HomeMy WebLinkAboutA005 - Letter from Dorsey & Whitney dated September 18, 2002 September 18, 2002
Diane R. Voss
City Clerk
City Hall
Post Office Box 811
515 Clark Avenue
Ames, Iowa 50010
Re: Ames, Iowa
General Obligation Refunding Bonds, Series 2002C
Our File No. 419370-27
Dear Diane:
We have prepared and enclose the necessary proceedings for the September 24, meeting
to carry out the hearing, sale and issuance of the Series 2002C 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 and to you after the bids are opened and tabulated on Tuesday and
assist you in completing these blanks. Please let us know if you wish us to complete the blanks
and email you revised pages prior to the Council meeting, and we would be happy to do so. A
The proceedings enclosed are as follows: '
1. Minutes of the meeting showing the hearing and the consideration of bids received
for the purchase of the Series 2002C Bonds, followed by the resolution awarding
and issuing the Series 2002C 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.
Page 2
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.
On September 24, the City Council should meet as scheduled to hold the hearing and
consider the bids received for the purchase of the Series 2002C Bonds. Assuming that a
satisfactory bid is received, the resolution awarding and issuing the Series 2002C 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,
Robert H. Helmick
RHH
Ames/419370-27/2nd'/z GBS/GBI(Ser 2002C)
Enclosures
cc: Steven Schainker
Duane Pitcher
John Klaus
Heather Casperson