HomeMy WebLinkAbout~Master - $8,355,000 General Obligaton Corporate Purpose Bonds, Series 2008A ($8,355,000) HORSEY
L R
FEB 2 5 202
February 21, 2008 CITY CLERK
CITY OF Af-0ES.IOWA
Diane R. Voss
City Clerk/City Hall
Post Office Box 811
515 Clark Avenue
Ames, Iowa 50010-0811
Re: General Obligation Corporate Purpose Bonds/Pre-levy Resolution
Our File No. 419370-36
Dear Diane:
We have prepared and enclose proceedings to be used at the February 26 Council
meeting to hold a hearing on the proposed issuance of General Obligation Corporate Purpose
Bonds and to adopt a resolution providing for the levy of taxes to pay those Bonds and additional
bonds for the aquatic center project. Adoption of this resolution will enable the City to receive
property tax collections for the proposed Bonds in the fiscal year beginning July 1, 2008.
� u After it is adopted, a certified copy of the resolution must be filed with the Story County
Auditor no later than March 31, 2008, and we are enclosing 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, beginning with the budget for the fiscal year 2008-2009..
At the time of the bond sale, we will prepare proceedings to enable the City Council to
amend this resolution to provide for the actual interest rates which will be charged on the Bonds
and the actual tax levies.
DORSEY & WHITNEY LLP • ATTORNEYS AT LAW • WWW,DORSEY.COM •T 515.283.1000
F 515.283.1060 • 801 GRAND • SUITE 3900 • DES MOINES, IOWA 50309-2790
USA EUROPE ASIA
HORSEY
The proceedings enclosed include the following items:
,X" Minutes of the February 26, 2008 Council meeting covering the hearing, followed
by the resolution providing for the levy of taxes.
Certificate attesting the transcript.
3. Certificate of the County Auditor relating to the filing of a certified copy of the
Resolution in that office.
As these proceedings are completed,please return one fully executed copy to our office.
If you should have any questions, please contact me.
Very truly yoµrs,
Robert,E Josten
Enclosures
cc: Steven Schainker
Duane Pitcher
Doug Marek
Tionna Reed Pooler
DORSEY&WHITNEY LLP