NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A TAXABLE GENERAL FUND LOAN AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $155,000 (GENERAL FUND) The City Council of the City of Missouri Valley, Iowa, will meet on October 15, 2024, at the Rand Community Center, Missouri Valley, Iowa, at 6 o’clock p.m., for the purpose of instituting proceedings and taking action to enter into a Taxable General Fund Loan Agreement (the “Loan Agreement”) and to borrow money thereunder in a principal amount not to exceed $155,000 for the purpose of paying the cost, to that extent, of funding an economic development loan in connection with the renovation and restoration of a mixed use commercial and residential property. The Loan Agreement is proposed to be entered into pursuant to authority contained in Section 384.24A.4 of the Code of Iowa and will constitute a legal indebtedness of the City, provided, however, that debt service obligations under the Loan Agreement shall be payable from the City’s General Fund and not from the direct imposition of a debt service property tax levy. At the aforementioned time and place, oral or written objections may be filed or made to the proposal to enter into the Loan Agreement. After receiving objections, the City may determine to enter into the Loan 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 Missouri Valley, Iowa. Turri Colglazier City Clerk MVTN 10-9-24
