Loading...
HomeMy WebLinkAboutRESOLUTION NO. 2013-32Fairfax419915-19/Set1-1rng GO LA SET DATE FOR HEARINGS ON GENERAL OBLIGATION LOAN AGREEMENTS 419915-19 Fairfax, Iowa June 25, 2013 The City Council of the City of Fairfax, Iowa, met on June 25, 2013, 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: JoAnn Beer, Bernie Frieden, Travis Otto, and Marianne Wainwright Absent: Marc Magers. Council Member Beer introduced the resolution hereinafter next set out, related to setting a date for hearings on general obligation loan agreements in a principal amount not to exceed $4,050,000, for the purpose of financing certain infrastructure improvements and refunding the outstanding balance of certain General Obligation Notes, 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, 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. 4-/-L Jason RO Mayor Attest: Cynth a Stimson, City CleAYTreasurer -1- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax419915-19/SetHrng GO LA RESOLUTION NO. 2013-32 RESOLUTION TO FIX A DATE FOR PUBLIC HEARINGS ON LOAN AGREEMENTS IN A PRINCIPAL AMOUNT NOT TO EXCEED $4,050,000 WHEREAS, the City of Fairfax (the "City"), in Linn County, State of Iowa, previously issued its General Obligation Sanitary Sewer Improvement Notes, Series 2005 (the "Series 2005 Notes") and its General Obligation Refunding Notes, Series 2008B (the "Series 2008B Notes"), a portion of each of which series are outstanding (the "Outstanding Notes"); and WHEREAS, in the resolution authorizing the issuance of the Series 2005 Notes, the City reserved the right to call for prepayment prior to maturity any amount of the principal of the Series 2005 Notes maturing after June 1, 2012; and WHEREAS, in the resolution authorizing the issuance of the Series 2008B Notes, the City reserved the right to call for prepayment prior to maturity any amount of the principal of the Series 2008B Notes maturing after June 1, 2013; and WHEREAS, the City proposes to enter into a general obligation essential corporate purpose and refunding loan agreement (the "Essential Purpose Loan Agreement") in a principal amount not to exceed $3,450,000, 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 street, street lighting, sanitary sewer, storm sewer, drainage and water main improvements, including projects located in the Fairfax Urban Renewal Area, and of refunding the Outstanding Notes, and it is necessary to fix a date of meeting of the City Council at which a public hearing will be held 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 trail improvements loan agreement (the "Trail Improvements Loan Agreement") in a principal amount not to exceed $600,000, for the general corporate purpose of constructing improvements to the municipal trail system, located within the Fairfax Urban Renewal Area, and, in lieu of calling an election thereon, the City desires to institute proceedings to enter into the Trail Improvements Loan Agreement by causing a notice of such proposal to be published, including notice of the right to petition for an election, under the provisions of Section 384.26 of the Code of Iowa; NOW, THEREFORE, It Is Resolved by the City Council of the City of Fairfax, Iowa, as follows: Section 1. The City Council shall meet on the 23rd day of July, 2013, at the city hall, at 525 Vanderbilt Street, Fairfax, Iowa, at 6:00 o'clock p.m., at which time and place a hearing will be held on the proposal to enter into the Essential Purpose Loan Agreement and the Trail Improvements Loan Agreement. -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax419915-19/SetHrng GO LA 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 meeting, in a legal newspaper which has a general circulation in the City. The notice shall be in substantially the following form: -3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax419915-19/SetHrng GO LA NOTICE OF PUBLIC HEARING ON LOAN AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $3,450,000 (GENERAL OBLIGATION ESSENTIAL PURPOSE AND REFUNDING) The City Council of the City of Fairfax, Iowa, will meet on the 23rd day of July, 2013, 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 loan agreement (the "Loan Agreement") in a principal amount not to exceed $3,450,000 for the purpose of paying the cost, to that extent, of constructing street, street lighting, sanitary sewer, storm sewer, drainage and water main improvements, including projects located in the Fairfax Urban Renewal Area, and of refunding the outstanding balances of the City's General Obligation Sanitary Sewer Improvement Notes, Series 2005, and General Obligation Refunding Notes, Series 2008B. 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/Treasurer -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax419915-19/SetHrng GO LA Section 3. The City Clerk is hereby directed to give notice of the proposed action on the Trail Improvements 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 10 nor more than 20 days before the meeting, in a legal newspaper which has a general circulation in the City. The notice shall be in substantially the following form: -5- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax419915-19/SetHrng GO LA NOTICE OF PROPOSED ACTION TO HOLD HEARING ON A LOAN AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $600,000 (GENERAL OBLIGATION TRAIL IMPROVEMENTS) The City Council of the City of Fairfax, Iowa, will meet on July 23, 2013, at the city hall, at 525 Vanderbilt Street, Fairfax, Iowa, at 6:00 o'clock p.m., for the purpose of holding a hearing on a loan agreement (the "Loan Agreement") in a principal amount not to exceed $600,000 for the purpose of constructing improvements to the municipal trail system located in the Fairfax Urban Renewal Area. 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. The maximum rate of interest which may be payable under the Loan Agreement is 6% 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/Treasurer -6- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Pairfax419915-19/SetHrng GO LA Section 4. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved June 25, 2013. CYL Jason e, Mayor Attest: Cynt is Stimson, City Clerk/Treasurer I -7- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax419915-19/SetHrng 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 hearings on the City Council's proposal to enter into loan agreements, as referred to therein. WITNESS MY HAND this 28th day of June, 2013 Cyn is Stimson, City Clerk/Treasurer -8- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax419915-19/SetHrng 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 pursuant to the resolution of the City Council fixing a date of meeting at which it is proposed to hold public hearings on loan agreements, the notices, of which the printed slips attached to the publisher's affidavit 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 thisday of 1` e , 2013. e`. L(M-&� Cynt a Stimson, City Clerk/Treasurer (Attach here the publisher's original affidavit with clippings of the notices, as published, and email or fax a copy of each published notice to our office at (515) 283-1060, as soon as it appears in the newspaper.) -9- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA STATE OF IOWA Counties of Linn and Johnson ss. `NOTICE OF PUBLIC HEARING ON LOAN AGREEMENT IN A' PRINCIPAL AMOUNT NOT TO EXCEED $3,450,000 (GENERAL: OBLIGATION ESSENTIAL PURPOSE AND REFUNDING) I> Tim McDougall, do state that I am the publisher THE The City Council of the City of Fairfax, Iowa, will meet on the 23rd day of July, GAZETTE, a daily newspaper of general circulation in 2013, at the city hall, at 525 Vanderbilt Street, Fairfax, Iowa, at 6:00 o'clock Linn and Johnson Counties, in Iowa. The notice, a P.m., for the purpose of holding a public printed hearing on a loan agreement (the Loan Agreement") in. COp Of which is attached, was inserted and published in py a principal for the amount not to exceed $3,450,000 that ex - purpose of paying the cost, ft Y THE GAZETTE newspaper in the issue(s) July 8th, 2013 tent, of constructing street, street ilight- ing,:sanitarysewer, storm sewer, drai- nage and water main improvements, including proiects located in the Fair- The reasonable fee forublishin said notice $21.19 fax Urban Renewal Area, and of h g refunding the outstanding balances of the City's General Obligation Sanitary Sewer Improvement Notes, Series 2005, and General Obligation Refunding Notes, Series 2008B. The Loan Agreement is proposed to be entered into: pursuant toauthority .:con- tained in Section 384,24A of the Code of Iowa and will constitute a general'obli- gation of the City. At that timeand place, oral or written obiections may be filed or made to the proposal t0 enter into the Loan Agree - ment. After receiving obiections, the meet. City: may determine to enter into the Loan Agreement, in which case, the decision willlbe final unless appealed to the DistrictCourt within fifteen '(15) days thereafter. By order of the City Council of the City of Fairfax, Iowa. Cynthia Stimson This instrument was acknowledged by Tim McDougall City Clerk/Treasurer before me on July 8th, 2013 Notary Public in and for the State of Iowa a Qy.�tit Diane Crusta C:arrimissiDn P�urn6 r 763222 Pt4y CommissiOfh >cpir" 00 t juile 11, 2014 a. STATE OF IOWA Counties of Linn and Johnson ss. NOTICE OF PROPOSED ACTION TO HOLD HEARING ON A LOAN AGREEMENT IN A + PRINCIPAL AMOUNT NOT TO EXCEED $600,000 (GENERAL OBLIGATION TRAIL IMPROVEMENTS) I, Tim McDougall, do state that I am the publisher THE The City Council of the City of Fairfax, at the Iowa, will meet on July 23, Street, hall, at 525 Vanderbilt Street, Fair- GAZETTE, a daily newspaper of general circulation in faxcity pg o for the purpose of holding a hearing on a loan pur Iowa, at 6:00 a hearing Linn and Johnson Counties, in Iowa. The notice, a printed agreement (the "Loan Agreement") in a principal 'amount not to exceed c0 of which is attached was inserted and published in $600,000 for the purpose of construct- ing to the THE GAZETTE newspaper in the issue(s) July 8th, 2013 airfaxpaP ban system located in the Fairfax Urban em located i Renewal Area, The Loan Agreement is proposed to be tamed i into ion 38 of tooftheauthoritycon- tamed in Section 384.24A of the Code of The reasonable fee for publishing said notice $18.78 Iowa and will constitute a general obli- gation of the City. The maximum rate of interest which may be payable under the Loan Agree- ment 's6% per annum. i 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 regis- tered voters of the City, pursuant to the provisions of Section 384.26 of the Code Iowa. By order of the City Council of the City B of Fairfax, Iowa. Cynthia Stimson City Clerk/Treasurer This instrument was acknowledged by Tim McDougall before me on July 8th, 2013 Notary Public in and for the State of Iowa ,t,c Diane Gusty Commission Number 753 22 fly Commission Expires June 11, 2014 June 24, 2013 Cynthia Stimson City Clerk/City Hall PO Box 337 Fairfax, Iowa 52228-0337 Re: General Obligation Loan Agreements Our File No. 419915-19 Dear Cynthia: I have prepared and enclose proceedings to be used at the City Council meeting on June 25 to set July 23 as the date for hearings on an Essential Purpose Loan Agreement and a Trail Improvements Loan Agreement. The documents enclosed include the following items: 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. Please insert the time and place of the hearings in both the resolution and the notices. 2. Certificate attesting the transcript. 3. Certificate with respect to publication of the notices, to which must be attached the publisher's affidavit of publication with a clipping of each notice as published. The notice related to 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 related to the Trail Improvements Loan Agreement must be published not less than TEN nor more than 20 days before the date set for the hearing. Please email or fax a copy of each 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 these proceedings. If you have any questions, please contact me. Very truly yours, Robert E. Josten cc by email: Maggie Burger