HomeMy Public PortalAboutResolution #2011-18, A Resolution Directing The Acceptance Of A Proposal To Purchase $2,000,000 General Obligation Capital Loan Notes, Series 2011RESOLUTION N0. 2011-18
A RESOLUTION DIRECTING THE ACCEPTANCE OF A PROPOSAL TO PURCHASE $2,000,000 GENERAL OBLIGATION
CAPITAL LOAN NOTES, SERIES 2011
WHEREAS, the City of Riverdale, sometimes hereinafter referred to as the City, is a municipal corporation duly
incorporated, organized and existing under and by virtue of the constitution and laws of the State of Iowa; and
WHEREAS, the City is in need of funds to pay costs of essential corporate purpose projects, and General
Obligation Capital Loan Notes be issued for the construction, reconstruction, rehabilitation and renovation of
street, water, sewer, storm sewer, including acquisition of right-of-way, and the equipping of the fire department
(the "Project");and
WHEREAS, the notice of intention of the City to take action for the issuance of not to exceed $2,500,000
General Obligation Capital Loan Notes has heretofore been duly published and no objections to such proposed
action have been filed and the City desires to proceed with the issuance of the Notes; and
WHEREAS, it is deemed necessary that the City should enter into a Loan Agreement and borrow the amount of
$2,000,000 as authorized by 384.24, 384.24A, and 384.25, Code of Iowa as amended; and
WHEREAS, a proposal has been received from Piper Jaffray & Co. of Des Moines, Iowa; and
WHEREAS, it is the intention of this City Council to enter into a Loan Agreement in accordance with said
proposal dated April 5, 2011:
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RIVERDALE, STATE OF IOWA:
Section 1. That this City Council does hereby accept the attached proposal of Piper Jaffray & Co. of Des Moines,
Iowa, and takes additional action to permit the entering into of a Loan Agreement.
Section 2. The Mayor and City Clerk are authorized and directed to proceed on behalf of the City to enter into
such Loan Agreement, to negotiate the final terms of a Loan Agreement to take all action necessary to permit the
entering into of a Loan Agreement on a basis favorable to the City and acceptable to the Purchaser, and to proceed
to meet the conditions of this accepted proposal.
PASSED AND APPROVED this 5`h day of April, 2011.
Ayes:
Hupp, Littrel, Halsey, Franklin
EST:
City Clerk, Paula McIntosh
Nays: Absent/Abstain
Channon
1
ti
ayor, Jeffrey J. Grindle