HomeMy WebLinkAboutA018 - Email from Public Financial Management dated December 16, 2020 Voss, Diane
From: Susanne Gerlach <GERLACHS@pfm.com>
Sent: Wednesday, December 16, 2020 5:05 PM
To: Josten.Robert@dorsey.com; Pitcher, Duane
Cc: Wisecup, Roger; Voss, Diane; hammond.emily@dorsey.com
Subject: RE: [EXTERNAL] SRF Loan Final Disbursements and Sponsored Project
[External Email]
Regarding the reduced project costs,you will simply get an amended final amortization schedule from IFA to account for
the reduced principal drawn on the loan. No other action should be needed.
Regarding the sponsored project, I believe that requires at least an amendment to the original loan agreement. Bob will
be able to better guide you through that specific process.
From a financing perspective, there is no change to the regularly scheduled principal and interest amounts you will
pay. However, if you are reducing the final borrowing for the project, that will reduce the total amount of interest you
will pay on the balance of the SRF loan, which may in turn reduce the sponsored project grant amount. IFA will need to
clarify this for you upon finalizing the original loan amortization schedule.
Best,
Susanne
Susanne Gerlach
Director
PFM Financial Advisors LLC
gerlachs@pfm.com E-MAIL ( 515.724.5734 OFFICE 1 515.243.6994 FAX I pfm.com
801 Grand Avenue, Suite 3300 1 Des Moines, IA 50309
From:Josten.Robert@dorsey.com<Josten.Robert@dorsey.com>
Sent: Wednesday, December 16, 2020 10:01 AM
To: duane.pitcher@cityofames.org; Susanne Gerlach <GERLACHS@pfm.com>
Cc: roger.wisecup@cityofames.org; diane.voss@cityofames.org; hammond.emily@dorsey.com
Subject: RE: [EXTERNAL] SRF Loan Final Disbursements and Sponsored Project
EXTERNAL EMAIL: Use care with links and attachments.
While no Council action will be needed in order to close the original loan, Council will need to set date for and hold a
hearing on the additional funds. I will ask my"SRF specialist" to check with IFA staff to find out the best way to put this
together.
Robert E.Josten. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
DORSEY & WHITNEY LLP
801 Grand Suite 4100
Des Moines, IA 50309-8002
F: 515.283.1060 Cell: 515.556.8186
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Thank you.
From: Pitcher, Duane <duane.pitcher@cityofames.org>
Sent: Wednesday, December 16, 2020 9:20 AM
To:Josten, Robert<Josten.Robe rt@dorsey.com>; Susanne Gerlach - Public Financial Management (gerlachs@pfm.com)
<gerlachs@pfm.com>
Cc: Wisecup, Roger<roger.wisecup@cityofames.org>;Voss, Diane<diane.voss@cityofames.org>
Subject: [EXTERNAL] SRF Loan Final Disbursements and Sponsored Project
Bob and Susanne,
Questions on SRF action.
In October 2018 we entered into a $5.7M SRF loan agreement for sanitary sewer improvements. We've finished the
project and are ready to sign the certificate of final loan balance, it came in lower at $5,206,055.19. 1 assume we can
proceed on this without additional council action, please confirm.
We also have an amendment to the loan for a sponsored project in the amount of$375,000. What action will we need
with council for the sponsored project amendment?
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
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