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HomeMy WebLinkAbout~Master - Setting the Date of Public Hearing to Enter Into General Obligation Loan Agreements Ames/419370-68/Set Hre(part ro GO CP LAs RESOLUTION NO. 22-067 Resolution setting the date for public hearings and additional action on proposals to enter into General Obligation Loan Agreements and to borrow money thereunder WHEREAS, the City of Ames (the "City"), in Ames County, State of Iowa, pursuant to the provisions of Section 384.24A of the Code of Iowa, proposes to enter into a loan agreement (the "Essential Purpose Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $11,225,000 for the purpose of paying the costs, to that extent, of(1) constructing street, alley, bridge, sidewalk, storm water drainage and incidental infrastructure improvements; (2) acquiring and installing street lighting, signage and signalization improvements; and (3) acquiring vehicles and equipment for the municipal fire department (collectively, the "Essential Purpose Projects"), 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 Purpose Loan Agreement and to give notice thereof as required by such law; and WHEREAS, the City also proposes to enter into a loan agreement (the "General Purpose Loan Agreement 1") and to borrow money thereunder in a principal amount not to exceed $700,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the costs, to that extent, of undertaking Downtown Plaza improvements (the "Downtown Plaza Project"), and it is now necessary to fix"a date of meeting of the City Council at which it is proposed to take action to enter into the General Purpose Loan Agreement 1 and to give notice thereof as required by such law, including notice of the right to petition for an election on such proposal pursuant to the provisions of Section 384.26 of the Code of Iowa; and WHEREAS, the City also proposes to enter into a loan agreement (the "General Purpose Loan Agreement 2"and together with the Essential Purpose Loan Agreement and General Purpose Loan Agreement 2, the "Loan Agreements") and to borrow money thereunder in a principal amount not to exceed $350,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the costs, to that extent, of undertaking concrete surfacing improvements for a municipal fire station (the "General Purpose Project" and together with the Essential Purpose Projects and Downtown Plaza Project, the "Projects"), and it is now necessary to fix a date of meeting of the City Council at which it is proposed to take action to enter into the General Purpose Loan Agreement 2 and to give notice thereof as required by such law, including notice of the right to petition for an election on such proposal pursuant to the provisions of Section 384.26 of the Code of Iowa; 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 March 8, 2022, in the City Council Chambers, City Hall, 515 Clark Avenue, Ames, Iowa, at six 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 Agreements described in the preamble hereof. Section 2. The City Clerk is hereby directed to give notice of the proposed action on the Essential Purpose Loan Agreement setting forth the amount and purpose thereof,the time when -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-63/Set Hrs(part rr)GO CP LAs and place where the said meeting will be held by publication at least once, not less than four (4) and not more than twenty (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: -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES.1OWA Ames/419370-68/Set Hr,(part rr)GO CP LAs NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER IN A PRINCIPAL AMOUNT NOT TO EXCEED $11,225,000 (GENERAL OBLIGATION) The City Council of the City of Ames, Iowa (the "City"), will meet on March 8, 2022, in the City Council Chambers, City Hall, Ames. Iowa, at six o'clock p.m., for the purpose of instituting proceedings and taking action on a proposal to enter into a loan agreement (the `Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $11,225,000 for the purpose of paying the costs,to that extent,of(1)constructing street,alley,bridge,sidewalk, storm rater drainage and incidental infrastructure improvements; (2) acquiring and installing street lighting, signage and signalization improvements; and(3)acquiring vehicles and equipment for the municipal fire department. 