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HomeMy WebLinkAboutRESOLUTION NO. 2010-32 nd Fairfax/419915-14/2 ½ Hrg Only MINUTES TO HOLD HEARING ON A LOAN AGREEMENT 419915-14 Fairfax, Iowa July 13, 2010 The City Council of the City of Fairfax, Iowa, met on July 13, 2010, at 7:00 p.m., at the City Hall, Fairfax, Iowa. The meeting was called to order by the Mayor, and the roll was called showing the following members of the City Council present and absent: Present: Marc Magers, Travis Otto, and Marianne Wainwright Absent: JoAnn Beer and Burnell Frieden. This being the time and place specified for taking action on the proposal to enter into a loan agreement related to paying the cost, to that extent, of acquiring a fire truck and refunding a 2003 bond issue, 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 being none, the Mayor closed the public hearing. After due consideration and discussion, Council Member Wainwright introduced the following resolution and moved its adoption, seconded by Council Member Magers. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Magers, Otto, 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 -1- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA nd Fairfax/419915-14/2 ½ Hrg Only RESOLUTION NO. 2010-32 RESOLUTION TAKING ADDITIONAL ACTION TO ENTER INTO A LOAN AGREEMENT 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 has heretofore proposed 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 has published notice of the proposed action and has held a hearing thereon on July 13, 2010; NOW, THEREFORE, It Is Resolved by the City Council of the City of Fairfax, Iowa, as follows: Section 1. The City Council hereby determines to enter into the Loan Agreement in the future and orders that general obligation bonds or notes be issued at such time in evidence thereof. The City Council further declares that this resolution constitutes the “additional action” required by Section 384.24A of the Code of Iowa. Section 2. All resolutions and orders or parts thereof in conflict with the provisions of this resolution, to the extent of such conflict, are hereby repealed. Section 3. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved July 13, 2010. Jason Rabe, Mayor Attest: Cynthia Stimson, City Clerk -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA nd Fairfax/419915-14/2 ½ Hrg Only 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 the hearing on the City Council’s intention to enter into a Loan Agreement in a principal amount not to exceed $400,000. th WITNESS MY HAND this 14 day of July, 2010. Cynthia Stimson, City Clerk -3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA July 9, 2010 Cynthia Stimson City Clerk/City Hall Fairfax, IA VIA EMAIL Re: General Obligation Corporate Purpose Loan Agreement Our File No. 419915-14 Dear Cynthia: We have prepared and attach proceedings related to the hearing on the General th Obligation Loan Agreement to be held at the July 13 City Council meeting. The proceedings attached include the following items: 1. Minutes of the meeting covering the hearing, followed by the resolution taking additional action in connection with the Loan Agreement. This resolution simply sets forth the City Council’s determination to enter into the Loan Agreement in the future, and its adoption constitutes the “additional action” required by the statute. After the details of the financing have been confirmed, we will prepare and forward additional proceedings to enable the City Council to approve the Loan Agreement. 2. Certificate attesting transcript. th On July 13 the City Council should meet as scheduled, hold a hearing on its intention to enter into the Loan Agreement and adopt the attached resolution. The City Council may then proceed with the adoption of the attached resolution. The minutes as drafted assume that no objections will be filed or made. As these proceedings are completed, please return one fully executed copy to our office. If you have any questions, please contact Bob Josten or me. Best regards, Amy Bjork Attachment cc: Maggie Burger