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Home My WebLink AboutA010 - Letter to Dorsey & Whitney dated March 14, 2018 CITY OF Ames" Smart Choice March 14, 2018 Dorsey & Whitney LLP 801 Grand, Suite 4100 Des Moines, Iowa 50309 Attention Robert E. Josten RE: Ames, Iowa General Obligation Corporate Purpose Loan Agreements/Debt Service Levy - 2018 Your File No. 419370-61 Dear Mr. Josten: Enclosed please find the fully executed proceedings from the Council meeting on March 6, 2018, covering the hearings and authorizing the debt service property tax levy for the fiscal year beginning July 1, 2018. I have filed a certified copy of the Resolution with the County Auditor. If you have any questions, please call. Thank you for your assistance. Sincerely, Diane R. Voss City Clerk /dry Enclosure Ames419370-61/2018A Hrg&Prelevy HEARING ON 2018A GENERAL OBLIGATION LOAN AGREEMENTS Please Return To: AND AUTHORIZE DEBT SERVICE pORSEY & WHITNEY LEVY ATTORNEYSuAt LAW 801 Grand, 419370-61 Des Moines, lowa 50309 Ames, Iowa March 6, 2018 The City Council of the City of Ames, Iowa, met on March 6, 2018, at 6:00 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: Beatty-T-iansen, Betcher,�Gartin, Martin, Nelson Absent: Corrier-i It was reported that a notice of intention to institute proceedings to enter into a 2018A General Obligation Essential Purpose Loan Agreement 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. The Mayor called for any written or oral objections, and the following persons presented comments: There being no further comments, the Mayor closed the public hearing and announced that the City Council may authorize the Essential Purpose Loan Agreement in the amount as published. -1- DORSEY & WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames419370-61/2b18A Hrg&Prelevy It was also reported that a notice of intention to institute proceedings to enter into a 2018A General Obligation Fire Station Loan Agreement 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 and that no petition had been filed asking that the question of entering into the Fire Station Loan Agreement be submitted to the registered voters of the City. The Mayor called for any written or oral objections, and the following persons presented comments: There being no further comments, the Mayor closed the public hearing and announced that the City Council may authorize the Fire Station Loan Agreement in the amount as published. Council Member Betcher introduced the resolution next hereinafter set out, related to approving a debt service tax levy, and moved its adoption, seconded by Council Member Beatty-Hansen_ After due consideration and discussion, the Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Beatty-Hansen, Betchpr, Gartin, Martins lelenn Nays: None Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -2- DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames419370-61/2018A Hrg&Prelevy RESOLUTION NO. 18-121 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 Essential Corporate Purpose Loan Agreement (the "Essential Purpose Loan Agreement") in a principal amount not to exceed $8,375,000, 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 and acquisition of emergency services communication equipment, and has published notice of the proposed action and has held a hearing thereon; and WHEREAS, the City also has proposed to enter into a General Obligation Fire Station Loan Agreement (the "Fire Station Loan Agreement") in a principal amount not to exceed $150,000, for the general corporate purpose of making improvements at the City's Fire Station #l, and has published notice of the proposed action and has held a hearing thereon, and no petition has been filed asking that the question of entering into the Fire Station Loan Agreement be submitted to the registered voters of the City; and WHEREAS, the Essential Purpose Loan Agreement and the Fire Station Loan Agreement will be combined into one loan agreement (the "Loan Agreement"); 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 $8,525,000 (the "Bonds") in the future, and anticipates that principal and interest will come due on the Bonds before June 30, 2019, 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, 2018 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, 2018, sufficient to produce the sum of$802,390. 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 -3- DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames419370-61&18A Hrg&Prelevy 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. Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved March 6, 2018. Mayor Attest: City Clerk On motion and vote,the meeting adjourned. Mayor Attest: City Clerk -4- DORSEY & WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames4 1 93 70-6 1/2bI8A 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 $8,525,000 General Obligation Corporate Purpose 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 6th day of March , 2018. City Clerk -5- DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA