposed to take action to issue the Bonds and to give notice thereof as required by such law; and
NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. This City Council shall meet on the 26th day of April, 2016, at the Council
Chambers, City Hall, 515 Clark Avenue, 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 for issuance of
the Bonds.
Section 2. The City Clerk is hereby directed to give notice of the proposed action for
the issuance of the Bonds 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 meeting, in a legal newspaper of general circulation in the City.
Section 3. The notice shall be in substantially the following form:
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Mary Greeley,418663-44,Set Date
4852-9451-1406\3\418663\00049
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS FOR
ISSUANCE OF HOSPITAL REVENUE REFUNDING BONDS OR NOTES
The City Council of the City of Ames, Iowa, will meet on the 26th day of April, 2016 at
the Council Chambers, City Hall, 515 Clark Avenue, Ames, Iowa, at 6:00 o'clock p.m., for the
purpose of instituting proceedings and taking action for the issuance of hospital revenue
refunding bonds or notes, in one or more series, in an amount not to exceed $68,000,000 (the
"Bonds") for the benefit of Mary Greeley Medical Center (the "Hospital") for the purpose of(1)
refunding the City's Hospital Revenue Bonds (Mary Greeley Medical Center), Series 2011 (the
"Prior Bonds"); (2) funding any necessary reserve funds for the Bonds; and (3) paying issuance
expenses for the Bonds.
The Bonds will not constitute general obligations of the City, nor will they be payable in
any manner by taxation, but will be payable from the net revenues of the Hospital and any
reserve funds established for the payment thereof and will rank on a parity with any loan
agreement, bonds, notes or other obligations heretofore or hereafter issued by the City which are
payable from such sources.
The Bonds are proposed to be issued pursuant to authority contained in Division V of
Chapter 384 of the Code of Iowa.
At the aforementioned time and place, oral or written objections may be filed or made to
the proposal to issue the Bonds. After receiving objections, the City may take action for the
issuance of the Bonds, in which case, the decision will be final unless appealed to the District
Court within fifteen (15) days thereafter. Written objections may be filed with the City Clerk
prior to such meeting at City Hall, 515 Clark Avenue, Ames, Iowa 50010.
By order of the City Council of the City of Ames, Iowa.
City Clerk
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Mary Greeley,4 1 8663-44,Set Date
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Section 4. All resolutions or parts of resolutions in conflict herewith be and the same
are hereby repealed to the extent of such conflict.
Passed and approved April 12, 2016.
Mayor
Attest:
City Clerk
* * *Other Business*
After the discussion of other business, on motion and vote,the meeting adjourned.
� Cv
Mayor
Attest:
City Clerk
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