HomeMy WebLinkAboutA038 - Payment Schedule dated February 19, 2021 GORSEY-
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February 19, 2021
City of Ames Iowa Finance Authority
Ames, Iowa Des Moines, Iowa
Re: $5,107,055.19 Taxable Sewer Revenue Improvement and Refunding Bond, Series 2021
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, State of
Iowa, passed preliminary to the issue by the Issuer of its Taxable Sewer Revenue Improvement
and Refunding Bond, Series 2021, dated the date hereof(the"Series 2021 Bond"), in evidence of
the Issuer's obligation under d a certain Sewer Revenue Loan and Disbursement Agreement (the
"Agreement ), dated October19 2018, between the Issuer and the Iowa Finance Authority (the
"Authority"), as amended by a ce
rtain First Amendment to Loan and Disbursement Agreement,
da
ted the date hereof, authorized and approved by resolution of the Issuer adopted on January 26,
2021 the "Resolution"), in an amount not exceeding $5,107,055.19, or so much thereof as may
be advanced to the Issuer by the Authority pur
suant to the terms of the Agreement and the
Resolution. Principal of the Series 2021 Bond bears interest payable semiannually, commencing
June 1, 2021, from the date of its advancement to the Issuer by the Authority until paid, at the
rate of 0.86% per annum, and is payable annually on June 1 in each of the years and in the
principal installment amounts, as follows:
Date Amount Date Amount
2021 $241,055.19 2030 $286,000.00
2022 $262,000.00 2031 $289,000.00
2023 $265,000.00 2032 $292,000.00
2024 $267,000.00 2033 $295,000.00
2025 $270,000.00 2034 $299,000.00
2026 $273,000.00 2035 $302,000.00
2027 $277,000.00 2036 $305,000.00
2028 $280,000.00 2037 $309,000.00
2029 $283,000.00 2038 $312,000.00
but principal of the Series 2021 Bond is subject to redemption prior to maturity upon terms of
par plus accrued interest on any date with the prior written consent of the Authority and at the
times and on the terms specified in the Series 2021 Bond.
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.
Dorsey&Whitney LLP 1 801 Grand Avenue I Suite 4100 1 Des Moines,IA 1 50309-8002 1 T 515.283.1000 I F 515.283.1060 1 dorsey.com
2. The Series 2021 Bond and the Agreement are valid and legally binding
obligations of the Issuer enforceable in accordance with their terms.
3. The Series 2021 Bond; the Issuer's outstanding Sewer Revenue Bond, SRF Series
2012, dated November 16, 2012; Taxable Sewer Revenue Bond, SRF Series 2016, dated
September 30, 2016; Taxable Sewer Revenue Bond, SRF Series 2018, dated February 16, 2018;
and any additional obligations as may be hereafter issued and outstanding from time to time
ranking on a parity therewith under the conditions and restrictions set forth in the Resolution, are
and will continue to be payable as to both principal and interest solely and only from the future
Net Revenues of the Municipal Sanitary Sewer System of the Issuer.
4. The interest on the Series 2021 Bond is not excluded from gross income for
federal income tax purposes under the Internal Revenue Code of 1986. We express no opinion
regarding other federal or state income tax consequences arising with respect to the Series 2021
Bond.
The rights of the owners of the Series 2021 Bond and the enforceability thereof and of the
Agreement and the Resolution 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
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