Public Hearing, General Purposes Loan Agreement
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO
A LOAN AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $450,000
The City Council of the City of Clive, Iowa, will meet on September 19, 2013, at the CLIVE CITY HALL, Clive, Iowa, at 6:00 o’clock p.m., for the purpose of holding a hearing on a loan agreement (the “General Corporate Purpose Loan Agreement”) in a principal amount not to exceed $450,000 for the purpose of financing a City signage program and constructing improvements to the Greenbelt Trail System.
The General Corporate Purpose 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.
The maximum rate of interest which may be payable under the General Corporate Purpose Loan Agreement is 6% per annum.
At any time before the date fixed for taking action to enter into the General Corporate Purpose Loan Agreement, a petition may be filed with the City Clerk of the City asking that the question of entering into the General Corporate Purpose Loan Agreement be submitted to the registered voters of the City, pursuant to the provisions of Section 384.26 of the Code of Iowa.
By order of the City Council of the City of Clive, Iowa.
Pamela L. Blessman