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Home My WebLink AboutA016 - E-mail messages from Duane Pitcher dated February 7, 2012 � Li RE: FW: Debt to be incurred in FY 2012-13? Duane R Pitcher to: Josten.Robert 02/07/2012 05:33 PM Cc: DVoss, poolert We should be fine with what we have below. I think you have all our meeting dates, but our budget wrap up session is 2/14 and budget public hearing is 3/6. Duane Duane Pitcher, CPA, CPFO Director of Finance City of Ames 515 Clark Avenue P.O. Box 811 Ames, Iowa 50010 Phone (515)239-5114 <Josten.Robe rt@dorsey.com> <Josten.Robert@dorsey.com> To <DPitcher@city.amesJa.us> 02/06/2012 10:19 PM cc <poolert@pfm.com>, <DVoss@city.ames.ia.us> Subject RE: FW: Debt to be incurred in FY 2012-13? No, that is not a problem. The purpose of the hearing is just to give you authorization to levy some amount of debt service tax in the coming fiscal year. In fact, if you want to make it easy, you could levy the entire $900, 000+ now and say it is all for the library. Then, after more decisions have been made, you could hold the hearing on the other purposes. All we are trying to do now is give you legal authority to put a debt service levy number in your new budget. For state law purposes, we do not have to identify the specific purpose or purposes for which the pre-levy is being made. I don't mean to complicate or confuse the situation, I just want to show you have some more options for how to go forward at this point. Robert E. Josten Partner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DORSEY & W H I T N E Y LLP 801 Grand Suite 3900 Des Moines, IA 50309-2790 P: 515.283.1000 F: 515.283.1060 C: 515.556.8186 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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. -----Original Message----- , From: Duane R Pitcher [mailto:DPitcher@city.ames.ia.us] Sent: Monday, February 06, 2012 11:07 AM To: Josten, Robert Cc: poolert@pfm.com; Diane R Voss Subject: Re: FW: Debt to be incurred in FY 2012-13? Bob, The Council is on the fence of a couple projects planned for G.O. bond issue and it is possible that the amount may be reduced. Is there any problem with having the hearing and pre-levy resolutions at the higher amounts? If not below is what we have planned: Essential Corporate Purpose Extension of water and sewer lines 357, 000 Abated Flood Mitigation Projects 820, 000 Streets and Sewers 5, 587, 500 Park Rehab. 400, 000 Replacement of bike/pedestrian bridge damaged in flooding Total Essential Corp. Purpose 7, 164, 500 Referendum General Corp.Purpose 4, 500, 000 Library first of $18 Million approved in November Total Issue 11, 664, 500 Plus issuance costs. Pre-levy amounts $295,522 for Library $653, 640 for Essential Corp. Purpose. There was some question about whether the replacement of the bike/pedestrian bridge qualified as essential corp. purpose. All the bridge with the exception of on abutment is in a City park. The abutment not in a park is in a park trail system connecting parks. Additionally the new bridge with have a flood control element since we are removing the mid stream supporting pier which was causing debris jams which damaged the bridge and backed up the flow of flood waters. It appears to me the project clearly qualifies but would like to confirm. Let me know if you need any additional information. Thanks, Duane Duane Pitcher, CPA, CPFO Director of Finance City of Ames 515 Clark Avenue P.O. Box 811 Ames, Iowa 50010 Phone (515) 239-5114 <Josten.Robert@do rsey.com> To 02/06/2012 08:35 <dpitcher@city.ames.ia.us> AM cc <poolert@pfm.com> Subject FW: Debt to be incurred in FY 2012-13? Duane, I may have missed a later email from you, but I need to know the purposes and "not to exceed" amounts that you want to include in a resolution and notice of hearing. You do need a prelevy resolution for both the library and any other purpose, but it can be just one resolution that lists the total amount. Please let me know how I can be helpful. Robert E. Josten Partner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DORSEY & WHITNEY LLP 801 Grand Suite 3900 Des Moines, IA 50309-2790 P: 515.283.1000 F: 515.283.1060 C: 515.556.8186 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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. -----Original Message----- From: Josten, Robert Sent: Friday, January 20, 2012 3:28 PM To: 'Duane R Pitcher' Cc: poolert@pfm.com Subject: RE: Debt to be incurred in FY 2012-13? You do not need a hearing on the library (because it was approved by referendum) , but you will need a hearing on anything else. I will prepare the initial resolution and notice to set a date for hearing when you give me the categories and maximum amounts to be borrowed. Robert E. Josten Partner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DORSEY & WHITNEY LLP 801 Grand Suite 3900 Des Moines, IA 50309-2790 P: 515.283.1000 F: 515.283.1060 C: 515.556.8186 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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. -----Original Message----- From: Duane R Pitcher [mailto:DPitcher@city.ames.ia.us] Sent: Friday, January 20, 2012 3:09 PM To: Josten, Robert Cc: poolert@pfm.com Subject: Re: Debt to be incurred in FY 2012-13? Bob and Tionna, We just wrapped up our draft budget yesterday. The public hearing for our Capital Improvement Plan is next Tuesday. I do not anticipate any changes to our planned debt issuance which is as follows: Essential Corp Purpose: Water & Sewer 357, 000 (Abated Debt) Storm Sewer 820, 000 Streets 5, 987, 500 Subtotal 7, 164, 500 Gen. Corp. Purpose Library 4, 500, 000 (of 18, 000, 000 approved in November 2011) Total Issuance 11, 664, 500 (Plus Costs of Issuance) Debt Service for this issue in the amount of $949, 162 will be included in the Manager's recommended budget. Our budget wrap-up meeting with Council is scheduled for Feb. 14. Final budget hearing on March 6th. I 'll let you know next week if we make any changes. Will need a pre-levy resolution, not sure if we need for both the Library and other debt but break of debt service levy down is as follows: Library 295, 522 and other debt 653, 640. Let me know if you need any additional information. Thanks, Duane Duane Pitcher, CPA, CPFO Director of Finance City of Ames 515 Clark Avenue P.O. Box 811 Ames, Iowa 50010 Phone (515) 239-5114 <Josten.Robert@do rsey.com> To 01/20/2012 02 :41 <dpitcher@city.ames.ia.us> PM cc <poolert@pfm.com> Subject Debt to be incurred in FY 2012-13? Do we need to have a conversation about your financing plans for the next fiscal year, particularly as they may relate to the need to hold a public hearing on issuance of bonds and adopt a pre-levy resolution to get a debt service levy in place? Robert E. Josten Partner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DORSEY & WHITNEY LLP 801 Grand Suite 3900 Des Moines, IA 50309-2790 P: 515.283.1000 F: 515.283. 1060 C: 515.556.8186 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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.