HomeMy WebLinkAbout~Master - General Obligation - Refunding Bonds, Series 1998B DORSEY & WHITNEY LLP `- . _Il
ATTORNEYS AT LAW
MINNEAPOLIS 801 GRAND, SUITE 3900 NEW YORK
WASHINGTON,D.C. DES MOINES, IOWA 50309 DENVER
LONDON TELEPHONE: (515) 283-1000
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FARGO
HONG KONG
BILLINGS
DES MOINES
ROCHESTER November 6, 1998 MISSOULA
COSTA MESA GREAT FALLS
Diane R. Voss
City Clerk
City Hall NOV
Post Office Box 811
515 Clark Avenue
Ames, Iowa 50010
Re: Ames, Iowa
General Obligation Refunding Bonds, Series 1998B
Our File No. 419370-19
Dear Ms. Voss:
We have prepared and enclose the necessary proceedings for the November 10 meeting to
carry out the sale and issuance of the captioned Bonds. You will note that the enclosed resolution
has several blanks in it which must be completed after the sale information is available. We
understand that a representative of Evensen Dodge will be attending your sale and will assist you
with the completion of the resolution. However, if you prefer, the relevant information can be
reported to us after the bids are opened and tabulated on Tuesday and we can complete these blanks
and fax revised pages to you for insertion into the enclosed transcripts prior to the Council meeting.
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 November 10, 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, and we have enclosed an extra copy of the resolution for this purpose.
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 executed copy to our office.
If you have any questions or if any difficulties arise, please be sure to contact our office.
Very trul our ,
Ro ert H. Helmick
RHH:cdm
Ames/419370-19/2nd 1/2 GBS/GBI
Enclosures
cc: Steven Schainker
Alice Carroll
John Klaus
Dave Dirks
Charles A. Uperaft