HomeMy WebLinkAbout~Master - Taking additional action on proposal to enter into a Water Revenue Loan and Disbursement Agreement Ames/4 19370-70/2nd%,Hrg Only Water Rev.
RESOLUTION NO. 22-608
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 City has heretofore issued
its $76,325,000 Taxable Water Revenue Bond, SRF Series 2015, dated January 30, 2015 (the
"Series 2015 Bond"), a portion of which remains outstanding; and
WHEREAS, pursuant to a prior resolution of the Council, the City has heretofore issued
its $3,500,000 Water Revenue Bond, SRF Series 2022, dated August 26, 2022 (the "Series 2022
Bond"), a portion of which remains outstanding; and
WHEREAS, pursuant to the resolutions (the "Outstanding Bond Resolutions")
authorizing the issuance of the Series 2015 Bond and the Series 2022 Bond (together, 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
certain Water Revenue Loan and Disbursement Agreement (the "Agreement") and to borrow
money thereunder in a principal amount not to exceed $8,500,000, 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 November 22, 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/419370-70/2nd'/2 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 November 22, 2022.
Mayor
Attest:
City lerk
On motion and vote, the meeting adjourned.
Mayor
Attest:
City derk
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DORSEY & WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA