HomeMy WebLinkAbout~Master - SRL Fund Clean Water Loan for Lift Station Improvements Ames/419370-50/2nd%Hrg Only Sewer Rev.
RESOLUTION NO. 16-473
Resolution taking additional action to enter into a Sewer Revenue Loan and
Disbursement Agreement
WHEREAS, the City of Ames (the "City"), in the Story County, 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 prior resolution (the "Outstanding Bond Resolution") of the
Council, the City has heretofore issued its Sewer Revenue Bond, SRF Series 2012, dated
November 16, 2012 (the "Outstanding Bond") in the principal amount of$3,121,000, 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, pursuant to the provisions of Section 384.24A of the Code of Iowa, the City
has heretofore proposed to enter into a Sewer Revenue Loan and Disbursement Agreement (the
"Agreement") and to issue Sewer Revenue Bonds (the "Bonds") in evidence thereof in a
principal amount not to exceed $797,000, for the purpose of paying the cost, to that extent, of
planning, designing and constructing improvements and extensions to the Utility, and has
published notice of the proposed action and has held a hearing thereon on August 9, 2016;
NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. The Council hereby determines to enter into the Agreement in the future
and orders the Bonds to be issued at such time in evidence thereof. The Council further declares
that this resolution constitutes the "additional action" required by Section 384.24A of the Code
of Iowa.
Section 2. All resolutions and orders or parts thereof in conflict with the provisions
of this resolution, to the extent of such conflict, are hereby repealed.
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DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-50/2nd'/2 Hrg Only Sewer Rev.
Section 3. This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
Passed and approved August 9, 2016.
Mayor
Attest:
City Clerk
On motion and vote, the meeting adjourned.
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Mayor
Attest:
C�,-U�p
City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA