HomeMy WebLinkAboutA008 - March 8, 2022 Proceedings HORSEY'
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March 1, 2022
Via Email
Diane Voss
City Clerk/City Hall
Ames, Iowa
Re: General Obligation Corporate Purpose Loan Agreements
Our File No. 419370-68
Dear Diane:
We have prepared and attach the necessary proceedings covering the public hearings on
the Loan Agreements and providing for the adoption of a resolution taking additional action with
respect to the General Obligation Corporate Purpose Bonds, Series 2022 (the "Bonds") at the
March 8th City Council meeting. The resolution also authorizes a property tax levy for the fiscal
year beginning on July 1, 2022, in the amount of$1,511,628 for the payment of debt service on
the Bonds.
After it is adopted, a certified copy of the attached resolution must be filed with the Story
County Auditor by no later than close of business on April V, 2022. Please print extra copies
of the resolution for this purpose. t i
The proceedings attached include the following items:
X. Minutes of the meeting covering the hearings, followed by the resolution taking
additional action in connection with the Loan Agreements. This resolution simply sets forth the
City Council's determination to enter into the Loan Agreements in the future, and its adoption
constitutes the "additional action" required by the Iowa Code. The resolution also authorizes the
debt service property tax levy in the next fiscal year.
Attestation Certificate with respect to the validity of the transcript.
County Filing Certificate of the Story County Auditor relating to the filing of a
certi ie copy of the resolution in their offices.
If a petition is filed with respect to the proposals to enter into the General Purpose Loan
Agreements, please contact us as soon as possible.
8oi Grand Avenue I Suite gloo 1 Des Moines,IA 15o3og-8002 I T 515.283.1000 1 F 515.283.106o I dorsey.com
D
Page 2 ORSEY
As soon as possible after the City Council meeting, please return one fully executed copy
If you have an questions, lease contact Erin
of all of the completed pages in theseproceedings. y y q , p
P p g
Regan, Cheryl Ritter or me.
Best regards,
John P. Danos
Attachments
cc: Duane Pitcher
Mark Lambert
Roger Wisecup
PFM Financial Advisors LLC
DORSEY&WHITNEY L.l_F
Voss, Diane
From: ritter.cheryl@dorsey.com
Sent: Tuesday, March 1, 2022 5:01 PM
To: Voss, Diane
Cc: Pitcher, Duane; Lambert, Mark; Wisecup, Roger; gerlachs@pfm.com; smithje@pfm.com,-
schenckm@pfm.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; vaughtjessica@dorsey.com
Subject: Proceedings (Ames #68)
Attachments: Hrgs (part rr) & Prelevy GO CP LAs (Ames #68 2022)-v4.docx
[External Email]
Good afternoon, Diane,
Attached please find the proceedings for the March 81h City Council meeting covering the public hearings on
the Loan Agreements and providing for the adoption of a resolution taking additional action with respect to
the General Obligation Corporate Purpose Bonds, Series 2022. The resolution also authorizes a property tax
levy for the fiscal year beginning on July 1, 2022, in the amount of$1,511,628 for the payment of debt service
on the Bonds.
We have included a letter at the end of the proceedings with additional details and instructions. Please e-mail
us a fully executed scanned copy as soon as they are available.
Please let us know if you have any questions.
Thankyou!
Cheryl Ritter
Public Finance Paralegal
OaRSE: Y.
DORSEY & WHITNEY LLP
8o1 Grand Avenue
Suite 4100 1 Des Moines,IA 50309-2790
P:(515)699-3z63
F:(515)283-io6o
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Voss, Diane
From: Voss, Diane
Sent: Thursday, March 17, 2022 8:39 AM
To: ritter.cheryl@dorsey.com
Subject: RE: Proceedings (Ames #68)
Attachments: Completed Proceedings of 3-08-22.pdf
Cheryl:
Attached are the completed proceedings from March 8, 2022, which have been fully executed by Mayor Haila and
attested to by me. Do you want me to follow-up with a mailed original to you or will this scanned version suffice?
Also, I have sent a certified copy of Resolution 22-19 to the Story County Auditor. When I receive the signed Certificate
back from the Auditor's Office verifying the filing of same, I will forward it to you.
Thanks for all the assistance you provide to us!
