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HomeMy WebLinkAboutA003 - Proceedings from May 13, 2003 meeting A3 MINUTES TO SET DATE FOR HEARING ON BONDS Ames, Iowa May 13, 2003 The City Council of the City of Ames, Iowa, met on May 13, 2003, at 5:30 o'clock _ p .m., at the City Council Chambers , Ames, Iowa. The Mayor presided and the roll was called showing the following Council Members present and absent: Present: Cross, Goodhue; Hoffman, Mahayni, Vegge, Wirth Absent: None "Council Member Goodhue arrived at 5:40*p.�n. After discussion of other matters, the Council took up and considered the proposal to issue Hospital Revenue Refunding Bonds for the purpose of refunding Hospital Revenue Bonds previously issued for the benefit of Mary Greeley Medical Center. Whereupon Council Member Goodhue introduced a resolution hereinafter next set out and moved its adoption, seconded by Council Member Mahayni ; and after due consideration thereof by the City Council, the Mayor put the question upon the adoption of the said resolution and the roll being called, the following named Council Members voted: Ayes: Cross, Goodhue, Hoffman, Mahayni, Vegge, Wirth Nays: None Whereupon, the Mayor declared the resolution duly adopted as follows: I T r RESOLUTION NO. 03-180 To fix a date for a public hearing on the proposal to issue Hospital Revenue Refunding Bonds in a principal amount not to exceed $37,000,000 for the purpose of refunding Hospital Revenue Bonds previously issued for the benefit of Mary Greeley Medical Center WHEREAS, at the request of the Board of Trustees of the Hospital (the `Board")the City has previously issued its $21,000,000 Hospital Revenue Bonds (Mary Greeley Medical Center Project) Series 1992 (the "Series 1992 Bonds") pursuant to a Bond Resolution adopted by the City Council of the City on November 10, 1992 (the "1992 Bond Resolution"), the proceeds of which were used for the purposes of paying the cost of Improvements (as defined in the 1992 Bond Resolution), refunding the Series 1979 Bonds and the Series 1986 Bonds (as defined in the 1992 Bond Resolution) and other purposes as set out in the 1992 Bond Resolution; and WHEREAS, at the request of the Board, the City has previously issued its $24,000,000 Hospital Revenue Bonds (Mary Greeley Medical Center Project) Series 1993 (the "Series 1993 Bonds" and, together with the Series 1992 Bonds, the "Prior Bonds") pursuant to a Bond Resolution adopted by the City Council of the City on March 13, 1993 (the "1993 Supplemental Bond Resolution No. 1"), the proceeds of which were used for the purposes of paying the cost of the Series 1993 Improvements (as defined in 1993 Supplemental Bond Resolution No. 1) and other purposes set out in 1993 Supplemental Bond Resolution No. l; and WHEREAS, in order to take advantage of historically low interest rates, the Board of the Hospital has requested the City to issue its Hospital Revenue Refunding Bonds (Mary Greeley Medical Center Project) in the aggregate principal amount of not to exceed $37,000,000 (the "Refunding Bonds") for the purpose of (i) refunding the Prior Bonds; (ii) funding necessary reserve funds for the Refunding Bonds; and (iii) funding bond issuance expenses for the Refunding Bonds, including a bond insurance premium; and WHEREAS, it is necessary to fix a date of meeting of this City Council at which it is proposed to take action to issue the Refunding Bonds and to give notice thereof as required by such law; and NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. This City Council shall meet on the 27th day of May, 2003, at the Council Chambers, City Hall, 515 Clark Avenue, Ames, Iowa, at seven o'clock p.m., at which time and place a hearing will be held and proceedings will be instituted and action taken for issuance of the Refunding 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 of general circulation in the City. Section 3. The notice shall be in substantially the following form: NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS FOR ISSUANCE OF HOSPITAL REVENUE REFUNDING BONDS The City Council of the City of Ames, Iowa, will meet on the 27th day of May, 2003 at the Council Chambers, City Hall, 515 Clark Avenue, Ames, Iowa, at seven o'clock p.m., for the purpose of instituting proceedings and taking action for the issuance of not to exceed $37,000,000 Hospital Revenue Refunding Bonds (Mary Greeley Medical Center Project) (the "Refunding Bonds") for the purpose of financing the cost, to that extent, of refunding the City's previous issue of Hospital Revenue Bonds (Mary Greeley Medical Center), Series 1992 (the "Series 1992 Bonds") and the City's previous issue of Hospital Revenue Bonds (Mary Greeley Medical Center), Series 1993 (the "Series 1993 Bonds") issued by the City for the benefit of Mary Greeley Medical Center(the"Hospital"). The Refunding Bonds will not constitute general obligations of the City, nor will they be payable in any manner by taxation, but will be payable from the net revenues of the Hospital and any reserve funds established for the payment thereof and will rank on a parity with any loan agreement, bonds, notes or other obligations heretofore or hereafter issued by the City which are payable from such sources. The Refunding Bonds are proposed to be issued pursuant to authority contained in Division V of Chapter 384 of the Code of Iowa. At the aforementioned time and place, oral or written objections may be filed or made to the proposal to issue the Refunding Bonds. After receiving objections, the City may take action for the issuance of the Refunding Bonds, in which case, the decision will be final unless appealed to the District Court within fifteen(15) days thereafter. Written objections may be filed with the City Clerk prior to such meeting at City Hall, 515 Clark Avenue,Ames, Iowa 50010. By order of the City Council of the City of Ames, Iowa. Diane Voss City Clerk Section 4. It is a condition of the foregoing that the bonds be insured. Section 5. All resolutions or parts of resolutions in conflict herewith be and the same are hereby repealed to the extent of such conflict. Passed and approved May 13, 2003. Mayor Attest: Otyerk i After the discussion of other business, on motion and vote, the meeting adjourned. Mayor Attest: City Clerk STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES I, the undersigned, City Clerk of the aforementioned City, do hereby certify that attached hereto is a true and correct copy of the proceedings of the City Council relating to fixing a date for hearing on the City Council's proposal to take action in connection with the issuance of Hospital Revenue Refunding Bonds, as referred to therein. WITNESS MY HAND and the seal of the City hereto affixed this 13th day of May , 2003. City Clerk (Seal)