NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AND DISBURSEMENT AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $112,000
The City Council of the City of Moravia, Iowa, will meet on September 15, 2020, at 5:30 o’clock p.m. at the Moravia Community Building, in the City, for the purpose of instituting proceedings and taking action to enter into a loan and disbursement agreement (the “Agreement”) and to borrow money thereunder in a principal amount not to exceed $112,000, for the purpose of paying the cost, to that extent, of planning, designing and constructing improvements and extensions to the City’s Municipal Sanitary Sewer System.
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 Sewer Revenue Note, dated October 15, 2003 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.
At the aforementioned time and place, oral or written objections may be filed or made to the proposal to enter into the Agreement. After receiving objections, the City may determine to enter into the Agreement, in which case, the decision will be final unless appealed to the District Court within fifteen (15) days thereafter.
By order of the City Council of the City of Moravia, Iowa.
/s/ Sharla Stogdill, City Clerk