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HomeMy WebLinkAboutA002 - Proceedings from May 26, 1998 meeting Ames/New/1st'/z GBS For Your Records MINUTES TO SET DATE FOR HEARING, SALE AND ISSUANCE OF BONDS Ames, Iowa May 26, 1998 The Council of the City of Ames, Iowa, met on May 26, 1998, at 7:00 o'clock p.m., at the Council Chambers, City Hall, in the City. The Mayor presided and the roll was called showing the following Council Members present and absent: Present: Campbell, Cross, Hoffman, Quirmbach, Wirth Absent: Parks Council Member Cross introduced the resolution hereinafter next set out and moved its adoption, seconded by Council Member Wirth ; and after due consideration thereof by the Council, the Mayor put the question upon the adoption of said resolution, and the roll being called, the following named Council Members voted: Ayes: Campbell, Cross, Hoffman, Quirmbach, Wirth Nays: None Whereupon, the Mayor declared the said resolution duly adopted, as follows: -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/New/1st'/z GBS RESOLUTION NO. 98-248 Fixing a date of meeting at which it is proposed to take action for the sale and issuance of not to exceed$5,405,000 General Obligation Corporate Purpose Bonds and providing for the advertisement of such sale WHEREAS,the City of Ames,Iowa(the "City"),proposes to issue not to exceed $5,405,000 General Obligation Corporate Purpose Bonds (the "Bonds"), pursuant to the provisions of Division III of Chapter 384 of the Code of Iowa for the purpose of paying the cost, to that amount, of the construction, reconstruction and repair of street improvements; the construction of works and facilities useful for the collection and disposal of surface waters and streams; and the construction of works and facilities useful for the collection and disposal of sewage and industrial wastes in a sanitary manner, and it is necessary to fix a date of meeting of the Council at which it is proposed to take action for the issuance of the Bonds and to give notice thereof as required by such law; and WHEREAS, the City desires to offer the Bonds for public sale and to provide for the advertisement of such sale; NOW,THEREFORE, It Is Resolved by the Council of the City of Ames, Iowa, as follows: Section 1. This Council shall meet on the 9th day of June, 1998, at the Council Chambers, City Hall, in the City, at 7:00 o'clock p.m., at which time and place proceedings will be instituted and action taken for the issuance of the Bonds. Section 2. The City Clerk is hereby directed to give notice of the proposed action for the issuance of the Bonds setting forth the amount and purpose thereof, the time when and place where the said meeting will be held,by publication at least once, and not less than 4 nor more than 20 days before the meeting, in a legal newspaper published at least once weekly, and of general circulation in the City. The notice shall be in substantially the following form: -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/New/1st'/z GBS NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS FOR THE ISSUANCE OF NOT TO EXCEED $5,405,000 GENERAL OBLIGATION CORPORATE PURPOSE BONDS The City Council of the City of Ames, Iowa, will meet on the 9th day of June, 1998, at the Council Chambers, City Hall, in the City, at 7:00 o'clock p.m., for the purpose of instituting proceedings and taking action for the issuance of not to exceed $5,405,000 General Obligation Corporate Purpose Bonds for the purpose of paying the cost, to that extent, of the construction, reconstruction and repair of street improvements; the construction of works and facilities useful for the collection and disposal of surface waters and streams; and the construction of works and facilities useful for the collection and disposal of sewage and industrial wastes in a sanitary manner. The Bonds, when issued, will constitute general obligations of the City, payable from taxes levied upon all taxable property in the City. At such time and place the Council shall receive oral or written objections from any resident or property owner of the City. After receiving objections, the City may determine to issue the Bonds, 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 and pursuant to Section 384.25 of the Code of Iowa. Jill Ripperger City Clerk -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/New/1st'/z GBS Section 3. The City Manager and City Finance Director, with the assistance of Evensen- Dodge, the City's financial consultant, and Dorsey & Whitney LLP, the City's bond counsel, are hereby authorized and directed to proceed with the sale of the Bonds on behalf of the City, to fix the amount of the Bonds to be offered for sale in a principal amount not exceeding $5,405,000, to fix the principal maturities of the Bonds, to select a date for the sale of to exceed Bonds, to cause to be prepared such sale information as may appear appropriate and distribute the same on behalf of the City and this City Council, and otherwise to take all actions necessary to permit the sale of the Bonds on a basis favorable to the City and subject to the approval of the City Council. Section 4. After the City Manager and City Finance Director have selected a sale date and fixed the amount,principal maturities and other terms of the Bonds, a notice of sale shall be prepared by Dorsey&Whitney LLP, and the City Clerk shall publish such notice by publication at least once and not less than 4 nor more than 20 days before the meeting in a legal newspaper published at least once weekly and located in Story County. Section 5. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved May 26, 1998. Mayor Attest: City Clerk -4-(Rev.) DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/New/1st'/z GBS • • • • On motion and vote, the meeting adjourned. Mayor Attest: City Clerk -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/New/1st''/2 GBS STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES I,the undersigned, Clerk of the aforementioned City, do hereby certify that attached hereto is a true and correct copy of the proceedings of the Council of the City relating to the fixing of a date for the initiation of the sale and issuance of not to exceed $5,405,000 General Obligation Corporate Purpose Bonds. WITNESS MY HAND and the seal of the City hereto affixed this 26th day of May , 1998. City Clerk (Seal) -6- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/New/ist'/z GBS STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES I, the undersigned City Clerk, do hereby certify that the aforementioned City is organized and operating under the provisions of Title IX of the Code of Iowa and not under any special charter and that such City is operating under the Mayor-Council form of government and that there is not pending or threatened any question or litigation whatsoever touching the incorporation of the City, the inclusion of any territory within its limits or the incumbency in office of any of the officials hereinafter named. And I do further certify that the following named parties are officials of the City as indicated: Ted Tedesco Mayor Jill Ripperger Clerk Sherry Meier Treasurer Ann Campbell Council Member Russ Cross Council Member Judie Hoffman Council Member John Parks Council Member Herman Quirmbach Council Member Sharon Wirth Council Member WITNESS MY HAND and the seal of the City hereto affixed this 26th day of MaY , 1998. City Clerk (Seal) -7- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/New/1st'/z GBS STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES I, the undersigned, Clerk of the aforementioned City, do hereby certify that, as of June 1, 1998, the City will have outstanding the following General Obligation indebtedness, of every kind and nature (excluding the current issue), and urban renewal tax increment revenue obligations: SCHEDULE A (BOND/LOAN AGREEMENT NOTE DEBT) Date of Maturity Issue Type Amount Date (List annual principal payments) 10/01/79 Corporate $ 200,000 June 1, 1999 Purpose 05/01/87 Corporate $ 50,000 December 1, 1998 Purpose $ 50,000 1999 $ 50,000 2000 $ 50,000 2001 $ 50,000 2002 $ 250,000 $3,750,000 General Obligation Corporate Purpose Bonds Dated June 1, 1992 Maturing Principal Interest Rate Maturing Principal Interest Rate June 1 Amount Per Annum June 1 Amount Per Annum 1999 $625,000 5.45% 2002 $625,000 5.75% 2000 $625,000 5.60% 2003 $625,000 5.80% 2001 $625,000 5.65% 2004 $625,000 5.90% -8- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/New/1st'/2 GBS SCHEDULE A (BOND/LOAN AGREEMENT NOTE DEBT) - CONTINUED $5,955,000 General Obligation Refunding Bonds Dated February 15, 1993 Due Principal Interest Rate Due Principal Interest Rate June 1 Amount Per Annum June 1 Amount Per Annum 1999 $715,000 4.75% 2004 $780,000 5% 2000 $730,000 4.75% 2005 $380,000 5% 2001 $740,000 4.80% 2006 $370,000 5.10% 2002 $755,000 4.90% 2007 $365,000 5.10% 2003 $765,000 5% 2008 $355,000 5.10% $1,860,000 General Obligation Corporate Purpose Bonds, Series 1994A Dated January 1, 1994 Due Principal Interest Rate Due Principal Interest Rate June 1 Amount Per Annum June 1 Amount Per Annum 1999 $410,000 4% 2002 $290,000 4% 2000 $290,000 4% 2003 $290,000 4.10% 2001 $290,000 4% 2004 $290,000 4.10% $1,335,000 General Obligation Corporate Purpose Bonds, Series 1994B Dated October 1, 1994 Due Principal Interest Rate Due Principal Interest Rate June 1 Amount Per Annum June 1 Amount Per Annum 1999 $170,000 4.85% 2003 $165,000 5.30% 2000 $170,000 5% 2004 $165,000 5.40% 2001 $170,000 5.10% 2005 $165,000 5.40% 2002 $165,000 5.20% 2006 $165,000 5.50% -9- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/New/1st 1/z GBS SCHEDULE A (BOND/LOAN AGREEMENT NOTE DEBT) - CONTINUED $7,890,000 General Obligation Corporate Purpose Bonds, Series 1995A Dated May 1, 1995 Due Principal Interest Rate Due Principal Interest Rate June 1 Amount Per Annum June 1 Amount Per Annum 1999 $715,000 5% 2005 $720,000 5.20% 2000 $715,000 5% 2006 $720,000 5.25% 2001 $715,000 5% 2007 $720,000 5.25% 2002 $715,000 5% 2008 $480,000 5.25% 2003 $720,000 5.10% 2009 $475,000 5.25% 2004 $720,000 5.10% 2010 $475,000 5.25% $3,150,000 General Obligation Corporate Purpose Bonds, Series 1995B Dated October 1, 1995 Due Principal Interest Rate Due Principal Interest Rate June 1 Amount Per Annum June 1 Amount Per Annum 1999 $350,000 4.50% 2004 $350,000 4.60% 2000 $350,000 4.60% 2005 $350,000 4.60% 2001 $350,000 4.60% 2006 $350,000 4.70% 2002 $350,000 4.60% 2007 $350,000 4.80% 2003 $350,000 4.60% $4,975,000 General Obligation Corporate Purpose Bonds, Series 1997A Dated June 1, 1997 Due Principal Interest Rate Maturing Due Interest Rate June 1 Amount Per Annum June 1 Amount Per Annum 1999 $475,000 4.50% 2005 $450,000 4.60% 2000 $450,000 4.60% 2006 $450,000 4.60% 2001 $450,000 4.60% 2007 $450,000 4.60% 2002 $450,000 4.60% 2008 $450,000 4.60% 2003 $450,000 4.60% 2009 $450,000 4.60% 2004 $450,000 4.60% (Please list here or attach a separate maturity schedule for any other outstanding issues of general obligation bonds and/or loan agreement notes.) -10- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/New/1st''/z GBS SCHEDULE B (OTHER GENERAL OBLIGATIONS) Type of General Obligation Amount (Here list any other obligations of the City which extend beyond the end of the current fiscal year,such as long-term leases, installment sales contracts, etc. If there are none, please insert the word "none". Please consult with either our office or Evensen Dodge, Inc. before completing this section.) SCHEDULE C (URBAN RENEWAL TAX INCREMENT REVENUE OBLIGATIONS) Principal Amount Date Name of Issue Outstanding (Please list here or attach a separate maturity schedule for any outstanding urban renewal tax increment revenue obligations.) WITNESS MY HAND and the seal of the City hereto affixed this 26th day of May , 1998. City Clerk (Seal) -11- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/New/1st'/z GBS (PLEASE NOTE: Do not date and return this certificate until you have received the publisher's affidavits and have verified that the notices were published on the date indicated in the affidavits, but please return all other completed pages to us as soon as they are available.) STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES I, the undersigned, Clerk of the aforementioned City, do hereby certify that pursuant to the resolution of its Council fixing a date of meeting at which it is proposed to take action for the sale and issuance of not to exceed $5,405,000 General Obligation Corporate Purpose Bonds, the notices, of which the printed slips attached to the publisher's affidavits hereto attached are true and complete copies, were published on the date and in the newspaper specified in such affidavits, which newspaper is located in Story County or in a county contiguous thereto and has a general circulation in the City. WITNESS MY HAND and the seal of the City hereto affixed thisa" day of 1998. City Clerk (Seal) (Attach here publisher's original affidavits with clippings of the notices as published.) -12- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Proof Of Publication In THE TRIBUNE -------------------------------------- STATE OF IOWA,STORY COUNTY,ss. I,Craig McMullin/Joan Rost,on oath depose and say that I am President/Controller of DAILY TRIBUNE,a daily newspaper,printed at Ames,Story County,Iowa;that the annexed printed CITY OF AMES LEGAL NOTICE NOTICE OF PROPOSED ACTION GENERAL OBLIGATION ON CORPORATE PURPOSE BOND NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS FOR THE ISSUANCE OF NOT TO EXCEED$5,405,000 was published in said newspaper for 1 GENERAL OBLIGATION CORPORATE consecutive week(s)June 2, 1998,,,�����{ PURPOSE BONDS and the last of �iewwa n the The Ciry Council ofthe City of Ames,Iowa,will meet on the 9lh day of June, 1998,at the Council Chambers, 2nd day-Df June City Hall,in the City,at 7:00 o'clock p.m.,for the purpose lJ, 6A z of instituting proceedings and taking action for the issuance e of not to exceed S5,405,000 General Obligation Corporate ! • � ) Purpose Bonds for the purpose of paying the cost,to that f F s extent,of the construction,reconstruction and repair of street improvements; the construction of works and facilities useful for the collection and disposal of surface waters and streams,and the construction of works and facilities useful for the collection and disposal of sewage sworn to before me and subscribed in my and industrial wastes in a sanitary manner. presence by Craig McMullin Joan Rost The Bonds, when issued, will constitute general obligations of the City,payable from taxes levied upon all this 3rd day of June 1998. taxable property in the City. At such time and place the Council shall receive oral or written objections from any resident or property owner of the City. After receiving objections, the City may determine to issue the Bonds,in which case,the decision will be final unless appealed to the District Court within Notary Public fifteen(15)days thereafter. ry By order of the City Council and pursuant to Section in a0 f r he State Of Iowa 384.25 of the Code of Iowa. Jill Ripperger City Clerk FEES:$12.00 NO.40713 AMES05