HomeMy WebLinkAboutA006 - Letter from Dorsey Whitney dated November 15, 2022 - November 22 proceedings [DORSEY'`
always ahead
November 15, 2022
VIA EMAIL
Renee Hall
City Clerk/City Hall
Ames, Iowa
Re: $8,500,000 SRF Water Revenue Loan and Disbursement Agreement
Our File No. 419370-70
Dear Renee:
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 November 22, 2022
City Council meeting.
The proceedings attached include the following items:
1. Minutes of the meeting covering the pu lic hearing, followed by the resolution taking
additional act is 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.
2. Attestation Certificate with respect to the validity of the transcript.
On November 22,the City Council should meet as scheduled and hold the hearing on its intention
to enter into the Agreement. The minutes as drafted assume that no objections will be filed or made.
Please return one frilly executed copy of these proceedings to o�u ffice as soon as possible.
Please call Emily Hammond, Lauren Baker or me if you have questions. v l 23-
Best regards,
John P. Danos
Attachments
cc: Steven Schainker
Roger Wisecup
Kara Nady
Susanne Gerlach
Tracy Scebold
Tony Toigo
Lee Wagner
801 Grand Avenue I Suite 41001 Des Moines,IA 150309-8002 1 T 515.283.1000 I F 515.283.1060 dorsey.com
Ames/419370-70/2nd'h Hrg Only Water Rev.
(Hearing—Water Revenue)
419370-70
Ames, Iowa
November 22, 2022
The City Council of the City of Ames, Iowa, met on November 22, 2022, at 6:00 p.m., in
the City Hall — Council Chambers, 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: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Rollins
Absent: None.
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 Betcher introduced the
following resolution and moved its adoption, seconded by Council Member Junck. 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 follows:
DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-70/2nd'/2 Hrg Only Water Rev.
RESOLUTION NO. 22-608
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 City has heretofore issued
its $76,325,000 Taxable Water Revenue Bond, SRF Series 2015, dated January 30, 2015 (the
"Series 2015 Bond"), a portion of which remains outstanding; and
WHEREAS, pursuant to a prior resolution of the Council, the City has heretofore issued
its $3,500,000 Water Revenue Bond, SRF Series 2022, dated August 26, 2022 (the "Series 2022
Bond"), a portion of which remains outstanding; and
WHEREAS, pursuant to the resolutions (the "Outstanding Bond Resolutions")
authorizing the issuance of the Series 2015 Bond and the Series 2022 Bond (together, the
"Outstanding Bonds"), 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 Bonds under the
terms and conditions set forth in the Outstanding Bond Resolutions; 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 $8,500,000, 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 November 22, 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/419370-70/2nd'/2 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 November 22, 2022.
Mayor
Attest:
4-
City lerk
On motion and vote, the meeting adjourned.
Mayor
Attest:
City Oerk
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DORSEY & WHITNEY LLP,ATTORNEYS,DES MOINES, IOWA
Ames/419370-70/2nd'/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 $8,500,1000.
WITNESS MY HAND this )0 day of Y 022.
City Clerk
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DORSEY & WHITNEY LLP,ATTORNEYS,DES MOINES, IOWA