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Home My WebLink AboutA007 - Minutes to Hold Hearing on Loan Agreement, Combine Loan Agreements, and Authorize Prelevy dated March 26, 2024 Ames/419370-75/Hrg,Combine,Audi Prelevy GO CP LA MINUTES TO HOLD HEARING ON LOAN AGREEMENT, COMBINE LOAN AGREEMENTS, AND AUTHORIZE PRELEVY 419370-75 Ames, Iowa March 26, 2024 The City Council of the City of Ames, Iowa, met on March 26, 2024, at 6:00 p.m., at the City Hall Council Chambers,Ames, Iowa. f The meeting was called to order by the Mayor, and the roll being called, the following named Council Members were present and absent: Present: Bronwyn Beatty-Hansen, Gloria Betcher, Amber Corrieri, Tim Gartin, Anita Rollins I'I Absent: Rachel ,funk 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 $2,000,000, the City Clerk amiounced 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. After due consideration and discussion, Council Member Corrieri introduced the resolution next hereinafter set out 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, Rollins Nays: None Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -I- DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-75/Hrg,Combine,Auth Prelevy GO CP LA On motion and vote, the meeting adjourned. � Mayor Attest: City Clerk -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames/419370-75/Hrg,Combine,Auth Prelevy GO CP LA RESOLUTION NO. 24-159 Resolution taking additional action on proposal to enter into an Essential Purpose Loan Agreement, combining Loan Agreements, and providing for the levy of taxes to pay General Obligation Corporate Purpose Bonds, Series 2024A 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 aquatic center and associated grounds and facilities as further detailed in the urban renewal 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, also proposed to enter into an additional loan agreement (the "Essential Purpose Loan Agreement', and together with the Urban Renewal Loan Agreement, the "Loan Agreements") 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 fthe mu icipal airport, 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; and 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 WHEREAS, the City intends to enter into the Loan Agreement in the future and to issue General Obligation Corporate Purpose Bonds, Series 2024A (the "Bonds") in evidence of its obligations thereunder and anticipates that principal and interest will come due on the Bonds before July 1, 2025; and WHEREAS, it is now necessary to make provision for the levy of a debt service property tax in the 2024-2025 fiscal year for the payment of such anticipated principal and interest; -3- DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-75/Hrg,Combine,Auth Prelevy GO CP LA NOW, THEREFORE, Be It 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" contemplated under Section 384.25 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, 2024, sufficient to produce the net annual sum of$1,547,701. 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 thereof 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 March 26, 2024. Mayor A tte tt: City Clerk -4- DORSEY &WHITNEY LLP,ATTORNEYS, DES MOINES, IOWA i Ames/419370-75/Hrg,Combine,Anlli Prelevy 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 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 a public hearing and additional action on the proposal to enter into a certain Loan Agreements, combining Loan Agreements, and the authorization of a debt service property tax levy for the payment of principal and interest on certain General Obligation Corporate Purpose Bonds, Series 2024A 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 26 day of March, 2024. City erk -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-75/Hrg,Combine,Auth Prelevy GO CP LA COUNTY FILING CERTIFICATE STATE OF IOWA SS: STORY COUNTY I, the undersigned, County Auditor of Story County, in the State of Iowa, do hereby certify that on the 1 s+ day of /AP Q I L , 2024, 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 City Council on March 26, 2024, entitled: "Resolution taking additional action on proposal to enter into an Essential Purpose Loan Agreement, combining Loan Agreements, and providing for the levy of taxes to pay General Obligation Corporate Purpose Bonds, Series 2024A," 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, 2024, as provided in the resolution. WITNESS MY HAND this s+ day of 92024. "4-A� County u itor -6- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA