HomeMy WebLinkAboutA019 - Email from Finance dated December 18, 2020 Voss, Diane
From: Pitcher, Duane
Sent: Friday, December 18, 2020 1:06 PM
To: Ibrahim, Abdelhafiz; Peterson, Tracy; Joiner, John
Cc: Wisecup, Roger; Voss, Diane
Subject: FW: Process for authorizing SRF Sponsored Project Amendment
Hafiz,Tracey, and John,
Please see the e-mail below on process for the SRF Sponsored Project Amendment. The CAF will be primarily about the
project so you'll need to take the lead on the CAF, Roger and I will work with bond counsel and assist with that portion
of the CAF and bond counsel will prepare the required proceedings. Please let us know when you would like to take to
council and we will make arrangements to have the bond proceedings prepared.
Roger will be forwarding the amendment to IFA, but the funding cannot proceed until the notice and hearing are done.
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
From: hammond.emily@dorsey.com <hammond.emily@dorsey.com>
Sent:Thursday, December 17, 2020 6:25 PM
To: Pitcher, Duane <duane.pitcher@cityofames.org>; gerlachs@pfm.com
Cc:Josten.Robert@dorsey.com
Subject: Process for authorizing SRF Sponsored Project Amendment
[External Email]
Hi Duane,
Bob Josten asked that I send you a quick note regarding the process for authorizing a sponsored project amendment on
the City's$5.7M SRF Sewer Revenue Loan. The process for authorizing the loan amendment is substantially similar to
the process for authorizing a regular SRF Loan, and can be accomplished in a minimum of two City Council meetings.
At the first meeting, the City Council would set the date for a public hearing on the amendment. The "not to exceed"
amount for this would include the original principal amount and the sponsored project amount. The City would then
publish notice of hearing in the newspaper, and at a second City Council meeting, would hold the public hearing on the
amendment. If everything was in order and the City was ready for access to the funds, the loan amendment could be
authorized at that second City Council meeting. Otherwise,the authorizing resolution could be adopted at a third City
Council meeting. Closing typically follows about two-and-a-half weeks after adoption of the authorizing resolution.
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Before the City Council can adopt the authorizing resolution, the City will need to submit the amendment application to
Tracy Scebold at IFA. He can provide you with that application.
Please let us know if you have any questions. We will be prepared to prepare the materials for you as soon as you are
ready.
Have a nice evening!
Emily C. Hammond
Associate
QORSEY*
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DORSEY & WHITNEY LLP
8oi Grand Avenue
Suite 4100 1 Des Moines,IA 50309-8002
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