HomeMy WebLinkAboutRESOLUTION NO. 2010-30
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MINUTES TO SET DATE FOR HEARING
ON ENTERING INTO A GENERAL
OBLIGATION LOAN AGREEMENT
419915-14
(N/I) - GENERAL OBLIGATION
Fairfax, Iowa
June 8, 2010
The City Council of the City of Fairfax, Iowa, met on June 8, 2010, at 7:00 o’clock p.m.,
at the Fairfax City Hall in the City. The Mayor presided and the roll was called showing the
following members of the City Council present and absent:
Present: Joann Beer, Bernie Frieden, Travis Otto, Marc Magers and Marianne
Wainwright
Absent None.
Council Member Magersintroduced the resolution hereinafter next set out related to
borrowing funds to acquire a fire truck and refunding a 2003 bond issue, and moved its adoption,
seconded by Council Member Frieden; 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: Beer, Frieden, Otto, Magers, 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 City Council adjourned.
Jason Rabe, Mayor
Attest:
Cynthia Stimson, City Clerk
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RESOLUTION NO. 2010-30
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:
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Section 1. The City Council shall meet on the 13 day of July, 2010, at the
__________________, Fairfax, Iowa, at ________ o’clock ___.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 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:
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
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NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO
ENTER INTO A LOAN AGREEMENT IN A PRINCIPAL AMOUNT NOT TO
EXCEED $400,000
(GENERAL OBLIGATION)
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The City Council of the City of Fairfax, Iowa, will meet on the 13 day of July, 2010, at
the ___________________, Fairfax, Iowa, at ________ o’clock ___.m., for the purpose of
instituting 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 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
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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.
Jason Rabe, Mayor
Attest:
Cynthia Stimson, City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
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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.
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WITNESS MY HAND this 9 day of June, 2010.
Cynthia Stimson, City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
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STATE OF IOWA
COUNTY OF LINN 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:
Jason Rabe, Mayor
Cynthia Stimson, City Clerk
Nancy Flickinger, Treasurer
Marianne Wainwright, Council Member/Mayor Pro-Tem
JoAnn Beer, Council Member
Burnell Freiden, Council Member
Marc Magers, Council Member
Travis Ott, Council Member
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WITNESS MY HAND this 9 day of June, 2010.
Cynthia Stimson, City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
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Fairfax/ 419915-14 / 1 ½ GO LA
STATE OF IOWA
COUNTY OF LINN SS:
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 Bond, 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
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(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)
Original Principal Amount
Date Name of Issue
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)
Date of Principal Amount Outstanding Maturity
Issue Date
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
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Fairfax/ 419915-14 / 1 ½ GO LA
(Please list here or attach a separate maturity schedule for any outstanding local option
sales tax revenue obligations not listed above.)
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WITNESS MY HAND this 9 day of June, 2010.
Cynthia Stimson, City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
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Fairfax/ 419915-14 / 1 ½ 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 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.
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WITNESS MY HAND this 31 day of June, 2010.
Cynthia Stimson, City Clerk
(Attach here the publisher’s original affidavit with clipping of the notice, as published.)
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
June 7, 2010
Cynthia Stimson
City Clerk/City Hall
525 Vanderbilt St.
PO Box 337
Fairfax, Iowa 52228-0337
Re: $400,000 General Obligation Loan Agreement
Our File No. 419915-14
Dear Cynthia:
Based on information we received from Maggie Burger, we have prepared and enclose proceedings to be
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used at your June 8 City Council meeting to set July 13 as the date for a hearing on the proposal to enter into the
General Obligation Loan Agreement.
The documents enclosed include the following items:
1. Resolution fixing the date, time and place of the meeting at which it is proposed to hold a hearing and
take action to enter into the Loan Agreement.
The form of notice of hearing is set out in Section 2 of the resolution, and an extra copy is enclosed for
delivery to the publisher. Please insert the time and place of the hearing in both the resolution and the notice.
2. Certificate attesting the transcript.
3. Organization Certificate.
4. Certificate with respect to the City’s outstanding general obligation indebtedness. We have filled in
the information from our records, but please check this against the City’s records and make any necessary additions
or corrections.
5. Certificate 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 4 nor more than 20 days before the meeting date set
for the hearing, in a legal newspaper which has a general circulation in Fairfax. Please fax a copy of the published
notice to our office at (515) 283-1060.
As soon as possible after the City Council meeting, please return one fully executed copy of all of the
completed pages in these proceedings.
If you have any questions, please contact Amy Bjork or me.
Very truly yours,
Robert E. Josten
Enclosures
cc: Nancy Flickinger
Maggie Burger