Pella Chronicle

Local News

July 28, 2013

Council adopts banner ordinance, makes amendment to loan and disbursement agreements

Pella —

The Pella City Council approved and adopted, following waiving for second and third readings, an ordinance amendment for street right-of-way banners.

On February 19, 2013, the City Council adopted Resolution No. 5314 which is the City's Policy for Banners in the Public Right-of-Way (street banners). However, when the City adopted this resolution, they did not update City Code section 165.33 which contains provisions for both private property banners such as business temporary banners as well as the right-of-way banners. As a result, the right-of-way banner provisions in the City Code are not consistent with the Policy for Banners in the Public Right-of-Way and have not been updated.

The Community Development Committee reviewed and recommended approval of the proposed ordinance amendment at their May 8, 2013 meeting. The Planning and Zoning Commission approved the ordinance amendment at their June 24,2013 meeting.

The council then proceeded to approve a resolution approving and authorizing an amendment to Loan and Disbursement Agreements by and between the City of Pella and the Iowa Finance Authority, and Authorizing and providing for the reissuance of the $2,111,000 Sewer Revenue Capital Loan Note, R-1, Series 2000, the $1,604,000 Sewer Revenue Capital Loan Note, R-2, Series 2000, and the $2,800,000 Sewer Revenue Capital Loan Notes, Series 1999, of the City.

On December 20, 2000, the City issued two Sewer Revenue Capital Loan Notes with the Iowa Finance Authority for sewer improvement projects. One note was for $1,604,000 and one was for $2,111,000 of which only $641,000 was used and the remaining $1,470,000 was returned to the Iowa Finance Authority. The total amount authorized for those notes was $3,715,000 and only $2,245,000 was used. Prior to that, on December 21, 1999, the City issued Sewer Revenue Capital Loan Notes in the amount of $2,800,000 for sewer improvement projects.

Previously, the Iowa Finance Authority authorized a reduction in the interest rate on the 2000 Notes from 4.3% to 3% as of June 1, 2011 and the 1999 Notes from 3.92% to 3% as of June 1, 2010. The Iowa Finance Authority has reduced interest rates again from 3% to 1.75% due to growth in the program and careful financial management. Over the remaining 8 years of the Notes, the interest rate reductions will save the City $144,612.

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