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HomeMy WebLinkAboutA011 - Email from and to Dorsey & Whitney dated September 14, 2006 - time frame questions&F Duane RPhchor/COA ^ 09B14/200010:53AM Jemne. Please use the first option listed. To hanisonjeane@domey.00m bcc Subject Fw: $5.285.UOOGOCorporate Purpose Bonds, Series 2OUGA Duane Pitcher, CPA, CPFO Director ofFinance City nfAmes 515Clark Avenue PD.Box O11 Ames, Iowa 50010 ----- Forwarded byDuane RPitcher/CDAonO9/14/2UOG1O:51AM--- DianeRVnaaKCOA 08/13/200605:05pM To Duane RPitoher/COA@COA.Roger VVisecup/COA@COA cc Subject Fw:$5,285.000GOCorporate Purpose Bonds, Series 20OSA Could one of you please respond to Jeane. Thank you. Diane Voss, City Clerk P.().Box 811 Ames, Iowa 50010 (515)238-5105 ----- Forwarded byDiane RVonoKCOAonOS/13/28UGU5:04PM--- ^Honioon.Joone" <MonisonJeone@dunaey.00m To <dvuse@city.omea.ia.us> � cc U9/13/2OOG 04�54 PM Subject $5.285.0OOGOCorporate Purpose Bonds, Seriee20OSA Hi Diana. I'm working onthe Final Delivery, Non -arbitrage Carfificufefor your Bonds and need to know which of the following two paragraphs accurately describes the expected time frame within which the bond proceeds will baexpended: We further certify that: (i) at least 75% of the Net Sales Proceeds (along with any investment earnings thcrenn),will bcspent mnthe construction ofthe Projects (not including the costs of Projects; and (ii) the City expects to spend the Net Sales Proceeds (along with any investment earnings thereon) in accordance with the following schedule: at least 101/0 within six months; at least 45% within one year; at least 75% within 18 months; and 100% within two years. The City acknowledges that if it fails to spend the Net Sales Proceeds (along with the investment earnings thereon) in accordance with the foregoing schedule, the City may have a rebate liability to the United States pursuant to Section 148 of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code")) . OR We further certify that the City expects to spend the proceeds of the Bonds (along with any investment earnings on such proceeds) in accordance with the following schedule: 1) at least 10% within 6 months after the date of issuance; 2) at least 45% within 12 months after the date of issuance; 3) at least 75% within 18 months after the date of issuance; and 4) 100% within 24 months after the date of issuance. We further certify that the City will comply with the investment requirements of Section 148 of the Code and the United States Treasury Regulations relating thereto with respect to the proceeds of the Bonds. Thanks, Diane. Jeane Harrison Paralegal Dorsey & Whitney LLP Des Moines, Iowa Tel: (515) 283-1000 CONFIDENTIAL COMMUNICATION: is -mails from this firm normally contain confidential and privileged material, and are for the sole use of the intended recipient. Use or distribution by an unintended recipient is prohibited, and may be a violation of law. If you believe that you received this e-mail in error, please do not read this c-mail or any attached items. Please delete the e-mail and all attachments, including any copies thereof, and infirm the sender that you have deleted the e-mail, all attachments and any copies thereof. Thank you.