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Home My WebLink AboutRESOLUTION NO. 2023-37Fairfa�c / 419915-36/ Set Hrg GO CP LA TO SET DATE FOR HEARING ON PROPOSAL TO ENTER 1NT0 A LOAN AGREEMENT 419915-36 Fairfax, Iowa March 21, 2023 The City Council of the City of Fairfax, Iowa, met on March 21, 2023, at 6:00 o'clock p.m., at the Fairfax City Hall, 300 80th St Ct, Fairfax, Iowa. The Mayor Pro Tempore presided and the roll was called showing the following members of the City Council present and absent: Present: Tom Nurre Michael Dalv, Katherine Pacha, Nicholas Volk, and Marianne Wainwright Absent: None. Council Member Daly introduced the resolution hereinafter next set out and moved its adoption, seconded by Council Member Wainwright; and after due consideration thereof by the City Council, the Mayor Pro Tempore put the question upon the adoption of the said resolution and the roll being called, the following named Council Members voted: Ayes: Nurre, Dalv, Pacha, Volk, and Wainwri�ht 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. � Marianne Wain ight, Mayor Pro Tempore Attest: � � Cy ' hia Stimson, City Clerk/Treasurer -1- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax / 419915-36/ Set Hrg GO CP LA RESOLUTION NO. 2023-37 RESOLUTION SETTING THE DATE FOR PUBLIC HEARING ON PROPOSAL TO ENTER INTO A GENERAL OBLIGATION LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER 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 $1,350,000 for the purpose of paying the costs, to that extent, of constructing bridge and water tower improvements (the "Project"); 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 April 1 l, 2023, at the Fairfax City Hall, 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. 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 Fairfax / 419915-36/ 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 $1,350,000 (GENERAL OBLIGATION) The City Council of the City of Fairfax, Iowa (the "City"), will meet on April 1 l, 2023, at the Fairfax City Hall, 300 80t" 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 $1,350,000 for the purpose of paying the costs, to that extent, of constructing bridge and water tower 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 final 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 Fairfax / 419915-36/ 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 Project which is reasonably estimated to cost approximately $1,350,000, (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 Project has heretofore been made by the Ciiy 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 this March 21, 2023. . Marianne nwright, Mayor Pro Tempore Attest: ,�'C�L�`� ) C thia Stimson, City Clerk/Treasurer ��` -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax / 419915-36/ Set Hrg GO CP LA ATTESTATION CERTIFICATE STATE OF IOWA LINN COUNTY SS: CITY OF FAIRFAX I, the undersigned, City Clerk 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 22"d day of March, 2023. � C thia Stimson, City Clerk/Treasurer -5- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax / 419915-36/ 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: Position Vacant, Mayor Cvnthia Stimson, City Clerk/Treasurer Marianne Wainwri�ht, Council Member/Mayor Pro Tempore Michael Daly, Council Member Thomas Nurre, Council Member Katherine Pacha, Council Member Nicholas Volk, Council Member WITNESS MY HAND this 22"d day of March, 2023. � ` l �� '�GtG�%� � Cy thia Stimson, City Clerk/Treasurer -6- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax / 419915-36/ Set Hrg GO CP LA PUBLICATION CERTIFICATE (PLEASE NOTE: Please do not date and return this certifcate 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 3rd day of April, 2023. ,� y�,�/�,r , ��'-�...��- nthia 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 �� i � � � .,. _ . , AtT��TAfitUN OF PUBLI�:�:��AL{NDTICE � �_ � ;' `' �� F%� 1�� f g � _� t6 .. .:;..., . ,�.:. .,z, . ,�. .a�, . .,....:. � _.., ... :. . , ., , .,....�_,.. .. . ..:. < . .�.-,_,.,(s e �. �gr� E�� - � �v, � On Behaif of: Ad No 31633 CITY OF FAIRFAX PO BOX 337 FAIRFAX,IA 52228 UNITED STATES STATE OF IOWA COUNTIES OF LINN AND JOHNSON: Before the undersigned authority personally appeared said legal clerk, who on oath says that he or she is a Legal Advertising Representative of the THE GAZETTE, a daily newspaper published in Linn and Johnson County, lowa that the digital copy of advertisement, being a Legal Ad in the matter of Legals - GO Bond Hearing Notice 4/11/23 as published in The Gazette in the issue(s) of: 03/28/2023 Affiant further says that the said THE GAZETTE is a newspaper in said Linn and Johnson County, lowa and that the said newspaper has heretofore been continuously published in said Linn and Johnson County, lowa each day and has been entered as periodicals matter at the post office in CEDAR RAPIDS in said Linn County, lowa, for a period of one year next preceding the first publication of the digital copy of advertisement; and affiant further says that he or she has never paid nor promised any person, firm or corporation any discount, rebate, commission or refund for the purpose of securing this advertisement for publication in the said newspaper. Sworn to and Subscribed before me by legal clerk who is personally known to me �'�e.�J►�� .:�� ,�%� fvotary Public in and for ihe 5tate of lowa ��,R��t� �IiCTC�Rir� R7�Y � Cor��missinn,'�umber �26�� (v�y �'on�r�;isai�r� Ex}�iE�es i�}��. Se�f�rr��r>,��23 Publication Cost: $26.92 Customer No: 103163 Page 1 of 1 The GAZEffE Classifieds, It Works for YOU! LEGALNOTICES I �savu��aww��nw�� ,R„ � ..��:�y� � Tuesday. Marcl� 28.2023 • The Gazelle 7B LEGAL NOTICES