The URL can be used to link to this page

Home My WebLink AboutRESOLUTION NO. 2024-37Fairfax / 419915-41 / Set Hrg GO CP LA MINUTES TO SET DATE FOR HEARING ON PROPOSAL TO ENTER 1NT0 LOAN AGREEMENT Fairfax, Iowa 419915-41 May 14, 2024 The City Council of the City of Fairfax, Iowa, met on May 14, 2024, at 6:00 o'clock p.m., at the Fairfax City Hall, 300 80t�' St Ct, Fairfax, Iowa. The Mayor presided and the roll was called showing the following members of the City Council present and absent: Present: Tom Nurre, Mike Daly, Dan Wozniak, Nick Volk, and Marianne Wainwright Absent: None. Council Member Wainwright introduced the resolution hereinafter next set out and moved its adoption, seconded by Council Member Volk; 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: Nurre, Daly, Wozniak, Volk, and Wainwright 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 Crty Council ad�ourned. 1�.,� �c.` �r,�-� 0��' Jo Ann Beer, Mayor Attest: , Cy hia Stimson, City Clerk/Treasurer -1- DORSEY & WHITNEY LLP, ATTORN�YS, DES MOIN�S, IOWA Fairfax / 419915-41 / Set Hrg GO CP LA RESOLUTION NO. 2024-37 RESOLUTION SETTING THE DATE FOR PUBLIC HEARING ON PROPOSAL TO ENTER INTO A GENERAL OBLIGATION LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER IN A PRINCIPAL AMOUNT NOT TO EXCEED �700,000 WHEREAS, the City of Fairfax (the "City"), in Linn County, State of Iowa, proposes to enter into a General Obligation 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 $700,000 for the purpose of paying the costs, to that extent, of (a) constructing street, water system, storm water drainage, sanitary sewer and sidewalk improvements; (b) acquiring and installing street lighting, signage and signalization improvements; and (c) constructing bridge improvements (the "Projects"), and it is necessary to fix a date of ineeting 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 Fairfax, Iowa, as follows: Section 1. This City Council shall meet on June 1 l, 2024, at the Fairfax City Hall at 300 80th St Ct, Fairfax, Iowa, at 6:00 o'clock p.m., at which time and place a hearing 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: -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfas / 419915-41 / 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 $700,000 (GENERAL OBLIGATION) The City Council of the City of Fairfax, Iowa (the "City"), will meet on June 1 l, 2024, at the Fairfax City Hall at 300 80th St Ct, Fairfax, Iowa, at 6:00 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 $700,000 for the purpose of paying the costs, to that extent, of (a) constructing street, water system, storm water drainage, sanitary sewer and sidewalk improvements; (b) acquiring and installing street lighting, signage and signalization improvements; and (c) constructing bridge improvements. 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 iinal unless appealed to the District Court within fifteen (15) days thereafter. By order of the City Council of the City of Fairfax, Iowa. Cynthia Stimson City Clerk/Treasurer -3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfa�c / 419915-41 / Set Hrg 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 $700,000, (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(�(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 May 14, 2024. �� .-�--�� Jo Ann Beer, Mayor Attest: n � Cy thia Stimson, City Clerk/Treasurer �rr .: ;a� ��`a : *, ., f . -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax / 419915-41 / Set Hrg GO CP LA ATTESTATION CERTIFICATE STATE OF IOWA LINN COLTNTY SS: CITY OF FAIRFAX I, the undersigned, City Clerk/Treasurer of the City of Fairfax, 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 proposal to enter into a certain loan agreement, as referred to therein. WITNESS MY HAND this 15th day of May, 2024. � ^ Cy ia Stimson, City Clerk/Treasurer -5- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax / 419915-41 / Set Hrg GO CP LA ORGANIZATION CERTIFICATE STATE OF IOWA LINN COUNTY SS: CITY OF FAIRFAX I, the undersigned City Clerk, do hereby certify that the City of Fairfax 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: Jo Ann Beer, Mayor Cynthia Stimson, City Clerk/Treasurer Marianne Wainwright, Council Member/Mayor Pro Tem Mike Daly, Council Member Tom Nurre, Council Member Nick Volk, Council Member Dan Wozniak, Council Member WITNESS MY HAND this 15th day of May, 2024. � Cy thia Stimson, City Clerk/Treasurer -6- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax / 419915-41 / Set Hrg GO CP LA PUBLICATION CERTIFICATE (PLEASE NOTE: Do not date and return this certificate until you have received 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 LINN COUNTY SS: CITY OF FAIRFAX I, the undersigned, City Clerk of the City of Fairfax, do hereby certify that pursuant to the resolution of the City Council fixing a date of ineeting at which it is proposed to take action to enter into a certain loan agreement, the notice, of which the printed slip 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 , 2024. Cynthia Stimson, City Clerk/Treasurer (Attach here the publisher's original affidavit with clipping of the notice, as published.) -7- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA FairFax / 419915-41 / Set Hrg GO CP LA PUBLICATION CERTIFICATE (PLEASE NOTE: Do not date and return this certificate until you have received 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 LINN COUNTY SS: CITY OF FAIRFAX I, the undersigned, City Clerk of the City of Fairfax, do hereby certify that pursuant to the resolution of the City Council fixing a date of ineeting at which it is proposed to take action to enter into a certain loan agreement, the notice, of which the printed slip attached to the publisher's aff'idavit 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 _� �'�" --,��ITm mm , 2024. � �� J..� ; � ,�� Cy hia Stimson, City Clerk/Treasurer � (Attach here the publisher's original affidavit with clipping of the notice, as published.) -7- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA