HomeMy WebLinkAboutRESOLUTION NO. 2011-14
RESOLUTION NO. 2011-14
RESOLUTION TO FIX A DATE FOR A PUBLIC HEARING ON A LOAN
AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $550,000
WHEREAS, the City of Fairfax (the “City”), in Linn County, State of Iowa, proposes to
enter into a General Obligation Water Improvement Loan Agreement (the “Loan Agreement”) in
a principal amount not to exceed $550,000 pursuant to the provisions of Section 384.24A of the
Code of Iowa for the purpose of paying the costs, to that extent, of constructing improvements to
the Municipal Waterworks System, and it is necessary to fix a date of meeting of the City
Council at which it is proposed to take action to enter into the Loan Agreement and to give
notice thereof as required by such law;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Fairfax, Iowa, as
follows:
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Section 1. The City Council shall meet on the 8 day of March, 2011, at the city hall,
at 525 Vanderbilt Street in Fairfax, Iowa, at 7:00 o’clock p.m., at which time and place a hearing
will be held and proceedings will be instituted and action taken to enter into the Loan
Agreement.
Section 2. The City Clerk is hereby directed to give notice of the proposed action on
the Loan Agreement setting forth the amount and purpose thereof, the time when and place
where the said meeting will be held by publication at least once and not less than 4 nor more than
20 days before the date of said meeting, in a legal newspaper which has a general circulation in
the City. The notice shall be in substantially the following form:
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO
ENTER INTO A LOAN AGREEMENT IN A PRINCIPAL AMOUNT NOT
TO EXCEED $550,000
(GENERAL OBLIGATION)
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The City Council of the City of Fairfax, Iowa, will meet on the 8 day of March, 2011,
at the city hall at 525 Vanderbilt Street, Fairfax, Iowa, at 7:00 o’clock p.m., for the purpose of
instituting proceedings and taking action to enter into a loan agreement (the “Loan Agreement”)
in a principal amount not to exceed $550,000 for the purpose of paying the costs, to that extent,
of constructing improvements to the Municipal Waterworks System.
The Loan Agreement is proposed to be entered into pursuant to authority contained in
Section 384.24A of the Code of Iowa and will constitute a general obligation of the City.
At that time and place, oral or written objections may be filed or made to the proposal to
enter into the Loan Agreement. After receiving objections, the City may determine to enter into
the Loan Agreement, in which case, the decision will be final unless appealed to the District
Court within fifteen (15) days thereafter.
By order of the City Council of the City of Fairfax, Iowa.
Cynthia Stimson
City Clerk
rd
Passed and approve this 23 day of February, 2011.
AYES: Beer, Frieden, Otto, and Magers
NAYS: None
ABSENT: Wainwright
________________________
Jason Rabe, Mayor
ATTEST:
______________________________
Cynthia Stimson, City Clerk/Treasurer