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HomeMy WebLinkAbout~Master - Issuance of G.O. Bonds not to exceed $11,700,000 City Clerk's Office 515 Clark Avenue,P. O.Box 811 Caring People Ames,IA 50010 Quality Programs F-wepnonal Service Phone: 515-239-5105 Fax: 515-239-5142 March 3, 2009 Dorsey& Whitney LLP 801 Grand, Suite 3900 Des Moines, Iowa 50309 Attention Robert E. Josten RE: Ames, Iowa $11,700,000 General Obligation Corporate Purpose Bonds Your File No. 419370-38 Dear Mr. Josten: Enclosed please find a fully executed transcript of the proceedings of our March 3, 2009, meeting wherein the Council adopted Resolution No. 09-083 providing for the issuance of the above- referenced bonds. I have certified the Resolution to the County Auditor and will forward the Certificate verifying the filing of same as soon as possible. If you have any questions, please call. Thank you for your assistance. Sincerely, Diane R. Voss City Cleric /dry Enclosure I Ames/419370-38/2n4%Z Hrg/Prelevy Please Return To: MINUTES TO HOLD HEARING ON DORSEY & WHITNEY ISSUANCE OF BONDS AND TO ATTORNEYS AT LAW AUTHORIZE PRELEVY 801 Grand, Suite 3900 Des Moines, Iowa 50309 419370-38 Ames, Iowa March 3, 2009 The City Council of the City of Ames, Iowa, met on March 3, 2009, at seven o'clock p m., at the Ames City Hall , Ames, Iowa, for the purpose of passing a resolution providing for the issuance of and for the transaction of such other business as may come before the meeting. The meeting was called to order by the Mayor, and the roll being called, the following named Council Members were present and absent: Present: Doll, Goodman, Larson, Mahayni, ken, Rice Absent: None The Council investigated and found that a notice of intention to institute proceedings for the issuance of not to exceed $11,700,000 General Obligation Corporate Purpose Bonds had been duly published as provided by law and that this is the time and place at which the Council shall receive oral or written objections from any resident or property owner of the City. The City Clerk announced that no written objections had been previously filed; the Mayor called for any oral or written objections from any resident or property owner of the City and were being none. After due consideration and discussion, Council Member Goodman introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member Rice . The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Doll, Goodman, Larson, Mahayni, Popken, Rice Nays: None Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-38/2Id%Hrg/Prelevy RESOLUTION NO. 09-0 3 Authorizing the issuance of not to exceed $11,700,000 General Obligation Corporate Purpose Bonds and providing for the levy of taxes to pay the same WHEREAS, pursuant to notice of the proposed action of the City Council of Ames, Iowa (the "City") to institute proceedings for the issuance of not to exceed $11,700,000 General Obligation Corporate Purpose Bonds (the "Bonds") for the purpose of paying the cost, to that extent, of constructing improvements to streets, storm sewers and the municipal waterworks system, heretofore given in strict compliance with the provisions of Chapter 384 of the Code of Iowa and a hearing held thereon, the Council may now take additional action to issue the Bonds; and WHEREAS, it is deemed necessary and advisable to provide for the levy and collection of taxes to pay the principal of and interest on the Bonds for the fiscal year beginning July 1, 2009, prior to the sale of the Bonds; NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. The Bonds are hereby authorized to be issued in a principal amount not to exceed $11,700,000 and shall be dated, bear interest, shall be payable as to principal and interest on the dates and in the amounts, may be subject to prepayment prior to maturity and may contain such other terms and provisions as shall be determined by the Council at the time of sale, and this resolution shall then be amended to so provide. 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 levied on all the taxable property in the City the following direct annual tax: For collection in the fiscal year beginning July 1, 2009, sufficient to produce the net annual sum of$1,052,797; provided, however, that at the time the Bonds are sold, 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 sold, and this resolution shall be amended by resolution of the Council to provide for such actual and necessary tax levy amounts. Section 3. A certified copy of this resolution shall be filed with the County Auditor of Story County, and said Auditor shall be and 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. -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-38/2°d%z Hrg/Prelevy 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. Passed and approved March 3, 2009. Mayor Attest: City Clerk -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-38/2"d%Hrg/Prelevy On motion and vote, the meeting adjourned. Mayor Attest: City Clerk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-38/2"'%Hrg/Prelevy STATE OF IOWA COUNTY OF STORY 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 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 in relation to the authorization and issuance of not to exceed $11,700,000 General Obligation Corporate Purpose Bonds of the City 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. I further certify that no appeal has been taken to the District Court from the decision of the City Council to issue such bonds. WITNESS MY HAND this 4p, day of M� , 2009. City Clerk -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA i Ames/419370-38/2°d'/z Hrg/Prelevy RESOLUTION NO. 09-0 3 Authorizing the issuance of not to exceed $11,700,000 General Obligation Corporate Purpose Bonds and providing for the levy of taxes to pay the same WHEREAS, pursuant to notice of the proposed action of the City Council of Ames, Iowa (the "City") to institute proceedings for the issuance of not to exceed $11,700,000 General Obligation Corporate Purpose Bonds (the "Bonds") for the purpose of paying the cost, to that extent, of constructing improvements to streets, storm sewers and the municipal waterworks system, heretofore given in strict compliance with the provisions of Chapter 384 of the Code of Iowa and a hearing held thereon, the Council may now take additional action to issue the Bonds; and WHEREAS, it is deemed necessary and advisable to provide for the levy and collection of taxes to pay the principal of and interest on the Bonds for the fiscal year beginning July 1, 2009,prior to the sale of the Bonds; NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. The Bonds are hereby authorized to be issued in a principal amount not to exceed $11,700,000 and shall be dated, bear interest, shall be payable as to principal and interest on the dates and in the amounts, may be subject to prepayment prior to maturity and may contain such other terms and provisions as shall be determined by the Council at the time of sale, and this resolution shall then be amended to so provide. 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 levied on all the taxable property in the City the following direct annual tax: For collection in the fiscal year beginning July 1, 2009, sufficient to produce the net annual sum of$1,052,797; provided, however, that at the time the Bonds are sold, 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 sold, and this resolution shall be amended by resolution of the Council to provide for such actual and necessary tax levy amounts. Section 3. A certified copy of this resolution shall be filed with the County Auditor of Story County, and said Auditor shall be and 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. -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-38/2"d'/,Hrg/Prelevy 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. Passed and approved March 3, 2009. c �Gvt Mayor Attest: 1 City Clerk -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA