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Home My WebLink AboutA011 - Letter to Story County Auditor dated March 15, 2022 - certified copy of Resolution No. 22-119 y ' 1 CI TY OF ry Ames" Sinart Choice March 15, 2022 Ms. Lucy Martin Story County Auditor 900 Sixth Street Nevada, Iowa 50201 RE: General Obligation General Purpose and Essential Purpose Loan Agreements - 2022 Dear Lucy: Enclosed please find a certified copy of Resolution 22-119, which was adopted by the Ames City Council on March 8, 2022, authorizing the Loan Agreements and Providing for the Levy of Taxes. Please sign the Certificate verifying the filing of same and return in the enclosed self- addressed, stamped envelope. If you have any questions, please call me. Thank you for your assistance! Sincerely, Diane Voss City Clerk /dry Enclosures City Clerk's Office 515.239.5105 moin 515 Clark Ave.,P.O.Box 811 515.239.5142 fax Ames,IA 50010 www.CityofAmes.org Ames/419370-63/1-Iras(part rr),Combine&Prelevy GO CP LAs RESOLUTION NO. 22-119 Resolution taking additional action on proposals to enter into General Obligation Loan Agreements, providing for the combination of certain General Obligation Loan Agreements and providing for the levy of taxes to pay the same WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa has proposed to enter into a General Obligation Urban Renewal Loan Agreement (the "Urban Renewal Loan Agreement"),pursuant to the provisions of Sections 384.24A and 384.24.3(q)of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $21,200,000 for the purpose of paying the costs, to that extent, undertaking a project in the Downtown Reinvestment District Urban Renewal Area consisting of constructing,furnishing and equipping an indoor aquatic center and associated grounds and facilities as further detailed in the urban renewal plan approved by the City Council on August 24, 2021, and in lieu of calling an election upon such proposal, has published notice of the proposed action, including notice of the right to petition for an election, and has held a hearing thereon, and as of September 14, 2021, no petition had been filed with the City asking that the question of entering into the Urban Renewal Loan Agreement be submitted to the registered voters of the City; and WHEREAS, the City, pursuant to the provisions of Section 384.24A of the Code of Iowa, heretofore proposed to enter into a loan agreement(the"Essential Purpose Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $11,225,000 for the purpose of paying the costs, to that extent, of (1) constructing street, alley, bridge, sidewalk, storm water drainage and incidental infrastructure improvements; (2) acquiring and installing street lighting, signage and signalization improvements; and (3) acquiring vehicles and equipment for the municipal fire department, and pursuant to law and a notice duly published, the City Council has held a public hearing on such proposal on March 8, 2022; and WHEREAS, the City also proposed to enter into a loan agreement (the "General Purpose Loan Agreement I") and to borrow money thereunder 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 paying the costs, to that extent, of undertaking Downtown Plaza improvements and in lieu of calling an election upon such proposal, has published notice of the proposed action and has held a hearing thereon, and as of March 8, 2022, no petition had been filed with the City asking that the question of entering into the General Purpose Loan Agreement 1 be submitted to the registered voters of the City; and WHEREAS,the City further proposed to enter into a loan agreement(the"General Purpose Loan Agreement 2" and together with the Urban Renewal Loan Agreement,the Essential Purpose Loan Agreement and the General Purpose Loan Agreement 1, the "Loan Agreements") and to borrow money thereunder in a principal amount not to exceed$350,000,pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the costs, to that extent, of undertaking concrete surfacing improvements for a municipal fire station and in lieu of calling an election upon such proposal, has published notice of the proposed action and has held a hearing thereon, and as of March 8, 2022, no petition had been filed with the City asking that the question of entering into the General Purpose Loan Agreement 2 be submitted to the registered voters of the City; and -J- DORSEY & WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-68/Hras(part rr),Combine&Prelevy GO CP LAs WHEREAS, pursuant to the provisions of Section 384.28 of the Code of Iowa, the City intends to combine its authority under the Loan Agreements and to enter into a single loan agreement (the "Loan Agreement"), and to issue General Obligation Corporate Purpose Bonds, Series 2022 (the "Bonds") in evidence of its obligation thereunder and anticipates that principal and interest will come due on the Bonds before July 1, 2023; and WHEREAS, it is now necessary to make provision for the levy of a debt service property tax in the 2022-2023 fiscal year for the payment of such anticipated principal and interest; NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. The Loan Agreements are hereby combined into the Loan Agreement. The City Council hereby determines to enter into the Loan Agreement in the future and orders that the Bonds be issued at such time, in evidence thereof. The City Council further declares that this resolution constitutes the "additional action" required by Section 384.24A 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 as the same become due, there is hereby ordered levied on all the taxable property in the City the following direct annual tax: For collection in the fiscal year beginning July 1, 2022, sufficient to produce the net annual sum of$1,511,628. provided, however, that at the time the Bonds are issued, the actual tax levy amounts required to pay the principal of and interest on the Bonds in each year shall be determined based upon the interest rate or rates at which the Bonds are issued, and this resolution shall be supplemented by a resolution of the City Council to provide for such actual and necessary tax levy amounts. Section 3. A certified copy of this resolution shall be filed with the Story County Auditor, and said 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 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 and for no other purpose whatsoever. 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. -4- DORSEY& WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-63/Hr,gs(part rr),Combine&Prelevy GO CP LAs Passed and approved March 8, 2022. Mayo Attest: , �J �( City Clerk DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames" es Smart Choice March 15, 2022 STATE OF IOWA COUNTY OF STORY CITY OF AMES I, Diane R. Voss, being the duly appointed City Clerk of the City of Ames, Iowa, do hereby certify that the above and foregoing Resolution No.22-119 is a true and accurate copy of the said Resolution, and that the said Resolution was passed and adopted by the City Council of the City of Ames, Iowa, at a duly called meeting thereof on the 8th day of March, 2022. Diane R. Voss, City Clerk (SEAL) City Clerk's Office 515.239.5105 main 515 Clark Ave.,P.O.Box 811 515.239.5142 fax Ames,IA 50010 www.CityofAmes.org Ames/4 1 93 70-68/Hrgs(part rr),Combine&Prelevy GO CP LAs COUNTY FILING CERTIFICATE STATE OF IOWA SS: COUNTY OF STORY I,the undersigned, County Auditor of Story County, in the State of Iowa, do hereby certify that on the day of March, 2022, the City Clerk of the City of Ames filed in my office a certified copy of a resolution of such City shown to have been adopted by the Council on March 8, 2022, entitled: "Resolution taking additional action on proposals to enter into General Obligation Loan Agreements, providing for the combination of certain General Obligation Loan Agreements and providing for the levy of taxes to pay the same," and that I have duly placed the copy of the resolution on file in my records. I further certify that the taxes provided for in that resolution will in due time, manner and season be entered on the State and County tax lists of this County for collection in the fiscal year beginning July 1, 2022, as provided in the resolution. WITNESS MY HAND this day of , 2022. County Auditor -7- DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA