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Home My WebLink AboutA003 - Minutes to Set Date for Hearing on Proposal to Enter into Loan Agreement dated February 27, 2024 i i 1 Ames/419370-05/Set Hrg GO CP LA MINUTES TO SET DATE FOR HEARING ON PROPOSAL TO ENTER INTO LOAN AGREEMENT Ames, Iowa 419370-75 February 27, 2024 i The City Council of the City of Ames, Iowa, met on February 27, 2024, at 6 o'clock p.m., at the Council Chambers— City Hall, Ames, Iowa. The Mayor presided and the roll was called showing the following members of the City Council present and absent: Present: Betcher, Beatty-Hansen, Corrieri, Gartin, Junck, Rollins Absent: None. Council Member Corrieri introduced the resolution hereinafter next set out and moved its adoption, seconded by Council Member Rollins; and after due consideration thereof by the City Council, the Mayor put the question upon the adoption of the said resolution and the roll being called, the following named Council Members voted: Ayes: Betcher, Beat-Hansen, 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. y1 Mayor Attest: ��Zw— City Cl k DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-75/Set Hrg GO CP LA RESOLUTION NO. 24-091 Resolution setting the date for public hearing and additional action on proposal to enter into a General Obligation Loan Agreement and to borrow money thereunder WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa heretofore 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 ii aquatic center d associated grounds and facilities as further detailed in the urban renewal ewal plan approved by the City Council on August 24, 2021 (the "Urban Renewal Project"), 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 has used a portion of its authority to borrow under the Urban Renewal Loan Agreement for the prior issuance of bonds, but has reserved the right to use the remainder of its authority thereunder for additional debt issuances; and WHEREAS,the City, pursuant to the provisions of Section 384.24A of the Code of Iowa, now proposes to enter into an additional loan agreement(the"Essential Purpose Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $2,000,000 for the purpose of paying the costs, to that extent, of acquiring and installing street/traffic system equipment; undertaking improvements to the Ada Hayden Heritage Park; and undertaking improvements to the municipal airport (the "Essential Purpose Project" and together with the Urban Renewal Project, the "Projects"), and it is necessary to fix a date of meeting of the City Council at which it is proposed to take action to enter into the Essential Purpose Loan Agreement and to give notice thereof as required by such law; NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. This City Council shall meet on March 26, 2024, at the City Hall Council Chambers, Ames, Iowa, at 6 o'clock p.m., at which time and place hearings will be held and proceedings will be instituted and action taken to enter into the Loan Agreement described in the preamble hereof. Section 2. The City Clerk is hereby directed to give notice of the proposed action on the Essential Purpose Loan Agreement setting forth the amount and purpose thereof,the time when and place where the said meeting will be held by publication at least once, not less than four (4) and not more than twenty (20) days before the date of said meeting, in a legal newspaper which has a general circulation in the City. The notice shall be in substantially the following form: -2- DORSEY&WI-1ITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-75/Set Hrg GO CP LA NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER IN A PRINCIPAL AMOUNT NOT TO EXCEED $2,000,000 (GENERAL OBLIGATION) The City Council of the City of Ames, Iowa (the "City"), will meet on March 26, 2024, at the City Hall Council Chambers, Ames, Iowa, at 6 o'clock p.m., for the purpose of instituting proceedings and taking action on a proposal to enter into a loan agreement(the"Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $2,000,000 for the purpose of paying the costs, to that extent, of acquiring and installing street/traffic system equipment; undertaking improvements to the Ada Hayden Heritage Park; and undertaking improvements to the municipal airport. The Loan Agreement is proposed to be entered into pursuant to authority contained in Section 384.24A of the Code of Iowa and will constitute a general obligation of the City. At that time and place, oral or written objections may be filed or made to the proposal to enter into the Loan Agreement. After receiving objections, the City may determine to enter into the Loan Agreement, in which case,the decision will be final unless appealed to the District Court j within fifteen (15) days thereafter. I By order of the City Council of the City of Ames, Iowa. Renee Hall City Clerk i 3 DORSLY&WHITNEY L.LP,NrroRNL'YS,DES MOINIS,IOWA Ames/419370-75/Set I-Irg GO CP LA Section 3. Pursuant to Section 1.150-2 of the Income Tax Regulations (the "Regulations") of the Internal Revenue Service, the City declares (a) that it intends to undertake the Projects which are reasonably estimated to cost approximately $2,000,000, (b) that other than (i) expenditures to be paid or reimbursed from sources other than the issuance of bonds, notes or other obligations (the "Bonds"),or (ii) expenditures made not earlier than 60 days prior to the date of this Resolution or a previous intent resolution of the City, or(iii) expenditures amounting to the lesser of $100,000 or 5% of the proceeds of the Bonds, or (iv) expenditures constituting preliminary expenditures as defined in Section 1.150-2(0(2) of the Regulations, no expenditures for the Projects have heretofore been made by the City and no expenditures will be made by the City until after the date of this Resolution or a prior intent resolution of the City, and (c) that the City reasonably expects to reimburse the expenditures made for costs of the City out of the proceeds of the Bonds. This declaration is a declaration of official intent adopted pursuant to Section 1.150-2 of the Regulations. 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. Passed and approved February 27, 2024. Mayor Attest; City Cle k -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-75/Set Hrg GO CP LA 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 fixing a date for additional action on the City's proposals to enter into a certain loan agreement, as referred to therein. WITNESS MY HAND this 27 day of February, 2024, i City Cler i -5- DORSEY&WHITNEY LIT,ATTORNEYS,DES MOINES,IOWA i Ames/419370-75/Set Erg GO CP LA i ORGANIZATION CERTIFICATE STATE OF IOWA STORY COUNTY SS: CITY OF AMES i I, the undersigned City Clerk, do hereby certify that the City of Ames is organized and operating under the provisions of Title IX of the Code of Iowa and not under any special charter and that the City is operating under the Mayor-Council form of government and that there is not pending or threatened any question or litigation whatsoever touching the incorporation of the City, the inclusion of any territory within its limits or the incumbency in office of any of the officials hereinafter named. And I do further certify that the following named parties are officials of the City as indicated: John Haila, Mayor Steven Schainker, City Manager Renee Hall, City Clerk Corey Goodenow, Finance Director Amber Corrieri, Council Member/Mayor Pro Tem Gloria Belcher, Council Member Bronwyn Beatty-Hansen, Council Member Tim Gartin, Council Member Rachel Junck, Council Member Anita Rollins, Council Member WITNESS MY HAND this 27 day of February, 2024. e4w_ City C erk -6- DORSEY&WI-IITNEY LIT,ATTORNEYS,DES MOINES,IOWA Ames/419370-75/Set Hrg GO CP LA PUBLICATION CERTIFICATE (PLEASE NOTE: Do not date and return this certificate until you have received the publisher's affidavits and have verified that the notices were published on the dates indicated in the affidavits but please return all other completed pages to us as soon as they are available.) STATE OF IOWA STORY COUNTY SS: CITY OF AMES 1, the undersigned, City Clerk of the City of Ames, do hereby certify that pursuant to the resolution of the City Council fixing a date of meeting at which it is proposed to take action to I enter into a certain loan agreement, the notices, of which the printed slips attached to the publisher's affidavits hereto attached are true and complete copies, were published on the dates and in the newspaper specified in such affidavits, which newspaper has a general circulation in the ll City. WITNESS MY HAND this a l day of 2024. City Cleo i (Attach here the publisher's original affidavits with clippings of the notices, as published.) NOTICE OF P OPOSED,ACTION TO EINTERTINTO APLOOAN AGR ES MEN AND TO BORROW MONCV .PAL AMOUDNT NOT TO EXCEED gt2 0o0 00@@0 The Cl YA Council OBLIGATION) ne City of Ames,Iowa (the"CltyJ will meet on March 26, 2N at l(t Council Chambers In Cltty Hat, Ames, Iowa;at 6:00 dclock P.m., for the purpose,of Instituting proceedir98 and toting action on a propose to e tean r nto a loan agreement (the roAgreement".and to borrow money thereunder in a print pal amount not to exceed$2,000,000 for the purpose of Paying thecosts to that exte t,of acqu�ring and,InSfa Il ing street/traflic system eimpme�pl, undertakiga mprovemen s to the Ada Hayden. Heritage Park; and undertaking Improvements to.the municipal airport The loan pgreament 15 Proposed to be ente ed lgnlp pursuant to authI,or i fiv conlpinea In Section 304.24A of the Cod6 of Iowa and will constitute- a general obligation of.the City. At that t e and place, oral or written odaections' may be filed or made to the proposal to enter Into the Loan Agree ent. After receiving oblectqlltotns, 'Ilia City may determine gree lent?In wn ich Into the deer .Stan wi I be final unlIess.appealed Ip the Dis rict Court wlmin fifteen(151 days thereaft order of thY.e-City Council of the PY Of Arises,Iowa, Renee Hall y Clerk March 19 2024 DORSFY&WI_ LIOW0165382 MOINES,IOWA