HomeMy WebLinkAboutA009 - Letter from Dorsey & Whitney dated September 22, 2004[30RS EY
September 22, 2004
Diane R. Voss
City Clerk
City Hall
515 Clark Avenue
Ames, Iowa 50010
Re: Ames, Iowa
$6,030,000 General Obligation Corporate Purpose Bonds, Series 2004
Our File No. 419370-32
Dear Diane:
We have prepared and enclose the necessary proceedings for the September 28 meeting
to adopt the resolution providing for the sale and issuance of the General Obligation Corporate
Purpose Bonds.
The proceedings enclosed include the following items:
I . Minutes showing the filing and consideration of bids received for the purchase of
the Bonds.
2. Resolution providing for the issuance of the Bonds and for the levy of taxes.
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.
3. Certificate attesting the transcript. Please attach a copy of the successful bid to
this certificate.
4. Certificate of the County Auditor relating to the filing of a certified copy of the
Bond Issuance Resolution in that office.
The Council should meet as scheduled to consider bids received for the purchase of the
Bonds. Assuming that a satisfactory bid is received, the Council may proceed with the adoption
of the enclosed resolution.
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Page 2
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, please call.
REJ
Ames/419370-32/2 Ild '/z GBS & GBI
Enclosures
cc: Steven Schainker
Duane Pitcher
John Klaus
Heather Casperson
V & W4 V