Resolution setting the date for a Public Hearing on a proposal to enter into a State Revolving Fund Sewer Revenue Loan and Disbursement Agreement and to borrow money thereunder in a principal amount not-to-exceed $9,000,000. [All Wards]

The City proposes to enter into an amended Sewer Revenue Loan and Disbursement Agreement (the “Agreement”) with the Iowa Finance Authority and borrow money in a principal amount not-to-exceed $9,000,000 pursuant to the provisions of Section 384.24A of the Code of Iowa.

The Agreement will not constitute a general obligation of the City, nor will it be payable in any manner by taxation but, together with the City’s outstanding Taxable Sewer Revenue Bond, Series 2010 (Build America Bond – Direct Payment); Sewer Revenue Improvement and Refunding Bond, Series 2015; Sewer Revenue Bond, Series 2016; Sewer Revenue Bond, Series 2019; and any additional obligations of the City as may be hereafter issued and outstanding from time to time ranking on a parity therewith, will be payable solely and only from the Net Revenues of the Municipal Sanitary Sewer System of the City.

The Public Hearing will be held at the Committee of the Whole Meeting on Wednesday, July 15, 2020 at 5:30 p.m.