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 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 -4- DORSEY&WHITNEY LLP,ATTORNEYS.DES NIOINES.IOWA Ames;4 19370-63/Set Hrg(part rr)GO CP LAs Section 3. The City Clerk is hereby directed to give notice of the proposed action on the General Purpose Loan Agreement 1 setting forth the amount and purpose thereof, the time when and place where the said meeting will be held by publication at least once, not less than ten (10) and not more than twenty (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: -5- DORSEY&Y�%HITNEY LLP.ATTORNEYS,DES MONIES.10«'A Ames/419370-68/Set Hre(part rr)GO CP LAs NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER IN A PRINCIPAL AMOUNT NOT TO EXCEED $700,000 (GENERAL OBLIGATION) The City Council of the City of Ames, Iowa (the "City"), will meet on March 8, 2022, in the City Council Chambers, City Hall, Ames, Iowa, at six o'clock p.m., for the purpose of instituting proceedings and taking action on a proposal to enter into a loan agreement (the `'Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $700,000 for the purpose of paying the costs. to that extent, of undertaking Downtown Plaza improvements. 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. The maximum rate of interest which may be payable under the Loan Agreement is 7%per annum. At any time before the date fixed for taking action to enter into the Loan Agreement, a petition may be filed with the City Clerk of the City asking that the question of entering into the Loan Agreement be submitted to the registered voters of the City, pursuant to the provisions of Section 384.26 of the Code of Iowa. If no such petition is filed, at the aforementioned 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 may deternline to enter into the Loan Agreement, in which case, the decision will be final unless appealed to the District Court within fifteen (1 5) days thereafter By order of the City Council of the City of Ames, Iowa. Diane Voss City Clerk -6- DORSEY& «HITNEY LLP.ATTORNEYS.DES WINES.IOWA Ames 419370-65/Set Hrg(pan rr)GO CP LAs Section 4. The City Clerk is hereby directed to give notice of the proposed action on the General Purpose Loan Agreement 2 setting forth the amount and purpose thereof, the time when and place where the said meeting will be held by publication at least once, not less than ten (10) and not more than twenty (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: -7- DORSEY&WHITNEY LLP.ATTORNEYS.DES MOINES,10WA Ames 1 4 193 70-68!Set Hr-(part rr)GO CP LAs NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER IN A PRINCIPAL AMOUNT NOT TO EXCEED $350,000 (GENERAL OBLIGATION) The City Council of the City of Ames, Iowa (the "City"), will meet on March 8, 2022, in the Council Chambers, City Hall, Ames, Iowa, at six o'clock p.m., for the purpose of instituting proceedings and taking action on a proposal to enter into a loan agreement(the"Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $350,000 for the purpose of paying the costs, to that extent, of undertakina concrete surfacing improvements for a municipal fire station. 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. The maximum rate of interest which may be payable under the Loan Agreement is 7%per annl.un. At any time before the date fixed for taking action to enter into the Loan Aareement, a petition may be filed with the City Clerk of the City asking that the question of entering into the Loan Agreement be submitted to the registered voters of the City, pursuant to the provisions of Section 384.26 of the Code of Iowa. If no such petition is filed, at the aforementioned 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 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 -8- DORSEY&WHITNEY LLP,ATTORNEYS.DES N401NES.IOWA Ames/a 19370-6S!Set We(part rr)GO CP LAs Section 5. Pursuant to Section 1.150-2 of the Income Tax Regulations (the "Regulations") of the Internal Revenue Service, the City declares (a) that it intends to undertake the Projects which are reasonably estimated to cost approximately $12,300,000, (b)that other than (i) expenditures to be paid or reimbursed from sources other than the issuance of bonds, notes or other obligations(the 'Bonds"),or(ii)expenditures made not earlier than 60 days prior to the date of this Resolution or a previous intent resolution of the City, or(iii)expenditures amounting to the lesser of $100,000 or 5% of the proceeds of the Bonds, or (iv) expenditures constituting preliminary expenditures as defined in Section 1.150-2(f)(2) of the Regulations, no expenditures for the Projects have heretofore been made by the City and no expenditures will be made by the City until after the date of this Resolution or a prior intent resolution of the City, and (c) that the City reasonably expects to reimburse the expenditures made for costs of the City out of the proceeds of the Bonds. This declaration is a declaration of official intent adopted pursuant to Section 1.150-2 of the Regulations. Section 6. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Section 7. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved February 22, 2022. Mayor Attest: City Clerk -9- DORSEY B:Vk"HITNEY LLP.ATTORNEYS,DES MOINES.IOWA