HomeMy WebLinkAboutRESOLUTION NO. 2005-34 Fairfax/419915-8/2nd'/2 Auth Expenditure
OUR
915-8 Hearing/Amend Issuance)
FOR Y
Fairfax, Iowa
September 1.3,2005
The City Council of the City of Fairfax, Iowa, met on September 13, 2005, at 7:00
o'clock p.m., at the City Hall Council Chambers, in the City,pursuant to prior action of the City
Council and to law.
The meeting was called to order by the Mayor and the roll being called and the following
named Council Members were present and absent:
Present: " L'� ' , I j ti
Absent:
This being the time and place specified for taking action on the proposal to enter into a
loan agreement, the City Clerk announced that no written objections had been placed on file.
Whereupon, the Mayor called for any written or oral objections, and there were none.
Whereupon,the Mayor declared the hearing closed.
Council Member 1 introduced the resolution next hereinafter set out
and moved that the resolution be adopted; seconded by Council Member � t .
After due consideration, the Mayor put the question on the motion and the roll being called,the
following named Council Members voted:
Ayes:
Nays:
Whereupon, the Mayor declared the resolution duly adopted, as follows:
DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
F'ai 'ax/419915-8/2nd'/x Auth Expenditure
RESOLUTIONNO.
Authorizing expenditure of proceeds from prior debt issues
WHEREAS, the City of Fairfax, Iowa (the "City") pursuant to law and prior resolutions
(the "Issuance Resolutions") of the City Council, has heretofore issued its $1,185,000 General
Obligation Corporate Purpose Notes, Series 2001 (the "2001 Notes"), dated June 1, 2001; its
$450,000 General Obligation Water Notes (the "2001A Notes"), dated October 1, 2001; and its
$465,000 General Obligation Corporate Purpose Notes (the "2003 Notes"), dated March 1, 2003
(collectively, hereinafter the 2001 Notes, the 2001A Notes and the 2003 Notes shall be referred
to as the"Original Notes") for certain purposes of the City(the "Original Purposes"); and
WHEREAS, the City now proposes to use approximately $105,000 of the proceeds (the
"Remaining Proceeds") left over from the issuance of the Original Notes for the purpose of
paying the cost of certain sanitary sewer improvements in the City (the "Additional Purpose''),
which items were not included in the Original Purposes; and
WHEREAS, the City has published a notice and held a hearing on the question of
entering into a loan agreement (the "Loan Agreement") in the principal amount of$105,000 to
pay the cost, to that extent, of the Additional Purpose, and it is now necessary to authorize the
expenditure of the Remaining Proceeds;
NOW, THEREFORE,Be It Resolved by the City Council of the City-of Fairfax, Iowa, as
follows:
Section 1. The City Council hereby determines the City could enter into the Loan
Agreement to pay the costs of the Additional Purpose, and, in lieu of entering into the Loan
.agreement, the Issuance Resolutions are hereby amended to add the Additional Purpose to the
]list of the Original Purposes set out in the preamble of the Issuance Resolutions.
Section 2. The remaining proceeds, in an amount not to exceed $105,000, may be
used to pay the costs of the Additional Purposes.
Section 3. All resolutions or parts thereafter in conflict herewith are hereby repealed
to the extent of such conflict.
Passed and approved September 13, 2005.
ayor
Attest:
City Clerk
-2-
DORSEY&WIIITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfaxf419915-8/2nd%Auth Expenditure
On motion andvote, the meeting adjourned.
Mayor
Attest:
City Clerk
-3-
DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
FairfaV419915-8/2nd%Auth Expendituie
STATE OF IOWA
COUNTY OF JONES SS.
CITY OF FAIRFAX
I, the undersigned, City Clerk of the aforementioned City, do hereby certify that attached
hereto is a true and correct copy of the proceedings of the Council of the City relating to the
authorization of a certain Loam Agreement and the transcript hereto attached contains a true,
correct and complete statement of all the measures adopted and proceedings, acts and things had,
done and performed up to the present time in relation thereto.
I further certify that no objections were filed in my office and no objections of any kind
were made to the matter of entering into the Loan Agreement at the time and place set for
hearing thereon.
WITNESS MY HAND hereto affixed this 13 day of ,
2005.
City Clerk
-4-
DORSEY&WMTNEY LLP,ATTORNEYS,DES MOINES,IOWA
OORSEY
1)c11 E Y w,i,..113 HI:`e' I1_1._1"
September 9, 2005
Connie France
City Clerk/City Hall
525 Vanderbilt Street
Fairfax,Iowa 52228-0337
Re: Resolution Authorizing Expenditure of Proceeds
Our File No, 41991:5-8
][dear Connie:
We have prepared and enclose the necessary proceedings for use at the September 13 City Council meeting
to carry out the hearing on the Loan Agreement and authorize the use of the excess proceeds from prior Note issues
in order to pay costs in connection with the City's sanitary sewer improvements project.
The proceedings enclosed are as follows:
1. Minutes of the meeting covering the hearing, followed by the resolution amending the original
issuance resolutions to add the sanitary server improvements to the original purposes covered by those resolutions
and to authorize the expenditure of unused proceeds from the original issue in the amount of$105,000 to pay costs
of those additional items.
2. Certificate attesting the transcript.
On September 13,2005, the City Council should meet as scheduled and hold a hearing. The minutes of the
meeting as shown assume no objections will be filed or made. The City Council should then proceed with the
adoption of the enclosed resolution,
As these proceedings are completed,please return one fully executed copy of our office.
Please call Bob Josten or me with questions.
Very truly yours.,
araos
Enclosures
cc: Larry Burger
DORSEY & WHITNEY LLP - ATTORNEYS AT LAW WWW.DORSEY,COM ° T 515,283,10047
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