HomeMy WebLinkAbout~Master - Sewer Revenue Loan and Disbursement Agreement Ames/419370-63/Hrg Only Sewer Rev LDA
RESOLUTION NO. 18-555
Resolution taking additional action on proposal to enter into a Sewer Revenue
Loan and Disbursement Agreement
WHEREAS, the City of Ames (the "City"), in 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 of the Council, the City has heretofore issued
its $3,121,000 Sewer Revenue Bond, SRF Series 2012, dated November 16, 2012 (the "Series
2012 Bond"), a portion of which remains outstanding; and
WHEREAS, pursuant to a prior resolution of the Council, the City has heretofore issued
its $797,000 Taxable Sewer Revenue Bond, SRF Series 2016, dated September 30, 2016 (the
"Series 2016 Bond"), a portion of which remains outstanding; and
WHEREAS, pursuant to a prior resolution of the Council, the City has heretofore issued
its $1,001,000 Taxable Sewer Revenue Bond, SRF Series 2018, dated February 16, 2018 (the
"Series 2018 Bond"), a portion of which remains outstanding; and
WHEREAS, pursuant to the resolutions (the "Outstanding Bond Resolutions")
authorizing the issuance of the Series 2012 Bond, the Series 2016 Bond and the Series 2018
Bond (collectively, the "Outstanding Bonds"), 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 Bonds under the terms and conditions set forth in the Outstanding Bond
Resolutions; and
WHEREAS, the City has heretofore proposed to contract indebtedness and enter into a
Sewer Revenue Loan and Disbursement Agreement (the "Agreement") and to borrow money
thereunder in a principal amount not to exceed $5,700,000, 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 has published notice
of the proposed action and has held a hearing thereon on September 25, 2018;
NOW, THEREFORE, Be It 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 that Sewer Revenue Bonds 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.
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DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-63/Hrg Only Sewer Rev LDA
Section 2. All resolutions or parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
Section 3. This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
Passed and approved September 25, 2018.
Mayor
Attest:
City Clerk
On motion and vote, the meeting adjourned.
Mayor
Attest:
City Clerk
DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA