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HomeMy Public PortalAboutResolution 2011-07, A Resolution Fixing Date For A Meeting On The Authorization Of A Loan Agreement & The Issuance Of Not To Exceed $2,500,000 General Obligaiton Capital Loan Notes of the City Of Riverdale, State Of Iowa, & Providing For Publication Of NoRESOLUTION 2011-07 A RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $2,500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES OF THE CITY OF RIVERDALE, STATE OF IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF Council Member Linda Hupp introduced the following Resolution entitled "RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $2,500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES OF THE CITY OF RIVERDALE, STATE OF IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF ,and moved that the same be adopted. Council Member John Franklin seconded the motion to adopt. The roll was called and the vote was, AYES: Hupp, Halsey, Littrel, Franklin ABSENT: Channon Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $2,500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES OF THE CITY OF RIVERDALE, STATE OF IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, it is deemed necessary and advisable that the City of Riverdale, State of Iowa, should provide for the authorization of a loan Agreement and the issuance of General Obligation Capital Loan Notes to the amount of not to exceed $2,500,000, as authorized by Sections 384.24, 384.24A and 384.25, Code of Iowa, as amended for the purpose of providing funds to pay costs of carrying out an essential corporate purpose project as hereinafter described; and WHEREAS, the Loan Agreement and Notes shall be payable from the Debt Service Fund; and WHEREAS, before a Loan Agreement may be authorized and General Obligation Capital Loan Notes issued to evidence the obligation of the City thereunder, it is necessary to comply with the provisions of the City code of Iowa, as amended, and to publish a notice of the proposal and of the time and place of the meeting at which the Council proposes to take action for the authorization of the Loan Agreement and Notes and to receive oral and/or written objections from any resident or property owner of the City to such action. February 16, 2011 MFB RESOLUTION 2011-07 A RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $2,500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES OF THE CITY OF RIVERDALE, STATE OF IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF The City Council of the City of Riverdale, State of Iowa, met in regular session, in the Council Chambers, City Hall, 110 Manor Drive, Riverdale, IA 52722-0364, at 7 o'clock P.M., on February 15, 2011. There were present Mayor Jeffrey J. Grindle, in the chair, and the following named Council Members: , Linda Hupp, John Franklin, Doug Littrel, and Dean Halsey. Council Member Linda Hupp introduced the following Resolution entitled "RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $2,500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES OF THE CITY OF RIVERDALE, STATE OF IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF ,and moved that the same be adopted. Council Member John Franklin seconded the motion to adopt. The roll was called and the vote was, AYES: Hupp, Halsey, Littrel, Franklin ABSENT: Channon Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $2,500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES OF THE CITY OF RIVERDALE, STATE OF IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, it is deemed necessary and advisable that the City of Riverdale, State of Iowa, should provide for the authorization of a Loan Agreement and the issuance of General Obligation Capital Loan Notes to the amount of not to exceed $2,500,000, as authorized by Sections 384.24, 384.24A and 384.25, Code of Iowa, as amended for the purpose of providing funds to pay costs of carrying out an essential corporate purpose project as hereinafter described; and WHEREAS, the Loan Agreement and Notes shall be payable from the Debt Service Fund; and WHEREAS, before a Loan Agreement may be authorized and General Obligation Capital Loan Notes issued to evidence the obligation of the City thereunder, it is necessary to comply with the provisions of the City code of Iowa, as amended, and to publish a notice of the proposal and of the time and place of the meeting at which the Council proposes to take action for the authorization of the Loan Agreement and Notes and to receive oral and/or written objections from any resident or property owner of the City to such action. February 16, 2011 MFB