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HomeMy WebLinkAboutRESOLUTION NO. 2015-47 Pairfax419915-2I/Issuance Series 2015GO RESOLUTION AUTHORIZING ISSUANCE OF GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2015 419915-21 Fairfax, Iowa May 26, 2015 The City Council of the City of Fairfax, Iowa, met on May 26, 2015, at 7:00 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, Travis Otto, Marc Masers, and Marianne Wainwright Absent: None. The City Clerk reported that, on May 12, 2015, the Council had approved the sale of the City's $2,080,000 General Obligation Corporate Purpose Bonds, Series 2015, to D.A. Davidson & Co., Denver, Colorado, 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 Frieden introduced the resolution next hereinafter set out, authorizing issuance of bonds, and moved its adoption, seconded by Council Member Otto. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Beer, Frieden, Otto, Magers, and Wainwright Nays: None. Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-21/Issuance Series 20ISGO At the conclusion of the meeting, and upon motion and vote,the Council adjourned. ';' Jasonabe, Mayor Attest: Cynthia Stimson, City Clerk/Treasurer 3 -2- DORSEY&WHITNEY LLP,ATTORNEYS,DSS MOINES,IOWA Pairfax419915-21/Issuance Series 201560 RESOLUTION NO. 2015-47 RESOLUTION AUTHORIZING THE ISSUANCE OF $2,080,000 GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2015 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 acquiring a fire truck and an emergency warning siren system; constructing street, sanitary and storm sewer, sewage treatment, water main and municipal trail system improvements, including projects located in the Fairfax Urban Renewal Area; and planning and designing the addition of property to the Fairfax Urban Renewal Area, and has published notices and held hearings on the proposals; and WHEREAS, on May 12, 2015, the Council approved a Bond Purchase Agreement with D.A. Davidson & Co., Denver, Colorado (the "Purchaser") for the sale of $2,080,000 General Obligation Corporate Purpose Bonds, Series 2015 (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$2,080,000, to be dated June 10, 2015, 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 $65,000 1.00% 2024 $365,000 2,15% 2018 $365,000 1.00% 2026 $325,000 2.35% 2020 $335,000 1,40% 2028 $280,000 3.00% 2022 $345,000 1.80% 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 Fairfax419915-211lssuance Series 2015GO The City reserves the right to prepay part or all of the principal of the Bonds maturing in each of the years 2023 to 2028, 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. Principal of the Bond maturing on June 1, 2018, is subject to mandatory redemption (by lot, as selected by the Registrar) on June 1, 2017, at a redemption price of 100% of the principal amount thereof to be redeemed, plus accrued interest thereon to the redemption date, in the following principal amount: Principal Year Amount 2017 $180,000 2018 $185,000 (Maturity) Principal of the Bond maturing on June 1, 2020, is subject to mandatory redemption (by lot, as selected by the Registrar) on June 1, 2019, at a redemption price of 100% of the principal amount thereof to be redeemed, plus accrued interest thereon to the redemption date, in the following principal amount: Principal Year Amount 2019 $165,000 2020 $170,000 (Maturity) Principal of the Bond maturing on June 1, 2022, is subject to mandatory redemption (by lot, as selected by the Registrar) on June 1, 2021, at a redemption price of 100% of the principal amount thereof to be redeemed, plus accrued interest thereon to the redemption date, in the following principal amount: Principal Year Amount 2021 $170,000 2022 $175,000 (Maturity) -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-211Issuance series 2015GO Principal of the Bond maturing on June 1, 2024, is subject to mandatory redemption (by lot, as selected by the Registrar) on June 1, 2023, at a redemption price of 100% of the principal amount thereof to be redeemed, plus accrued interest thereon to the redemption date, in the following principal amount: Principal Year Amount 2023 $180,000 2024 $185,000 (Maturity) Principal of the Bond maturing on June 1, 2026, is subject to mandatory redemption (by lot, as selected by the Registrar) on.lune 1, 2025, at a redemption price of 100% of the principal amount thereof to be redeemed, plus accrued interest thereon to the redemption date, in the following principal amount: Principal Year Amount 2025 $190,000 2026 $135,000 (Maturity) Principal of the Bond maturing on June 1, 2028, is subject to mandatory redemption (by lot, as selected by the Registrar) on June 1, 2027, at a redemption price of 100% of the principal amount thereof to be redeemed, plus accrued interest thereon to the redemption date, in the following principal amount: Principal Year Amount 2027 $135,000 2028 $145,000 (Maturity) 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 -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax4 19915-2 1/Issuance Series 2015GO 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 June 1, 2016. 