The URL can be used to link to this page

Home My WebLink AboutRESOLUTION NO. 2022-49Fairl��x / 419915-NEW/ Sct Hrg GO CP LA TO SET DATE FOR HEARING ON PROPOSAL TO ENTER INTO A LOAN AGREEMENT 419915-NEW Fairfax, Iowa May 10, 2022 The City Council of the City of Fairfax, Iowa, met on May 10, 2022, at 6:00 o'clock p.m., at the Fairfax City Hall, at 300 80t1' Street Court, Fairfax, Iowa. The Mayor presided and the roll was called showing the following inembers of the City Council present and absent: Present: Tom Nurre Mike Daly Kate Pacha Nick Volk, and Mariamle Wainwright. Absent: None. Council Member Wainwright introduced the resolution hereinafter next set out and moved its adoption, seconded by Council Member Pacha; 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 Meinbers voted: Ayes: Nurre Daly, Pacha, Volk, and Wainwright. Nays: None. Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. .. . At the conclusion of the meehng and upon motion and vote, the City Council ad�ourned. � .��----' Burnell G. Frieden, Mayor Attest: � � '�� . � - C lthia K. Stimson, City Clerk/Treasurer -1- DORSEY & WHITNEY LLP, ATTORNEYS, DGS MOINES, IOWA Fairfax / 4L9915-NEW/ Set Hrg GO CP LA RESOLUTION NO. 2022-49 RESOLUTION SETTING THE DATE FOR PUBLIC HEARING ON PROPOSAL TO ENTER INTO A GENERAL OBLIGATION CORPORATE PURPOSE LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER IN A PRINCIPAL AMOUNT NOT TO EXCEED $2,400,000 WHEREAS, the City of Fairfax (the "City"), in Linn County, State of Iowa, proposes to enter into a loan agreement (the "Loan Agreement"), pursuant to the provisions of Section 384.24A of the Code of Iowa, and to borrow money thei-eui7der in a principal amount not to exceed $2,400,000 for the puipose of paying the costs, to that extent, of (a) planning, designing and constructing street, sanitary sewer system, stonn water drainage systein, water utility systein and pedestrian trail/sidewalk improvemei7ts; and (b) acquiring and installing street lighting, signage and signalization itnprovements (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 entei- iilto the Loan Agreeineilt 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 May 24, 2022, at the Fairfax City Hall, 300 80t1i Street Court, 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 puipose thereof, the tiine when and place where the said meeting will be held by publication at least once, not less than four (4) and not mare 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 fonn: -2- DORSEY & W131TNEY LLP, A7'TORNEYS, DES MOINES, IOWA Fairfax / 419915-NEW/ Set }3rg 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 $2,400,000 (GENERAL OBLIGATION) The City Couilcil of the City of Fairfax, Iowa (the "City"), will meet on May 24, 2022, at the Fairfax City Hall at 300 80t1i Street Court, 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 $2,400,000 for the purpose of paying the costs, to that extent, of (a) planning, designing and constructing street, sanitary sewer systetn, storm water drainage systein, water utility system and pedestrian trail/sidewalk iinprovements and (b) acquiring and installing street lighting, signage and signalization iinproveinents. The Loan Agreeinent 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 Agreeinent. After receiving objections, the City lnay determine to enter into the Loan Agreement, in which case, the decision wi11 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 Stiinson City Clerk/Treasurer -3- DORSEY & WHITNEY LLP, ATTORNEYS, D�S MOINES, ]OWA Fairfax / 419915-NEW/ Set Hrg GO CP LA Section 3. Pursuant to Section 1.150-2 of the Incoine 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 $2,400,000, (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 preliininary 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 i•esolution 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 fii11 force and effect iinmediately upon its adoption and approval, as provided by law. Passed and approved this May 10, 2022. � � r � � y.��:-�� ,.�,��--� Burnell G. Frieden, Mayor Attest: Y `' �,� Cyn ia K. Stimson, City Clerk/Treasurer � � .,,� IA`� s� �f 8p.s ��4 ��k� .a.. � -4- DORSEY & WHITNEY LLP, ATTORNEYS, D�S MOINI:S, IOWA Pairiax / 4I9915-NEW/ 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 con-ect 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 agreeinent, as referred to therein. WITNESS MY HAND this 1 lt�' day of May, 2022. .� �� y thia K. Stiinson, City Clerk/Treasurer -5- DORSi.Y & WHITNEY LLP, ATTORNEYS, DI;S MOINES, IOVVA Fairlax / 419915-Ni W/ Set H�g GO CP LA ORGANIZATION CERTIFICATE STATE OF IOWA LINN COUNTY SS: CITY OF FAIRFAX I, the undersigned City Clerk/Treasurer, do hereby certify that the City of Fairfax is organized and operating under the provisions of Title IX of tl�e Code of Iowa and not under any special charter and that the City is operating under the Mayor-Council fot7n 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 nained. And I do further certify that the following named parties are officials of the City as indicated: Burnell G. Frieden, Mayor Cvnthia K. Stiinson, City Clerk/Treasurer Marianne Wainwright, Council Meinber/Mayor Pro Tein Michael Daly, Council Meinber Thomas Nurre, Council Member Katherine Pacha, Council Member Nicholas Volk, Council Member WITNESS MY HAND this 1 lti' day of May, 2022. .��i _ �� C��nthia K. Stiinson, City Clerk/Treasurer -6- DORSEY & W}IITNEY LLP, ATTORNEYS, DES MOINES, IOVVA Fairfax / 419915-NEW/ Set Hrg GO CP LA PUBLICATION CERTIFICATE (PLEASE NOTE: Please 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 S S : 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 co�y, 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 , 2022. \ �. � ; Cy ia K. Stimson, City Clerk/Treasurer (Attach here the publisher's original af�davit with clipping of the notice, as published.) -7- DORSEY & VVHI7'NEY LLP, ATTOItNEYS, DES MOINES, IOWA e a e�fe 3 t��;c��:�4r��.c�:�r��'t INVOICE DATE ACCOUNT # ACCOUNT NAME �INES TIMES 5/14/22 2698 CITY OF FAIRFAX 1.00 x 142 Li 1 DESCRIPTION Legais- PROPOSAL TO ENTER INTO A LOAN AGREEMENT 419915-NEW- May PROOF OF PUBLICATION I, Zack Kucharski, do state that I am the publisher of THE GAZETTE, a daily newspaper of general circulation in Linn and Johnson, in lowa. A digital copy is provided for the notice that was published in THE GAZETTE in the issue(s) of 5/14/2022 The reasonable fee for publishing said notice is $77.57 By �� STATE OF IOWA, 1 Counties of Linn and Johnson f SS: This instrument was acknowledged by Zack Kucharski before me this 14th day of May, 2022 -_•�� L�+ ""� ��Ir�� ,�'"'��-"�+-^- "r % _�.,.._ .. ..,v..w. ...`hc�,. � P'��CNC�f''�' (��.��1� ktl �igiC� �fC3Y Cili.x `.��t�;� �y� �t�4�da`:G �'��"�"�h. �n �'d�G'u 1�.,�4't�f V 1 tl4:.. I..,�.,,�»,w,..,.�r� � � g K;a �A��' �� ul't1SY'91y�lti�li ��GdGfi�'."�(' �a�'��t�?i�� ;�� „ ' � �,,��+r' �.nr�rni:��tr�r� k�.x�ir�:; ��a�@� �ir�µ3i'�."'fl�;�r�P' �;. �k�J�.� � 106 Th "� tt' ��tUr� I�.f 'i 1�1_ 2J2� Th GAZETTE CI 1 tl It ri I i Y! I I� Ur1L NUI IC-FS �� `� 1 �� rf �'� � �nF�l�� Ikzi�,� r,: . .. ��til,'� �7 n�' 7�� tl I�� - S s7� �� ; ,� � �s t. ��i� ii � a i ,�': �9 � � � ;�� e��,� < ,�� § #!i°� I� +a 7�� ( � t °G �� a�( ,F� � ��C��ii�i196�iV��.t1�s�f i y��r��a�� _ ` � �� .� �� , ,�,� � � � � � I � i�zi�� ' II �„ < < � o _.. , .� ' � ; ��l��i�' 4�1' U��f s - ,� � ��' �� r a�, �l� pI 1� ,t� ��,,� 1 �� 4 � t�� y�� ok � a . � ��. ��a' � E , ., , �I4��4�i��31 ia�l�� , _�, �E,�u��a��,<<v,Y�, .,..,.�. ,,,�..�. FF,,�� ,r .�. �o �, o i n � � �INU Y�U�R FlEXT �� r,. s�� { �Ea�{��u� "��,.�� :�kiyi7�;,� �;;5. i � )•.� �i '; 1��t3faitjE:5t9�i?:s. % the��rret�rh.c��e�i _�M„�E�.�Ea�Fs�,� ,ox� �� 3<�°.=„�< aEive�`c;E"nE arsi a<i3a;�,�a FEEs � �t,a,ma'4<^"�:,:z� . c s - z , '^�'; _„c�FE-s c .. � '�i�,,, «u.>a �«� P: E�P«��3°,`S : c��df�� - o i ii"v o"vi,� `Yi r.:f°."« `ae� �zz ; ��„ �.._� �w,�,a�' - �°orc�;a�reFcir :sa < _ _ - i�nno��s ' FlaFeE]u�aH'tD�nm�P. _ cr «u.,r, � �n�,m��- �ac'n°c`L� �wE>rra,��ss a�E�� .icF a o ' 3 = F E ; C E � �-El� 1 1 -X�.i t� ivi.� r.USiCA1i�[JLC CCiP.1nn��+C a_:.s:U - v.nvr, o a :��'e,`'i� s 'oeouu��E _ nccuuo�ucF wrti c f orEF ii �°c�oo`a..�aT r.,m�tii > �S 0 E ( qsr�a»..3 ic0e.�� M uit�..([.. aar ...i. �a. at.vi[.. %�9L�cad �,.�r ±F: oio".az n� mo - l��f�wtt°vaci��P cu;� 2oi`�e��aeo.o .,u>r s��iuoa��_ E. f E 5 E.' 0_t , �� , ihu�l�tAt2 nrftnaxCz �� 4 �� '� � �� .; i I a�jW'�� .' , � - More than double the size of your print ad forfree! Draw more attenfion to your listing.� • Indude online to rr�aximize your ad's exposure! l�l IL (^ ��" ti �:� II I I iu I) 7 �„I ��I� 1 � �i i76'Glm�d 5t. SF ?94-:: 3L•. �8238 � � � C»RSEY`" always ahead May 5, 2022 Via Email Cynthia Stimson City Clerk/City Hall Fairfax, Iowa Re: General Obligation Corporate Puipose Loan Agreement Our File No. 419915-NEW Dear Cynthia: We have prepared and attach proceedings to be used at the May 10, 2022 City Council meeting to enable the City Council to set May 24, 2022 as the date for the hearing on the General Obligation Corporate Purpose Loan Agreement (the "Loan Agreeinent") to be entered into with respect to the issuance of bonds or notes. The documents attached include the following items: 1. Resolution iixing the date, time and place of the meeting at which it is proposed to hold the hearing and take action on the proposal to enter into the Loan Agreement. The form of notice of hearing is set out in Section 2 of the resolution. Please print an extra copy for deliveiy to the newspaper. Please insert the time and place of the hearing in both the resolution and the notice. Attestation Certificate with respect to the validity of the transcript. Organization Certificate. 4. Publication Cei�tificate with respect to publication of the notice, to which must be attached the publisher's affidavit of publication with a clipping of the notice as published. The notice must be published at least once, not less than four (4) and not more than twenty (20) days before the May 24th meeting date set for the hearing, in a legal newspaper which has a general circulation in Fairfax. The last date on which this notice can be effectively published is Mav 20, 2022. Please scan and email a copy of the published notice to lemke.susan(r,�,dorse .� as soon as it appears in the newspaper. As soon as possible after the City Council meeting, please i-eturn one fully executed copy of these proceedings. If you have any questions, please contact Erin Regan, Cheiyl Ritter or me. Best regards, John P. Danos Attaclunents cc: Speer Financial, Inc. 8os Grand Avenue ( Suite 4ioo � Des Moines, IA � 5o3og-800z � T 5i5.�83.i000 � F 5i5.z83.io6o � dorsey.com