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Home My WebLink AboutRESOLUTION NO. 30 Fairfax/419915-14/V Vz GO LA MINUTES 'TO SET DATE FOR HEARING ON ENTERING INTO A GENERAL OBLIGATION LOAN AGREEMENT' 419915-14 (NII) - GENERAL OBLIGATION Fairfax, Iowa June 8, 201.01 The City Council of the City of Fairfax, Iowa, met on June 8, 2010, at1,66 o'clock at the e t in the City. The Mayor,presided and the roll was called showing the following members of the City Council present and absent: Present; . Absent: Council Member , I introduced the resolution hereinafter next set out related to borrowing ds to acquire a fire truck and refunding a 2003 bond issue„ and moved its adoption, seconded by Council Member 6 r _ ; and anter 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: r ., A .„ � , r� c Nays: 1 . Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. • • r • • At the conclusion of the meeting, and upon motion and vote,the City Council adjourned. 14 Mayor '` Attest: �r A City : erk -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-141 I"%GO LA RESOLUTION NO. 96 `? Resolution to fix a date for a public hearing on a loan agreement in a principal amount not to exceed$400,000 WHEREAS, the City of'Fairfax (the "City"), in Linn County, State of Iowa, pursuant to a resolution of the City adopted on March 11, 2003 (the "2003 Note Resolution"), previously issued its $465,000 General Obligation Corporate Purpose Notes(the "2003 Notes"), a portion of which remain outstanding; and WHEREAS, pursuant to the 2003 Note Resolution, the City reserved the right to call the 2003 Notes maturing in the years 2009 to 2013 (the "Callable 2003 Notes"), inclusive, on any date on or after June 1, 2008, for early redemption; and WHEREAS, the City now proposes to enter into a loan agreement (the "Loan Agreement") in a principal amount not to exceed $400,000 pursuant to the provisions of Section 384.24A of the Code of Iowa for the purpose of paying the costs, to that extent, of acquiring a fire truck and refunding the Callable 2003 Notes, 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 Fairfax, Iowa, as follows: Section 1. The City Council shall meet on the 13th day of July, 2010, at the -- keldi Fairfax, Iowa, at o'clock .m., at which time and place a heari g 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 and not less than 4 nor more than 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 MOil4 ,IOWA Fairfax/419915-14/1"1/z GO LA NOTICE OF PROPOSED ACTION TO INSTITJTE PROCEEDINGS TO ENTER INTO A LOAN AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $400,000 (GENERAL OBLIGATION) The City Council of the City of Fairfax, Iowa, will meet on the 131' day of July, 20101, at the ( , Fairfax, Iowa, at o'clock P m., for the purpose of institutin proceedings and taking action to enter into a loan agreement (the "Loan Agreement'") in a principal amount not to exceed $400,000 for the purpose of paying the costs, to that extent, of acquiring a fire truck and refunding the outstanding balance of the City's General Obligation Corporate Purpose Notes, dated March 1, 2003. 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 too 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 -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-14/I'%GO LA Section 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved June 8, 2010. L14- Attest: city Jerk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-14115`'/x GO LA STATE OF IOWA COUNTY OF LINN 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 a hearing on the City Council's proposal to take action in connection with a loan agreement, as referred to therein, WITNESS MY HAND this day of June, 2010. City Jerk S&1� -5- DORSEY W1-frNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-141 1"%GO LA STATE OF IOWA COUNTY OF LINK 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: bC s� �" „ . ._,._ Mayor City Clerk Finance Officer Council Member/Mayor Pro-Tem Council Member be+ffl c e C , Council Member F4 ' , Council Member M ( , Council Member WITNESS MY HAND this day of June, 2010. City Clerk -6- DORSEY rye W14ITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-141 V%a GO LA STATE OF IOWA COUNTY OF LIMN S'S: CITY OF FAIRFAX I, the undersigned, Clerk of the City of Fairfax, do hereby certify that the City currently has outstanding the following General Obligation indebtedness, of every kind and nature excluding the current issue), urban renewal tax increment revenue obligations and local option sales tax revenue bonds: SCHEDULE A (BOND/LOAN AGREEMENT/NOTE DEBT) Date of Principal Amount Maturity Issue Type Outstanding Date SRF General Obligation Water Improvement 2/10/10 Bondy 'Series 2010A $134,000 June 1, 2029 General. Obligation Water Improvement 2/10/10 Bond, 'Series 2010B $34,000 June 1,2029 General. Obligation Corporate Purpose Notes, 3/24/09 Series.2009 $790,000 June 1, 2021 General Obligation Sanitary Sewer and Refunding Notes, Series 3/11/08 2008A $470,000 June 1, 2018 General Obligation Refunding Notes, Series 4/23/08 2008B $605,000 June 1, 2016 General Obligation Urban Renewal Land Acquisition Notes, Series 10/24/06 2006 $210,000 June 1, 2011 General Obligation Sewer Improvement 10/13/05 Notes, Series 2005 $430,000 June 1, 2015 General. Obligation Sewer Improvement 12/1/04 Notes $520,000 June 1, 2020 General Obligation *3/25/03 Corporate Purpose Notes $150,000 June 1, 2013 To be refunded -7- DOfzSEY WHn NEY LLP,ATTORNEYS,DES MOINES,IOWA Faidax/419915-14/l /Z GO LA (Please list here or attach a separate maturity schedule for any outstanding issues of general obligation bonds and/or loan agreement notes that are not listed above.) SCHEDULE B (OTHER GENERAL OBLIGATIONS) Type of General Obligation Amount (Please list any obligations of the City which extend beyond the end of the current fiscal year, such as long-term leases, installment sales contracts, etc. that are not listed above. If you believe the City has any additional debt of this nature, please contact us before completing this section.) SCHEDULE C(URBAN RENEWAL TAX INCREMENT REVENUE OBLIGATIONS) Data fame of Issue Original Principal Amount Principal. Outstanding Amount (Please list here or attach a separate maturity schedule for any outstanding urban renewal tax increment revenue obligations not listed above.) SCHEDULE D (LOCAL OPTION SALES TAX REVENUE BONDS) Data of Principal Amount Outstanding Maturity Issue Date -s- DORSEY&WHITNEY LLP,ATTORNEYS,DES MONIES,IOWA Fairfax/419915-141 1�'/2 GO LA Please list here or attach a separate maturity schedule for any outstanding local option sales tax revenue obligations not listed above.) WITNESS MY HAND this day of June, 2010. City q1erk DORSEY WHITNEY LLP,ATTORNEYS,DES MOMS,IOWA I:anrfaV 419915-141 I"%:GO LA (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 COUNTY OF LINN 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 meeting at which it is proposed to take action to enter into a loan agreement, the notice, of which the printed slip attached to the publisher's affidavit hereto attached is a trite 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 3tmd, 201 0. �CL-L r City leek (Attach here the publisher's original affidavit with clipping,of the notice, as published.) -10- DORSEY&WMTTIEY LLP,ATTORNEYS,DES MOINES,IOWA