General Obligation Capital Loan Notes Proceedings - $2,500,000 - SRF Refunding

Issuance of General Obligation Capital Loan Notes - SRF Refunding

FYE2025

NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF CLINTON, STATE OF IOWA, ON THE MATTER OF THE PROPOSED AUTHORIZATION OF A LOAN AND DISBURSEMENT AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $2,500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES, FOR AN ESSENTIAL CORPORATE PURPOSE AND THE PUBLIC HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF

PUBLIC NOTICE is hereby given that the City Council of the City of Clinton, State of Iowa, will hold a public hearing on the 25th day of February, 2025, at 5:00 P.M., in the Council Chambers, City Hall, 611 South Third Street, Clinton, Iowa, at which meeting the Council proposes to take additional action for the authorization of a Loan and Disbursement Agreement and the issuance of not to exceed $2,500,000 General Obligation Capital Loan Notes, for an essential corporate purpose of the City in order to pay the costs of the acquisition, construction, reconstruction, extending, remodeling, improving, repairing and equipping all or part of the Municipal Sewer System; and costs of the settlement, adjustment, renewing, or extension of any part or all of the legal indebtedness of a city, whether evidenced by bonds, warrants, or judgments, or the funding or refunding of the same, including the Sewer Revenue Capital Loan Notes, Series 2007, dated December 13, 2007, as amended.  Principal and interest on the proposed Loan and Disbursement Agreement will be payable from the Debt Service Fund.

The annual increase in property taxes as the result of the issuance on a residential property with an actual value of one hundred thousand dollars is estimated not to exceed $38.20.  This estimate only considers the impact on property taxes of financing authority established by this hearing for the above-described project(s). The note may be issued in one or more series over a number of years. Finance authority established by this hearing may be combined with additional finance authority, causing the estimate for the annual increase in property taxes for the entire issuance to be greater than the estimate stated herein.  Changes in other levies may cause the actual annual increase in property taxes to vary.

At the above meeting the Council shall receive oral or written objections from any resident or property owner of the City to the above action.  After all objections have been received and considered, the Council will at this meeting or at any adjournment thereof, take additional action for the authorization of the Loan and Disbursement Agreement and the issuance of Notes to evidence the obligation of the City thereunder or will abandon the proposal.

This Notice is given by order of the City Council of the City of Clinton, State of Iowa, as provided by Sections 384.24A and 384.25 of the Code of Iowa, as amended.