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Home My WebLink AboutA009 - Proceedings from March 9, 2021 meeting 3� ��a► M 11 ec� f o D L,v Ames419370-67/2021AGO Hrgs&Prelevy HEARING ON 2021A GENERAL OBLIGATION CORPORATE PURPOSE AND REFUNDING LOAN AGREEMENT AND AUTHORIZE DEBT SERVICE LEVY 419370-67 Ames, Iowa March 9, 2021 The City Council of the City of Ames, Iowa, met on March 9, 2021, at 6:00 o'clock p.m., at the City Hall Council Chambers, Ames, Iowa. The meeting was called to order by the Mayor, and the roll being called, the following named Council Members were present and absent: Present: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Martin Absent: None. It was reported that a notice of intention to institute proceedings to enter into a 2021 General Obligation Essential Purposes Loan Agreement had been duly published as provided by law and that this is the time and place at which the Council shall receive oral or written objections from any resident or property owner of the City. It was reported that no written objections had been placed on file. The Mayor called for any written or oral objections, and the following persons presented comments: (List names of persons) There being no further comments, the Mayor closed the public hearing. 4- DORSEY & WHITNEY LLP,ATTORNEYS,DES MOINES, IOWA Anies4193 70-67/202 1 AGO Hrgs&Prelevy It was also reported that a notice of intention to institute proceedings to enter into a 2021 General Obligation Downtown Plaza Loan Agreement had been duly published as provided by law and that this is the time and place at which the Council shall receive oral or written objections from any resident or property owner of the City. It was reported that no written objections had been placed on file and that no petition has been filed asking that the questions of entering into this loan agreement be submitted to the City's voters. The Mayor called for any written or oral objections, and the following persons presented comments: (List names of persons) There being no further comments, the Mayor closed the public hearing. Council Member Betcher introduced the resolution next hereinafter set out, related to expressing intent to enter into the loan agreements and approving a debt service tax levy, and moved its adoption, seconded by Council Member Junck. After due consideration and discussion, the Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Martin Nays: None. Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -2- DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES, IOWA Ames419370-67l2021AGO Hrgs&Prelevy RESOLUTION NO. 21-122 Resolution authorizing a Loan Agreement and providing for the levy of taxes WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, has heretofore proposed to enter into a General Obligation Essential Purposes Loan Agreement (the "Essential Purposes Loan Agreement") in a principal amount not to exceed $25,665,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the cost, to that extent, of constructing improvements to streets and sanitary sewers, installation of traffic control improvements and refunding the outstanding balance of the City's General Obligation Corporate Purpose and Refunding Bonds Series 2013, and has published notice of the proposed action and has held a hearing thereon; and WHEREAS. The City has also proposed to enter into a General Obligation Downtown Plaza Loan Agreement (the "Downtown Plaza Loan Agreement") in a principal amount not to exceed $700,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of converting a parking lot into a downtown plaza, and has published notice of the proposed action and has held a hearing thereon, and no petition has been filed asking that the questions of entering into this loan agreement be submitted to the City's voters; and WHEREAS, the City intends to combine the Essential Purposes Loan Agreement and the Downtown Plaza Loan Agreement into a single loan agreement and enter into a General Obligation Corporate Purpose and Refunding Loan Agreement and to issue General Obligation Corporate Purpose and Refunding Bonds in an amount not to exceed $26,365,000 (the "Bonds") in the future, and anticipates that principal and interest will come due on the Bonds before June 30, 2022, and it is now necessary to make provision for the levy of a debt service property tax to be collected in the fiscal year that will begin July 1, 2021 for the payment of such principal and interest; NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. The Council hereby expresses its intention to enter into the General Obligation Corporate Purpose and Refunding Loan Agreement and to issue the Bonds at such time as funds are needed, and the Council hereby declares that this resolution constitutes the additional action required by Chapter 384 of the Code of Iowa. Section 2. For the purpose of providing for the levy and collection of a direct annual tax sufficient to pay the principal of and interest on the Bonds, there is hereby ordered levied on all the taxable property in the City a direct annual tax for collection in the fiscal year beginning July 1, 2021, sufficient to produce the sum of$1,045,393. Section 3. A certified copy of this resolution shall be filed with the County Auditor of Story County, and the Auditor is hereby instructed to enter for collection and assess the tax hereby authorized. When annually entering such taxes for collection, the County Auditor shall include the same as a part of the tax levy for Debt Service Fund purposes of the City and when -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES, IOWA Ames419370-67/2021AGO Hrgs&Prelevy collected, the proceeds of the taxes shall be converted into the Debt Service Fund of the City and set aside therein as a special account to be used solely and only for the payment of the principal of and interest on the Bonds hereby authorized. Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved March 9, 2021. 1 J A""I Mayor Attest: U Tltpj- '�I-' City Clerk On motion and vote, the meeting adjourned. Mayor Attest: City Clerk -4- DORSEY & WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames4193 70-67/2021 AGO Hrgs&Prelevy STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES I, the undersigned, City Clerk of the City of Ames, do hereby certify that as such I have in my possession or have access to the complete corporate records of the City and of its Council and officers and that I have carefully compared the transcript hereto attached with those corporate records and that the transcript hereto attached is a true, correct and complete copy of all the corporate records relating to the authorization of a loan agreement and authorization of a debt service tax levy related to the City's General Obligation Corporate Purpose and Refunding Bonds, Series 2021A. WITNESS MY HAND this yly,E� day of MC1 2021. City Clerk -5- DORSEY & WHITNEY LLP,ATTORNEYS,DES MOINES, IOWA