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Home My WebLink AboutA012 - Letter to Dorsey & Whitney dated February 24, 2010Caring People 14 Quality Programs Exceptional Service February 24, 2010 Dorsey & Whitney LLP 801 Grand, Suite 3900 Des Moines, Iowa 50309 Attention Robert E. Josten RE: Ames, Iowa $6,690,000 General Obligation Corporate Purpose Bonds Your File No. 419370-43 Dear Mr. Josten: 515 Clark Avenue, 11. 0. Box 811 Ames, 1A 50010 Plione: 515-239-5105 Fax: 515-239-5142 Enclosed please find a fully executed transcript of the proceedings of our February 23, 2010, meeting wherein the Council adopted Resolution No. 10-076 providing for the issuance of the above - referenced bojads. I have certified the Resolution to the County Auditor and will forward the Certificate verifying the filing of same as soon as possible. If you have any questions, please call. Thank you for your assistance. Sincerely, Diane R. Voss City Clerk /dry Enclosure Ames/419370-43/ 2 od V2 Hrg/Prelevy I MINUTES TO HOLD HEARINGS ON Please Return TO: LOAN AGREEMENTS AND TO DORSEY & WHo n'17' AUTHORIZE PRELEVY ATTORNEYS AT 801 Grand, Suite 419370-43 Des Moines, lcwj Ames, Iowa February 23, 2010 The City Council of the City of Ames, Iowa, met on February 23, 2010, at 7:00 o'clock p.m., at the City Hall Council Chambers, Ames, Iowa, for the purpose of passing a resolution providing for the approval of a debt service levy 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: 1�resent: Davis, Go.,00dman �Larson. Mahavni. QraZ_eM., Wqrhq_ Absent: —None The Council investigated and found that a notice of intention to institute proceedings to enter into a loan agreement in an amount not to exceed $6,600,000 for the purposes of paying the cost of construction of improvements to streets and bridges and acquisition of fire equipment 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, there being none, the Mayor closed the hearing. The Council also investigated and found that a notice of intention to institute proceedings to enter into a loan agreement in an amount not to exceed $90,000 for the purpose of paying the cost of construction of improvements to the City Hall had been duly published as provided by law and that no petition had been filed asking that the question of entering into that loan agreement be submitted to the registered voters of the City, 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, there being none, the Mayor closed the hearing, -I- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Almes/41937043/ 2 "d '/2 Flrg/Prelevy After due consideration and discussion, Council Member Mahayni introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member Goodman -. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Dayis, Goodman, Larson, Mahayni, Orazem, Wacha Nays: Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames/419370-43/ 2 d 1/2 Hrg/Prelevy Authorizing a general obligation loan agreement and General Obligation Corporate Purpose Bonds in an amount not to exceed $6,690,000 and providing for the levy of taxes to pay the same WHEREAS, pursuant to notice of the proposed action of the City Council of Ames, Iowa (the "City") to institute proceedings to enter into loan agreements in a total amount not to exceed $6,690,000, for the purposes of paying the cost, to that extent, of constructing improvements to streets, bridges and the City Hall and for the acquisition of fire equipment (the "Projects") heretofore given in strict compliance with the provisions of Chapter 384 of the Code of Iowa and hearings held thereon, the Council may now take additional action to authorize a single loan agreement (the "Loan Agreement") and to authorize the issuance of General Obligation Corporate Purpose Bonds in an amount not to exceed $6,690,000 (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, 2010, 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 Council hereby expresses its intention to enter into the Loan Agreement and to issue the Bonds at such time as funds are needed for the Projects, and the Council hereby declares that this resolution constitutes the additional action required by Chapter 384 of the Code of Iowa. 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 levied on all the taxable property in the City a direct annual tax for collection in the fiscal. year beginning July 1, 2010, sufficient to produce the net annual sum of $683,098. 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 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. -3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Arnes/419370-43/ 2" Y2 HrePrelevy Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved February 23, 2010. Attest: City Clerk Mayor -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames/419370-43/ 2 Id '/2 Hrg/Prelevy On motion and vote, the meeting adjourned. Attest: City Clerk Mayor -5- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA 4mes/419370-43/ 2 Id 1/2 Hrg/Prelevy STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES 1, 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 those 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 loan agreement and authorization of the issuance of not to exceed $6,690,000 General Obligation Corporate Purpose 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 such bonds. WITNESS MY HAND this 23 day of February , 2010. City Clerk -6- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA