HomeMy WebLinkAboutA007 - Letter from Dorsey & Whitney dated June 17, 1998 DORSEY & WHITNEY LLP
ATTORNEYS AT LAW
MINNEAPOLIS 801 GRAND, SUITE 3900 NEW YORK
WASHINGTON,D.C. DES MOINES, IOWA 50309 DENVER
LONDON TELEPHONE: (515) 283-1000
SEATTLE
BRUSSELS FAX: (515) 283-1060
FARGO
HONG KONG
BILLINGS
DES MOINES
ROCHESTER, June 17, 1998 MISSOULA
COSTA MESA GREAT FALLS
Jill Ripperger
City Clerk
City Hall
PO Box 811 Lie—,
515 Clark Avenueftr ���> '
Ames, Iowa 50010
Re: Ames, Iowa
$5,130,000 General Obligation Corporate Purpose Bonds
Our File No. 419370-20
Dear Jill:
We have prepared and enclose the necessary proceedings for the June 23 meeting to carry out
the sale and issuance of the captioned Bonds. You will note that the enclosed resolution must be
completed with the interest rates at which the Bonds are sold and the resulting tax levy amounts.
We understand that Evensen Dodge's office will report the relevant information to us after the bids
are opened and tabulated on Tuesday so that we can complete these blanks and fax revised pages to
you for insertion into the enclosed transcripts prior to the Council meeting. We will also mail you
a completed copy of the resolution for filing with the County Auditor.
The proceedings enclosed are as follows:
1. Minutes of the meeting providing for the sale of the Bonds,followed by the resolution
awarding and issuing the Bonds.
The blanks in the form of Bond, the form of Certificate of Authentication and the form of
Assignment included as part of the resolution should not be completed or executed.
2. Certificate attesting the transcript, to which should be attached a copy of the
successful bid.
3. Certificate of the County Auditor relating to the filing of a certified copy of the Bond
Issuance Resolution in that office.
DORSEY & WHITNEY LLP
Page 2
On June 23 the City Council should meet as scheduled to consider the bids received for the
purchase of the Bonds.
Assuming that a satisfactory bid is received, the resolution awarding and issuing the Bonds
should be completed and adopted. All members of the Council present should vote upon the
adoption of the resolution, and the vote of each member should be called and recorded by name.
When completed and executed, a certified copy of the resolution must be filed with the Story
County Auditor.
The County Auditor has a mandatory duty to make a levy of taxes to pay principal of and
interest on the Bonds unless the City's budget each year affirmatively shows that the tax should not
be levied because other funds will be applied to the payment of the Bonds for that budget year. To
the extent the City determines that property tax levies will be needed for payment in any year, the
tax levy amounts needed must be certified for that year in the City's budget as part of the debt service
fund, and the funds derived from sources other than taxes must be shown on the appropriate budget
document.
As these proceedings are completed,please return one fully ex cat
ed copy to our office. We
will also look forward to receiving the completed transcript of the'June 9 meeting.
If you have any questions or if any difficulties arise, please be sure to contact our office.
V ry t ly y rs,
i
ri VV
Robert H. Helmi
RHH:cdm
Ames/419370-20/2nd 1/2 GBS/GBI
Enclosures
cc: Steven Schainker
Alice Carroll
John Klaus
Dave Dirks
Charles A. Uperaft