HomeMy WebLinkAbout~Master - Setting Date of Public Hearing and Additional Action on Proposal to Enter into General Obligation Loan Agreements and Borrow Money Thereunder Ames/419370-73/Set Hrgs(part rr)GO CP LAs REDATE
RESOLUTION NO. 23-165
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 Story 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 $11,750,000 for the purpose of paying the costs, to that extent, of (a)
constructing street, alley, stormwater drainage, sanitary sewer, water system and sidewalk
improvements; (b) acquiring and installing street department equipment, traffic control devices
and systems, street lighting, signage and signalization assets (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" and together with the Essential Purpose Loan Agreement, the "Loan
Agreements") and to borrow money thereunder in a principal amount not to exceed $550,000,
pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the
costs, to that extent, of renovating and equipping Municipal Park Maintenance Facilities (the
"General Purpose Project" and together with the Essential Purpose Projects, 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 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 April 11, 2023, at the Council Chambers,
City Hall, Ames, Iowa, at 6 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 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:
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Ames/414370-73/Set Hrgs(part rr)GO CP LAs REDATE
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 $11,750,000
(GENERAL OBLIGATION)
The City Council of the City of Ames, Iowa (the "City"), will meet on April 11, 2023, at
the Council Chambers, City Hall, Ames, Iowa, at 6 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 $11,750,000
for the purpose of paying the costs, to that extent, of (a) constructing street, alley, stormwater
drainage, sanitary sewer, water system and sidewalk improvements; (b) acquiring and installing
street department equipment, traffic control devices and systems, street lighting, signage and
signalization assets.
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.
Renee Hall
City Clerk
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Section 3. The City Clerk is hereby directed to give notice of the proposed action on
the General Purpose 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, 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:
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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 $550,000
(GENERAL OBLIGATION)
The City Council of the City of Ames, Iowa (the "City"), will meet on April 11, 2023, at
the City Hall, Council Chambers, Ames, Iowa, at 6 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 $550,000 for the purpose of
paying the costs, to that extent, of renovating and equipping Municipal Park Maintenance
Facilities.
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 8%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 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.
Renee Hall
City Clerk
Ames/419370-73/Set Hrgs(part rr)GO CP LAs REDATE
Section 4. 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 5. All resolutions or parts of resolutions in conflict herewith are hereby
repealed to the extent of such conflict.
Section 6. This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
Passed and approved March 28, 2023.
Mayor
Attest:
City Clerk
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