HomeMy WebLinkAboutA008 - Letter from Dorsey & Whitney dated April 5, 2002 DORSEY & WHITNEY LLP
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ANCHORAGE '� 11 E3 JF' TORONTO
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BRUSSELS April 5, 2002
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Diane R. Voss T' '
City Clerk
City Hall
Post Office Box 811
515 Clark Avenue
Ames, Iowa 50010
Re: Ames, Iowa
$3,475,000 General Obligation Corporate Purpose Bonds, Series 2002A
Our File No. 419370-26
Dear Diane:
We have prepared and enclose the necessary proceedings for the April 9, meeting to carry
out the sale and issuance of the captioned Bonds. The enclosed resolution must be completed
with the name of the purchaser, 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 so that we can complete these blanks
and email 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 showing consideration of bids received for the purchase 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.
Page 2
DORSEY & WHITNEY LLP
3. Certificate of the County Auditor relating to the filing of a certified copy of the
Bond Issuance Resolution in that office.
On April 9, 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 will provide you with a completed copy of the resolution for this
purpose after the sale.
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 truly yours,
obert H. Helmick
RHH:cf
Ames/419370-26/2nd'/z GBS/GBI
Enclosures
cc: Steven Schainker
Duane Pitcher
John Klaus
Charles A. Uperaft