HomeMy WebLinkAboutA009 - Letter to Story County Auditor dated March 7, 2012 515 Clark Avenue,P. 0. Box 811
Caring People
Quality Programs Ames,IA 50010
Excepnonaf Service
Phone: 515-239-5105
Fax: 515-239-5142
March 7, 2012
Ms. Lucy Martin
Story County Auditor
900 Sixth Street
Nevada, Iowa 50201
RE: General Obligation Loan Agreement
Dear Lucy:
Enclosed please find a certified copy of Resolution 12-101, which was adopted by the Ames City
Council on March 7, 2012, approving the General Obligation Loan Agreement in an Amount
Not to Exceed $13,150,000. Please signthe Certificate verifying the filing of same and return in the
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enclosed self-addressed stamped envelope.
If you have any questions, please call me. Thank you for your assistance!
Sincerely,
ya
Diane Voss
City Clerk
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Enclosures
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Ames4 1 93 70-46/Hrg&Prelevy
RESOLUTION NO. 12-101
Resolution authorizing a Loan Agreement and providing for the levy of taxes to
pay the same
WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, has
heretofore proposed to enter into a General Obligation Loan Agreement (the "Loan Agreement")
in a principal amount not to exceed $13,150,000 pursuant to the provisions of Section 384.24A
of the Code of Iowa for the purpose of paying the cost, to that extent, of paying the cost, to that
extent, of constructing improvements to streets, water and sanitary sewer lines; carrying out
flood mitigation projects; rehabilitating city parks; and replacing a city park bicycle/pedestrian
bridge that was damaged by flooding, and has published notice of the proposed action and has
held a hearing thereon; and
WHEREAS, the City intends to enter into the Loan Agreement and to issue General
Obligation Corporate Purpose Bonds in an amount not to exceed $13,150,000 (the "Bonds") in
the future, and anticipates that principal and interest will come due on the Bonds before June 30,
2013, and it is now necessary to make provision for the levy of a debt service property tax to be
collected in the fiscal year that will begin July 1, 2012 for the payment of such principal and
interest;
NOW, THEREFORE, Be It 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, 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 Note as the same become due, there is
hereby ordered levied on all the taxable property in the City the following direct annual tax for
collection, as follows:
For collection in the fiscal year beginning July 1, 2012,
sufficient to produce the net annual sum of$949,162.
Section 3. A certified copy of this resolution shall be filed with the County Auditor
of Story County, and said 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 Note hereby authorized and for no other purpose whatsoever.
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Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
Passed and approved March 6, 2012.
p
Mayor
Attest:
City Clerk
On motion and vote, the meeting adjourned.
Mayor
Attest:
City Clerk
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Caring People
Quality Programs
Exceptional Service
March 7, 2012
STATE OF IOWA
COUNTY OF STORY
CITY OF AMES
I, Diane R. Voss, being the duly appointed City Clerk of the City of Ames, Iowa, do hereby certify
that the above and foregoing Resolution No. 12-101 is a true and accurate copy of the said Resolution,
and that the said Resolution was passed and adopted by the City Council of the City of Ames, Iowa,
at a duly called meeting thereof on the 6th day of March, 2012.
'-/P
Diane R. Voss, City Clerk
(SEAL)
Ames419370-46/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 , 2012, the City Clerk of the City of Ames
filed in my office a certified copy of a resolution of the City shown to have been adopted by the
City Council on March 6, 2012, entitled: "Resolution authorizing a Loan Agreement 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, 2012, and subsequent years as provided in the resolution.
WITNESS MY HAND this day of , 2012.
County Auditor
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