NOTICE OF PROPOSED ACTION TO HOLD HEARING ON A LOAN AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $2,500,000

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NOTICE OF PROPOSED ACTION TO HOLD HEARING ON
A LOAN AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $2,500,000

(TAXABLE GENERAL OBLIGATION URBAN RENEWAL)

The City Council of the City of Jefferson, Iowa, will meet on January 26, 2021, at the City Hall, Jefferson, Iowa, at 5:30 p.m., for the purpose of holding a hearing on a loan agreement (the “Taxable General Obligation Urban Renewal Loan Agreement”) in a principal amount not to exceed $2,500,000 for the purpose of financing an urban renewal project in the Jefferson Urban Renewal Area consisting of improvements to downtown commercial buildings.

The Taxable General Obligation Urban Renewal 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 Loan Agreement is 6% per annum.

At that time and place, oral or written objections may be filed or made to the proposal to enter into the Taxable General Obligation Urban Renewal Loan Agreement.  After receiving objections, the City may determine to enter into the Taxable General Obligation Urban Renewal Loan Agreement, in which case, the decision will be final unless appealed to the District Court within fifteen (15) days thereafter.

At any time before the date fixed for taking action to enter into the Taxable General Obligation Urban Renewal Loan Agreement, a petition may be filed with the City Clerk asking that the question of entering into the Taxable General Obligation Urban Renewal 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 Jefferson, Iowa.

Roxanne Gorsuch
City Clerk