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Home My WebLink AboutA006 - Letter to Dorsey & Whitney dated February 27, 2008 - Proceedings from February 26 City Clerk's Office 515 Clark Avenue,P.O. Box 811 Ames,IA 50010 Caring People Quality Prograns Phone: 515-239-5105 Exceptional Service Fax: 515-239-5142 February 27, 2008 Dorsey & Whitney LLP 801 Grand, Suite 3900 Des Moines, Iowa 50309 Attention Robert E. Josten RE: Ames, Iowa General Obligation Corporate Purpose Bonds/Pre-Levy Your File No. 419370-36 Dear Mr. Josten: Enclosed please find the proceedings from the February 26, 2008, meeting wherein the Council held the hearing on the above-mentioned Bonds and passed Resolution No. 08-071 approving issuance. Also enclosed is a copy of the Proof of Publication of the Notice of Hearing. If you have any questions, please call. Thank you for your assistance. Sincerely, Diane R. Voss City Clerk /dry Enclosures Ames/419370-36/2"%Hrg-Prelevy Please Return To: DORSEY & WHITNEY 419370-36 ATTORNEYS AT LAW 801 Grand, Suite 3900 (2"a 1/2 Hrg/Prelevy) Des Moines, Iowa -0309 Ames, Iowa February 26, 2008 The City Council of the City of Ames, Iowa, met on February 26, 2008, at 7:00 o'clock p.m., at the Council Chambers, City Hall, Ames, Iowa, for the purpose of passing a resolution authorizing a debt service tax levy to pay principal of an interest on General Obligation Bonds and for the transaction of such other business as may come before the meeting. The meeting was called to order by the Mayor, and the roll being called, the following named Council Members were present and absent: Present: _ Doll. Goodman, T a�rynn, mah A Pppken, R,ice Absent: None The Council investigated and found that a notice of intention to institute proceedings for the issuance of General Obligation Corporate Purpose Bonds had been duly published as provided by law and that this is the time and place at which the Council shall receive oral or written objections from any resident or property owner of the City. The City Clerk announced that no written objections had been previously filed; the Mayor called for any oral or written objections from any resident or property owner of the City and were being none. After due consideration and discussion, Council Member Mahayni introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member Popken . The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: _ Doll, Goodman, Larson, Mahayni, Popken Rice Nays: None Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -I- Dorsey& Whitney LLP, Attorneys, Des Moines, Iowa Ames/419370-36/2od'/z Hrg-Prelevy 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 -2- Dorsey&Whitney LLP, Attorneys, Des Moines, Iowa Ames/4 1 93 70-3 6/2od'/z 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: City Clerk -3- Dorsey & Whitney LLP, Attorneys, Des Moines, Iowa Ames/419370-36/2°d%,Hrg-Prelevy On motion and vote, the meeting adjourned. �V Mayor Attest: City Clerk -4- Dorsey& Whitney LLP, Attorneys,Des Moines, Iowa Ames/419370-36/2n '/2 Hrg-Prelevy STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES I, the undersigned, City Clerk of the City of Ames, do hereby certify that as such I have in my possession or have access to the complete corporate records of the City and of its Council and officers and that I have carefully compared the transcript hereto attached with the aforesaid corporate records and that the transcript hereto attached is a true, correct and complete copy of all the corporate records in relation to the authorization of a debt service tax levy to pay Bonds of the City and that the transcript hereto attached contains a true, correct and complete statement of all the measures adopted and proceedings, acts and things had, done and performed up to the present time with respect thereto. I further certify that no appeal has been taken to the District Court from the decision of the City Council to issue the Bonds. WITNESS MY HAND and the seal of the City hereto affixed this 26 day of February , 2008. City Clerk (Seal) -5- Dorsey&Whitney LLP, Attorneys, Des Moines, Iowa Proof Of Publication In THE TRIBUNE STATE OF IOWA,STORY COUNTY,ss. I, David Kraemer,on oath depose Legal Notice and say that I am editor, g of THE AMES TRIBUNE,a daily newspaper,printed #50424 at Ames,Story County, Iowa;that the annexed NOTICE OF PROPOSED ACTION TO printed INSTITUTE PROCEEDINGS FOR THE ISSUANCE OF GENERAL OBLIGATION CORPORATE PURPOSE BONDS IN A PRINCIPAL AMOUNT Nor TO EXCEED CITY OF AMES $6,892,573 NOTICE OF HEARING DEBT LEVY The City Council of the City of Ames,Iowa, will meet on the 26th day of February, 2008,at the Council Chambers,City Hall, Ames,Iowa,at seven o'clock p.m.for the was published in said newspaper for 1 purpose of instituting proceedings and tak- ing action for the issuance of Ge Iral consecutive week/day(s) February 21,2008 Obligation Corporate Purpose Bonds i tan and the last of said publication was on the amount not to exceed$6,892,573 for fhe 21st day of February,2008. purpose of paying the cost,to that ext nt, of constructing various street and water improvements. The Bonds,when issued, will constitute general obligations of the City. At such time and place the City Council shall receive oral or written objec- -OW Caren onN�r+�rr7102T1 tions from any resident or property owner _' t of the City. After receiving objections,the MyCw��t City may determine to issue the Bonds,in which case, the decision will be final �( unless appealed to the District Court with- in fifteen(15)days thereafter.By order of the City Council and pursuant to Section 384.25 of the Code of Iowa. DianeR.Voss,City Clerk Published Tribune February 21,2008. j Notary Public sworn to before me and subscribed in my presence by David Kraemer 4&Ny this the 21st day of February,2008.FEES: $12.44 NO. 50424 IRGINIA A. BRANNAN AMES14 ommission Nu;^her 13G2 M Commission Explre OVOmt)er 28, 2009