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HomeMy WebLinkAboutRESOLUTION NO. 2016-94 Fairfhx4]9915-23/Se.werRevBAN Issm MINUTES PROVIDING FOR THE ISSUANCE OF A SEWER REVENUE BOND ANTICIPATION PROJECT NOTE 419915-23 Fairfax, Iowa August 23, 2.016 The City Council of the City of Fairfax, Iowa, met on August 23, 2016, 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 being called, the following named Council Members were present and absent: Present: JoAnn Beer, Joe Kell,Nick Volk, Mike Daly, and Marianne Wainwriht Absent: None. It was reported that, on August 9, 2016, the City Council had awarded the sale of its Sewer Revenue Bond Anticipation Project Notes in the amount of $1,200,000 to Fairfax State Savings Bank, and that it was now necessary for the Council to authorize the issuance of those Notes. Council Member Wainwright introduced and moved the adoption of the resolution next hereinafter set out; seconded by Council Member Daly. After due consideration, the Mayor put the question on the motion and the roll being called, the following named Council Members voted: Ayes: Beer, Volk, Daly, and Wainwright Nays. None Abstain: Kell. Whereupon, the Mayor declared the resolution duly adopted, as hereinafter set out. DORSEY&WHITNEY LLP,ATTORNEYS,DES MO NES,IOWA Fairfhx419915-23/SewerRevBAN]ssne At the conclusion of the meeting, and upon motion and vote, the City Council adjourned. Burnell G. 1~rieden, Mayor Attest: Cyn hia K. Stimson, City ClerldTreasurer cc, .p" ep'�cp�•arAApJMM9N6tlrN4� I -2- DORSEY&W11ITNEY UP,ATTORNEYS,DES MOMES,IOWA Faoffax419915-23/SewerRevBAN Issnc RESOLUTION NO. 201.6- 4 RESOLUTION PROVIDING FOR THE ISSUANCE OF A $1,200,000 SEWER REVENUE BOND ANTICIPATION PROJECT NOTE WHEREAS, pursuant to notice duly published and a hearing held thereon, the City Council of the City of Fairfax, Iowa, has the legal authority to enter into a loan agreement (the "Loan Agreement") in a principal amount not to exceed $1,300,000 and to issue Sewer Revenue Bonds in evidence thereof pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the cost, to that extent, of constructing improvements to the Municipal. Sanitary Sewer System (the "Project") and WHEREAS, pursuant to the provisions of Section 76.13 of the Code of Iowa, the City has authority to issue project notes in anticipation of the receipt of the proceeds from. the Loan Agreement (the "Loan Proceeds"); and WHEREAS, on August 9, 2016, the City Council awarded the sale of its Sewer Revenue Bond Anticipation Project Notes in the amount of$1,200,000 to Fairfax State Savings Bank; and WHEREAS, it is necessary at this time to make provision for the issuance of a project note in the amount of $1,200,000 (the "Project Note") in anticipation of the receipt of and payable from the Loan Proceeds; NOW, THEREFORE, Be It Resolved by the City Council of the City of Fairfax, Iowa, as follows: Section 1. The Project Note is hereby authorized to be issued to Fairfax State Savings Bank, Fairfax, Iowa (the "Purchaser"), in anticipation of the receipt of and being payable from the Loan Proceeds or from other sources to be received and expended in connection with the Project. The Project Note shall be signed by the Mayor and attested by the City Clerk, shall be dated. September 1, 2016, shall rnature on June 1, 2019, and shall bear interest at the rate of 2,25%per annum, payable on each June 1 and December 1 to maturity, beginning June 1, 2017, except as the provisions hereinafter set forth with respect to redemption prior to maturity may be or become applicable hereto. Section 2. Advances on the Project Note may be requested by the City Clerk, in such amounts and at such times as are needed to pay costs of the Project, and the date and amount of each advance shall be entered by the Purchaser on the Schedule of Advances and Payments on the Project Note, and each advance shall bear interest from the date of such entry. The City Clerk is hereby designated as the Registrar and Paying Agent for the Project Note and may be hereinafter referred to as the "Registrar" or the "Paying Agent." The City reserves the right to prepay principal of the Project Note in whole or in part on June 1, 2017 or any date thereafter prior to maturity upon terms of par and accrued interest. All principal so prepaid shall cease to bear interest on the redemption date. -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairf&x419915-23/SewerRcvBAN lssne I The Project Note shall be fully registered as to both principal and interest in the name of the owner in the records of the City kept for such purpose, after which no transfer shall be valid unless made on said records by the City Clerk, and then only upon a written instrument of transfer satisfactory to the City, duly executed by the registered owner or the duly authorized attorney for such registered owner, The City shall maintain as confidential the record of identity of owners of the Project Note, as provided by Section 22.2 of the Code of Iowa. Section 3. The Project Note shall be in substantially the following form; -4- DORSEY WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-23/SewerRevBAN Issne (Form of Project Note) UNITED STATES OF AMERICA STATE OF IOWA COUNTY OF LINN CITY OF FAIRFAX SEWER REVENUE BOND ANTICIPATION PROJECT NOTE DATED DATE: September 1, 2016 MAXIMUM PRINCIPAL AMOUNT: $1,200,000 INTEREST RATE: 2.25% MATURITY DATE: June 1, 2019 CUSIP: The City of Fairfax, Iowa (the "City"), for value received, promises to pay on the Maturity Date to Fairfax State Savings Bank, Fairfax, Iowa (the "Purchaser"), its successors or assigns, the principal sum of ONE MILLION TWO HUNDRED THOUSAND DOLLARS ($1,200,000), or so much thereof as has been advanced by the Purchaser hereunder and noted on the Schedule of Advances and Payments hereon, in lawful money of the United States of America upon presentation and surrender of this Project Note to the City Clerk, Fairfax, Iowa (hereinafter referred to as the "Registrar" or the "Paying Agent"), with interest thereon from the date of each advance until paid at the rate of 2.25% per annurn, payable on each June 1 and December I to maturity, beginning June 1, 2017, or upon prepayment of this instrument as hereinafter provided, The Purchaser has made a commitment to make advances (the "Advances") to the City in an aggregate principal amount not to exceed $1,200,000 under this Project Note. Each such Advance made by the Purchaser shall be entered by the Purchaser on the Schedule of Advances and Payments and shall bear interest from the date of such entry. This Project Note is issued by the City for the purpose of paying costs in connection with constructing improvements to the Municipal Sanitary Sewer System (the "Project") and is issued tinder authority of Section 76.13 of the Code of Iowa in anticipation of the receipt of and is payable solely and only from the future proceeds (the "Loan Proceeds") of an authorized loan agreement. A sufficient portion of the Loan Proceeds has been appropriated to the payment of this Project Note and may also be, appropriated to the payment of other obligations issued to pay costs of the Project. The City reserves the right to prepay principal of this Project Note, in whole or in part, on June 1, 2017, or on any date thereafter prior to its maturity upon terms of par and accrued interest to the date of such prepayment. All principal of this Project Note so prepaid shall cease to bear interest on the prepayment date. 'Phis Project Note shall be fully registered as to both principal and interest in the name of the owner in the records of the City kept for such purpose, after which no transfer shall be valid -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOMES,IOWA Fairfax419915-23/SewerRevBAN Issnc unless made on said records by the City Clerk, and then only upon a written instrument of transfer satisfactory to the City, duly executed by the registered owner or the duly authorized attorney for such registered owner, And It Is Hereby Certified, Recited and Declared that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance of this Project Note have existed, have happened and have been performed in due time, form and manner, as required by law, and that the issuance of this Project Note does not exceed or violate any constitutional or statutory limitation or provision. IN TESTIMONY WHEREOF, the City of Fairfax, Iowa, by its City Council, has caused this Project Note to be executed by its Mayor and attested by the City Clerk, as of September 1, 2016, CITY OF FAIRFAX, IOWA By [DO NOT SIGN] Mayor Attest: [DO NOTSIGN] City Clerk SCHEDULE OF ADVANCES AND PAYMENTS Date of Signature of Advance or Amount Authorized Payment Advanced ATmRoyu!njtR repaid .MM Officer of Purchaser DORSEY&WHTTNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-23/SewaRevBAN Issne Section 4. The Loan Proceeds anticipated to be received under the Loan Agreement are hereby appropriated to the payment of the Project Note and may also be appropriated to the payment of other obligations issued to pay costs of the Project, The Project Note is a limited obligation of the City payable solely and only from the Loan Proceeds and shall not constitute a general obligation of the City, nor shall it be payable i any manner by taxation. Section 5, It is the intention of the City that interest on the Project Note 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 Project Note 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 tape any and all actions as may be necessary to comply with the covenants herein contained. The City hereby designates the Project Note as a "Qualified Tax Exempt Obligation" as that term is used in Section,26 (b)(3)(B) of the Internal Revenue Code. Section 6. All resolutions or parts thereof in, conflict herewith are hereby repealed to the extent of such conflict, Passed and approved August 23, 2416. Burnell G. F'rieden, Mayor Attest: n r e r Cyn is K. Stimson, City ClerkJTreasurer Ocr41/sm®oP %� °aU _7 DORSEY&WI-IITNEY LLP,A'T'TORNEYS,DDS MOINES,IOWA F'amrt"nx419915-23/SewerRevBAN Issnc STATE OF IOWA CITY OF FAIRFAX SS. I, the undersigned, City Clerk of the City of Fairfax, do hereby certify that attached hereto is a true and correct copy of the proceedings of the City Council relating to a certain Loan Agreement and the issuance of a$1,200,000 Sewer Revenue Bond Anticipation Project Note. WITNESS MY HAND this 241h day of August, 2016. i Cyn is K, Stimson, City Clerk/Treasurer -s- DORSEY WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax 1419915-23/Closing Cert,-sewer herr FOR YOUR RECORDS CLOSING CERTIFICATE We, the undersigned Mayor and City Clerk, of the City of Fairfax, Iowa (the "City"), do hereby certify as of September 1, 2016 {the "Dated Date"), with respect to the Sewer Revenue Bond Anticipation Project Note (the "Project Note") in the maximum principal amount of $1,200,000, presently being delivered by the City, as follows; 1. The City is issuing and delivering the Project Note simultaneously with the delivery of this certificate for the purpose of paying costs in connection with constrlrcting improvements to the Municipal Sanitary Sewer System (the"Project"). 2. The Project Note is payable from the proceeds of an authorized loan agreement (the: "Loan Agreement") and the corresponding issuance of sewer revenue bonds or notes, or from other sources to be received and expended in connection with the Project. 3, Fairfax State Savings Bank (the "Purchaser") shall loan to the City the maximum sum of$1,200,000, and the City's obligation to repay shall be evidenced by the issuance of the Project Note, in the maximum principal amount of $1,200,000. Advances on the project Note may be requested from time to time by the City, and the date and amount of each advance shall be entered by the Purchaser on the Schedule of Advances and Payments to the Project Note. Each advance shall bear interest from the date of such entry. The City has received an intial advance of not less than $50,001 on the Dated Date. 4, We further certify that no controversy or litigation is pending, ,prayed or threatened involving the incorporation, organization, existence or boundaries of the City, or the titles of the aforesaid officers to their respective positions, or the validity of the Project Note, or the power and duty of the City to provide for the full and prompt payment of the principal of and interest on the Project Note, and that none of the proceedings incident to the authorization and issuance of the Project Note has been repealed or rescinded. 5. We further certify that no petition of protest or objections of any kind have been filed or made objecting to the loan. Agreement or to the issuance of the Project Note, and that no appeal of the decision of the City Council, to enter into the Loan Agreement or to issue the Project Note has been taken to the district court. 