NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF LA PORTE CITY, STATE OF IOWA, ON THE MATTER OF THE PROPOSED AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $850,000 GENERAL OBLIGATION CAPITAL LOAN NOTES OF THE CITY (FOR ESSENTIAL CORPORATE PURPOSES), AND THE HEARING ON THE ISSUANCE THEREOF
PUBLIC NOTICE is hereby given that the City Council of the City of La Porte City, State of Iowa, will hold a public hearing on the 11th day of April, 2016, at 7:00 PM., in the Council Chambers, City Hall, 202 Main Street, La Porte City, Iowa, at which meeting the Council proposes to take additional action for the authorization of a Loan Agreement and the issuance of not to exceed $850,000 General Obligation Capital Loan Notes, for essential corporate purposes, to provide funds to pay the costs of opening, widening, extending, grading, and draining of the right-of-way of streets, highways, avenues, alleys and public grounds; the construction, reconstruction, and repairing of any street improvements; the acquisition, installation, and repair of sidewalks, storm sewers, sanitary sewers, water service lines, street lighting, and traffic control devices; and the acquisition of any real estate needed for any of the foregoing purposes. Principal and interest on the proposed Loan Agreement will be payable from the Debt Service Fund.
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 the meeting or at any adjournment thereof, take additional action for the authorization of a Loan Agreement and the issuance of the Notes to evidence the obligation of the City thereunder or will abandon the proposal to issue said Notes.
This notice is given by order of the City Council of the City of La Porte City, State of Iowa, as provided by Sections 384.24A and 384.25 of the Code of Iowa.
Dated this 6th day of April, 2016.