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HomeMy WebLinkAboutRESOLUTION NO. 2014-42 Pairfax419915-20/Issuance Series 2014GO RESOLUTION AUTHORIZING ISSUANCE OF GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2014 419915-20 Fairfax, Iowa March 25, 2014 The City Council of the City of Fairfax, Iowa, met on March 25, 2014, at 6:00 o'clock 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 Council Members present and absent: Present: JoAnn Beer, Bernie Frieden, Marc Magers, and Marianne Wainwright Absent: Travis Otto. The City Clerk reported that, on March 11, 2014, the Council had approved the sale of the City's $1,330,000 General Obligation Corporate Purpose Bonds, Series 2014, to UMB Bank, n.a., Kansas City, MO and that it was necessary for the Council to take action to authorize the issuance of those bonds. After due consideration and discussion, Council Member Wainwright introduced the resolution next hereinafter set out, authorizing issuance of bonds, 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: Beer, Frieden, Masers, and Wainwright Nays: None. Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-20/Issuance Series 2014GO At the conclusion of the meeting, and upon motion and vote, the Council adjourned. a� � li Jason Rabe, Mayor Attest: Cyn i timson, City Clerk/Treasurer -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-20/Issuance Series 2014GO RESOLUTION NO. 2014-42 RESOLUTION AUTHORIZING THE ISSUANCE OF $1,330,000 GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2014 AND PROVIDING FOR THE LEVY OF TAXES TO PAY THE SAME WHEREAS, the City of Fairfax (the "City"), in Linn County, State of Iowa, has proposed to enter into a General Obligation Loan Agreement (the "Loan Agreement"), pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the costs, to that extent, of constructing street, street lighting, sanitary sewer, storm sewer, drainage, water main and trail improvements, including projects located in the Fairfax Urban Renewal Area, and has published notices and held hearings on the proposals; and WHEREAS, on March 11, 2014, the Council approved a Bond Purchase Agreement with UMB Bank, n.a., Kansas City, MO (the "Purchaser") for the sale of $1,330,000 General Obligation Corporate Purpose Bonds, Series 2014 (the "Bonds") to be issued in evidence of the City's obligation under the Loan Agreement; and WHEREAS, it is now necessary to take final action for the issuance of the Bonds; NOW, THEREFORE, Be It Resolved by the City Council of the City of Fairfax, Iowa, as follows: Section 1. The Bonds are hereby authorized to be issued in evidence of the obligation of the City under the Loan Agreement, in the total aggregate principal amount of$1,330,000, to be dated April 8, 2014, in the denomination of $5,000 each, or any integral multiple thereof, maturing on June 1 in each of the years, in the respective principal amounts and bearing interest at the respective rates, as follows: Principal Interest Rate Principal Interest Rate Year Amount Per Annum Year Amount Per Annum 2016 $100,000 2.00% 2022 $110,000 2.05% 2017 $100,000 2.00% 2023 $115,000 2.25% 2018 $100,000 2.00% 2024 $115,000 2.40% 2019 $105,000 2.00% 2025 $120,000 2.50% 2020 $105,000 2.00% 2026 $125,000 2.60% 2021 $105,000 2.00% 2027 $130,000 2.75% Section 2. Bankers Trust Company, Des Moines, Iowa, is hereby designated as the Registrar and Paying Agent for the Bonds and may be hereinafter referred to as the "Registrar" or the "Paying Agent." The City shall enter into an agreement (the "Registrar/Paying Agent Agreement") with the Registrar, in substantially the form as has been placed on file with the Council; the Mayor and City Clerk are hereby authorized and directed to sign the Registrar/Paying Agent Agreement on behalf of the City, and the Registrar/Paying Agent Agreement is hereby approved. -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-20/Issuance Series 2014GO The City reserves the right to prepay part or all of the principal of the Bonds maturing in each of the years 2023 to 2027, inclusive, prior to and in any order of maturity on June 1, 2022, or on any date thereafter upon terms of par and accrued interest. If less than all of the Bonds of any like maturity are to be redeemed, the particular part of those Bonds to be redeemed shall be selected by the Registrar by lot. The Bonds may be called in part in one or more units of$5,000. If less than the entire principal amount of any Bond in a denomination of more than $5,000 is to be redeemed, the Registrar will issue and deliver to the registered owner thereof, upon surrender of such original Bond, a new Bond or Bonds, in any authorized denomination, in a total aggregate principal amount equal to the unredeemed balance of the original Bond. Notice of such redemption as aforesaid identifying the Bond or Bonds (or portion thereof) to be redeemed shall be sent by electronic means or mailed by certified mail to the registered owners thereof at the addresses shown on the City's registration books not less than 30 days prior to such redemption date. Any notice of redemption may contain a statement that the redemption is conditioned upon the receipt by the Paying Agent of funds on or before the date fixed for redemption sufficient to pay the redemption price of the Bonds so called for redemption, and that if funds are not available, such redemption shall be cancelled by written notice to the owners of the Bonds called for redemption in the same manner as the original redemption notice was sent. All of such Bonds as to which the City reserves and exercises the right of redemption and as to which notice as aforesaid shall have been given and for the redemption of which funds are duly provided, shall cease to bear interest on the redemption date. Accrued interest on the Bonds shall be payable semiannually on the first day of June and December in each year, commencing December 1, 2014. Interest shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. Payment of interest on the Bonds shall be made to the registered owners appearing on the registration books of the City at the close of business on the fifteenth day of the month next preceding the interest payment date and shall be paid to the registered owners at the addresses shown on such registration books. Principal of the Bonds shall be payable in lawful money of the United States of America to the registered owners or their legal representatives upon presentation and surrender of the Bond or Bonds at the office of the Paying Agent. The Bonds shall be executed on behalf of the City with the official manual or facsimile signature of the Mayor and attested with the official manual or facsimile signature of the City Clerk, and shall be fully registered Bonds without interest coupons. In case any officer whose signature or the facsimile of whose signature appears on the Bonds shall cease to be such officer before the delivery of the Bonds, such signature or such facsimile signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery. The Bonds shall not be valid or become obligatory for any purpose until the Certificate of Authentication thereon shall have been signed by the Registrar. The Bonds shall be fully registered as to principal and interest in the name of the owners on the registration books of the City kept by the Registrar, and after such registration, payment of the principal thereof and interest thereon shall be made only to the registered owners or their legal representatives or assigns. Each Bond shall be transferable only upon the registration -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Pairfax419915-20/Issuance Series 2014GO books of the City upon presentation to the Registrar, together with either a written instrument of transfer satisfactory to the Registrar or the assignment form thereon completed and duly executed by the registered owner or the duly authorized attorney for such registered owner. The record and identity of the owners of the Bonds shall be kept confidential as provided by Section 22.7 of the Code of Iowa. Section 3. Notwithstanding anything above to the contrary, the Bonds shall be issued initially as Depository Bonds, with one fully registered Bond for each maturity date, in principal amounts equal to the amount of principal maturing on each such date, and registered in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York ("DTC"). On original issue, the Bonds shall be deposited with DTC for the purpose of maintaining a book- entry system for recording the ownership interests of its participants and the transfer of those interests among its participants (the "Participants"). In the event that DTC determines not to continue to act as securities depository for the Bonds or the City determines not to continue the book-entry system for recording ownership interests in the Bonds with DTC, the City will discontinue the book-entry system with DTC. If the City does not select another qualified securities depository to replace DTC (or a successor depository) in order to continue a book- entry system, the City will register and deliver replacement Bonds in the form of fully registered certificates, in authorized denominations of$5,000 or integral multiples of$5,000, in accordance with instructions from Cede & Co., as nominee for DTC. In the event that the City identifies a qualified securities depository to replace DTC, the City will register and deliver replacement Bonds, fully registered in the name of such depository, or its nominee, in the denominations as set forth above, as reduced from time to time prior to maturity in connection with redemptions or retirements by call or payment, and in such event, such depository will then maintain the book- entry system for recording ownership interests in the Bonds. Ownership interests in the Bonds may be purchased by or through Participants. Such Participants and the persons for whom they acquire interests in the Bonds as nominees will not receive certificated Bonds, but each such Participant will receive a credit balance in the records of DTC in the amount of such Participant's interest in the Bonds, which will be confirmed in accordance with DTC's standard procedures. Each such person for which a Participant has an interest in the Bonds, as nominee, may desire to make arrangements with such Participant to have all notices of redemption or other communications of the City to DTC, which may affect such person, forwarded in writing by such Participant and to have notification made of all interest payments. The City will have no responsibility or obligation to such Participants or the persons for whom they act as nominees with respect to payment to or providing of notice for such Participants or the persons for whom they act as nominees. As used herein, the term `Beneficial Owner" shall hereinafter be deemed to include the person for whom the Participant acquires an interest in the Bonds. DTC will receive payments from the City, to be remitted by DTC to the Participants for subsequent disbursement to the Beneficial Owners. The ownership interest of each Beneficial -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-20/Issuance Series 2014GO Owner in the Bonds will be recorded on the records of the Participants whose ownership interest will be recorded on a computerized book-entry system kept by DTC. When reference is made to any action which is required or permitted to be taken by the Beneficial Owners, such reference shall only relate to those permitted to act (by statute, regulation or otherwise) on behalf of such Beneficial Owners for such purposes. When notices are given, they shall be sent by the City to DTC, and DTC shall forward (or cause to be forwarded) the notices to the Participants so that the Participants can forward the same to the Beneficial Owners. Beneficial Owners will receive written confirmations of their purchases from the Participants acting on behalf of the Beneficial Owners detailing the terms of the Bonds acquired. Transfers of ownership interests in the Bonds will be accomplished by book entries made by DTC and the Participants who act on behalf of the Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interest in the Bonds, except as specifically provided herein. Interest and principal will be paid when due by the City to DTC, then paid by DTC to the Participants and thereafter paid by the Participants to the Beneficial Owners. Section 4. The Bonds shall be in substantially the following form: -6- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Pairfax419915-20/Issuance Series 2014GO (Form of Bond) UNITED STATES OF AMERICA STATE OF IOWA LINN COUNTY CITY OF FAIRFAX GENERAL OBLIGATION CORPORATE PURPOSE BOND, SERIES 2014 No. $ RATE MATURITY DATE DATE CUSIP June 1, April 8, 2014 The City of Fairfax (the "City"), in Linn County, State of Iowa, for value received, promises to pay on the maturity date of this Bond to Cede & Co. New York, NY or registered assigns, the principal sum of THOUSAND DOLLARS in lawful money of the United States of America upon presentation and surrender of this Bond at the office of Bankers Trust Company, Des Moines, Iowa (hereinafter referred to as the "Registrar" or the "Paying Agent"), with interest on said sum, until paid, at the rate per annum specified above, from the date of this Bond, or from the most recent interest payment date on which interest has been paid, on June 1 and December 1 of each year, commencing December 1, 2014, except as the provisions hereinafter set forth with respect to redemption prior to maturity may be or become applicable hereto. Interest on this Bond is payable to the registered owner appearing on the registration books of the City at the close of business on the fifteenth day of the month next preceding the interest payment date, and shall be paid to the registered owner at the address shown on such registration books. Interest shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. This Bond shall not be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by the Registrar. This Bond is one of a series of General Obligation Corporate Purpose Bonds, Series 2014 (the "Bonds") issued by the City in the aggregate principal amount of$2,485,000, to evidence its obligation under a certain loan agreement, dated as of April 8, 2014 (the "Loan Agreement"), entered into by the City for the purpose of paying the costs, to that extent, of constructing street, street lighting, sanitary sewer, storm sewer, drainage, water main and trail improvements, including projects located in the Fairfax Urban Renewal Area. -7- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-20/Issuance Series 2014GO The Bonds are issued pursuant to and in strict compliance with the provisions of Chapters 76 and 384 of the Code of Iowa, 2013, and all other laws amendatory thereof and supplemental thereto, and in conformity with a resolution of the City Council adopted and approved on March 25, 2014, authorizing and approving the Loan Agreement and providing for the issuance and securing the payment of the Bonds (the "Resolution"), and reference is hereby made to the Resolution and the Loan Agreement for a more complete statement as to the source of