HomeMy WebLinkAboutRESOLUTION NO. 32 Fairff&V419915-14/2n°%Hrg Only
MINUTES 'TO HOLD HEARING ON A
LOAN AGREEMENT
419915-1
Fairfax,Iowa
July 13,2010
The City Council of the City of Fairfax, Iowa, met on July 13, 2010, at 7:00 p.m., at the
City Hall, Fairfax, Iowa.
The meeting was called to order by the Mayor, and the roll was called showing the
following members of the City Council present and absent:
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Present.
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Absent: U , . t.. ..y LLVILL`24.�.
This being the time and place specified for taking action on the proposal to enter into a
loan agreement related to paying the cost, to that extent, of acquiring a fire truck and refunding a
2003 bond issue, the City Clerk announced that no written objections had been placed on file.
Whereupon, the Mayor called for any written or oral objections,, and there being none,the Mayor
closed the public hearing.
After due consideration and discussion Council Member ub, _
introduced the following resolution and moved its adoption, secori ed by Council Member
j c The Mayor put the question upon the adoption of said
resolution, andthe roll being called, the following Council Members voted:
Ayes: ' �Ne 'x �"A ;,,.;
Nays:
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Whereupon, the Mayor declared the resolution duly adapted, as hereinafter set out.
• • • •
At the conclusion of the meeting and upon motion and vote,the City Council adjourned,
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Mayor
Attest:
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City Q rk
DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfax/419915-14/2"''/x Hrg Only
RESOLUTION NO.
Resolution taking additional action to enter into a Loan Agreement
WHEREAS, the City of Fairfax (the "City"), in Linn County, State of Iowa,pursuant to a
resolution of the City adopted on March 11, 2003 (the "2003 Note Resolution"), previously
issued its $465,000 General Obligation Corporate Purpose Notes(the"2003 Notes"), a portion of
which remain outstanding; and i
WHEREAS, pursuant to the 2003 Note Resolution, the City reserved the right to call the
2003 Notes maturing in the years 2009 to 2013 (the "Callable 2003 Notes"), inclusive, on any
date on or after June 1, 2008,for early redemption; and
WHEREAS, the City has heretofore proposed to enter into a loan agreement (the "Loan
Agreement") in a principal amount not to exceed $400,000 pursuant to the provisions of
Section 384.24A of the Code of Iowa for the purpose of paying the costs, to that extent, of
acquiring a fire truck and refunding the Callable 2003 Notes, and has published notice of the
proposed action and has held a hearing thereon on July 13, 2010;
NOW, THEREFORE, It.Is Resolved by the City Council of the City of Fairfax, Iowa, as
follows:
Section 1. The City Council hereby determines to enter into the Loan Agreement in
the future and orders that general obligation bonds or notes be issued at such time in evidence
thereof. The City Council further declares that this resolution constitutes the "additional action'"
required by Section 384.24A of'the Code of Iowa.
Section 2. All resolutions and orders or parts thereof in conflict with the provisions
of this resolution, to the extent of such conflict, are hereby repealed.
Section 3, This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
Passed and approved July 13, 2010.
Mayor
Attest:
City Cl rk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
EairfaW419915-1412nd%Hrg Only
S"K"ATE OF IOWA
COUNTY OF LINK SS
CITY OF FAIRFAX
I, the undersigned, City Clerk of the City of Fairfax, do hereby certify that attached
hereto is a true and correct copy of the proceedings of the City Council relating to the hearing on
the City Council's intention to enter into a Loan Agreement in a principal amount not to exceed
$400,000.
WITNESS MY RANI)this i day ofi„t,4 1'1.1 ._ , 2010.
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City ! lerk.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA