HomeMy WebLinkAboutA013 - Letter to Story County Auditor dated February 24, 2010Caring People 'I
Quality P-g—
Exceptional Service
February 24, 2010
Ms. Mary Mosiman,
Story County Auditor
Story County Administration Building
Nevada, Iowa 50201
RE: General Obligation Corporate Purpose Bonds, Pre -Levy
Dear Mary:
515 Clark Avenue, 11. 0. Box 811
Ames, IA 50010
Phone: 515-239-5105
Fax: 515-239-5142
Enclosed please find a certified copy of Resolution 10-076, which was adopted by the Ames City
Council on February 23, 2010, providing for the issuance of the above -named Bonds. Please sign
the Certificate of the County Auditor verifying the filing of same and return in the enclosed self-
addressed, stamped envelope.
If you have any questions, please call me. Thank you for your assistance!
Sincerely,
Diane Voss
City Clerk
/dry
Enclosure
Ames/4-9370-;3/ 2 Id V2 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
Ames/4k4370-4,3/ 2 Id V2 Hr&relevy
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/419370-4,3/ 2'd V2 Hrg/Prelevy
STATE OF IOWA
W1
COUNTY OF STORY
1, the undersigned, County Auditor of Story County, in the State of Iowa, do hereby
certify that on the day of 1 2010, the City Clerk of the City of Ames
filed in my office a --certified copy of a resolution of such City shown to have been adopted by the
Council on February 23, 2010, entitled: "Resolution 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," and that I have duly placed the
copy of the resolution on file in my records.
I further certify that the taxes provided for in that resolution will in due time, manner and
season be entered on the State and County tax lists of this County for collection in the fiscal year
beginning July 1, 2010.
WITNESS MY HAND this _ day of_ _ 2010.
County Auditor
-7-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA