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HomeMy WebLinkAboutA017 - E-mail messages from Robert Josten dated February 16, 2012 All RE: FW: Debt to be incurred in FY 2012-13? 'e Josten.Robert to: DVoss 02/16/2012 12:08 PM Yes, I can do that. In fact, as soon as I get a "not to exceed" number from Tionna Pooler, I will prepare the whole resolution and notice for you. I'm sure I will hear from her in a few days. Thanks very much for letting me know the timing. 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: Diane R Voss [mailto:DVoss@city.ames.ia.us1 Sent: Thursday, February 16, 2012 12:06 PM To: Josten, Robert Subject: RE: FW: Debt to be incurred in FY 2012-13? Bob: Due to the requirements of the Ames Tribune, I will need to send the Notice of Hearing to the paper on February 24 (for publishing on March 1) . Will it work for your schedule to get it to me in time to facilitate that deadline? I will actually send it to the Tribune prior to the Council taking action on February 28. I still can pull it if need be. Diane Voss, City Clerk/Records Manager P. 0. Box 811 Ames, Iowa 50010 (515) 239-5105 From: <Josten.Robert@dorsey.com> To: <DPitcher@city.ames.ia.us>, <poolert@pfm.com> Cc: <DVoss@city.ames.ia.us>, <SHjortshoj@city.ames.ia.us> Date: 02/16/2012 11:58 AM Subject: RE: FW: Debt to be incurred in FY 2012-13? Thanks, Duane. As soon as I hear from Tionna, I will send you and Diane the resolution to be used on Feb. 28 to set March 6 as the date for the hearing. 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: Thursday, February 16, 2012 11:48 AM To: Tionna Pooler; Josten, Robert Cc: DVoss@city.ames.ia.us; Sharon J Hjortshoj Subject: RE: FW: Debt to be incurred in FY 2012-13? Tionna and Bob, W had some changes in our planned bond issue amount for FY 12/13, total amount of the issue is now $17, 365, 500. In addition to the $4.5 million of the $18 million library referendum and $7, 164, 500 in essential corp. purpose projects previously discussed the council added $5,701, 000 in projects to extend water and sanitary sewer utilities bringing the total to $17, 365, 500. Our pre-levy amount of $949, 162 will not change since the additional projects will be abated by water and sanitary sewer revenue. Tionna, we will need a new not to exceed amount. Upcoming council meeting dates are 2/28 and 3/6. We will be certifying our budget on 3/6 so we will need the public hearing and pre-levy resolution on that date. P g P Y 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 Tionna Pooler <poolert@pfm.com> To 02/09/2012 10:16 Duane R Pitcher AM <DPitcher@city.ames.ia.us>, "Josten.Robert@dorsey.com" <Josten.Robert@dorsey.com> cc "DVoss@city.ames.ia.us" <DVoss@city.ames.ia.us> Subject RE: FW: Debt to be incurred in FY 2012-13? Thank you for your patience with me, I am indeed feeling better. My calculations confirm that the pre-levy amount of $949, 162 is generous. I calculate a par amount of $11, 820, 000 based on the costs you've identified and estimated issuance expenses. To allow some flexibility for projects, I would recommend a $11, 975, 000 NTE. -----Original Message----- From: Duane R Pitcher [mailto:DPitcher@city.ames.ia.us] Sent: Tuesday, February 07, 2012 5:33 PM To: Josten.Robert@dorsey.com Cc: DVoss@city.ames.ia.us; Tionna Pooler Subject: RE: FW: Debt to be incurred in FY 2012-13? 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.Robert@do rsey.com> To 02/06/2012 10:19 <DPitcher@city.ames.ia.us> 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 & 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: 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 & 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: 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 O1/20/2012 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 & 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. Electronic mail sent through the Internet is not secure. 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