HomeMy WebLinkAbout~Master - Setting Date of Public Hearing for Essential Corporate Purpose General Obligation Bonds and General Obligation Refunding Bonds and General Corporate Purpose General Obligation Bonds Ames419370-67/SetHrngs2021 A GO LA
RESOLUTION NO.21-079
Resolution to fix a date for public hearings on loan agreements in a principal
amount not to exceed $26,365,000
WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, proposes to
enter into a General Obligation Essential Corporate Purpose Loan Agreement (the "Essential
Purposes Loan Agreement") in a principal amount not to exceed $25,665,000, 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, installing traffic control
improvements, constructing sewer improvements and refunding the outstanding balance of the
City's General Obligation Corporate Purpose and Refiinding Bonds, Series 2013, 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 Essential Purposes Loan Agreement and to give notice thereof as required by such law;
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WHEREAS,the City also proposes to enter into a Downtown Plaza Loan Agreement in a
principal amount not to exceed$700,000,pursuant to the provisions of Section 384.2A of the Code
of Iowa, for the general corporate purpose of converting a parking lot into a downtown plaza, 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 Downtown Plaza Loan Agreement and to give notice thereof as required by such
law,including notice of the right of voters to petition for an election on the Downtown Plaza Loan
Agreement;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as
follows:
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Section I. The City Council shall meet on March 9, 2021 at the City Hall Council
Chamber, Ames,Iowa,at 6:00 p.m.,at which time and place hearings will be held and proceedings
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will be instituted and action taken to enter into the Loan Agreements.
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Section 2. The City Clerk is hereby directed to give notice of the proposed action on
the Essential Purposes 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
I 4 nor more than 20 days before the date of said meeting,in a Iegal newspaper which has a general
circulation in the City. The notice shall be in substantially the following form:
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DORSEY&WHITNEY LLP,ArrORNEYS,DES MOINES,IOWA
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Ames419370-67/SetHrngs2021A GO LA
NOTICE OF PUBLIC HEARING ON LOAN AGREEMENT IN A PRINCIPAL
AMOUNT NOT TO EXCEED$25,665,000
(GENERAL OBLIGATION ESSENTIAL PURPOSES)
The City Council of the City of Ames, Iowa,will meet on March 9, 2021, at the City Hall
Council Chamber, 515 Clark Avenue, Ames, Iowa, at 6:00 p.m., for the purpose of holding a
hearing and taking action to enter into a loan agreement (the `Essential Purposes Loan
Agreement") in a principal amount not to exceed $25,665,000 for the purpose of paying the cost,
to that extent, of constructing improvements to streets, installing traffic control improvements,
constructing sewer improvements and refunding the outstanding balance of the City's General
Obligation Corporate Purpose and Refunding Bonds, Series 2013,
The Essential Purposes 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
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of the City.
At that time and place, oral or written objections may be filed or made to the proposal to
enter into the Essential Purposes Loan Agreement. After receiving objections, the City may
determine to enter into the Essential Purposes Loan Agreement, in which case, the decision will
be final unless appealed to the District Court within fifteen(IS) days thereafter.
By order of the City Council of the City of Ames, Iowa.
Diane Voss
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames419370-67/SetHrngs2021A GO LA
Section 3. The City Clerk is hereby directed to give notice of the proposed action on
the Downtown Plaza 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 10 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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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Atmes419370-67/Set1-L•ngs2021A GO LA
jNOTICE OF PUBLIC HEARING ON LOAN AGREEMENT IN A PRINCIPAL
AMOUNT NOT TO EXCEED ,$700,000
(GENERAL OBLIGATION DOWNTOWN PLAZA)
The City Council of the City of Ames, Iowa,will meet on March 9, 2021, at the City Hall
Council Chamber, 515 Clark Avenue, Ames, Iowa, at 6:00 p.m., for the purpose of holding a
hearing and taking action to enter into a loan agreement(the"Downtown Plaza Loan Agreement")
in a principal amount not to exceed$700,000 for the purpose of paying the cost,to that extent, of
converting a parking lot into a downtown plaza.
The Downtown Plaza 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.
The maximum rate of interest which may be payable under the Downtown Plaza Loan
Agreement is 6% per annum.
i At that time and place, oral or written objections may be filed or made to the proposal to
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enter into the Downtown Plaza Loan Agreement. After receiving objections, the City may
determine to enter into the Downtown Plaza Loan Agreement, in which case, the decision will be
final unless appealed to the District Court within fifteen (15)days thereafter.
iAt any time before the date fixed for taking action to enter into the Downtown Plaza Loan
Agreement, a petition may be filed with the City Clerk of the City asking that the question of
entering into the Downtown Plaza Loan Agreement be submitted to the registered voters of the
City,pursuant to the provisions of Section 384.26 of the Code of Iowa.
By order of the City Council of the City of Ames,Iowa.
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Diane Voss
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DORSEY&WFirrN£Y LLP,ATTORNEYS,DES MOINES,IOWA
Ames4I9370-67/SetHrngs202IA 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 23, 2021.
E Mayor
Attest:
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City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA