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HomeMy Public PortalAboutResolution #2012-04, A Resolution Fixing Date For A Meeting On The Authorization Of A Loan Agreement And The Issuance Of Not To Exceed $700,000 General Obligation Capital Loan Notes Of The City Of Riverdale, State Of Iowa, And Providing For Publication OfFebruary 7, 2012 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, Iowa, at 7:00 o'clock P.M., on the above date. There were present Mayor Franklin, in the chair, and the following named Council Members: Paddock, Channon, Hupp, Littrel, Halsey Absent: None ***~*** -1- Council Member Littrel 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 $700,000 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 Halsey seconded the motion to adopt. The roll was called and the vote was, AYES: Paddock, Channon, Hupp, Littrel, Halsey NAYS: None Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO: 2012-04 RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $700,000 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 $700,000, 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 essential corporate purpose projects, 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 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 -2- 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; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RIVERDALE, STATE OF IOWA: Section 1. That this Council meet in the Council Chambers, City Hall, 110 Manor Drive, Riverdale, Iowa, at 6:30 o'clock P.M., on the 21St day of February, 2012, for the purpose of taking action on the matter of the authorization of a Loan Agreement and the issuance of not to exceed $700,000 General Obligation Capital Loan Notes, to evidence the obligations of the City thereunder for essential corporate purposes of the City, the proceeds of which will be used to pay costs of street, sewer, water and storm water improvements, including land acquisition, and equipping the fire department. Section 2. To the extent any of the projects or activities described in this resolution may be reasonably construed to be included in more than one classification under Division III of Chapter 384 of the Code of Iowa, the Council hereby elects the "essential corporate purpose" classification and procedure with respect to each such project or activity, pursuant to Section 384.28 of the Code of Iowa. Section 3. The Clerk is authorized and directed to proceed on behalf of the City with the negotiation of terms of a Loan Agreement and the issuance of General Obligation Capital Loan Notes, evidencing the City's obligations to a principal amount of not to exceed $700,000, to select a date for the final approval thereof, to cause to be prepared such notice and sale information as may appear appropriate, to publish and distribute the same on behalf of the City and this Council and otherwise to take all action necessary to permit the completion of a loan on a basis favorable to the City and acceptable to the Council. Section 4. That the Clerk is hereby directed to cause at least one publication to be made of a notice of the meeting, in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in the City. The publication to be not less than four clear days nor more than twenty days before the date of the public meeting on the issuance of the Notes. Section 5. The notice of the proposed action shall be in substantially the following form: -3- NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF RIVERDALE, STATE OF IOWA, ON THE MATTER OF THE PROPOSED AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $700,000 GENERAL OBLIGATION CAPITAL LOAN NOTES (FOR ESSENTIAL CORPORATE PURPOSES) AND THE PUBLIC HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF PUBLIC NOTICE is hereby given that the Council of the City of Riverdale, State of Iowa, will hold a public hearing on the 21St day of February, 2012, at 6:30 o'clock P.M., in the Council Chambers, City Hall, 110 Manor Drive, Riverdale, Iowa, at which meeting the Council proposes to take additional action for the authorization of a Loan Agreement and the issuance of not to exceed $700,000 General Obligation Capital Loan Notes, for essential corporate purposes of the City, in order to pay costs of street, sewer, water and storm water improvements, including land acquisition, and equipping the fire department. Principal and interest on the proposed Loan Agreement will be payable from the Debt Service Fund. At the above meeting the Council shall receive oral or written objections from any resident or property owner of the City, to the above action. After all objections have been received and considered, the Council will at this meeting or at any adjournment thereof, take additional action for the authorization of a Loan Agreement and the issuance of Notes to evidence the obligation of the City thereunder or will abandon the proposal. This Notice is given by order of the Council of the City of Riverdale, State of Iowa, as provided by Sections 384.24A and 384.25 of the Code of Iowa, as amended. Dated this 7 day of February, 2012. Assistant City Clerk, City of Riverdale, State of Iowa (End of Notice) -4- PASSED AND APPROVED this 7~' day of February, 2012. ayor ATTEST: ~~ ~ca~~ ~~~e~~ Assist nt City Clerk -5- CERTIFICATE STATE OF IOWA ) SS COUNTY OF SCOTT ) I, the undersigned City Clerk of the City of Riverdale, State of Iowa, do hereby certify that attached is a true and complete copy of the portion of the corporate records of the City showing proceedings of the City Council, and the same is a true and complete copy of the action taken by the Council with respect to the matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council (a copy of the face sheet of the agenda being attached hereto) pursuant to the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective City offices as indicated therein, that no Council vacancy existed except as may be stated in the proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of the City hereto affixed this 7 day of February, 2012. Assistant City Clerk, City of Riverdale, State of Iowa (SEAL) 00844372-122647-002