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HomeMy WebLinkAboutA061 - Proceedings from June 27, 2023 meeting and Proof of Publication dated June 30, 2023 I Ames/419370-74/1"'/x-Sewer Rev MINUTES TO SET DATE FOR HEARING ON ENTERING INTO A LOAN AND DISBURSEMENT AGREEMENT I 419370-74 (N/1) Ames, Iowa I June 27, 2023 i The City Council of the City of Ames, Iowa, met on June 27, 2023, at 6 o'clock p.m., at the Council Chambers, Ames City Hall, in the City. The Mayor presided and the roll was called showing the following members of the Council present and absent: Present: Betcher, Beatty-Hansen, Corrieri, Gartin, Junck, Rollins Absent: None. Council Member Betcher introduced the resolution hereinafter next set out and moved its adoption, seconded by Council Member Gartin; and after due consideration thereof by the Council, the Mayor put the question upon the adoption of the said resolution and the roll being called, the following named Council Members voted: Ayes: Betcher, Beatty-Hansen, Corded, Gartin, Junck, Rollins Nays: None. Whereupon, the Mayor declared the resolution duly adopted as follows: i -I- DORSEY & WHITNEY LLP, ATTORNEYS,DES MOINES,TOWA Ames/419370-74/1 Sewer Rev RESOLUTION NO. 23-367 Resolution to fix a date for a public hearing on proposal to enter into a Sewer Revenue Loan and Disbursement Agreement and to borrow money thereunder in a principal amount not to exceed $2,150,000 WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, did heretofore establish a Municipal Sanitary Sewer System (the "Utility") in and for the City which has continuously supplied sanitary sewer service in and to the City and its inhabitants since its establishment; and WHEREAS, the management and control of the Utility are vested in the City Council (the "Council") and no board of trustees exists for this purpose; and WHEREAS, pursuant to a prior resolution of the Council, the City has heretofore issued its $3,121,000 Sewer Revenue Bond, SRF Series 2012, dated November 16, 2012 (the "Series 2012 Bond"), a portion of which remains outstanding; and WHEREAS, pursuant to a prior resolution of the Council, the City has heretofore issued its $797,000 Taxable Sewer Revenue Bond, SRF Series 2016, dated September 30, 2016 (the "Series 2016 Bond"), a portion of which remains outstanding; and WHEREAS, pursuant to a prior resolution of the Council, the City has heretofore issued its $1,001,000 Taxable Sewer Revenue Bond, SRF Series 2018, dated February 16, 2018 (the "Series 2018 Bond"), a portion of which remains outstanding; and WHEREAS, pursuant to a prior resolution of the Council, the City has heretofore issued its $5,107,055.19 Taxable Sewer Revenue Improvement and Refunding Bond, SRF Series 2021, dated February 19, 2021 (the "Series 2021 Bond"), a portion of which remains outstanding; and WHEREAS, pursuant to a prior resolution of the Council, the City has heretofore issued its $4,071,000 Sewer Revenue Bond, SRF Series 2023A, dated January 27, 2023 (the "Series 2023A Bond"), a portion of which remains outstanding; and WHEREAS, pursuant to a prior resolution of the Council, the City has heretofore issued its $8,357,000 Taxable Sewer Revenue Bond, SRF Series 2023B, dated January 27, 2023 (the "Series 2023B Bond"), a portion of which remains outstanding; and WHEREAS, pursuant to the resolutions (the "Outstanding Bond Resolutions") authorizing the issuance of the Series 2012 Bond, the Series 2016 Bond, the Series 2018 Bond, the Series 2021 Bond, the Series 2023A Bond and the Series 2023B Bond (collectively, the "Outstanding Bonds"), the City reserved the right to issue additional obligations payable from the net revenues of the Utility and ranking on a parity with the Outstanding Bonds under the terms and conditions set forth in the Outstanding Bond Resolutions; and WHEREAS, the City now proposes to enter into a Sewer Revenue Loan and Disbursement Agreement (the "Agreement") and to borrow money thereunder in a principal 2 DORSEY &WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames/419370-74/1"'/.-Sewer Rev amount not to exceed $2,150,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the cost, to that extent, of planning, designing and constructing improvements and extensions to the Utility (the "Projects"), and it is necessary to fix a date of meeting of the City Council at which it is proposed to take action to enter into the Agreement and to give notice thereof as required by such law; NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. This City Council shall meet on July 11, 2023, at the Council Chambers, Ames City Hall, in the City, at 6 o'clock p.m., at which time and place a hearing will be held and proceedings will be instituted and action taken to enter into the Agreement. Section 2. The City Clerk is hereby directed to give notice of the proposed action on the Agreement setting forth the amount and purpose thereof, the time when and place where the said meeting will be held, by publication at least once, not less than four (4) and not more than twenty (20) days before the meeting, in a legal newspaper which has a general circulation in the City. The notice shall be in substantially the following form: i -3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames/40370-74/1°"V,-Sewer Rev NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AND DISBURSEMENT AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $2,150,000 (SEWER REVENUE) The City Council of the City of Ames, Iowa, will meet on July 11, 2023, at the Council Chambers, Ames City Tull, in the City, at 6 o'clock p.m., for the purpose of instituting proceedings and taking action to enter into a loan and disbursement agreement (the "Agreement") and to borrow money thereunder in a principal amount not to exceed $2,150,000, for the purpose of paying the cost, to that extent, of planning, designing and constructing improvements and extensions to the Municipal Sanitary Sewer System (the "Utility") of the City. The Agreement will not constitute a general obligation of the City, nor will it be payable j in any manner by taxation but, together with the City'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; Taxable Sewer Revenue Improvement and Refunding Bond, SRF Series 2021, dated February j 19, 2021; Sewer Revenue Bond, SRF Series 2023A, dated January 27, 2023; Taxable Sewer Revenue Bond, SRF Series 2023B, dated January 27, 2023; and any additional obligations of the City as may be hereafter issued and outstanding from time to time ranking on a parity therewith, will be payable solely and only from the Net Revenues of the Utility. At the aforementioned time and place, oral or written objections may be filed or made to the proposal to enter into the Agreement. After receiving objections, the City may determine to enter into the Agreement, in which case, the decision will be final unless appealed to the District Court within fifteen (15) days thereafter. By order of the City Council of the City of Ames, Iowa. Renee Hall City Clerk 4 DORSEY &WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames/419370-74/1''A-Sewer Rev Section 3. Pursuant to Section 1.150-2 of the Income Tax Regulations (the "Regulations") of the Internal Revenue Service, the City declares (a) that it intends to undertake the Projects which are reasonably estimated to cost approximately $2,150,000, (b) that other than (i) expenditures to be paid or reimbursed from sources other than the issuance of bonds, notes or other obligations (the "Bonds"), or (ii) expenditures made not earlier than 60 days prior to the date of this Resolution or a previous intent resolution of the City, or (iii) expenditures amounting to the lesser of$100,000 or 5% of the proceeds of the Bonds, or (iv) expenditures constituting preliminary expenditures as defined in Section 1,150-2(f)(2) of the Regulations, no expenditures for the Projects have heretofore been made by the City and no expenditures will be made by the I City until after the date of this Resolution or a prior intent resolution of the City, and (c) that the City reasonably expects to reimburse the expenditures made for costs of the City out of the proceeds of the Bonds. This declaration is a declaration of official intent adopted pursuant to Section 1.150-2 of the Regulations. Section 4. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Section 5. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved this June 27, 2023. Mayor Attest: r �/F City Cle k On motion6 adjourned. and vote the meeting aourned. Mayor Attest: CityCik -5- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames/419370-74/1"'G-Sewer Rev ATTESTATION CERTIFICATE: STATE OF IOWA STORY COUNTY SS: CITY OF AMES I, the undersigned, City Clerk of the City of Ames, Iowa, do hereby certify that attached hereto is a true and correct copy of the proceedings of the City Council relating to fixing a date for hearing on the City Council's proposal to take action in connection with a Sewer Revenue Loan and Disbursement Agreement. WITNESS MY HAND this 271" day of June, 2023. City Clerk i 6 DORSEY &WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA I I Ames/419370-74/I°"/z-Sewer Rev i ORGANIZATION AND ESTABLISHMENT CERTIFICATE: STATE OF IO WA STORY COUNTY SS: CITY OF AMES 1, the undersigned City Clerk, do hereby certify that the City of Ames, Iowa (the "City") is organized and operating under the provisions of Title IX of the Code of Iowa and not under any special charter and that such City is operating under the Mayor-Council form of government and that there is not pending or threatened any question or litigation whatsoever touching the incorporation of the City, the inclusion of any territory within its limits or the incumbency in office of any of the officials hereinafter named. And I do further certify that the following named parties are officials of the City as indicated: John Haila, Mayor Steve Schainker, City Manager Renee Hall, City Clerk Roger Wisecup, City Treasurer Corey Goodenow, Finance Director Gloria Betcher, Council Member/Mayor Pro Tern, Bronwyn Beatty-Hansen, Council Member Amber Corrieri, Council Member Tim Gartin, Council Member Rachel Junek, Council Member Anita Rollins, Council Member I further certify that the City established the Municipal Sanitary Sewer System (the "Utility"), and that the Utility has been in continuous operation by the City since its establishment as aforesaid in supplying sanitary sewer service to the City and its inhabitants. -7- DORSEY &WHITNEY LLP, ATTORNEYS,DES MOINES, IOWA Ames/419370-74/1"Y-Sewer Rev j I further certify that the management and control of the Utility are vested in the City Council of the City, and that no board of trustees exists which has any part of the control and management of such Utility. WITNESS MY HAND this 27`" day of June, 2023. i City Clerk I I I I _g_ DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames/419370-74/11 Y,-Sever Rev OUTSTANDING DEBT CERTIFICATE: STATE OF IOWA STORY COUNTY SS: CITY OF AMES 1, the undersigned, City Clerk of the City of Ames, Iowa (the "City"), do hereby certify that the City has no bonds or other obligations of any kind now outstanding which are secured by and payable from the revenues derived from the operation of the Municipal Sanitary Sewer System (the "Utility"), except as follows: Principal Amount Date Type Outstanding Maturity 11-16-2012 Sewer Revenue $ ,� �d�� 06-01-2033 09-30-2016 Sewer Revenue $ `1 a q 1 0 06-01-2036 02-16-2018 Sewer Revenue $ J� �� C) 06-01-2038 02-19-2021 Sewer Revenue $ /fT 3������ 06-01-2038 01-27-2023 Sewer Revenue $ 141 5 06-01-2042 01-27-2023 Sewer Revenue $ 36 �51< 65 06-01-2042 (Attach here a separate sheet listing any other outstanding obligations of the City secured by and payable from the revenues of the Utility, if any, excluding the proposed issue.) WITNESS MY HAND this 271h day of June, 2023. City CIer -9- DORSEY &WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames/419370-74/1"'/2-Sewer Rev PUBLICATION CERTIFICATE: (PLEASE NOTE: Please do not date and return this certificate until you have received the publisher's affidavit and have verified that the notice was published on the date indicated in the affidavit, but please return all other completed pages to us as soon as they are available.) STATE OF IOWA STORY COUNTY SS: CITY OF AMES I, the undersigned, City Clerk of the City of Ames, Iowa (the "City"), do hereby certify that pursuant to the resolution of its City Council fixing a date of meeting at which it is proposed to take action to enter into a loan and disbursement agreement, the notice, of which the printed slip attached to the publisher's affidavit hereto attached is a true and complete copy, was published on the date and in the newspaper specified in such affidavit, which newspaper has a general circulation in the City. WITNESS MY HAND this 27(" day of June, 2023. City Clerk (Attach here the publisher's original affidaNA with clipping of the notice, as published.) A8997653 ®//� NOTICE OF PROPOSED \� iNotices ACTION TO INSTITUTE 011 PROCEEDINGS TO ENTER will not constitute a general oblia- INTO A LOAN AND g Lioo of n of the City, nor will it be DISBURSEMENT AGREEMENT ti in manner by taxation IN A PRINCIPAL AMOUNT but, together with the City's NOT TO EXCEED ss2 150,000 outstanding Sewer Revenue Bond, (SEWER REVENGE) SRF Series 2012 dated November The City Council of the City of 16, 2012; Taxable Sewer Revenue Ames, Iowa, will meet on July 11, Bond, SRF Series 2016 dated Ames City the Council Chambers, September 30, 20161 Taxable Sewer Ames City Hall, in the City, at 6 Revenue Bond, SRF Series 2018, o'clock rote for the purpose of mitt- dated February 16, 2018; Taxable toting Proceedings asl and and d action Sewer Revenue Improvement and to enter into n loan and disburse- Refunding Bond, SRF Series 2021, and t agreement(the"Agreement") dated February 19 2021; Sewer and to borrow money thereunder in Revenue Bond, SRF Series 2023A, a pprincippal amount not to exceed dated January 27, 2023• Taxable the cost, for the purpose of paying Sewer Revenue Bond, SIZF Series the cost,to that extent of planning, 2023B, dated January, 27, 2023; and designing Qq and cnsions o improve- any additional obligations of the City menis and extensions to the Muntci- as mayI be hereafter issued and gal Sanitary Sewer System (the outst.%ng from time to time rank- Itility")of the CIty.The Agreement ing on a parity therewith will be Payable solely and only from the Net Revenues of the Utility.At the aforementioned time and place,oral or written objections may be filed or made to the proposal to enter into the Agreement. After receiving obiections, the City may determine to enter into the Agreement in which case,the decision will be final unless appealed to the District Court within fifteen (15) days there- after.By order of fhe City Council of the City of Ames,Iowa.Renee Hall City Clerk Published in the Ames Tribune on June 30,2023(1T) -10- DORSEY & WHITNEY LLP,ATTORNEYS, DES MOINES, IOWA