HomeMy WebLinkAboutA010 - Letter from Dorsey & Whitney dated August 18, 2005August 18, 2005
Diane R. Voss
City Clerk/City Hall
Post Office Box 811
515 Clark Avenue
Ames, Iowa 50010-0811
Re: $5,495,000 General Obligation Corporate Purpose and Ref finding Bonds, Series 2005A
Our File No. 419370-33
Dear Diane:
We have prepared and enclose the proceedings to be used at the August 23 meeting to
carry out the sale and issuance of the 2005A Bonds. The enclosed resolution must be completed
with the name of the purchaser, the interest rates at which the 2005A Bonds are sold and the
resulting tax levy amounts. We understand that representatives from Public Financial
Management will report the relevant information to you after the bids are opened and tabulated
on Tuesday, August 23, and that they will assist you in completing the blanks in the resolution
prior to the Council meeting.
The Notice of Redemption of the 1997A Bonds is set out in Section 7 of the resolution,
and a copy of this notice must be mailed, by certified mail, return receipt requested, not less than
30 days prior to the September 30 redemption date (no later than An nist -3 1), to The Depository
Trust Company in New York.
We will call Roger the day after the sale to discuss the mailing of this notice.
The proceedings enclosed include the following items:
I Minutes of the meeting covering the sale of the 2005A Bonds, followed by the
resolution awarding and issuing the 2005A Bonds and calling the 1997A Bonds for prior
redemption.
The blanks in the form of Bond, the form of Certificate of Authentication and the form of
Assignment included as part ofthe resolution should not be completed or executed.
2. Certificate attesting the transcript, to which should be attached a copy of the
successful bid.
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3. Certificate of the County Auditor relating to the filing of' a certified copy of the
Bond Issuance Resolution in that office.
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 1`61- this Purpose.
The County Auditor has a mandatory duty to make a levy of taxes to pay principal of and
interest on the 2005A 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 2005A Bonds for
that budget year. To the extent the City deternimes 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 fi-orn 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.
Finally, we are enclosing three copies of the Continuing Disclosure Certificate for you
and the Mayor to sign, after which two executed copies should be returned to us.
If you have any questions or if any difficulties arise, please be sure to contact Our office.
'yours"
Josten
REJ
Arnes/419370-33/2"' '/� GiBS/GBI/Prepay
Enclosures
cc: Steven Schainker
Duane Pitcher
Roger WiSeCUP
John Klaus
Tionna Pooler
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