HomeMy Public PortalAboutResolution #2015-05, A Resolution Authorizing The Mayor to Execute A Short Term Loan Agreement With Wells Fargo Bank RESOLUTION NO. 2015-05
A RESOLUTION AUTHORIZING THE MAYOR TO EXECUTE A SHORT TERM LOAN
AGREEMENT WITH WELLS FARGO BANK.
WHEREAS, the City of Riverdale, Iowa(City) wishes to enter into an agreement with Wells Fargo Bank by
opening a short term Multi-use Trail Project construction loan to assist with paying invoices for the Mississippi
River Trail Phase II project no. SB-IA-6492(602)-7T-82 (MRT II).
WHEREAS, the City will be reimbursed 80% from The National Scenic Byways Grant up to $494,956,
80% from Transportation Alternatives Grant up to $318,644, and
75%from State Recreation Trails Grant up to $318,644.
WHEREAS, the grant funding will not be received until after the City has paid the invoices and this is
estimated to take two to four weeks to receive.
WHEREAS, Wells Fargo Bank will set up a revolving line of credit of$959,000 with the City on a short term
loan basis of 6 months. The City will only be charged interest on funds the City receives.
WHEREAS, the City will reimburse any loan funds that it has used as soon as the grant funds are received.
WHEREAS, the City has budgeted a total of$204,000 to pay the matching grant requirement.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Riverdale, Iowa that:
The Mayor and City Clerk/Treasurer are hereby directed and authorized to execute the loan documents from
Wells Fargo Bank for the purpose of paying MRT II invoices until reimbursement can be obtained. (See
attached loan commitment letter).
PASSED, APPROVED AND ADOPTED THIS 19th day of May 2015, by the following vote:
Ayes: Channon, Littrel, Halsey Nays:
Absent: Hupp, Seaberg
ATTEST:
' ! 1 a C
Sonya P:•dock, Mayor Paula McIntosh, City Clerk
PUBLIC HEARING NOTICE
The City of Riverdale, Iowa's City Council will hold a Public Hearing on Tuesday
April 21, 2015 at 7:00 p.m.in Riverdale City Hall, for the purpose of hearing
comment from the public concerning authorizing the Mayor to execute a temporary
short term loan agreement with Wells Fargo Bank for the Mississippi River Trail
(MRT) Project. This short term loan will be reimbursed by a Federal and State
Grant.
RESOLUTION NO. 2015-05
A RESOLUTION AUTHORIZING THE MAYOR TO EXECUTE A SHORT TERM
LOAN AGREEMENT WITH WELLS FARGO BANK.
WHEREAS, the City of Riverdale, Iowa(City) wishes to enter into an agreement with Wells
Fargo Bank by opening a short term Multi-use Trail Project construction loan to assist with
paying invoices for the Mississippi River Trail Phase II project no. SB-IA-6492(602)-7T-82
(MRT II).
WHEREAS, the City will be reimbursed 80% from The National Scenic Byways Grant up to
$494,956, 80% from Transportation Alternatives Grant up to $318,644, and
75% from State Recreation Trails Grant up to $318,644.
WHEREAS, the grant funding will not be received until after the City has paid the invoices and
this is estimated to take two to four weeks to receive.
WHEREAS, Wells Fargo Bank will set up a revolving line of credit of$959,000 with the City
on a short term loan basis of 6 months. The City will only be charged interest on funds the City
receives.
WHEREAS, the City will reimburse any loan funds that it has used as soon as the grant funds
are received.
WHEREAS, the City has budgeted a total of$204,000 to pay the matching grant requirement.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Riverdale, Iowa
that:
The Mayor and City Clerk/Treasurer are hereby directed and authorized to execute the loan
documents from Wells Fargo Bank for the purpose of paying MRT II invoices until
reimbursement can be obtained. Posted 4-15-2015
Only Table 4 was changed in Ordinance 2015-193.
To view the Ordinance in its entirety you can view it at City Hall or on the
Riverdale website.
ORDINANCE NO. 2015-193
AN ORDINANCE AMENDING THE CODE OF ORDINANCES OF THE CITY OF
RIVERDALE, IOWA, BY AMENDING CHAPTER 95, SECTION II, SUBSECTION
95.080 IS REVOKED AND REPLACED WITH THE FOLLOWING SUBSECTION
95.080 LOCAL LIMITS FOR SPECIFIC POLLUTANTS.
Chapter 95 of the Code of Ordinances of the City of Riverdale is amended as follows:
Section 1. City of Riverdale Section I, Subsection 95.080 is revoked and replaced with the following:
Table 4
Davenport Water Pollution Control Plant
2606 South Concord Street
Tier 2 Significant Industrial User Local
Limits
Pollutant 30 Day Average
Al NA
As 0.065 mg/1
Ba NA
Cd 0.458 mg/1
Total Cr 7.014 mg/1
Cu 2.131 mg/1
Fe NA
Pb NA
Hg 0.298 mg/1
Mo NA
Ni 1.321 mg/1
Se 0.120 mg/1
Ag 1.359 mg/1
Zn 4.295 mg/1
Total Phenols 108.834 mg/1
Total Cyanide 0.433 mg/1
Date Posted 4-15-2015
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Only No. 74 "Users" was changed in Ordinance 2015-192
To view the Ordinance in its entirety you can view it at City Hall
Or on the Riverdale website.
ORDINANCE NO. 2015-192
AN ORDINANCE AMENDING THE CODE OF ORDINANCES OF THE CITY OF
RIVERDALE,IOWA,BY AMENDING CHAPTER 95, SECTION I,
SUBSECTION 95.065 DEFINITIONS.
95.065 DEFINITIONS. Unless the context specifically indicates otherwise, the meanings of
terms used in this chapter and in the other chapters of this Code of Ordinances relating to
Wastewater Facilities are as follows:
74. "Users" shall mean a source of discharge into a POTW from any source, and
shall be divided into 5 categories.
A. Industrial users shall be users whose property is zoned Industrial per Riverdale's
zoning Ordinance.
B. Commercial users shall be users whose property is zoned Commercial per Riverdale's
zoning Ordinance.
C. OPA (Other Public Authority) users shall be non-residential publicly owned entities
and shall be further divided into large and small OPA's
i. Large OPA's shall be users whose water usage exceeds 80 Units per year.
ii. Small OPA's shall be users whose water usage does not exceed 80 Units per
year.
D. Residential users shall be users who are not included in the Industrial, Commercial, ro
OPA categories, and whose property is zoned Residential per Riverdale's zoning
Ordinance.
Date Posted 4-15-2015
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