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Home My WebLink About~Master - $6,690,000 General Obligation Corporate Purpose Bonds OORSEYT" DOPS_Y & WHITNEY LLP February 18, 2010 EFEB 2010 Diane R. Voss CI i�f CLERK City Clerk/City Hall CITY t7F Ati1ES.IOWA 515 Clark Avenue Ames, Iowa 50010-0811 Re: $6,690,000 General Obligation Corporate Purpose Bonds Our File No. 4 1 93 70-43 Dear Diane: We have prepared and enclose proceedings to be used at the Council meeting on February 23, covering the hearing and the adoption of a resolution authorizing the debt service property tax levy for the fiscal year beginning July 1, 2010. After it is adopted, a certified copy of the enclosed resolution must be filed with the Story County ��`� Auditor no later than March 31, and we are enclosing an extra copy of the Issuance Resolution for this n, purpose. 0� „) As these proceedings are completed,please return one fully executed copy to our office. .�, If you should have any questions,please contact me. Very)ruly yours, 1 ert Josten REJ:bs Enclosures cc: Steven Schainker Duane Pitcher Doug Marek Tionna Reed Pooler 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 CANADA EUROPE ASIA-PACIFIC <Josten.Robert@dorsey.com To <dvoss@city.ames.ia.us>, <dpitcher@city.ames.ia.us> cc <sschainker@city.ames.ia.us>, <dmarek@city.ames.ia.us>, 02/17/2010 10:39 PM <poolert@pfm.com> bcc Subject Ames/Council resolution for Feb.23 meeting re: GO Bonds Attached to this email is a resolution that should be adopted by the Ames City Council at its meeting on February 23, following the hearings on two loan agreements, in order to authorize the loan agreements, show intent to issue the Bonds when funds are needed and to levy a debt service tax for the fiscal year that will begin July 1, 2010. Original copies have also been sent to Diane by regular mail. After it has been adopted, a copy of the resolution must be filed with the County Auditor. DUANE: I have included in the resolution a debt service levy in the amount of$683,098, which was in your email to me dated January 29. If that is not the correct figure, please correct it accordingly. Please contact me if there are questions. <<2nd Half LA Hrg & Prelevy(Ames#43)-v1.doc>> Robert E.Josten Parhler . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DORSEY & WHITNEY LLP 801 Grand Suite 3900 Des Moines, IA 50309-2790 P: 515.283.1000 F: 515.283.1060 C: 515.556.8186 . . . . . . I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CONFIDENTIAL COMMUNICATION E-mails from this firm normally contain confidential and privileged material,and are for the sole use of the intended recipient. Use or distribution by an unintended recipient is prohibited, and may be a violation of law. If you believe that you received this e-mail in error,please do not read this e-mail or any attached items. Please delete the e-mail and all attachments, including any copies thereof,and inform the sender that you have deleted the e-mail, all attachments and any copies thereof. Thank you. 2nd Half LA Hrg&Prelevy(Ames#43)-vl.doc Ames/419370-43/2nd Vz Hrg/Prelevy MINUTES TO HOLD HEARINGS ON LOAN AGREEMENTS AND TO AUTHORIZE PRELEVY 419370-43 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: Present: Absent: 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. -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-43/2id'/2 Hrg/Prelevy After due consideration and discussion, Council Member introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member . The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: 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%z Hrg/Prelevy RESOLUTION NO. 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/419370-43/2°d%a Hrg/Prelevy 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. Mayor Attest: City Clerk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/4 1 9370-43/2°d'/z Hrg/Prelevy On motion and vote, the meeting adjourned. Mayor Attest: City Clerk -s- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-43/2Id%z 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 day of , 2010. City Clerk -6- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/4 1 9370-43/2ad%Hrg/Prelevy STATE OF IOWA SS: COUNTY OF STORY I, the undersigned, County Auditor of Story County, in the State of Iowa, do hereby certify that on the day of , 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