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HomeMy WebLinkAboutRESOLUTION NO. 2011-48 Fairfax419915-17/Set hrng LAs MINUTES TO SET DATE FOR HEARINGS ON ENTERING INTO LOAN AGREEMENTS 419915-17 Fairfax, Iowa August 9, 2011 The City Council of the City of Fairfax, Iowa, met on August 9, 2011, at 7:00 o’clock p.m., at the city hall at 525 Vanderbilt Street, in the City. The Mayor presided and the roll was called showing the following members of the City Council present and absent: Present: Beer, Otto, Magers, and Wainwright Absent: Frieden. Council Member Magers introduced the resolution hereinafter next set out, setting a date for hearings on loan agreements related to financing infrastructure improvements, and moved its adoption, seconded by Council Member Otto; 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, 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. Mayor Attest: City Clerk -1- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax419915-17/Set hrng LAs RESOLUTION NO. 2011-48 RESOLUTION TO FIX A DATE FOR PUBLIC HEARINGS ON LOAN AGREEMENTS WHEREAS, the City of Fairfax (the “City”), in Linn County, State of Iowa, proposes to enter into a General Obligation Essential Corporate Purpose Loan Agreement (the “Essential Purpose Loan Agreement”) in a principal amount not to exceed $1,010,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the cost, to that extent, of constructing storm drainage and water main improvements, and it is necessary to fix a date of meeting of the City Council at which it is proposed to hold a hearing on the proposal to enter into the Essential Purpose Loan Agreement and to give notice thereof as required by such law; and WHEREAS, the City also proposes to enter into a General Obligation General Corporate Purpose Loan Agreement (the “General Purpose Loan Agreement”) in a principal amount not to exceed $2,300,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the cost to that extent, of carrying out projects in the Fairfax Urban Renewal Area consisting of developing and constructing the Fairfax Athletics and Park Complex and constructing trail improvements, and it is necessary to fix a date of meeting of the City Council at which it is proposed to hold a hearing on the proposal to enter into the General Purpose Loan Agreement and to give notice thereof in accordance with Section 384.24(3)(q) of the Code of Iowa, including notice of the right to petition for an election as provided by Section 384.26 of the Code of Iowa; 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 30th day of August, 2011, at the city hall at 525 Vanderbilt Street, Fairfax, Iowa, at 6:00 o’clock p.m., at which time and place hearings will be held on the proposals to enter into the Essential Purpose Loan Agreement and General Purpose Loan Agreement, as set out in the preamble hereof. Section 2. The City Clerk is hereby directed to give notice of the proposed hearing on the Essential Purpose Loan Agreement, setting forth the amount and purpose thereof, the time when and place where the hearing will be held, by publication at least once and not less than 4 nor more than 20 days before the date of the hearing, 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 MOINES, IOWA Fairfax419915-17/Set hrng LAs NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A GENERAL OBLIGATION LOAN AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $1,010,000 (GENERAL OBLIGATION ESSENTIAL PURPOSE) The City Council of the City of Fairfax, Iowa, will meet on the 30th day of August, 2011, at the city hall at 525 Vanderbilt Street, Fairfax, Iowa, at 6:00 o’clock p.m., for the purpose of holding a public hearing on a proposal to enter into a loan agreement (the “General Obligation Essential Purpose Loan Agreement”) in a principal amount not to exceed $1,010,000, for the purpose of paying the cost, to that extent, of constructing storm drainage and water main improvements. The General Obligation Essential Purpose 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 General Obligation Essential Purpose Loan Agreement. After receiving objections, the City may determine to enter into the General Obligation Essential Purpose 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 Fairfax419915-17/Set hrng LAs Section 3. The City Clerk is also hereby directed to give notice of the proposed hearing on the General Purpose Loan Agreement, setting forth the amount and purpose thereof, the time when and place where the hearing will be held, by publication at least once and not less than 10 nor more than 20 days before the date of the hearing, in a legal newspaper which has a general circulation in the City. The notice shall be in substantially the following form: -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax419915-17/Set hrng LAs NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $2,300,000 (GENERAL OBLIGATION GENERAL PURPOSE) The City Council of the City of Fairfax, Iowa (the “City”), will meet on the 30th day of August, 2011, at the city hall at 525 Vanderbilt Street, Fairfax, Iowa, at 6:00 o’clock p.m., for the purpose of conducting a public hearing on the proposal to institute proceedings and take action to enter into a loan agreement (the “Loan Agreement”) in a principal amount not to exceed $2,300,000 for the purpose of paying the cost, to that extent, of carrying out projects within the Fairfax Urban Renewal Area consisting of developing and constructing the Fairfax Athletics and Park Complex and constructing trail improvements. The Loan Agreement is proposed to be entered into pursuant to authority contained in Sections 384.24A and 384.24.3(q) of the Code of Iowa and will constitute a general obligation of the City. The maximum rate of interest which may be payable under the Loan Agreement is 7.0% per annum. At any time before the date fixed for taking action to enter into the Loan Agreement, a petition may be filed with the City Clerk of the City asking that the question of entering into the Loan Agreement be submitted to the registered voters of the City, pursuant to the provisions of Section 384.26 of the Code of Iowa. By order of the City Council of the City of Fairfax, Iowa. Cynthia Stimson City Clerk -5- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax419915-17/Set hrng LAs Section 4. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved August 9, 2011. Mayor Attest: City Clerk -6- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax419915-17/Set hrng LAs 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 hearings on the City Council’s proposal to take action in connection with loan agreements, as referred to therein. th WITNESS MY HAND this 10 day of August, 2011. City Clerk -7- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax419915-17/Set hrng LAs 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 loan agreements, the notices, of which the printed slips attached to the publisher’s affidavits hereto attached are true and complete copies, were 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 ____________, 2011. City Clerk (Attach here the publisher’s original affidavits with clippings of the notices, as published.) -8- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA August 5, 2011 Cynthia Stimson City Clerk/City Hall P.O Box 337 Fairfax, Iowa 52228-0337 Re: General Obligation Loan Agreements Our File No. 419915-17 Dear Cynthia: We have prepared the enclosed proceedings to be used at the August 9th City Council meeting to set August 30 as the date for hearings on the General Obligation Essential Purpose and General Obligation General Purpose Loan Agreements. The materials include the following items: 1. Resolution fixing the date, time and place of the meeting at which it is proposed to hold the hearings on the Loan Agreements. The forms of notice of hearing are set out in Sections 2 and 3 of the resolution, and an extra copy of each notice is enclosed for delivery to the publisher. Please insert the time and place of the hearings in the resolution and in both of the notices. 2. Certificate attesting the transcript. 3. Certificate with respect to publication of the notices, to which must be attached the publisher’s affidavits of publication with a clipping of each notice as published. The notice of hearing on the Essential Purpose Loan Agreement 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. The notice of hearing on the General Purpose Loan Agreement must be published not less than 10 nor more than 20 days before the date of the hearing. Please fax a copy of the published notices to our office at (515) 283-1060 as soon as they appear in the newspaper. As soon as possible after the City Council meeting, please return one fully executed copy of these proceedings. If you have any questions, please contact me. Very truly yours, Robert E. Josten cc by email: Maggie Burger