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 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 -6- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax09915-211Issuance Series 2015GO 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 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. -7- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Pairfax419915-21/lssuance Series 2015GO Section 4. The Bonds shall be in substantially the following form: -s- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-2IAssuance Series 201500 (Form of Bond) UNITED STATES OF AMERICA STATE OF IOWA LINN COUNTY CITY OF FAIRFAX GENERAL OBLIGATION CORPORATE PURPOSE BOND, SERIES 2015 No. $ RATE MATURITY DATE DATE CUSIP % June 1, June 10, 2015 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 June 1, 2016, 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 2015 (the "Bonds") issued by the City in the aggregate principal amount of$2,080,000, to evidence its obligation under a certain loan agreement, dated as of June 10, 2015 (the "Loan Agreement"), entered into by the City for the purpose of paying the costs, to that extent, of acquiring a fire truck and an emergency warning siren system; constructing street, sanitary and storm sewer, sewage treatment, water main and municipal trail system improvements, including projects located in the Fairfax Urban Renewal Area; and planning and designing the addition of property to the Fairfax Urban Renewal Area. -9- DORSEY&WHITNEY LLP,ATTORNEYS,DIS MOINES,IOWA Fairfax419915-21/Issuance Series 2015GO The Bonds are issued pursuant to and in strict compliance with the provisions of Chapters 76 and 384 of the Code of Iowa, 2015, and all other laws amendatory thereof and supplemental thereto, and in conformity with a resolution of the City Council adopted and approved on May 26, 2015, 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 2028, 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. In addition, principal of the Bonds maturing on June 1 in each of the years 2018, 2020, 2022, 2024, 2026 and 2028 is subject to mandatory redemption (by lot, as selected by the Registrar) on June 1 in each of the years 2017, 2019, 2021, 2023, 2025 and 2027, respectively, in accordance with the mandatory redemption schedules set forth in the Resolution, at a redemption price of 100% of the principal amount thereof to be redeemed,plus accrued interest thereon to the redemption date. 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 Ahe 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 -10- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-21/Issuance Series 2015GO 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; and that the total 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 June 10, 2015. 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) -11- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-211lssuance Series 2015GO 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. -12- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-211Issuance Series 2015GO 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, 2016, sufficient to produce the net annual sum of$218,435; For collection in the fiscal year beginning July 1, 2017, sufficient to produce the net annual sum of$221,635; For collection in the fiscal year beginning July 1, 2018, sufficient to produce the net annual sum of$199,785; For collection in the fiscal year beginning July 1, 2019, sufficient to produce the net annual sum of$202,475; For collection in the fiscal year beginning July 1, 2020, sufficient to produce the net annual sum of$200,095; For collection in the fiscal year beginning July 1, 2021, sufficient to produce the net annual sum of$202,035; For collection in the fiscal year beginning July 1, 2022, sufficient to produce the net annual sum of$203,885; For collection in the fiscal year beginning July 1, 2023, sufficient to produce the net annual sum of$205,105; ..... .... ..... ........ .. ... .. For collection in the fiscal year beginning July 1, 2024, sufficient to produce the net annual sum of$206,038; For collection in the fiscal year beginning July 1, 2025, sufficient to produce the net annual sum of$146,573; For collection in the fiscal year beginning July 1, 2026, sufficient to produce the net annual sum of$143,400; For collection in the fiscal year beginning July 1, 2027, sufficient to produce the net annual sum of$149,350. -13- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-2 I Assuance Series 2015GO 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. 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. -14- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-2111ssuance Series 2015GO 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 May 26, 2015. JasonAabe, Mayor Attest: F .. �� . Cy thia Stimson, City Clerk/Treasurer o; Q. rs_ l.IJ ......... of . .. —15— DORSEY&WHITNEY LLP,ATTORNEYS,DFS MOINES,IOWA Fairfax419915-211Issuance Series 2015GO STATE OF IOWA COUNTY OF LINN SS: CITY OF FAIRFAX I, 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 $2,080,000 General Obligation Corporate Purpose Bonds, Series 2015, 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. r't WITNESS MY HAND this �� day of `G" , 2015. Cynt, a Stimson, City Clerk/Treasurer ........ ........ ...... ........ ........ ........ .. ......... -16- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-21/Issuance Series 2015GO STATE OF IOWA SS: COUNTY OF LINN I, the undersigned, County Auditor of Linn County, in the State of Iowa, do hereby certify that on the Z day of '_ 2015, 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 May 26, 2015, entitled: "Resolution authorizing the issuance of $2,080,000 General Obligation Corporate Purpose Bonds, Series 2015, 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, 2016, and subsequent years as provided in the resolution. WITNESS MY HAND this . day of 2015. ( --County Auditor 1,111514111:, �'`, o` `�•,p F L1 N �y �a +1 ..... ......... ... .... .. ....... �O -r �. 1 'd �. . 1,'P'fllltllill��` . -17- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA