HomeMy WebLinkAbout~Master - Proposal to Enter into a Water Revenue Loan and Disbursement Agreement to borrow money therunder in a principal amount not to exceed $3,500,000 Ames/419370-66/2nd'/z ft Only Water Rev.
RESOLUTION NO. 22-338
Resolution taking additional action on proposal to enter into a Water Revenue Loan and
Disbursement Agreement
WHEREAS, the City of Ames (the"City"), in Story County, State of Iowa, did heretofore
establish a Municipal Waterworks Utility System (the "Utility") in and for the City which has
continuously supplied water 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 "Outstanding Bond
Resolution"), the City has heretofore issued its $76,325,000 Taxable Water Revenue Bond, SRF
Series 2015, dated January 30, 2015 (the "Outstanding Bond"), 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 under the terms and conditions set forth in the Outstanding Bond
Resolution; and
WHEREAS, the City has heretofore proposed to contract indebtedness and enter into a
certain Water Revenue Loan and Disbursement Agreement (the "Agreement") and to borrow
money thereunder in a principal amount not to exceed $3,500,000, 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 June 14, 2022;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. The City Council hereby determines to enter into the Agreement in the
future and orders that Water Revenue Bonds be issued at such time in evidence thereof. The City
Council further declares that this resolution constitutes the "additional action" required by
Section 384.24A of the Code of Iowa.
Section 2. All resolutions or parts thereof in conflict herewith are hereby repealed, to
the extent of such conflict.
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DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-66/2nd%Hrg Only Water 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 June 14, 2022.
Mayor
Attest:
City Clerk
On motion and vote, the meeting adjourned.
Mayor
Attest: �-
City Clerk
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DORSEY & WHITNEY LLP,ATTORNEYS, DES MOINES, IOWA