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Home My WebLink About~Master - Proceedings layout from Dorsey & Whitney 419370-New 801 Grand Avenue | Suite 4100 | Des Moines, IA | 50309-8002 | T 515.283.1000 | dorsey.com March 5, 2026 Via Email Renee Hall City Clerk/City Hall Ames, Iowa Re: General Obligation Loan Agreement Our File No. 419370-NEW Dear Renee: We have prepared and attach proceedings to be used at the March 10, 2026, City Council meeting to enable the City Council to set March 24, 2026, as the date for the hearing on the General Obligation Loan Agreement (the “Loan Agreement”), to be entered into with respect to the issuance of the General Obligation Corporate Purpose Bonds, Series 2026A. The documents attached include the following items: 1. Resolution fixing the date, time and place of the meeting at which it is proposed to hold the hearings and take action to enter into the Loan Agreement. The forms of notice of hearing are set out in Sections 2 of the resolution. Please print an extra copy for delivery to the publisher. Please insert the time and place of the hearing in both the resolution and the notice. 2. Attestation Certificate with respect to the validity of the transcript. 3. Organization Certificate. 4. Publication Certificate with respect to publication of the notice, to which must be attached the publisher’s affidavit of publication with the clipping of the notice as published. The notice of hearing on the Essential Purpose Loan Agreement must be published at least once, not less than four (4) and not more than twenty (20) days before the March 24, 2026, meeting date set for the hearing, in a legal newspaper which has a general circulation in Ames. The last date on which this notice can be effectively published is Friday, March 20, 2026. Please scan and email a copy of the published notices to lemke.susan@dorsey.com as soon as it appears in the newspaper. Page 2 As soon as possible after the City Council meeting, please return one fully executed copy of these proceedings. If you have any questions, please contact Erin Regan, Cheryl Ritter or me. Best regards, John P. Danos Attachments cc: Corey Goodenow Roger Wisecup Steven Schainker Mark Lambert PFM Financial Advisors LLC Ames / 419370-NEW / Set Hrg GO CP LA -1- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA MINUTES TO SET DATE FOR HEARING ON PROPOSAL TO ENTER INTO LOAN AGREEMENT Ames, Iowa 419370-NEW March 10, 2026 The City Council of the City of Ames, Iowa, met on March 10, 2026, at ______ o’clock __.m., at the ___________________________________________________, Ames, Iowa. The Mayor presided and the roll was called showing the following members of the City Council present and absent: Present: Absent: . Council Member ________________________ introduced the resolution hereinafter next set out and moved its adoption, seconded by Council Member ________________________; 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: Nays: . 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. Mayor Attest: City Clerk Ames / 419370-NEW / Set Hrg GO CP LA -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA RESOLUTION NO. _________ 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 Purpose Loan Agreement (the “Fire Station Loan Agreement”) in a principal amount not to exceed $10,500,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the cost, to that extent, of constructing furnishing and equipping a new municipal fire station as a replacement for existing Fire Station #2 (the “Fire Station Project”), the City has held a successful election on said proposal on November 4, 2025; and WHEREAS, the City, pursuant to the provisions of Section 384.24A of the Code of Iowa, now proposes to enter into an Essential Purpose Loan Agreement (the “Loan Agreement”) pursuant to the provisions of Section 384.24A of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $17,375,000 for the purpose of paying the costs, to that extent, of (a) undertaking improvements to the municipal right of way, including the construction of street, storm water drainage, sidewalk, sanitary sewer system and water utility system improvements; (b) acquiring and installing street lighting, signage, signalization and traffic control systems and improvements; and (c) undertaking surfacing improvements at the municipal airport (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 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 24, 2026, at the ____________________________, Ames, Iowa, at ________ o’clock ___.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 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: Ames / 419370-NEW / Set Hrg GO CP LA -3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA 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 $17,375,000 (GENERAL OBLIGATION) The City Council of the City of Ames, Iowa (the “City”), will meet on March 24, 2026, at the ________________________________________, Ames, Iowa, at _________ o’clock ___.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 $17,375,000 for the purpose of paying the costs, to that extent, of (a) undertaking improvements to the municipal right of way, including the construction of street, storm water drainage, sidewalk, sanitary sewer system and water utility system improvements; (b) acquiring and installing street lighting, signage, signalization and traffic control systems and improvements; and (c) undertaking surfacing improvements at 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. It is estimated the annual increase in property taxes on a residential property with an actual valuation of one hundred thousand dollars resulting from the City entering into the Loan Agreement will be $21.98, however the City Council may determine for any fiscal year while the Loan Agreement is outstanding to budget other available revenues to the payment of some or all of the debt service coming due thereunder. 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 within fifteen (15) days thereafter. By order of the City Council of the City of Ames, Iowa. Renee Hall City Clerk Ames / 419370-NEW / Set Hrg GO CP LA -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA 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 $17,375,000, (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(f)(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 March 10, 2026. Mayor Attest: City Clerk Ames / 419370-NEW / Set Hrg GO CP LA -5- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA 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 relati ng 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 _____ day of __________________, 2026. City Clerk Ames / 419370-NEW / Set Hrg GO CP LA -6- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA ORGANIZATION CERTIFICATE STATE OF IOWA STORY COUNTY SS: CITY OF AMES 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: , Mayor , City Manager , City Clerk , Finance Director , Council Member/Mayor Pro Tem , Council Member , Council Member , Council Member , Council Member , Council Member WITNESS MY HAND this ____ day of ______________________, 2026. City Clerk Ames / 419370-NEW / Set Hrg GO CP LA -7- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA PUBLICATION CERTIFICATE (PLEASE NOTE: Do not date and return this certificate until you have rec eived the publisher’s affidavit and have verified that the notice was published on the date indicated in the affidavit but please return all other completed pages to us as soon as they are available.) STATE OF IOWA STORY COUNTY SS: CITY OF AMES I, 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 enter into a certain loan agreement, the notice, of which the printed slip is attached to the publisher’s affidavit hereto attached is a true and complete copy, was published on the date and in the newspaper specified in such affidavit, which newspaper has a general circulation in the City. WITNESS MY HAND this ______ day of ____________________, 2026. City Clerk (Attach here the publisher’s original affidavit with clipping of the notice, as published.)