Diane R.Voss, City Clerk/Records Manager
515 Clark Avenue
Ames, Iowa 50010
515-239-5105
diane.voss@cityofames.org
From: ritter.cheryl@dorsey.com <ritter.cheryl@dorsey.com>
Sent: Tuesday, March 1, 2022 5:01 PM
To:Voss, Diane <diane.voss@cityofames.org>
Cc: Pitcher, Duane <duane.pitcher@cityofames.org>; Lambert, Mark<mark.lambert@cityofames.org>; Wisecup, Roger
<roger.wisecup@cityofames.org>; gerlachs@pfm.com; smithje@pfm.com; schenckm@pfm.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: Proceedings (Ames#68)
[External Email]
Good afternoon, Diane,
Attached please find the proceedings for the March 8th City Council meeting covering the public hearings on
the Loan Agreements and providing for the adoption of a resolution taking additional action with respect to
the General Obligation Corporate Purpose Bonds, Series 2022. The resolution also authorizes a property tax
levy for the fiscal year beginning on July 1, 2022, in the amount of$1,511,628 for the payment of debt service
on the Bonds.
We have included a letter at the end of the proceedings with additional details and instructions. Please e-mail
us a fully executed scanned copy as soon as they are available.
Please let us know if you have any questions.
i
Ames/419370-68/Hrgs(part rr),Combine&Prelevy GO CP LAs
MINUTES TO HOLD HEARINGS ON
LOAN AGREEMENTS, COMBINE LOAN
AGREEMENTS AND AUTHORIZE
PRELEVY
419370-68
Ames, Iowa
March 8, 2022
The City Council of the City of Ames, Iowa, met on March 8, 2022, at six o'clock p.m.,
in the Council Chambers, City Hall, 515 Clark Avenue, Ames, Iowa. The meeting was called to
order by the Mayor, and the roll was called showing the following members of the City Council
present and absent:
Present: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Rollins.
This being the time and place specified for taking action on the proposal to enter into an
Essential Purpose Loan Agreement, as defined in the attached resolution, in a principal amount
not to exceed $11,225,000, the City Clerk announced that no written objections had been placed
on file. Whereupon,the Mayor called for any written or oral objections, and there being none, the
Mayor closed the public hearing.
This also being the time and place specified for taking action on the proposal to enter into
a General Purpose Loan Agreement 1, as defined in the attached resolution, in a principal amount
not to exceed $700,000, the City Clerk announced that no petition had been filed asking that the
question of entering into this loan agreement be submitted to the registered voters of the City and
that the City Council may proceed with the authorization of this loan agreement. Whereupon, the
Mayor called for any written or oral objections, and there being none, the Mayor closed the public
hearing.
This also being the time and place specified for taking action on the proposal to enter into
a General Purpose Loan Agreement 2, as defined in the attached resolution, in a principal amount
not to exceed $350,000, the City Clerk announced that no petition had been filed asking that the
question of entering into this loan agreement be submitted to the registered voters of the City and
that the City Council may proceed with the authorization of this loan agreement. Whereupon, the
Mayor called for any written or oral objections, and there being none, the Mayor closed the public
hearing..
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-68/Hrgs(part rr),Combine&Prelevy GO CP LAs
After due consideration and discussion, Council Member Gartin introduced the following
resolution and moved its adoption, seconded by Council Member Betcher. 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, Rollins.
Nays: None.
Whereupon, the Mayor declared the resolution duly adopted, as hereinafter set out.
. . . . .
At the conclusion of the meeting, and upon motion and vote, the City Council adjourned.
Mayor
Attest:
City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS,DES MOINES, IOWA
Ames/419370-68/fts(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 1") 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
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-68/Hrgs(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.
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DORSEY & WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-68/Hrgs(part rr),Combine&Prelevy GO CP LAs
Passed and approved March 8, 2022.
Mayor
Attest:
City Clerk
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DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-68/fts(part rr),Combine&Prelevy GO CP LAs
ATTESTATION CERTIFICATE
STATE OF IOWA
STORY COUNTY SS:
CITY OF AMES
1, 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 City 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 public hearings and additional action on the proposals to enter into
certain Loan Agreements, combining Loan Agreements and authorizing a debt service property
tax levy, and that the transcript hereto attached contains a true, correct and complete statement of
all the measures adopted and proceedings, acts and things had, done and performed up to the
present time with respect thereto.
WITNESS MY HAND this 8th day of March, 2022.
o taud.Vw
City Clerk
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