MINUTES FOR HEARING AND ADDITIONAL ACTION ON PROPOSAL TO ENTER INTO A SEWER REVENUE LOAN AGREEMENT
435926-33
Monticello, Iowa
December 19, 2022
The City Council of the City of Monticello, Iowa, met on December 19, 2022, at 6:00 p.m., at the Monticello Renaissance Center, in the City.
The meeting was called to order by the Mayor Pro Tem, and the roll was called showing the following members of the Council present and absent:
Present: Wayne Peach, Brenda Hanken, Scott Brighton, Candy Langerman, Tom Yeoman and Chris Lux
Absent: Mayor David Goedken .
This being the time and place specified for holding the public hearing and taking action on the proposal to enter into a Sewer Revenue Loan Agreement in a principal amount not to exceed $21,000,000, 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 Pro Tem closed the public hearing
After due consideration and discussion, Council Member Hanken introduced the following resolution and moved its adoption, seconded by Council Member Langerman. The Mayor Pro Tem put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted:
Ayes: Hanken, Langerman, Yeoman, Peach, Brighton and Lux
Nays: none.
Whereupon, the Mayor Pro Tem declared the resolution duly adopted, as
follows:
RESOLUTION NO. 2022-152
Resolution taking additional action on proposal to enter into a Sewer Revenue Loan Agreement
WHEREAS, the City of Monticello (the “City”), in Jones County, State of Iowa, did heretofore establish a Municipal Sanitary Sewer System (the “Utility”) in and for the City which has continuously supplied sanitary sewer service in and to the City and its inhabitants since its establishment; and
WHEREAS, the management and control of the Utility are vested in the City Council (the “Council”) and no board of trustees exists for this purpose; and
WHEREAS, the City heretofore proposed to enter into a Sewer Revenue Loan Agreement (the “Loan Agreement”) and to borrow money thereunder in a principal amount not to exceed $21,000,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the cost, to that extent, of planning, designing, and constructing improvements and extensions to the Utility, and pursuant to law and a notice duly published, the City Council has held a public hearing on such proposal on December 19, 2022;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Monticello, Iowa, as follows:
Section 1. The City Council hereby determines to enter into the Loan Agreement in the future and orders that Sewer Revenue 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 or parts thereof in conflict herewith be and the same are hereby repealed to the extent of such conflict.
Section 3. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law.
Passed and approved December 19, 2022.
Chris Lux, Mayor Pro Tem
Attest:
Sally Hinrichsen, City Clerk
• • • •
At the conclusion of the meeting, and upon motion and vote, the City Council adjourned.
Chris Lux, Mayor Pro Tem
Attest:
Sally Hinrichsen, City Clerk
ATTESTATION CERTIFICATE:
STATE OF IOWA
COUNTY OF JONES SS:
CITY OF MONTICELLO
I, the undersigned, City Clerk of the City of Monticello, Iowa, do hereby certify that attached hereto is a true and correct copy of the proceedings of the City Council of the City relating to the hearing on the City’s intention to enter into a Loan Agreement, as referred to herein.
WITNESS MY HAND this ____ day of _____________________, 2022.
Sally Hinrichsen, City Clerk