HomeMy WebLinkAboutA011 - Letter to Dorsey & Whitney dated September 21, 2015 CITY
A m e s,"
Smart Choice
September 21, 2015
Dorsey & Whitney LLP
801 Grand, Suite 4100
Des Moines, Iowa 50309
Attention Robert E. Josten
RE: Your File No.: 419370-55
General Obligation Corporate Purpose Bonds, Series 2015A
Dear Bob:
Enclosed please find the signed Certificate of the County Auditor relating to the filing of a
certified copy of the Bond Issuance Resolution.
Thank you for your assistance.
Sincerely,
Diane R. Voss
City Clerk
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Enclosure
City Clerk's Office 515.239.5105 main 515 Clark Ave„P.O.Box 811
515.239.5142 fax Ames,IA 50010
wwwCityofAmes.org
Ames/419370-55/2015GO Issnc
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 11"^ day of September, 2015, 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 and approved by the Mayor thereof on September 8, 2015, entitled: "Resolution
authorizing the issuance of $18,445,000 General Obligation Corporate Purpose and Refunding
Bonds, Series 2015A, 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, 2016, and subsequent years as provided in the resolution.
WITNESS MY HAND this Ili" day of September, 2015.
emu.,®
County ditor
-16-
DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
C 0ORSEY'"
DORSEY & WHITNEY LLP
September 22, 2015
City of Ames FTN Financial Capital Markets
Ames, Iowa New York,New York
We hereby certify that we have examined certified copies of the proceedings (the
"Proceedings") of the City Council of the City of Ames (the "Issuer"), in Story County, Iowa,
passed preliminary to the issue by the Issuer of its General Obligation Corporate Purpose and
Refunding Bonds, Series 2015A (the "Bonds") in the amount of$18,445,000, dated September
22, 2015, in the denomination of$5,000 each, or any integral multiple thereof, in accordance
with a loan agreement dated as of September 22, 2015 (the "Loan Agreement"), and pursuant to
a resolution adopted by the Issuer on September 8, 2015 (the "Resolution"). The Bonds mature
on June 1 in each of the respective years and in the principal amounts and bear interest payable
semiannually, commencing June 1, 2016, at the respective rates as follows:
Principal Interest Rate Principal Interest Rate
Year Amount Per Annum Year Amount Per Annum
2016 $2,110,000 5.000% 2024 $1,200,000 2.500%
2017 $2,235,000 5.000% 2025 $1,225,000 3.000%
2018 $2,385,000 5.000% 2026 $1,265,000 3.000%
2019 $1,965,000 5.000% 2027 $1,305,000 3.000%
2020 $1,020,000 5.000% 2029 $ 100,000 3.000%
2021 $1,065,000 2.000% 2031 $ 110,000 3.000%
2022 $1,085,000 5.000% 2033 $ 115,000 3.125%
2023 $1,140,000 5.000% 2035 $ 120,000 3.250%
but the Bonds maturing in each of the years 2024 to 2035, inclusive, are subject to redemption
prior to maturity on June 1, 2023 or any date thereafter, upon terms of par and accrued interest,
and principal of the Bonds maturing in each of the years 2029, 2031, 2033 and 2035 is subject to
mandatory redemption in accordance with the redemption schedules set out in the Resolution.
Based upon our examination,we are of the opinion, as of the date hereof,that:
1. The Proceedings show lawful authority for such issue under the laws of the State
of Iowa.
2. The Bonds and the Loan Agreement are valid and binding general obligations of
the Issuer.
3. All taxable property within the corporate boundaries of the Issuer is subject to the
levy of taxes to pay the principal of and interest on the Bonds without constitutional or statutory
limitation as to rate or amount.
DORSEY & WHITNEY LLP • ATTORNEYS AT LAW • WWW.DORSEY.COM -T 515.283.1000
F 515.283.1050 • 801 GRAND • SUITE 4100 • DES MOINES, IOWA 50309-8002
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0ORSEY"
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4. The interest on the Bonds (including any original issue discount properly
allocable to an owner thereof) is excluded from gross income for federal income tax purposes
and is not an item of tax preference for purposes of the federal alternative minimum tax imposed
on individuals and corporations; it should be noted, however, that for the purpose of computing
the alternative minimum tax imposed on corporations (as defined for federal income tax
purposes), such interest is taken into account in detennining adjusted current earnings. The
opinions set forth in the preceding sentence are subject to the condition that the Issuer comply
with all requirements of the Internal Revenue Code of 1986 (the "Code") that must be satisfied
subsequent to the issuance of the Bonds in order that interest thereon be, or continue to be,
excluded from gross income for federal income tax purposes. The Issuer has covenanted to
comply with each such requirement. Failure to comply with certain of such requirements may
cause the inclusion of interest on the Bonds in gross income for federal income tax purposes to
be retroactive to the date of issuance of the Bonds.
We express no opinion regarding other federal tax consequences arising with respect to
the Bonds.
The rights of the owners of the Bonds and the enforceability thereof may be subject to
bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors'
rights heretofore or hereafter enacted to the extent constitutionally applicable, and their
enforcement may also be subject to the exercise of judicial discretion in appropriate cases.
DORSEY& WHITNEY LLP
DORSEY&WHITNEY LLP