payment of the Bonds and the rights of the owners of the Bonds. The City reserves the right to prepay part or all of the principal of the Bonds maturing in each of the years 2023 to 2027, inclusive, prior to and in any order of maturity on June 1, 2022, or on any date thereafter upon terms of par and accrued interest. If less than all of the Bonds of any like maturity are to be redeemed, the particular part of those Bonds to be redeemed shall be selected by the Registrar by lot. The Bonds may be called in part in one or more units of$5,000. If less than the entire principal amount of any Bond in a denomination of more than $5,000 is to be redeemed, the Registrar will issue and deliver to the registered owner thereof, upon surrender of such original Bond, a new Bond or Bonds, in any authorized denomination, in a total aggregate principal amount equal to the unredeemed balance of the original Bond. Notice of such redemption as aforesaid identifying the Bond or Bonds (or portion thereof) to be redeemed shall be sent by electronic means or by certified mail to the registered owners thereof at the addresses shown on the City's registration books not less than 30 days prior to such redemption date. All of such Bonds as to which the City reserves and exercises the right of redemption and as to which notice as aforesaid shall have been given and for the redemption of which funds are duly provided, shall cease to bear interest on the redemption date. This Bond is fully negotiable but shall be fully registered as to both principal and interest in the name of the owner on the books of the City in the office of the Registrar, after which no transfer shall be valid unless made on said books and then only upon presentation of this Bond to the Registrar, together with either a written instrument of transfer satisfactory to the Registrar or the assignment form hereon completed and duly executed by the registered owner or the duly authorized attorney for such registered owner. The City, the Registrar and the Paying Agent may deem and treat the registered owner hereof as the absolute owner for the purpose of receiving payment of or on account of principal hereof, premium, if any, and interest due hereon and for all other purposes, and the City, the Registrar and the Paying Agent shall not be affected by any notice to the contrary. And it Is Hereby Certified and Recited that all acts, conditions and things required by the laws and Constitution of the State of Iowa, to exist, to be had, to be done or to be performed precedent to and in the issue of this Bond were and have been properly existent, had, done and performed in regular and due form and time; that provision has been made for the levy of a sufficient continuing annual tax on all the taxable property within the City for the payment of the principal of and interest on this Bond as the same will respectively become due; that the faith, credit, revenues and resources and all the real and personal property of the City are irrevocably pledged for the prompt payment hereof, both principal and interest; and that the total -8- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Pairfax419915-20/Issuance Series 2014GO indebtedness of the City, including this Bond, does not exceed any constitutional or statutory limitations. IN TESTIMONY WHEREOF, the City of Fairfax, Iowa, by its City Council, has caused this Bond to be executed with the duly authorized facsimile signature of its Mayor and attested with the duly authorized facsimile signature of its City Clerk, as of April 8, 2014. CITY OF FAIRFAX, IOWA By(DO NOT SIGN) Mayor Attest: (DO NOT SIGN) City Clerk Registration Date: (Registration Date) REGISTRAR'S CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds described in the within-mentioned Resolution. BANKERS TRUST COMPANY Des Moines, Iowa Registrar By _Authorized Signature)L -9- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-20/Issuance Series 2014GO ABBREVIATIONS The following abbreviations, when used in this Bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM - as tenants in common UTMA TEN ENT - as tenants by the entireties (Custodian) JT TEN - as joint tenants with right of As Custodian for survivorship and not as (Minor) tenants in common under Uniform Transfers to Minors Act (State) Additional abbreviations may also be used though not in the list above. ASSIGNMENT For valuable consideration, receipt of which is hereby acknowledged, the undersigned assigns this Bond to (Please print or type name and address of Assignee) PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE and does hereby irrevocably appoint , Attorney, to transfer this Bond on the books kept for registration thereof with full power of substitution. Dated: Signature guaranteed: (Signature guarantee must be provided in accordance with the prevailing standards and procedures of the Registrar and Transfer Agent. Such standards and procedures may require signatures to be guaranteed by certain eligible guarantor institutions that participate in a recognized signature guarantee program.) NOTICE: The signature to this Assignment must correspond with the name of the registered owner as it appears on this Bond in every particular, without alteration or enlargement or any change whatever. -10- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-20/Issuance Series 2014GO Section 5. The Bonds shall be executed as herein provided as soon after the adoption of this resolution as may be possible, and thereupon they shall be delivered to the Registrar for registration, authentication and delivery to or on behalf of the Purchaser, upon receipt of the loan proceeds, and all action heretofore taken in connection with the Loan Agreement is hereby ratified and confirmed in all respects. Section 6. For the purpose of providing for the levy and collection of a direct annual tax sufficient to pay the principal of and interest on the Bonds as the same become due, there is hereby ordered levied on all the taxable property in the City in each of the years while the Bonds are outstanding, a tax sufficient for that purpose, and in furtherance of this provision, but not in limitation thereof, there is hereby levied on all the taxable property in the City the following direct annual tax for collection in each of the following fiscal years, to-wit: For collection in the fiscal year beginning July 1, 2015, sufficient to produce the net annual sum of$129,728; For collection in the fiscal year beginning July 1, 2016, sufficient to produce the net annual sum of$127,728; For collection in the fiscal year beginning July 1, 2017, sufficient to produce the net annual sum of$125,728; For collection in the fiscal year beginning July 1, 2018, sufficient to produce the net annual sum of$128,728; For collection in the fiscal year beginning July 1, 2019, sufficient to produce the net annual sum of$126,628; For collection in the fiscal year beginning July 1, 2020, sufficient to produce the net annual sum of$124,528; For collection in the fiscal year beginning July 1, 2021, sufficient to produce the net annual sum of$127,428; For collection in the fiscal year beginning July 1, 2022, sufficient to produce the net annual sum of$130,173; For collection in the fiscal year beginning July 1, 2023, sufficient to produce the net annual sum of$127,585; For collection in the fiscal year beginning July 1, 2024, sufficient to produce the net annual sum of$129,825; For collection in the fiscal year beginning July 1, 2025, sufficient to produce the net annual sum of$131,825; For collection in the fiscal year beginning July 1, 2026, sufficient to produce the net annual sum of$133,575. -11- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-20/Issuance Series 2014GO Section 7. A certified copy of this resolution shall be filed with the County Auditor of Linn County, and the County Auditor is hereby instructed to enter for collection and assess the tax hereby authorized. When annually entering such taxes for collection, the County Auditor shall include the same as a part of the tax levy for Debt Service Fund purposes of the City and when collected, the proceeds of the taxes shall be converted into the Debt Service Fund of the City and set aside therein as a special account to be used solely and only for the payment of the principal of and interest on the Bonds hereby authorized and for no other purpose whatsoever. A portion of the amount received by the City as accrued interest on the Bonds shall be deposited into such special account and used to pay interest due on the Bonds on the first interest payment date. Pursuant to the provisions of Section 76.4 of the Code of Iowa, each year while the Bonds remain outstanding and unpaid, any funds of the City which may lawfully be applied for such purpose may be appropriated, budgeted and, if received, used for the payment of the principal of and interest on the Bonds as the same become due, and if so appropriated, the taxes for any given fiscal year as provided for in Section 6 of this Resolution, shall be reduced by the amount of such alternate funds as have been appropriated for said purpose and evidenced in the City's budget. Section 8. The interest or principal and both of them falling due in any year or years shall, if necessary, be paid promptly from current funds on hand in advance of taxes levied and when the taxes shall have been collected, reimbursement shall be made to such current funds in the sum thus advanced. The City hereby pledges the faith, credit, revenues and resources and all of the real and personal property of the City for the full and prompt payment of the principal of and interest on the Bonds. Section 9. It is the intention of the City that interest on the Bonds be and remain excluded from gross income for federal income tax purposes pursuant to the appropriate provisions of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations in effect with respect thereto (all of the foregoing herein referred to as the "Internal Revenue Code"). In furtherance thereof, the City covenants to comply with the provisions of the Internal Revenue Code as they may from time to time be in effect or amended and further covenants to comply with the applicable future laws, regulations, published rulings and court decisions as may be necessary to insure that the interest on the Bonds will remain excluded from gross income for federal income tax purposes. Any and all of the officers of the City are hereby authorized and directed to take any and all actions as may be necessary to comply with the covenants herein contained. The City hereby designates the Bonds as "Qualified Tax Exempt Obligations" as that term is used in Section 265(b)(3)(B) of the Internal Revenue Code. -12- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-20/Issuance Series 2014GO Section 10. The Securities and Exchange Commission (the "SEC") has promulgated certain amendments to Rule 15c2-12 under the Securities Exchange Act of 1934 (17 C.F.R. § 240.15c2-12) (the "Rule") that make it unlawful for an underwriter to participate in the primary offering of municipal securities in a principal amount of $1,000,000 or more unless, before submitting a bid or entering into a purchase contract for such securities, an underwriter has reasonably determined that the issuer or an obligated person has undertaken in writing for the benefit of the holders of such securities to provide certain disclosure information to prescribed information repositories on a continuing basis so long as such securities are outstanding. On the date of issuance and delivery of the Bonds, the City will execute and deliver a Continuing Disclosure Certificate pursuant to which the City will undertake to comply with the Rule. The City covenants and agrees that it will comply with and carry out the provisions of the Continuing Disclosure Certificate. Any and all of the officers of the City are hereby authorized and directed to take any and all actions as may be necessary to comply with the Rule and the Continuing Disclosure Certificate. Section 11. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved March 25, 2014. Jason Rab Mayor Attest: �� Cyn,hia Stimson, City Clerk/Treasurer to ®,.• v � iy . 'r1I°°1°j0 a oee/60� -13- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-20/Issuance Series 2014GO STATE OF IOWA COUNTY OF LINN SS: CITY OF FAIRFAX 1, the undersigned, City Clerk of the City of Fairfax, do hereby certify that as such City Clerk I have in my possession or have access to the complete corporate records of the City and of its Council and officers and that I have carefully compared the transcript hereto attached with those corporate records and that the transcript hereto attached is a true, correct and complete copy of all the corporate records in relation to the adoption of a resolution providing for the issuance of $1,330,000 General Obligation Corporate Purpose Bonds, Series 2014, of the City evidencing the City's obligation under a Loan Agreement and that 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 with respect thereto. I further certify that no appeal has been taken to the District Court from the decision of the City Council to enter into the Loan Agreement, to issue the Bonds or to levy taxes to pay the principal of and interest on the Bonds. WITNESS MY HAND this 26`" day of March, 2014. -,,4, )k4 Cynt is Stimson, City Clerk/Treasurer -14- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-20/Issuance Series 2014GO STATE OF IOWA SS: COUNTY OF LINN 1, the undersigned, County Auditor of Linn C unty, in the State of Iowa, do hereby certify that on the day of _2014, the City Clerk of the City of Fairfax filed in my office a certified copy of a resolution of the City shown to have been adopted by the City Council and approved by the Mayor thereof on March 25, 2014, entitled: "Resolution authorizing the issuance of $1,330,000 General Obligation Corporate Purpose Bonds, Series 2014, and providing for the levy of taxes to pay the same," and that I have duly placed the copy of the resolution on file in my records. I further certify that the taxes provided for in that resolution will in due time, manner and season be entered on the State and County tax lists of this County for collection in the fiscal year beginning July 1, 2015, and subsequent years as provided in the resolution. WITNESS MY HAND this t day of � K 2014. my Auditor.- I -15- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fai rfax419915-20/CDC COIVTINiJING DISCLOSURE CEI2TI T This Continuing Disclosure Certificate (the"Disclosure Certificate") is execute fed by the City of Fairfax Iowa(the "Issuer"), in connection with the issuance of$1,330,000 Genera Corporate Purpose Bonds, Series 2014 (the "Bonds"), dated April 8, 2014. The Bonds are being iss', pursuant to a resolution of the Issuer approved on March 25, 2014 (the "Resolution"). The Issuer covenants and agrees as follows: Section 1. Purpose of the Disclosure Certificate. This Disclosure Certificate is being executed and delivered by the Issuer for the benefit of the Holders and Beneficial Owners of the Bonds and in order to assist the Participating Underwriters in complying with S.E.C.Rule 15c2-12. Section 2. Definitions. In addition to the definitions set forth in the Resolution,which apply to any capitalized term used in this Disclosure Certificate unless otherwise defined in this Section, the following capitalized terms shall have the following meanings: "Annual Report" shall mean any Annual Report provided by the Issuer pursuant to, and as described in, Sections 3 and 4 of this Disclosure Certificate. "Beneficial Owner" shall mean any person which (a)has the power, directly or indirectly,to vote or consent with respect to, or to dispose of ownership of, any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of any Bonds for federal income tax purposes. "Dissemination Agent" shall mean the Dissemination Agent, if any, designated in writing by the Issuer and which has filed with the Issuer a written acceptance of such designation. "Holders" shall mean the registered holders of the Bonds, as recorded in the registration books of the Registrar. "Listed Events" shall mean any of the events listed in Section 5(a) of this Disclosure Certificate. "Municipal Securities Rulemaking Board" or "MSRB" shall mean the Municipal Securities Rulemaking Board, 1900 Duke Street, Suite 600,Alexandria,VA 22314. "National Repository" shall mean, at any point in time, a nationally recognized municipal securities information repository which is then recognized as such by the SEC; as of the date of this Disclosure Certificate, the sole National Repository is the MSRB, which accepts filings via its Electronic Municipal Market Access(EMMA) system at http•//emma.msrb.org. "Participating Underwriter" shall mean any of the original underwriters of the Bonds required to comply with the Rule in connection with offering of the Bonds. "Repository" shall mean each National Repository and each State Repository. "Rule" shall mean Rule 15c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time. "State" shall mean the State of Iowa. -1- Fai rfax419915-20/CDC "State Repository" shall mean any public or private repository or entity designated by the State as a state repository for the purpose of the Rule and recognized as such by the Securities and Exchange Commission. As of the date of this Certificate,there is no State Repository. Section 3. Provision of Reports and Audited Financial Statements. (a) To the extent such information is customarily prepared by the Issuer and is publicly available, the Issuer, as soon as available but not later than twelve months after the end of the Issuer's fiscal year(presently June 30), commencing with the report for the 2013-2014 fiscal year, shall, or shall cause the Dissemination Agent(if any)to, provide to each National Repository an electronic copy of its Annual Report which is consistent with the requirements of Section 4 of this Disclosure Certificate and which Annual Report is in a format and accompanied by such identifying information as prescribed by the MSRB. The Annual Report may be submitted as a single document or as separate documents comprising a package, and may cross-reference other information as provided in Section 4 of this Disclosure Certificate; provided that the audited financial statements of the Issuer may be submitted separately from the balance of the Annual Report and later than the date required above for the filing of the Annual Report if they are not available by that date. If the Issuer's fiscal year changes, it shall give notice of such change in the same manner as for a Listed Event under Section 5(c). (b) If the Issuer has designated a Dissemination Agent, then not later than fifteen (15) business days prior to the filing date in Section 3(a), the Issuer shall provide the Annual Report to the Dissemination Agent. Section 4. Content of Annual Reports. The Issuer's Annual Report shall contain or include by reference the following: (a) the audited financial statements of the Issuer for the prior fiscal year, prepared in accordance with generally accepted accounting principles promulgated by the Financial Accounting Standards Board as modified in accordance with the governmental accounting standards promulgated by the Governmental Accounting Standards Board or as otherwise provided under State law, as in effect from time to time, or, if and to the extent such financial statements have not been prepared in accordance with generally accepted accounting principles,noting the discrepancies therefrom and the effect thereof. (b) other financial information and operating data regarding the Issuer of the type presented in the final official statement distributed in connection with the primary offering of the Bonds. Any or all of the items listed above may be included by specific reference to other documents, including official statements of debt issues of the Issuer or related public entities, which are available to the public on the MSRB's web site or are filed with the Securities and Exchange Commission. If the document included by reference is a final official statement, it must be available from the Municipal Securities Rulemaking Board. The Issuer shall clearly identify each such other document so included by reference. Section 5. Reporting of Significant Events. (a) Pursuant to the provisions of this Section 5, the Issuer shall give, or cause to be given, notice of the occurrence of any of the following events with respect to the Bonds: (1)Principal and interest payment delinquencies; (2)Non-payment related defaults, if material; -2- Fairfax419915-20/CDC (3)Unscheduled draws on debt service reserves reflecting financial difficulties; (4) Unscheduled draws on credit enhancements reflecting financial difficulties; (5) Substitution of credit or liquidity providers, or their failure to perform; (6) Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the security, or other material events affecting the tax status of the security; (7)Modifications to rights of security holders, if material; (8)Bond calls, if material,and tender offers; (9)Defeasances; (10)Release, substitution, or sale of property securing repayment of the securities, if material; (11)Rating changes; (12)Bankruptcy, insolvency, receivership or similar event of the obligated person; Note to paragraph(12): For the purposes of the event identified in subparagraph(12),the event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for an obligated person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the obligated person, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the obligated person; (13) The consummation of a merger, consolidation, or acquisition involving an obligated person or the sale of all or substantially all of the assets of the obligated person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; (14) Appointment of a successor or additional trustee or the change of name of a trustee, if material; and (b) If a Listed Event described in paragraph (2), (7), (8) (but only with respect to bond calls under (8)), (10), (13) or (14) above has occurred and the Issuer has determined that such Listed Event is material under applicable federal securities laws,the Issuer shall, in a timely manner but not later than ten business days after the occurrence of such Listed Event, promptly file a notice of such occurrence with each National Repository. -3- Fa i rfax419915-20/CDC (c) If a Listed Event described in paragraph (1), (3), (4), (5), (6), (8) (but only with respect to tender offers under (8)), (9), (11) or (12) above has occurred the Issuer shall, in a timely manner but not later than ten business days after the occurrence of such Listed Event, promptly file a notice of such occurrence with each National Repository. Notwithstanding the foregoing, notice of Listed Events described in subsections (a)(8) and (9)need not be given under this subsection any earlier than the notice (if any) of the underlying event is given to Holders of affected Bonds pursuant to the Resolution. Section 6. Termination of Reporting_Obli Obligation. The Issuer's obligations under this Disclosure Certificate shall terminate upon the legal defeasance, prior redemption or payment in full of all of the Bonds or upon the Issuer's receipt of an opinion of nationally recognized bond counsel to the effect that, because of legislative action or final judicial action or administrative actions or proceedings, the failure of the Issuer to comply with the terms hereof will not cause Participating Underwriters to be in violation of the Rule or other applicable requirements of the Securities Exchange Act of 1934, as amended. If such termination occurs prior to the final maturity of the Bonds, the Issuer shall give notice of such termination in the same manner as for a Listed Event under Section 5(c). Section 7. Dissemination Agent. The Issuer may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under this Disclosure Certificate, and may discharge any such Agent, with or without appointing a successor Dissemination Agent. The Dissemination Agent shall not be responsible in any manner for the content of any notice or report prepared by the Issuer pursuant to this Disclosure Certificate. The initial Dissemination Agent shall be the Issuer. Section 8. Amendment; Waiver. Notwithstanding any other provision of this Disclosure Certificate, the Issuer may amend this Disclosure Certificate, and any provision of this Disclosure Certificate may be waived, provided that the following conditions are satisfied: (a) If the amendment or waiver relates to the provisions of Sections 3, 4, or 5(a), it may only be made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature or status of an obligated person with respect to the Bonds, or the type of business conducted; (b) The undertaking, as amended or taking into account such waiver, would, in the opinion of nationally recognized bond counsel, have complied with the requirements of the Rule at the time of the original issuance of the Bonds, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances;and (c) The amendment or waiver either (i) is approved by the Holders of the Bonds in the same manner as provided in the Resolution for amendments to the Resolution with the consent of Holders, or (ii) does not, in the opinion of nationally recognized bond counsel, materially impair the interests of the Holders or Beneficial Owners of the Bonds. In the event of any amendment or waiver of a provision of this Disclosure Certificate, the Issuer shall describe such amendment in the next Annual Report, and shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type (or in the case of a change of accounting principles, on the presentation) of financial information or operating data being presented by the Issuer. In addition, if the amendment relates to the accounting principles to be followed in preparing financial statements, (i) notice of such change shall be given in the same manner as for a Listed Event under Section 5(c), and (ii) the Annual Report for the year in which the change is made will present a comparison or other discussion in narrative form (and also, if feasible, in quantitative form) describing or illustrating the material differences between the financial statements as prepared on the -4- Fai rfax419915-20/CDC basis of the new accounting principles and those prepared on the basis of the former accounting principles. Section 9. Additional Information. Nothing in this Disclosure Certificate shall be deemed to prevent the Issuer from disseminating any other information, using the means of dissemination set forth in this Disclosure Certificate or any other means of communication, or including any other information in any Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Certificate. If the Issuer chooses to include any information in any Report or notice of occurrence of a Listed Event in addition to that which is specifically required by this Disclosure Certificate,_the Issuer shall have no obligation under this Certificate to update such information or include it in any future Report or notice of occurrence of a Listed Event. Section 10. Default. In the event of a failure of the Issuer to comply with any provision of this Disclosure Certificate, any Holder or Beneficial Owner of the Bonds may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order,to cause the Issuer to comply with its obligations under this Disclosure Certificate. Direct, indirect, consequential and punitive damages shall not be recoverable by any person for any default hereunder and are hereby waived to the extent permitted by law. A default under this Disclosure Certificate shall not be deemed an event of default under the Resolution, and the sole remedy under this Disclosure Certificate in the event of any failure of the Issuer to comply with this Disclosure Certificate shall be an action to compel performance. Section 11. Duties Immunities and Liabilities of Dissemination Agent. The Dissemination Agent, if any, shall have only such duties as are specifically set forth in this Disclosure Certificate, and the Issuer agrees to indemnify and save the Dissemination Agent, its officers, directors, employees and agents, harmless against any loss, expense and liabilities which it may incur arising out of or in the exercise or performance of its powers and duties hereunder, including the costs and expenses (including attorneys' fees) of defending against any claim of liability, but excluding liabilities due to the Dissemination Agent's negligence or willful misconduct. The obligations of the Issuer under this Section shall survive resignation or removal of the Dissemination Agent and payment of the Bonds. Section 12. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the Issuer, the Dissemination Agent, the Participating Underwriters and Holders and Beneficial Owners from time to time of the Bonds, and shall create no rights in any other person or entity. Dated: April 8, 2014 CITY OF FAIRFAX, IOWA By ,✓'/ / Mayor Attest Clerk -5- SPEER FINACIAL, INC. PUBLIC FINANCE CONSULTANTS SINCE 1954 KEVIN W.McCANNA DAVID F'PHILLIPS LARRY P.BURGER DANIEL D.FORBES BARBARA L.CHEVALIER RAPHALIATA T.McKENZIE MAGGIE J.BURGER PRESIDENT SR.VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT March 17, 2014 Ms. Cynthia Stimson, City Clerk City of Fairfax PO Box 337 Fairfax, IA 52228-0337 RE: CITY OF FAIRFAX, IOWA $1,330,000 General Obligation Corporate Purpose Bonds, Series 2014 Dear Cynthia: Enclosed are four copies of the Final Official Statement to the above referenced issue. Please have three copies signed.where marked, and return one copy to Speer Financial for our records. Additionally, please send two signed copies to Robert Josten, Esq., Dorsey & Whitney, LLP, Bond Counsel. At least one signed copy should be retained by the City for your files. The purchaser, UMB Bank, n.a., Kansas City, Missouri, received an electronic copy of the Final Official Statement as well as Bond Counsel. Sincerely, SPEER FINANCIAL, INC. ()( B k� tl tjilrg'er Vice President Enclosures ec: Robert Josten, Dorsey & Whitney LLP Kelly Smilie, UMB Bank, n.a. Diana Van Vleet, Bankers Trust Company Dan Forbes, Speer Financial, Inc. CUSIP Service Bureau—cusip_support@cusip.com SUITE 4100.ONE NORTH LASALLE STREET•CHICAGO,ILLINOIS 60602 0(312)346-3700 FAX(312)346-8833 SUITE 608.531 COMMERCIAL STREET•WATERLOO,IOWA 50701•(319)291-2077•FAX(319)291-8628 (D 81 z CD D <D (D CD 17. 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Not P,sz�, i As, -1 I-ported in "I'Le 16,11o,Yjn, ::aura Iaal 3s s'incorprated in 1936 aro,pusses under Oda Photo Rule pro,i- .Ons of 01c Constitution of lm,,a,The Chy operates tmikr the'Yjayor-Cvaaaieczna "I gat emmwv'ilh the mayor Ino Cesumi Memben,elected or,a non-parfisan o�sobcot to aeterell,im,,w basis. The city provides r-crous ser,ir, p d sti-p- to eituttals inahatfing-Paoli.safe"', ulamms hich mtpaire-them to In mailudreh pernenlemip b,the Cir'. public-)nc,ctnts�, and ptrOeOh, cnaty omouand economic&-lopmero,await ;itcludbtit Customer IniFty deposua genotal 901om ma nt a-ices. Ibe City aloo proides, ,ater,,se,,ter and aarlbage umli6es for its citutens. oeosuletsbk rInInc(Odivpa,"uOn results when constraints placed O. hu twee of mih balances neC ithe,externally innosod or imposed by lwo,throughh A. ltoeoL:,g CW,if, provu�unts or e.cbj!,Ig ledishaion. For firma'sal Oepceting ptajjsea-the City ofFairrax has includes FE f-da. r"n"'Oocotd ael POsoinal consists of cash baLmaes Oro rronina ffic orgen iMtio.ns,kgancies,bom-rds,commiissieonsand autheridea. 7-he City has dIctinitunt rurthe prec-iing calegorieg. Unreamcn-IoLn Positoot OR".hm, at naidmui "lli potootial o-N- nml unhn for Which it Financially eantrahru;oil resources dnpud b",martagearcra, itico Con be remo,ed or tamuttabib and othC7 ortholitiatim's for wb;11 the natwe and siguiflo&mc of tnadilkd their relationship wish 0m ci,are such that exuhtsion would cause the C:Ivs Mcial statements to he- misleading, or mcorspim. The C,011OTUnentai The Cash Baal,;&Item.-Azl of ase:rhes and ',,a,,pos"tian demon stooc,.he .1 tcou,11ting sumdaois Board has set forta critcrat to ba oonaiumd io etoe,Uo mica 1he direct disoura ments of a given fun'doe-cffimy,b� do tuning fut-eiall Tbeec cnee.,u jclde xppciucau a-tirg Itch r_ Dinou disba,--eet,an those ,be "oc1c.- 'j� lo Oil _R majoev�'"fan Itod,and(1)ti e ability oftLe Cuv to , a sec6fic function, P.,agner, ro,-oipt, mciLde 0) zi-ges to c3eeoujco, or irnpooc it, U on that orgmeation or t7t the no".1tial for,the Cgarb7-rdop.to apol :mMI `Nuo purobase, use or direcily beD F", &om goods, re';a, Or rso",-ine cp,-ific to"'A hznpoae'Poifio firancial burdent,on the City. ori,Ros-prald-d by.gi,,aa f—ri-Oud(2)I�e The Ci-,h-,not,—,po-r�t neha ojjeh meet rue Go, -aants,c-1,b000ns end Mza-t crarnontal Aeoured., On inletOmcds rte' to meeting the oceuteomOl"Jr o2pital tczqairomam,ofo, S-Iania.ds 13"ard crilarmvartimlnr funotion- pa:uxtny tax and other items not properly included ran.'s pronl mcs'pt,are repo"Jad intacad,as oecciptq. F pIj ------------ onf ' - on 11m S'Purate 9lial stateaRts's am provided for The Con jauticilscs in ac'n-'aJ jjointl-�I' ,DVorc�d OrW-rd2taliou�l that aro de, 9toorsellern, wn s and proprietarye funds Major jnei,,uied: good , so-k,-es o the ifzenry Of the Cbut oa Dot wmason O �, wet the citcTi,Of a fudoe mason rroprietary foad,nroPornd a, Op�as,aohun- ,e� teitr oiRt-morc Finee there m nO -pika f"nanoial intereat or n,oponaibiThy OF no, 'It'e RIPd fineloi,11 Alt nOnadiong-Zlwromecta)funds are aggregated Pol"liciperag governurents. City offi6z,'S are member,of the foko,ing boattis and repm-ted as nor-majittr -0,on meil funds.AB rernrumsna,propidehary far,,' and conn-,Ksit)s Unn Coumv Asses,,or',,conferenca Bm:4 Unn count, Wo agglaFatod and reptared as proprictary',und,,, Coruoniatio,.Lion Count"Joint E,91 I ioe Board, mij"lat Cc,-,C:,Vr M2qproahlati PlIatoorg Orpmheldon. Th=e Clvl reparto tic juT10oiag mejor gO,eo,,cctj:ands: a. ,asi rla C-caaoil Fuad II the Smell overoing fund of heir Cft,, Atil gese.1 to.\, 6 Pis and mlo,,r=eipl,rot allotesed by ta"or conotstual agcomont to to tie Lin-_.jdLI ancti,1,� m_ zzqorq,-The Cash Bna !,Os Sauon Of Actwifics Olon""the"fund arc"'Usdar"10T in fais fuld, From the fuOd Paid th, —J- _j_ ind Nei Position--tpch-ts o,fortnadon no tut acti,ilics Of the City. genei-aiorxtrni"a uranua, ,sti ahn"',-t 0 -n.,.nvt pad fon,Other Bands. ap rxinp items receipt.; o'o r,'ba..a+r,¢ns ,-,...w tii: � €t:'it rr n utrg nervi es and producing turd delecering grads M �nnee on oi1t;f4 - Spec.a�reuenliu: ,ani i eery fnd's s ncipat oaga=:g,encrcti'M. .A;i res,ij- ,rci sisshs. `~sorts not tneei.> tare ,t Gnhien rsperEed as non-ops- i.i resci3 is a.;tc? -tile€.;rbaxr ReIcsmnl Tax Increta vm Fund is used to ac oum r-tau:it+.ere- .'as?>urscomms. ` ,reni fina=acing u,11ectictis and the avant YCic'.ri o3 tar mcrmnem fin.-in .d.ebtedncss. %}.vu €;mental Casa �v s k'¢rzd Bal;tnc+t; 'i2lc:'act`.rhtlu,Sala ;a'v read is used to secirn_tx for the spending ng,,z;the r govetleaentai hold Fr-'la eiat shrctnents,cash dssts:arid bu;a>ttees arc et �.oezti Option cites tax in ac-m da rice-itb voter•4s cc. c a as foikx s. Tbc 17eh=..Service F'and s tr a3tzed°o accovn"`o:the!aylneni OF'tniO-s;and =?csnicterd-A ount<¢Fancied to sped a Purposes"hon cons.ra its ph coi9 trtn ilial t c,hie C ioI's zc,•te.ai io.g-icrr,deb;. oil the use of ate resoumes me e;ffiu extemally vnw. sed, by creditors.. gantt nr state or fkdeml ko n :auoo;;:d by lax-.nrodgs•r o tistioniomd Tate Lacy r ncrts the,following major promieta;itmds' provisions ar cnab3'vng tea--attain. "c z Tie Er:uerp,iia, mater Food acconn s for the oceratean and m tntersmee or the €xarrs-.gneei-,011 amount,,not included in other'pend able sasv5catinns. ci°ti S(t mr atNsunn- E. :�std,�et<up�L;udnetar:l;.cc�nn.:i3 'Cite n Tern se.Se err FtmII acoulas for the operation and mainaaanoc of the 3fo- svndgea"5t- retzya,rt tII:d • Gsclasura are: reysori.d as olat u. Infvantatznn. t. "_la t,...e.,..int Faous 2nd isgst .nsesatintirg Z} Cash and 1"noted lawestme=.its The Cit,=a,_p'zsrFax caa..n. s !is fimnlohn,ntootds:vn<L as; of e s€ c u p 'ltd C:,' .lenoszt;in lmwnks at.lata;M,201."v t'ic enti^<.}a,.vened er feao.,<: and t ineaemen oad.?��tits e'm�thmemcz s of the City ase. repand oa that I i- ill.ash bash to aocoto am;does not give onset tc aaceurts.u-e.aba.. ?eposiwry`as-urrnne ar hy,the Scale S�n�.S.a�:"std i*t oattcrmascs,,.i<b jvl, r%2C ac u.mts payable—1 au.eaae lwm-s Aoconlffinhy,tl±c TiRmicial lawlennoas do of tete.Cafe Of i' k 'Mill Chapte,Proides tar additional asseslnevs atoola€the P Soso-*.o, an,' .owls l a on- or,he finals sat depasiter'',to,n-.0 W tale-s n31 be.o Ions efputsT,c fi nt-c. ❑o ma. Asa„ural }.»tea accordance with S.general.v acccated accounting,principles. The City s a:stltor4ioce Lv.ria»ute to larva's,p¢i?isc fut*cs ire-obtigaticns b#`�cg,In"nited t-1 e r Stites„,U\r€a,.amu its aget..ii's and inStrumentaHne>,c KGict.ts^r`depvs t o'oth'G vi.c. the etris us "r..nt.xk-n-c.^zert_i,�:}z Cat fvx.ds rertsun p-cmz's*ns b;a cc.n6,ns„nea of specific rant nata7a2xise9s grins,talc zrsea Stock gs^rtsatr, eoic'lerceti o?u_ .els a:federall3=.ns:.red dept+sitc�-irs.stit;s axs approved by the an" lQnerm recd:pts. :="flus, when program dish ms cneris are paid,there are Cir-Cain tzi prine h ble iamke;s:atcentances,rertsir:ci;lt rated cnrimcrcta bode restricted aril unrvszFict«tush basis n.t,tastfion a,,ailabte try fiinttncc sen• parer;ler rested rep=easy agminnenon c'uh, r gisscs'ed opcot-md managrc.s dal proarae-v -, i the Chew's t»t cy to rs, azrly e„s tmb.naal ent gtaat i l—= orncnt couapauu",' cenain, ,ora* hn,ev lncrzts nxcvts: :and azatranal cr resources to such pmg,:;ams, ,nliotyed h) categorcid Skr&gxantc and then anpml',Inont.z iuca.csofadrainagedistf-icu germ..;is r:ipis. The Chy had no,ine•cs"tmenls atecttirg J:e eSisc?os�re tequ'l etr:en.ts of Go+.o nm;er I 'hither:3s,bt:.