HomeMy WebLinkAboutA005 - Resolution No. 08-071 adopted February 26, 2008 Ames/419370-36/2od%:Hrg-Prelevy
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RESOLUTION NO. 08-071
Authorizing the issuance of General Obligation Corporate Purpose Bonds and
providing for the levy of taxes to pay debt service on those Bonds and on General
Obligation Aquatic Center Bonds
WHEREAS, pursuant to notice of the proposed action of the City Council of Ames, Iowa
(the "City") to institute proceedings for the issuance of$6,892,573 General Obligation Corporate
Purpose Bonds (the "Corporate Purpose Bonds") for the purpose of paying the cost, to that
extent, of street and water improvements, heretofore given in strict compliance with the
provisions of Chapter 384 of the Code of Iowa and hearing held thereon, the Council may now
take additional action to issue the Bonds; and
WHEREAS, pursuant to referendum, the City has authority to issue $5,278,000 General
Obligation Aquatic Center Bonds (the "Aquatic Center Bonds") (the General Corporate Purpose
Bonds and the Aquatic Center Bonds are herein referred to as the"Bonds"); and
WHEREAS, it is deemed necessary and advisable to provide for the levy and collection
of taxes to pay the principal of and interest on the Bonds for the fiscal year beginning July 1,
2008, prior to the sale of the Bonds;
NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. The Corporate Purpose Bonds are hereby authorized to be issued in the
future .
Section 2. For the purpose of providing for the levy and collection of a direct annual
tax sufficient to pay the principal of and interest on the Bonds as the same become due, there is
hereby ordered levied on all the taxable property in the City in each of the years while the Bonds
are outstanding, a tax sufficient for that purpose, and in furtherance of this provision, but not in
limitation thereof, there is hereby levied on all the taxable property in the City the following
direct annual tax for collection in the following fiscal year:
For collection in the fiscal year beginning July 1, 2008,
sufficient to produce the net annual sum of$1,199,266.
provided, however, that at the time the Bonds are sold, the actual tax levy amounts required to
pay the principal of and interest on the Bonds in each subsequent year shall be determined based
upon the interest rate or rates at which the Bonds are sold, and this resolution shall be amended
by the Council to provide for such actual and necessary tax levy amounts.
Section 3. A certified copy of this resolution shall be filed with the County Auditor
of Story County, and the Auditor is hereby instructed to enter for collection and assess the tax
hereby authorized. When annually entering such taxes for collection, the County Auditor shall
include the same as a part of the tax levy for Debt Service Fund purposes of the City and when
collected, the proceeds of the taxes shall be converted into the Debt Service Fund of the City and
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Dorsey& Whitney LLP, Attorneys, Des Moines, Iowa
Ames/4 1 93 70-3 6/2°d'/2 Hrg-Prelevy
set aside therein as a special account to be used solely and only for the payment of the principal
of and interest on the Bonds hereby authorized and for no other purpose whatsoever.
Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
Passed and approved February 26, 2008.
Mayor
Attest:
Q�se JM&
City Clerk
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Dorsey & Whitney LLP, Attorneys, Des Moines, Iowa