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HomeMy WebLinkAboutA035 - Proceedings dated March 4, 2014 I Ames419370-54/2014 Hrg&Prelevy HEARING ON GENERAL OBLIGATION LOAN AGREEMENT AND AUTHORIZE DEBT SERVICE LEVY 419370-54 Ames, Iowa March 4, 2014 The City Council of the City of Ames, Iowa, met on March 4, 2014, at 7:00 o'clock p.m., at the City Hall Council Chambers, Ames, Iowa. The meeting was called to order by the Mayor, and the roll being called, the following named Council Members were present and absent: Present: Corrieri, Gartin, Goodman, Nelson, Orazem Absent: Betcher The City Council investigated and found that a notice of intention to institute proceedings to enter into a General Obligation Loan Agreement in a principal amount not to exceed $13,250,000 for the purpose of paying the cost, to that extent, of constructing improvements to streets, bridge and solid waste disposal facilities, the cost of flood mitigation and remediation, and of refunding the outstanding balance of the City's General Obligation Corporate Purpose Bonds, Series 2006A, 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 placed on file. Whereupon, the Mayor called for any written or oral objections, and there being none, the Mayor announced that the City Council may authorize the loan agreement in the amount as published. After due consideration and discussion, Council Member Goodman introduced the resolution next hereinafter set out, related to approving a debt service tax levy, and moved its adoption, seconded by Council Member Orazem. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Corrieri, Gartin, Goodman, Nelson, Orazem Nays: None Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames419370-54/2014 Hrg&Prelevy RESOLUTION NO. 14-124 Resolution authorizing a Loan Agreement and providing for the levy of taxes 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 $13,250,000 pursuant to the provisions of Section 384.24A of the Code of Iowa for the purpose of paying the cost, to that extent, of constructing improvements to streets, bridge and solid waste disposal facilities, the cost of flood mitigation and remediation, and of refunding the outstanding balance of the City's General Obligation Corporate Purpose Bonds, Series 2006A, 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 and Refunding Bonds in an amount not to exceed $13,250,000 (the "Bonds") in the future, and anticipates that principal and interest will come due on the Bonds before June 30, 2015, 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, 2014 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 Bonds, there is hereby ordered levied on all the taxable property in the City a direct annual tax for collection in the fiscal year beginning July 1, 2014, sufficient to produce the net annual sum of$739,677. 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 Bonds hereby authorized and for no other purpose whatsoever. -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames419370-54/2014 Hrg&Prelevy Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved March 4, 2014. Mayor Attest: City Clerk On motion and vote, the meeting adjourned. Al� • � v Mayor Attest: City Clerk -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames419370-54/2014 Hrg&Prelevy STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES I, 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 relating to the authorization of a loan agreement and authorization of a debt service tax levy related to the City's $13,250,000 General Obligation Corporate Purpose and Refunding Bonds, 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. WITNESS MY HAND this 4th day of March, 2014. City Clerk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA