HomeMy WebLinkAboutA038 - Closing Documents Ames/419370-67/Closing Cert&Ur
CLOSING CERTIFICATE
We, the undersigned Mayor and City Clerk, of the City of Ames (the "City"), in Story
County, Iowa, do hereby certify that we are now and were at the time of the execution of the
City's $19,640,000 General Obligation Corporate Purpose and Refunding Bonds, Series 2021A,
dated September 9, 2021 (the "Bonds"), the officers respectively above indicated; and that in
pursuance of Chapter 384 of the Code of Iowa, a resolution adopted by the City Council on
August 10, 2021 (the "Resolution"), and a loan agreement dated as of September 9, 2021 (the
"Loan Agreement"), by and between the City and Huntington Securities, Inc., Chicago, Illinois
(the "Purchaser"), the Bonds have been heretofore lawfully authorized and this day by us
lawfully issued and delivered to or upon the direction of the Purchaser and pursuant to the Loan
Agreement, the City has received $22,200,159.27 which amount represents the par amount of the
Bonds ($19,640,000), plus reoffering premium ($2,621,350.30) minus underwriter's discount
($61,191.03). The Bonds mature on June 1 in each of the years, in the respective principal
amounts and bear interest payable semiannually on each June 1 and December 1, commencing
June 1, 2022, as set forth in the Resolution.
Each of the Bonds has been executed with the facsimile signatures of these officers; and
the Bonds have been fully registered as to principal and interest in the names of the owners on
the registration books of the City maintained by the City Treasurer, as the Registrar and Paying
Agent.
We further certify that the Bonds are being issued to evidence the City's obligation under
the Loan Agreement entered into by the City for the purpose of paying the costs, to that extent,
of (i) constructing improvements to streets and sanitary sewers, installation of traffic control
devices, converting a parking lot into a downtown plaza (the "Projects"); and (ii) current
refunding the principal maturities of the City's General Obligation Corporate Purpose Bonds,
Series 2013, dated May 30, 2013 (the "Refunded Obligation").
We further certify that no controversy or litigation is pending, prayed or threatened
involving the incorporation, organization, existence or boundaries of the City, or the titles of the
aforesaid officers to their respective positions, or the validity of the Bonds, or the power and duty
of the City to provide and apply adequate taxes for the full and prompt payment of the principal
of and interest on the Bonds, and that none of the proceedings incident to the authorization and
issuance of the Bonds has been repealed or rescinded.
We further certify that no appeal of the decision of the City Council to enter into the
Loan Agreement or to issue the Bonds has been taken to the district court.
We further certify that all meetings held in connection with the Bonds were open to the
public at a place reasonably accessible to the public and that notice was given at least 24 hours
prior to the commencement of all meetings by advising the news media who requested notice of
the time, date, place and the tentative agenda and by posting such notice and agenda at the City
Hall or principal office of the City on a bulletin board or other prominent place which is easily
accessible to the public and is the place designated for the purpose of posting notices of
meetings.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-67/Closing Cal&Ur
We further certify as follows:
1. The net sales proceeds of the Bonds are $22,261,350.30 (the "Net Sales Proceeds"),
the same being the Issue Price(hereinafter defined) thereof.
2. The estimated sources and uses of funds in connection with the Bonds are as follows:
_ .. :,
;Par amount of Bonds $19,640,000.00
rReoffering Premium $2,621,350.30
_ W
.._..-..__.
$22,261,350 30
;USES
,Deposit to Project Fund $11,055,400 00
;Current Refunding of Refunded Obligation $11,055,000 00
3 ---- _ --
lUnderwriter's Discount $61,191 03
Costs of Issuance }rr $86,300 00.
Rounding Amount
$22,261,350 30
a. $147,491.03 of the Net Sales Proceeds will be used to pay costs of
issuance, including the underwriter's discount, within 45 days of the date hereof, and
until so applied,will be invested by the City without restriction as to yield
b. $11,055,000 of the Net Sales Proceeds will be used for the redemption of
the Refunded Obligation on September 9, 2021, and until so applied, will be invested by
the City without restriction as to yield.
C. $11,055,400 of the Net Sales Proceeds will be used to pay the costs of the
Projects (the "Project Net Sales Proceeds"), and the Project Net Sales Proceeds will be
expended and invested in accordance with Section 3 hereinafter set forth.
d. The amount received as Rounding Amount($3,459.27)will be used for
any lawful purpose of the City.
3. The Project Net Sales Proceeds, including investment earnings thereon, will be
invested by the City without restriction as to yield for a period not to exceed three years from the
date hereof (the "Three Year Temporary Period"), the following three tests being reasonably
expected to be satisfied by the City:
a. Time Test: The City has entered into or, within six months of the
date hereof, will enter into binding contracts for the Projects with third parties
(e.g. engineers or contractors);
I
DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-67/Closing Cert&Ur
G) which are not subject to contingencies directly or
indirectly within the City's control;
(ii) which provide for the payment by the City to such
third parties of an amount equal to at least 5% of the Project Net
Sales Proceeds;
b. Expenditure Test: At least 85% of the Project Net Sales Proceeds
will be applied to the payment of costs of the Projects within the Three Year
Temporary Period; and
c. Due Diligence Test: Acquisition and construction of the Projects to
completion and application of the Project Net Sales Proceeds to the payment of
costs of the Projects will proceed with due diligence.
4. All of the original and investment proceeds of the Refunded Obligation have been
expended for the purposes for which they were issued.
5. The City Council adopted a resolution on February 23, 2021 declaring its official
intent to acquire and construct the Projects and finance the same with bonds or other obligations
(the"Intent Resolution").
The City certifies that none of the costs of the Projects to be paid for from the Project Net
Sales Proceeds are for expenditures made more than 60 days prior to the date of adoption of the
Intent Resolution, except for (i) costs of issuance of the Bonds; (ii) costs aggregating an amount
not in excess of the lesser of$100,000 or 5% of the Project Net Sales Proceeds; (iii) costs for
preliminary expenditures (including architectural, engineering, surveying, soil testing, and
similar costs incurred prior to commencement of acquisition or construction of the Projects, other
than land acquisition, site preparation and similar costs) not in excess of 20% of the Project Net
Sales Proceeds of the Bonds; the City will allocate Project Net Sales Proceeds to reimbursement
of such expenditures no later than 3 years after the later of(i)the date any such expenditure was
originally paid or (ii)the date the Projects are placed in service (or abandoned); and such
allocations will be made by the City in writing.
The City will seek reimbursement of prior expenditures already paid by the City from the
proceeds of the Bonds in the amount of$36,396.58.
6. The Bonds are payable from ad valorem taxes levied against all taxable property
within the City which will be collected in a Debt Service Fund and applied to the payment of
interest on the Bonds on each June 1 and December 1 and principal of the Bonds on each June 1
(the 12-month period ending on each June 1 being herein referred to as a"Bond Year"); the Debt
Service Fund is used primarily to achieve a proper matching of taxes with principal and interest
payments within each Bond Year; the Debt Service Fund will be depleted at least once each
Bond Year except for a reasonable carryover amount not to exceed the greater of(i)the earnings
on the fund for the immediately preceding Bond Year; or (ii) 1/12 of the principal and interest
payments on the Bonds for the immediately preceding Bond Year; amounts on deposit in the
Debt Service Fund will be invested by the City without restriction as to yield for a period of 13
months after their date of deposit.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-67/Closing Cei l&Ltr
7. Not more than 50% of the Net Sales Proceeds will be invested in non-purpose
investments [as defined in Section 148(f)(6)(A) of the Internal Revenue Code of 1986, as
amended (the "Code")] having a substantially guaranteed yield for four years or more (e.g., a
four-year guaranteed investment contract or a Treasury Obligation that does not mature for four
years).
8. The weighted average maturity of the Bonds, 5.8605, does not exceed 120% of(a)
the reasonably expected economic life of the Projects or (b)the remaining reasonably expected
economic life of the projects originally financed by the Refunded Obligation.
9. The City intends that it will be the sole owner of the Projects financed by the
Bonds and agrees that it will not use, or suffer or permit to be used by any natural person, firm,
joint venture, association, partnership, business trust, corporation, public body, agency or
political subdivision thereof or any other similar entity ("Person') by lease or other use
agreement, any of the Projects by any Person who is not a "governmental person" as defined in
Section 1.141-1 of the Regulations, or if such Person is a not a "governmental person" such use
meets the requirements set out in Section 1.141-3 of the Regulations, Internal Revenue Service
Revenue Procedure 97-13 and Internal Revenue Service Revenue Procedure 2001-39 (or any
applicable successor procedures, rulings or regulations) or is allowable private activity pursuant
to Section 1.141 of the Regulations and Section 141 of the Code (or any applicable successor
procedures, rulings or regulations). The City agrees that it will not allow any other user to use or
occupy the Projects for any purposes which would cause interest on the Bonds to be includable
in gross income under Section 103 of the Code.
10. To the extent of the principal amount of the Project Net Sales Proceeds, the
issuance of the Bonds qualifies as a"construction issue" as defined in Section 148(f)(4)(c)(vi) of
the Code and Section 1.148-7(f) of the Regulations because at least 75% of the "available
construction proceeds" of the Bonds as defined in Section 148(f)(4)(c)(vi) of the Code will be
allocated to capital expenditures that are allocable to the cost of land, improvements, buildings,
permanent structures or constructed personal property. The costs of acquisition of land are not
"available construction proceeds." The City reasonably expects to spend the Project Net Sales
Proceeds to pay capital costs (including capitalized interest) within the following time periods
(the"Two-Year Exception'):
(a) At least 10%will be spent within 6 months of the date hereof;
(b) At least 45%will be spent within 12 months of the date hereof,
(c) At least 75%will be spent within 18 months of the date hereof; and
(d) All of the proceeds will be spent within 24 months of the date hereof.
If the Project Net Sales Proceeds are spent in accordance with these provisions, the
Project Net Sales Proceeds may be invested by the City without restriction to yield and rebate
payments to the United State will not be required; however, if the Project Net Sales Proceeds are
not spent within the foregoing timeframes, rebate payments to the United States may be required
to be made by the City.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-67/Closing Ce,i&Ur
11. On the basis of the foregoing, it is not expected that the Net Sales Proceeds will
be used in a manner that would cause the Bonds to be"arbitrage bonds"under Section 148 of the
Code and the regulations prescribed under that section. The City has not been notified of any
listing or proposed listing of it by the Internal Revenue Service as a bond issuer whose arbitrage
certifications may not be relied upon.
12. We further certify that due provision has been made for the collection of taxes
sufficient to pay the principal of and interest on the Bonds when due. All payments coming due
before the collection of any such taxes will be paid promptly when due from legally available
funds.
13. To our best knowledge and belief, there are no facts, estimates or circumstances
which would materially change the foregoing conclusions
IN WITNESS WHEREOF, we have hereunto affixed our hands, as of September 9, 2021.
CIT OF MES, OW
Mayor
i test:
City Clerk
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DORSEY& WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
CITY OF AMES,IOWA
$19,640,000
GENERAL OBLIGATION CORPORATE PURPOSE AND REFUNDING BONDS,SERIES 2021A
ISSUE PRICE CERTIFICATE
The undersigned, on behalf of Huntington Securities, Inc. ("HUNTINGTON
SECURITIES"), hereby certifies as set forth below with respect to the sale of the obligations
named above (the"Bonds").
1. Reasonably Expected Initial Offering Price.
(a) As of the Sale Date,the reasonably expected initial offering prices of the Bonds to
the Public by HUNTINGTON SECURITIES are the prices listed in Schedule A (the "Expected
Offering Prices"). The Expected Offering Prices are the prices for the Maturities of the Bonds
used by HUNTINGTON SECURITIES in formulating its bid to purchase the Bonds. Attached
as Schedule B is a true and correct copy of the bid provided by HUNTINGTON SECURITIES to
purchase the Bonds.
(b) HUNTINGTON SECURITIES was not given the opportunity to review other bids
prior to submitting its bid.
(c) The bid submitted by HUNTINGTON SECURITIES constituted a firm offer to
purchase the Bonds.
2. Defined Terms. For purposes of this Issue Price Certificate:
(a) Issuer means the City of Ames,Iowa.
(b) Maturity means Bonds with the same credit and payment terms. Any Bonds with
different maturity dates, or with the same maturity date but different stated interest rates, are
treated as separate Maturities.
(c) Member of the Distribution Group means (i) any person that agrees pursuant to a
written contract with the Issuer (or with the lead underwriter to form an underwriting syndicate)
to participate in the initial sale of the Bonds to the Public, and (ii) any person that agrees
pursuant to a written contract directly or indirectly with a person described in clause (i) of this
paragraph to participate in the initial sale of the Bonds to the Public (including a member of a
selling group or a party to a retail distribution agreement participating in the initial sale of the
Bonds to the Public).
(d) Public means any person (i.e., an individual,trust, estate, partnership, association,
company, or corporation) other than a Member of the Distribution Group or a related party to a
Member of the Distribution Group. A person is a"related party"to a Member of the Distribution
Group if the Member of the Distribution Group and that person are subject, directly or indirectly,
to (i) at least 50% common ownership of the voting power or the total value of their stock, if
both entities are corporations (including direct ownership by one corporation of another), (ii)
more than 50% common ownership of their capital interests or profits interests, if both entities
are partnerships (including direct ownership by one partnership of another), or (iii) more than
50% common ownership of the value of the outstanding stock of the corporation or the capital
interests or profit interests of the partnership, as applicable, if one entity is a corporation and the
other entity is a partnership (including direct ownership of the applicable stock or interests by
one entity of the other).
(e) Sale Date means the first day on which there is a binding contract in writing for
the sale of the respective Maturity. The Sale Date of each Maturity was August 10, 2021.
The representations set forth in this certificate are limited to factual matters only.
Nothing in this certificate represents HUNTINGTON SECURITIES' interpretation of any laws,
including specifically Sections 103 and 148 of the Internal Revenue Code of 1986, as amended,
and the Treasury Regulations thereunder. The undersigned understands that the foregoing
information will be relied upon by the Issuer with respect to certain of the representations set
forth in the Tax Certificate and with respect to compliance with the federal income tax rules
affecting the Bonds, and by Dorsey & Whitney, LLP, Des Moines, Iowa in connection with
rendering its opinion that the interest on the Bonds is excluded from gross income for federal
income tax purposes, the preparation of the Internal Revenue Service Form 8038-G, and other
federal income tax advice that it may give to the Issuer from time to time relating to the Bonds.
HUNTINGTON SECURITIES, INC.
By:
Name: Douglas Fox
Dated: September 9,2021
SCHEDULE A
EXPECTED OFFERING PRICES
(Attached)
1preo Pagel of 2
Wires
Rec'd Date/Time(CST) Sender ST Wire Type/Title Master Message# Deal
Type
08/10/21 01:48 PM Huntington Sec IL RESIZE-TICKETS TOMORROW 8/11 Comp
RE: $ 19,640,000*
CITY OF AMES, IOWA
GENERAL OBLIGATION CORPORATE PURPOSE AND REFUNDING BONDS, SERIES 2021A
COMPETITIVE ISSUE
Selling: Tuesday, August 10, 2021 at 11:00AM Central
Huntington Securities, Inc. is the winning bid.
RESIZE
TICKETS TOMORROW 8/11 @ 9:00 AM CT
MOODY'S: Aal (Stable) S&P:
FITCH: KROLL:
DATED:09/09/2021 FIRST COUPON:06/01/2022 INTEREST ACCRUES:09/09/2021
DUE: 06/01
INITIAL TRADE DATE: 08/11/2021 @ 10:00AM Eastern
ADD'L
TAKEDOWN
MATURITY AMOUNT* COUPON PRICE ( Pts ) CUSIP
06/01/2022 2,005M 5.00% 0.10 0308072U4
(Approx. $ Price 103.563)
06/01/2023 1,755M 5.00% 0.12 0308072V2
(Approx. $ Price 108.420)
06/01/2024 1,840M 5.00% 0.16 0308072WO
(Approx. $ Price 113.168)
06/01/2025 1,935M 5.00% 0.27 0308072X8
(Approx. $ Price 117.531)
06/01/2026 1,385M 5.00% 0.45 0308072Y6
(Approx. $ Price 121.259)
06/01/2027 1,450M 5.00% 0.58 0308072Z3
(Approx. $ Price 124.864)
06/01/2028 1,525M 5.00% 0.70 0308073A7
(Approx. $ Price 128.209)
06/01/2029 1,600M 5.00% 0.80 0308073B5
(Approx. $ Price 131.411)
06/01/2030 1,685M 3.00% 1.05 0308073C3
(Approx. $ Price PTC 06/01/2029 114.436 Approx.
YTM 1.249)
06/01/2031 1,730M 1.375% 1.375 0308073D1
06/01/2032 1,760M 1.50% 1.50 0308073E9
06/01/2033 970M 1.50% 1.60 0308073F6
(Approx. $ Price 98.933)
---------------------------------------
CALL FEATURES: Optional call in 06/01/2029 @ 100.00
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* - APPROXIMATE SUBJECT TO CHANGE
Order period until today 2:00 PM, Central, Tuesday, 08/10/21.
Please use Electronic Order Entry to enter orders or call (312) 443-1555.
The manager reserves the right to terminate or extend the order period prior to or later
than the above-mentioned time and date and to confirm bonds at their discretion.
Delivery is firm for Thursday, September 9, 2021.
This issue is book entry only. This issue is clearing through DTC.
Award: 08/10/2021
Award Time: 7:OOPM Eastern
Delivery: 09/09/2021 (Firm)
Initial trade: 08/11/2021
Date of Execution: 08/11/2021
Time of Execution: 10:00AM Eastern
Huntington Securities, Inc.
By: Huntington Securities, Inc. Chicago., IL
Email Address Date Sent
Print FEmail
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SCHEDULE B
COPY OF UNDERWRITER'S BID
(Attached)
08/10/2021 01:06:57 PM CDST Page 1 of 1
Bond Report
$22,405,000.00
Ames, IA
General Obligation Corporate Purpose and Refunding
Bonds, Series 2021A
S&P: /Moody:Aa1 / Fitch: /Kroll:
Description: 22 AMES RESIZE
Sale Date: 08/10/2021 11:00:00 AM CDST
Huntington Secs
Delivery Date: 09/09/2021 Dated Date: 09/09/2021
First Int Date: 06/01/2022 Int Accrue Date: 09/09/2021
Submitted via Parity:
No. Maturity Coupon Price Computed Conc. Takedown Price
of Date or Price To
Bonds Basis Yield Date
2,005 06/01/2022 5.0000 0.1000 103.5630 0.0500
1,755 06/01/2023 5.0000 0.1200 108.4200 0.0750
1,840 06/01/2024 5.0000 0.1600 113.1680 0.1000
1,935 06/01/2025 5.0000 0.2700 117.5310 0.1000
1,385 06/01/2026 5.0000 0.4500 121.2590 0.1000
1,450 06/01/2027 5.0000 0.5800 124.8640 0.1000
1,525 06/01/2028 5.0000 0.7000 128.2090 0.1000
1,600 06/01/2029 5.0000 0.8000 131.4110 0.2500
1,685 06/01/2030 3.0000 1.0500 114.4360 0.2500 06/01/2029
1,730 06/01/2031 1.3750 1.3750 100.0000 0.5000 06/01/2031
1,760 06/01/2032 1.5000 1.5000 100.0000 1.0000 06/01/2032
970 06/01/2033 1.5000 1.6000 98.9330 1.0000 06/01/2033
Summary
Total Per$100
Par Amount: 19,640,000.00 100.000000
Gross Prod: 22,261,350.30 113.346997
Spread: 61,191.06 0.311563
Bid: 22,200,159.24 113.035434
Accrued Int: 0.00 0.000000
Bond Yrs: 115,993.56
Avg Life: 5.9060 5 Years 10 Months 26 Days
Gross Int Cost: 3,836,509.24
- Net Premium: 2,560,159.24 (+Prod:2,621,350.30 -Spread:61,191.06)
Net Int Cost: 1,276,350.00
NIC: 1.100363
TIC -- NIC Date": 1.024333
Avg Takedown: 2.780868
Call Schedule
Bonds due 06/01/2030 to 06/01/2033 callable 06/01/2029 at par.
I.,OAN AGRI;I MENI`
This Loan Agreement is entered into as of September 9, 2021, by and between the City of
Ames, Iowa (the "City"), and I.luntinzton Securities, Inc:. (tile "Purchaser"). The parties agree as
follows:
1. The Purchaser shall loan to the City tlae sum of $19,640,000, and the C:ity's
obligation to repay hereunder shall be evidenced by the issuance of General Obligation Corporate
Purpose and Refunding Bonds, Series 2021A, in the aggregate principal amount of$19,640,000 (the
"Bonds").
2. "fine City Council. adopted a resolution an August 10, 2021 (the "Resolution")
authorizing and approving this Loan Agreement and providing for the issuance of the .Bonds for the
purpose or purposes set forth in the Resolution. The resolution is incorporated herein by reference,
and the parties agree to abide by the terms and provisions of tlae Resolution. fn and by the
Resolution, provision has been made for the levy of a sufficient continuing annual tax on all the
taxable property within tlae City for the payment of the principal of and interest on the Bonds as the
same will respectively become due.
3. The Bonds, in substantially the'form set forth in the Resolution, shall be executed and
delivered to or on behalf of the Purchaser to evidence the City's obligation to repay the amounts
payable hereunder. The.Bonds shall be dated September 9,2021,shall bear interest,shall be payable
as to principal on the dates and in the amounts, shall be subject to prepayment prior to maturity and
shall contain such other terms and provisions as provided in the Bonds and the Resolution.
4. This loan Agreement is executed pursuant to the provisions of Section 384.24A of
the Code of Iowa and shall be read and construed as conforming to al provisions and requirements of
the statute.
IN WITNESS WI-I.ERFOF, Nye have hereunto affixed oux signatures all as of the elate first
above written.
CITY OF AIVI.LS, )WA ..
B
....................._
Mayor
Attest:
City Clerk.
HUNTINGTON SFC.,URITI.F S,jN1c.
Chicago, 1I.,
By
(Signature)
Douglas Fox, Senior Managing Director
(.Print Name and Title)
Ames/419370-67
Form 8038-G Information Return for Tax-Exempt Governmental Bonds
►Under Internal Revenue Code section 149(e)
(Rev.September 2018) 0-See separate instructions. OMB No.1545-0720
Department of the Treasury Caution:If the issue price is under$100,000,use Form 8038-GC.
Internal Revenue Service ►Go to www.irs.gov/F8038G for instructions and the latest information.
Reporting Authority If Amended Return,check here ► ❑
1 Issuer's name 2 Issuer's employer identification number(EIN)
City of Ames,Iowa 4 2-6004 21 8
3a Name of person(other than issuer)with whom the IRS may communicate about this return(see instructions) 3b Telephone number of other person shown on 3a
4 Number and street(or P.O.box if mail is not delivered to street address) Room/suite 5 Report number(For IRS Use Only)
PO Box 811 3
6 City,town,or post office,state,and ZIP code 7 Date of issue
Ames,Iowa 50010-0811 September 9,2021
8 Name of issue 9 CUSIP number
General Obligation Corporate Purpose and Refunding Bonds,Series 2021A 030807 3F6
10a Name and title of officer or other employee of the issuer whom the IRS may call for more information(see 10b Telephone number of officer or other
instructions) employee shown on 10a
Diane R.Voss,City Clerk 515-239-5105
Type of Issue (enter the issue price).See the instructions and attach schedule.
11 Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
12 Health and hospital . . . . . . . . . . . . . . . . . . . . . . . . . . 12
13 Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
14 Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
15 Environment(including sewage bonds) . . . . . . . . . . . . . . . . . . . . 15
16 Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
17 Utilities . . . Constructing streets,sanitary sewers,traffic control devices,public plaza improvements 17
18 Other. Describe► and current refunding 18 22,261,350 30
19a If bonds are TANS or RANs,check only box 19a . . . . . . . . . . . . . . . ► ❑
b If bonds are BANS,Check only box 19b . . . . . . . . . . . . . . . . . . ► ❑
20 If bonds are in the form of a lease or installment sale,check box . ► ❑
Description of Bonds.Complete for the entire issue for which this form is being filed.
(a)Final maturity date (b)Issue price (c)Stated redemption (d)Weighted (e)Yield
price at maturity average maturity
21 06/01/2033 $ 22,261,350.30 $ 19,640,000 5.8605 vears 0.9467 %
Uses of Proceeds of Bond Issue(including underwriters' discount)
22 Proceeds used for accrued interest . . . . . . . . . . . . . . . . . . . . . 22
23 Issue price of entire issue(enter amount from line 21,column(b)) . . . . . 23 22,261,350 30
24 Proceeds used for bond issuance costs(including underwriters'discount) 24 147,491 03
25 Proceeds used for credit enhancement . . . . . . . . . . . . 25
26 Proceeds allocated to reasonably required reserve or replacement fund . 26
27 Proceeds used to refund prior tax-exempt bonds.Complete Part V . . . 27 11,055,000
28 Proceeds used to refund prior taxable bonds.Complete Part V . . . . 28
29 Total(add lines 24 through 28) . . . . . . . . . . . . . . . . . . . . . . . 29 11,202,491 03
30 Nonrefunding proceeds of the issue(subtract line 29 from line 23 and enter amount here) 30 11,058,859 27
Description of Refunded Bonds.Complete this part only for refunding bonds.
31 Enter the remaining weighted average maturity of the tax-exempt bonds to be refunded . . . ► 5.0196 years
32 Enter the remaining weighted average maturity of the taxable bonds to be refunded . . . . ► years
33 Enter the last date on which the refunded tax-exempt bonds will be called(MM/DD/YYYI) . ► 09/09/2021
34 Enter the date(s)the refunded bonds were issued►(MM/DD/YYYY) 05/30/2013
For Paperwork Reduction Act Notice,see separate instructions. Cat.No.63773S Form 8038-G(Rev.9-2018)
Form 8038-G(Rev.9-2018) Page 2
Miscellaneous
35 Enter the amount of the state volume cap allocated to the issue under section 141(b)(5) . . . . 35
36a Enter the amount of gross proceeds invested or to be invested in a guaranteed investment contract
(GIC).See instructions . . . . . . . . . . . . . . . . . . . . . . . . . 36a
b Enter the final maturity date of the GIC►(MM/DD/YYYY)
c Enter the name of the GIC provider►
37 Pooled financings: Enter the amount of the proceeds of this issue that are to be used to make loans w
to other governmental units . . . . . . . . . . . . . . . . . . . . . . . . 37
38a If this issue is a loan made from the proceeds of another tax-exempt issue,check box► ❑ and enter the following Information:
b Enter the date of the master pool bond►(MM/DD/YYYY)
c Enter the EIN of the issuer of the master pool bond►
d Enter the name of the issuer of the master pool bond►
39 If the issuer has designated the issue under section 265(b)(3)(B)(1)(III)(small issuer exception),check box . . . . ► ❑
40 If the issuer has elected to pay a penalty in lieu of arbitrage rebate,check box . . . . . . . . . . . . . ► ❑
41a If the issuer has Identified a hedge,check here► ❑ and enter the following information:
b Name of hedge provider►
c Type of hedge►
d Term of hedge►
42 If the issuer has superintegrated the hedge,check box . . . . . . . . . . . . . . . . . . . . . ► ❑
43 If the issuer has established written procedures to ensure that all nonqualified bonds of this issue are remediated
according to the requirements under the Code and Regulations(see instructions),check box . . . . . . . . ► l]
44 If the issuer has established written procedures to monitor the requirements of section 148,check box . . . . . ► ❑✓
45a If some portion of the proceeds was used to reimburse expenditures,check here► ❑✓ and enter the amount
of reimbursement . . . . . . . . . . . . . . ► $36,396.58
b Enter the date the official intent was adopted► MM/DD 02/23/2021
Under penalties of perjury,I declare that I have examined this return and accompanying schedules and statements,and to the best of my knowledge
Signature and belief,they are true,correct,and complete.I further declare that I consent to the IRS's disclosure of the issuer's return information,as necessary to
and process i return,tot erson that I have authorized above. (�
Consent �((/(� Ads, �I �0 U�+ Diane R.Voss,City Clerk
Signature of issuer's authorized representative Date ,Type or print name and title
Paid PrintfType preparer's name Pre arer's signature Date Check ❑ if PTIN
Preparer
John P.Danos — self-employed P01083460
Use Only Firm's ame ► Dorse &Whitne ,LLP Firm's EIN ► 41.0223337
Firm's address ► 801 Grand Ave. Suite 4100 Des Moines Iowa 50309-8002 Phone no. 515.283-1000
Form 8038-G(Rev.9-2018)
Voss, Diane
From: ritter.cheryl@dorsey.com
Sent: Tuesday, September 7, 2021 8:38 AM
To: Voss, Diane
Cc: Pitcher, Duane; Josten.Robert@dorsey.com; Baker.Lauren@dorsey.com;
Bjork.Amy@dorsey.com; Danos.John@dorsey.com; hammond.emily@dorsey.com;
lemke.susan@DORSEY.com; orngard.severie@dorsey.com; Regan.Erin@dorsey.com;
vaught.jessica@dorsey.com
Subject: Closing Cert &8038G (Ames 419370-67)
Attachments: Closing Cert & 8038G (Ames 419370-67)-v1.pdf
[External Email]
Good morning, Diane,
Attached please find the closing certificate and IRS filing 8038G in relation to the closing of the City's
$19,640,000 General Obligation Corporate Purpose and Refunding Bonds, Series 2021A. Please refer to
John's letter in the attached file for detailed instructions on the printing, execution and distribution of the
attached materials.
Please review and let us know if you have any questions.
Thank you,
Cheryl Ritter
Public Finance Paralegal
ED (Z) RSE:Y
i i" d
DORSEY & WHITNEY LLP
8o3-Grand Avenue,Suite 4100 1 Des Moines,IA 50309-8002
P:515-699-3263
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