-scrnent,an gevemtttettYai€ands can bee teat<t a`ask either restrcani Acca7aming Standards Heard SmOercco No.3. Or res?dr, rMesraes-the tits=s pc.ticz s ttxsarera3 y to lnv� .per, the s!isbarsctstert toxcarS res^:ic;ed fano balance and thein to teas-r:stsicLi+-rd ett__t3vzc Itis.-'Cta C t-`s i+av'srsrert p<±Sc 'mics he;rovealmeat vY orennieg tit siftcations-. almined,s s:fitted and hcn s,avoisaaned,und balrn'tes- Rinds i:fUnds-Pected 10 be vxpcnaed in the a..arrant uudget year or tx•thh-: 'S maims u r-c z7p o)instruments that matin,w hire 347 dais. Feuds:not hiomi'?ed Prop':e:.ar ford.. distinguish opera+ng me-iris and disbtazrement:from nota- as Operating Sands may a;tnvesttd...n-rte ova o-'ls "a'=;±ane u s la neer fila;,ay? Z -0-4 -I O -i r 0 2 N n 'e W O W zo o�� �y0 x D �a O (^ sG to v m cD v OG U' p �_' "�_' v m m _ tv m�- Co C) C�> P? 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Ei roc Ci O.. ,... v O Nn N '�• G rCi, vi . m UQ OtO C000caN V 0)M A O CO CON W NCT J COON A m V N(D� O„ �- A C � OCOJOA JOAANW 3OJNOry N n C C OCOJCSI O-�NwOO V A W(P CO-,j 6-' w w ^ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0•" CD pi Q � O (D O C. CD o p' W w y t Sa �f) OfCier£,on ? w=.butthe m uot�cs ar .ai b^ s"'nc tPt Jac.needs azu.8 3ase ot'v;ne Ci(~:,. Long-Term klene .3) F,Sa ets andNotess Pay awe ,,.,e3ciat debt se*-c -yt ireneris to Ma'zu,M for other Tonp...r:n deb:;s eke,za 3 sem cs, u}aarem a ..ma,,,..~3 for gcrto.,roi tblioarvit bo€xdv.and notal t"4s' ur as_a um-n< as T Tc"-.,ie rnon&of the Ci w are as folio" ,Kc e i.u,n�lewc s'0, Prne'snaE Innc3vsz Yo.0 Gene a3`ii;�a ado¢a UF4 r,UC6 f fi7 Fnc IN)r is aad Nolo Revenue'Nao4 ai Testa. 0l -+�2 1367 JuveI._.._..._;.rincii+t kwm*f _„ncax 1S,rest Princ3na ..nticrc`:.' 2(715 `y_ t.?._.rc ' T2(60t -942 .S.Q O 54,200 845,b03 18,M42 Tata! 2}_ '2.,6t'Q E07,04(i 129,000, 50,450 v54,400 W6 496 ^t.,r j'0,00Q, gs,3195 133.Wft 50.58.0, 713S)Oo 144,974 5) Pension and ReVrm-t Wner:� =r' 435Oto) 71R i 17 ic, 52,591) 572 CJf?t0 i26 oo Mit 4151,YIO 61532 4 I,0UP 48,480 56,WIG 112-G62 The Cats—nmiibu,-to dae ao'.>~ sr P"blic Employees•ees Rev emane (IpLRS), 2 31 20 s 625 00f) 162,'3- +,CSG j S,i 34Ft 13,116MO .,x`lJ,C7? 'vhi4n i aa-t st,,16ng 1 v3 is eanzptoy dcfiae.a en jc Penssaa plan a' ua2a-a 25C?94?€l ?0,75G 7£i4,0 iC> ..h.Cj 954€5,fie 643,90 dnun:tared.7Pt. State a:'Io va. l gt+fi p tiles setr:emoa.�asz l ne",la lxnefs 2029 _ e Q4Xj.__ 7.�O t; it_ R 0 2M+J. IahicPs are estah32shecl Ttv state stgmu-to pYseamtlmbcr,,and ir•nefic:arirs. PERS .ssncs a publicly availaNe rnxcai upon€ha.,rll-des m caID stmma r;s and ins 3:'48 fi`i(1 6:k u`29 >zf}3i3C at 6 4S FlCh, ; a r-g "'gored sarrToomenia l lrdonoafcat. ThernpoTi rray to ob„one..„�- nw g,, v, ese;a.;. ?t;:li,�ation Pas.ds P14P m mFll; ira nXivired ......d.,ej e i3x -c,�eee toidh the Io,zm r n^ace A.ut on reqires a e city to,r e.2113• v a the Cita s,egUired't©connibutc fl C,.o,.f.,o,,:ze1 sale {'anliihuuen.eyua,.. •' rani clap;z:oII the ou m-..iisg oal-ee o€'the water impro-,Mom mens are established by state s.atute The^sty's^.antabetie,;js<o ld'��S tc=,ars c` i on ands 1sac-3<,r fietru.;xy m,2613. hich had an cla.isati'fdzna;6afurce a; years 2n6:.0 June t3 70t 2Cta2,and 20?t vee S 29,5!9$ ..,242 at d S 2'.w2ii, S 9?"000 a inne--,0,20T3,_ eesPecs;ucty,equal,o,be x`goj,,7 cenn''sbea;.ions or mc€: 4eu au,•,;:atop 6} <fikr Postemr. cyment Hencfts fC PEB) t o c.t 9 r>;edpeti£iznuc-•n•er cusYn xsr receipts.not of spccshcd ax.z.E rg VYv Sl crxgria_ctta_The C.it aycra:es eysicgie-e3rpFoyez r t�sez bene5l.,,lnrz:,h.c"r: ;:dcl �azs to-, a,the,$144X.1 00 orf w er re-auo bonds iss:;ed an December pm,ide,medreskiimescrip6on;-,1g l,errafiYs fo -.d reFireo,'asp.,rtses Choc.<: 7 Z`30s 114C"ante st /y,er a r o m. Che.tgree me n so nequires she Cir-to acfisc rd no rltmd memine,n the pisr_ "an3ci}rva's 1r.uv.nu ape e>or older 2z aan a%}pa)F.25%se"iciats,r on the ouWa.sling p6nc,pat baitmw(a 2,140S,100 ntzren_.t, £.i ju 0,2211.1). ,lbbood,—,T.u.L o 61y'y s'bur="e—co-5Xmoce not rcc eipt_ 110,ht wTr)year,n,c t a3 taid interest paid and tota?cestaruer net receipt u T zo cdt z p e cnp isn drug b�-rletr s arc rshi dad_hmt eh f'?y-i,arm plan S i84,F'.'E a;nom$Sx",_>f>4,nspccsw•:y.. .v4€Ea u3 CM. Rcr,rees 1;nJer a„c 65 ray.17c„a.nc P-ctxsiem Rae the rnedicablatt:`5,'r3p.jor,p.R.3g aeRCf,Lo,d,af;li,cmplJy'2G5. nTtci^” O j_cy_•_¢ase convibatinn rcCuireMr=cf pian m.onbe:s am estahFshed ,!ad may be—mended by the C;sy. The City cu,.-eatl}•f_., tmert .ag•-a;.,-ye r basic. The mo ably pnaa lum nr tee Cuy a,d p&an rnc'-nbrrs are h tid nes tit. [; c .las pwicituva.Fortht year ceded June 30,213.the City ckmributrd S 49,r45. Tronslers,gene Jly move ronurecs,from the fiered snumortily raqvired to colloen!ha me Compensated Absences resources to the fund atannoHly roloced to disburse the resources- ct The Cizy cmploycCa aocnemuboe a lumted mmorru of earned but mused vacaum'and 9) Risk Management compomeacry hours,for sebsccptert use orfor pay-men',upon termination,retirement or forth. The City is exposed to vancrLs ns.'s of less afsned.to torts:theft,darnage to and &�tntatont of assets;errors and omissions: inouies to empioyees:and natural T hese aecturtulations are no,vneegnieed as dislmescoments untit used or paid. The disasters. These nsLr no txitred ky the purcbto-of contmooded irlsursn= Tito Guy's app—hora-HaHip,for named ouroperoatnd als,eeacs payable to tupioyons City assume, liability for any deductibles and claims in excess of caa•cragc el at just ML 2013,primarily rclatingto the Gertend Fordt is a.,lbldo,,w limitations. Settled claims from these risks did net exceed commercial imurrance it, anfof the past thrre,years. Tor;:of Senefct Antcon 10) Debt Drfeasue.- Vacation S 5,IM Com-,umtors no— I O.W On lure 2&2012,the City issued$59MOO in General Obligation Fire Truck and Refunding Bonds tuith imerestrangingfirom MW.to 'Phe bonds were used Total for the purpose of puechapffi&a fire vuck and rclimcling the Cit,,`a Gecurro Obiiption Wasa,,nter Implolocnem,]Votes-with interest canging from 335%to Tito liability has been computed based on mics ofpayin eMv,vnJune,M 2014. 4,50%meaUng S 430,000. Interfund Transfers 11he advance refunding sent the requirements of a debt defeasance. The CirY in e'frot reduced the aggr,aoz debt service payrats by approximately f 44300 over The detaR of inlerfund mntsRins for the ynr ended jure,30.2013 are as follows: the next ncca yews and obodned,roortorair gain Qdif§ertrsve Letweere der present values of the old and now debt ac,ice payments)of appmuarxa2ely S 42200. Transfer io --114MM16,—flom —Amnsnt Coonruftnatuats General Enterprisce WaterS _.9_4222 traq -The City has entered into i construction contract Imaling 9,�C,o= - S 1341,625 for construction of the Fairma,Atblef�and Park Complex. As o,'June Special Revenue: Enterprise: --,G, 2013,S ',262,042 had been disbursed under this centract,'lee bc,:anceof Lonal Option Sales Tat Water ..1.7(,7 S 79.583 will�, disbursed as ivor4 under this contract is completed. Debt Scr%,Re General I-The City hos entered into an enginocring contract lotaling, Special Revenue: S 420,000 for design,ludd.g and construe ion senvicas,in connection with tit,East Urban Rcmovual Too Increment 732,804 Cemetery Read Receerstm,=,-,Drainage,Storm SmIc,,Water Main end Snoiten' Enterrnise: Servet Improvements Project, As of Jun-''30.2611 S 74,494 had been disbursed Water 10,831 ameer*,'its contract- The balance of S 245,506 will be disomsed as-work-under this Stever i95,515 contract completed. 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