HomeMy WebLinkAboutA011 - Letter from Dorsey dated June 6, 2022 - Proceedings for June 14, 2022 meeting HORSEY"
always ahead
June 6, 2022
VIA EMAIL
Diane Voss
City Clerk/City Hall
Ames, Iowa
Re: $3,500,000 SRF Water Revenue Loan and Disbursement Agreement
Our File No. 419370-66
Dear Diane:
We have prepared and attach proceedings related to the public hearing and additional action on the
Water Revenue Loan and Disbursement Agreement (the "Agreement") for the June 14, 2022 City Council
meeting.
The proceedings attached include the following items:
Minutes of the meeting covering the public hearing, followed by the resolution taking
additional action in connection with the Agreement. This resolution simply sets forth the City Council's
determination to enter into the Agreement in the future and its adoption constitutes the "additional action"
required by the Iowa Code.
Attestation Certificate with respect to the validity of the transcript.
On June 14, the City Council should meet as scheduled and hold the hearing on its intention to enter
i ,to the Agreement. The minutes as drafted assume that no objections will be filed or made.
Please return one fully executed copy of these proceedings to our office as soon as possible. Please call
Emily Hammond, Lauren Baker or me if you have questions.
Best regards,
John P.Danos
Attachments
cc: Duane Pitcher
Roger Wisecup
Kara Nady
Ashley Geesman
Neil Weiss
John Dunn
Susanne Gerlach
Tracy Scebold
Tony Toigo
Lee Wagner
8oi Grand Avenue I Suite 41001 Des Moines,IA 5o309-8002 IT 515.283.1-0001 F 515.z83.io6o I dorsey.com
Voss, Diane
From: Baker.Lauren@dorsey.com
Sent: Monday, June 6, 2022 11:53 AM
To: Voss, Diane
Cc: Pitcher, Duane,- Wisecup, Roger,- Nady, Kara; Geesman, Ashley; Weiss, Neil; Dunn, John;
Bjork.Amy@dorsey.com; Danos.John@dorsey.com; hammond.emily@dorsey.com;
lemke.susan@DORSEY.com; orngard.severie@dorsey.com,- Regan.Erin@dorsey.com;
ritter.cheryl@dorsey.com; vaught.jessica@dorsey.com; Baker.Lauren@dorsey.com;
tracy.scebold@iowafinance.com; Tony.Toigo@lowaFinance.com;
Lee.Wagner@ Iowa Finance.com,- Gerlachs@pfm.com
Subject: Proceedings (Ames #66)
Attachments: 2nd Half Hrg Only Water Rev LDA (Ames #66 2022)-v1.docx
[[External Email]
Hello again, Diane—
Attached please find proceedings related to the public hearing and additional action on the Water Revenue Loan and
Disbursement Agreement for the June 14, 2022 City Council meeting. We have included a letter at the end of the
proceedings with additional details and instructions. Please e-mail us with a fully executed scanned copy as soon as
they are available.
If you have questions, please don't hesitate to contact us.
Have a nice afternoon!
Lauren Baker
Public Finance Paralegal
0CD RSE: Y
DORSEY & WHITNEY LLP
8oi Grand Avenue
Suite 4100 1 Des Moines,IA S0309
P:(515)699-3284 F(515)864-0207
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From: Baker, Lauren <Baker.Lauren @dorsey.com>
Sent: Monday, June 6, 2022 9:46 AM
To: 'Diane Voss' <dvoss@city.ames.ia.us>
Cc: duane.pitcher@cityofames.org; roger.wisecup@cityofames.org; kara.nady@cityofames.org;
ashley.geesman@cityofames.org; neil.weiss@cityofames.org;john.dunn@cityofames.org; Bjork, Amy
<Bjork.Amy@dorsey.com>; Baker, Lauren <Baker.Lauren @dorsey.com>; Danos,John <Danos.John@dorsey.com>;
1
Ames/419370-66/2nd'/2 Hrg Only Water Rev.
(Hearing—Water Revenue)
419370-66
Ames, Iowa
June 14, 2022
The City Council of the City of Ames, Iowa, met on June 14, 2022, at 6:00 p.m., in the
City Council Chambers of City Hall, in the City. The meeting was called to order by the Mayor,
and the roll was called showing the following members of the Council present and absent:
Present:
Absent:
This being the time and place specified for holding the public hearing and taking action
on the proposal to enter into a Water Revenue Loan and Disbursement Agreement, 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 declared the public
hearing closed.
After due consideration and discussion, Council Member
introduced the following resolution and moved its adoption, seconded by Council Member
. The Mayor put the question upon the adoption of said resolution, and
the roll being called, the following Council Members voted:
Ayes:
Nays:
Whereupon, the Mayor declared the resolution duly adopted, as follows:
DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-66/2nd'/2 Hrg Only Water Rev.
RESOLUTION NO.
Resolution taking additional action on proposal to enter into a Water Revenue
Loan and Disbursement Agreement
WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, did
heretofore establish a Municipal Waterworks Utility System (the "Utility") in and for the City
which has continuously supplied water 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 "Outstanding Bond
Resolution"), the City has heretofore issued its $76,325,000 Taxable Water Revenue Bond, SRF
Series 2015, dated January 30, 2015 (the "Outstanding Bond"), a portion of which remains
outstanding; and
WHEREAS, pursuant to the Outstanding Bond Resolution, 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 Bond under the terms and conditions set forth in the Outstanding Bond
Resolution; and
WHEREAS, the City has heretofore proposed to contract indebtedness and enter into a
certain Water Revenue Loan and Disbursement Agreement (the "Agreement") and to borrow
money thereunder in a principal amount not to exceed $3,500,000, 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, and has
published notice of the proposed action and has held a hearing thereon on June 14, 2022;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. The City Council hereby determines to enter into the Agreement in the
future and orders that Water Revenue 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. All resolutions or parts thereof in conflict herewith are hereby repealed, to
the extent of such conflict.
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DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-66/2nd'/z Hrg Only Water Rev.
Section 3. This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
Passed and approved June 14, 2022.
Mayor
Attest:
City Clerk
On motion and vote, the meeting adjourned.
Mayor
Attest:
City Clerk
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DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-66/2nd'/z Hrg Only Water Rev,
ATTESTATION CERTIFICATE:
STATE OF IOWA
STORY COUNTY SS:
CITY OF AMES
I, the undersigned, City Clerk of the City of Ames, do hereby certify that attached hereto
is a true and correct copy of the proceedings of the City Council relating to the hearing on the
City Council's intention to enter into a Water Revenue Loan and Disbursement Agreement in a
principal amount not to exceed $3,500,000.
WITNESS MY HAND this day of 32022.
City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA