HomeMy WebLinkAbout~Master - Issuance of Essential Corporate Purpose General Obligation Bonds and General Obligation Refunding Bonds and associated tax levy for debt service Ames419370-6i/SetHme1020A GO LA
RESOLUTION NO. 20-099
Resolution to fix a date for public hearing on a loan agreement in a principal
amount not to exceed $23,500,000
WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, proposes to
enter into a General Obligation Corporate Purpose and Refunding Loan Agreement (the "Loan
Agreement") in a principal amount not to exceed $23,500,000, pursuant to the provisions of
Section 384.24A of the Code of Iowa, for the essential corporate purposes of paying the cost, to
that extent, of constructing improvements to streets, sanitary sewers and bridges, installation of
traffic control devices, acquisition of equipment for the fire department and refunding the
principal maturities that will become due on and after June 1, 2021, of the City's General
Obligation Corporate Purpose Bond issues, Series 2010A, Series 2011 B and Series 2012; and it
is necessary to fix a date of meeting of the City Council at which it is proposed to take action to
enter into 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 March 10, 2020, at the City Hall Council
Chamber, Ames, Iowa, at 6:00 o'clock p.m., at which time and place hearings will be held and
proceedings will be instituted and action taken to enter into the Loan Agreement.
Section 2. The City Clerk is hereby directed to give notice of the proposed action on
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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Ames419370-65/SetHmg2020A GO LA
NOTICE OF PUBLIC HEARING ON LOAN AGREEMENT IN A PRINCIPAL
AMOUNT NOT TO EXCEED $23,500,000
(GENERAL OBLIGATION CORPORATE PURPOSE AND REFUNDING)
The City Council of the City of Ames, Iowa, will meet on March 10, 2020, 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 enter into a loan agreement (the "Loan Agreement") in a
principal amount not to exceed $23,500,000, for the purpose of paying the cost, to that extent. of
constructing improvements to streets, sanitary sewers and bridges, installation of traffic control
devices. acquisition of equipment for the fire department and refunding the principal maturities
that will become due on and after June 1, 2021, of the City's General Obligation Corporate
Purpose Bond issues, Series 2010A, Series 2011 B and Series 2012.
The Loan Agreement is proposed to be entered into 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
enter into the Loan Agreement. After receiving objections, the City Council may determine to
enter into 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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Ames419370-65/SetHm22020A GO LA
Section 4. All resolutions or parts of resolutions in conflict herewith are hereby
repealed to the extent of such conflict.
Passed and approved February 25, 2020.
Mayor
Attest:
City Clerk
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