6. We further certify that all meetings held in connection with the Loan Agreement and the Project Note were open to the public at a place reasonably accessible to the public and that notice was given at least 24 hours prior to the commencement of all meetings by advising the news media who requested notice of the time, date, place and the tentative agenda and by posting such notice and agenda at the City Hall or principal office of the City on a bulletin board or other prominent place which is easily accessible to the public and is the place designated for the purpose of posting notices of meetings. 7. The net sales proceeds of the Project Note are $1,200,000 (the "Net Sales Proceeds"), the same being the Issue Price (hereinafter defined) thereof. -1- DORSEY & WHITNEY LLP, ATTORNEYS,DES MOINES,IOWA Fairfax 1419915-23 1 Closing Cert.-Sewer Rev 8. The Net Sales Proceeds, including investment earnings thereon will be invested by the City without restriction as to yield for a period not to exceed three years from the date hereof(the "Three Year Temporary Period"), the following three tests being reasonably expected to be satisfied by the City: (a) Time Test: The City has entered into or, within six months of the date hereof, will enter into binding contracts with third parties (e.g. engineers or contractors); (i) which are not subject to contingencies directly or indirectly within the City's control; (ii) which provide for the payment by the City to such third parties of an amount equal to at least 5% of the Net Sales Proceeds; (b) Expen_diture Test. At least 85% of the Net Sales Proceeds will be applied to the payment of the total cost of the Project within the Three Year Temporary Period; and (c) Due Diligence Test: The Project and the 'application of the Net Sales Proceeds to the payment of the total costs of the Project will proceed with due diligence:. 9. The City Council adopted a resolution on May 17, 2016 declaring its official intent to acquire and construct the Project and finance the same with bonds or other obligations (the"Intent Resolution"). The City certifies that none of the costs of the Prqject to be paid for from the Net Sales Proceeds are for expenditures made more than 60 days prior to the date of adoption of the Intent Resolution, except for (i) costs of issuance of the Project Note; (ii) costs aggregating an amount ,ou not in excess of the lesser of $100,000 or 5% of the Net gates Proceeds; (iii) costs for preliminary expenditures (including architectural, engineering, surveying, soil testing, and similar costs incurred prior to commencement of acquisition or construction of the Project, other than land acquisition, Site preparation and similar costs) not in excess of 20% of the Net Sales Proceeds of the Project Note; the City will allocate Net Sales Proceeds to reimbursement of such expenditures no later than 3 years after the later of (i) the, date any such expenditure was originally paid or (ii) the date the Project is placed in service (or abandoned); and such allocations will be made by the City in writing. The City will seek reimbursement of prior expenditures already paid by the City from. the proceeds of the Project Note in the amount of$500,404.81. 10. Not more than 50% of the Net Sales Proceeds will be invested in nonpurpose investments [as defined in Section 148(f)(6)(A) of the Internal Revenue Code of 1986, as amended (the "Code")] having a substantially guaranteed yield for four years or more (e.g., a four-year guaranteed investment contract or a Treasury Obligation that does not mature for four years). 11. The weighted average maturity of the Project Note, 2.750 years, does not exceed the reasonably expected economic life of the Project. 12. To our best knowledge and belief, there are no facts, estimates or circumstances which would materially change the foregoing conclusions, -2- DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Faiffax/419915-23 1 Closing Cert.-Sewer Rev 13. On.the basis of the foregoing, it is not expected that the Net Sales Proceeds will be used in a manner that would cause the Project Note to be an "arbitrage 'bond" under Section 148 of the Code and the regulations prescribed under that section. The City has not been notified of any listing or proposed listing of it by the Internal Revenue Service as a Note issuer whose arbitrage certifications may not be relied upon. 14. We further certify that the City does not currently have outstanding tax exempt obligations issued during the current calendar year, including the Project Note, in excess of $5,000,000, nor will the City issue additional tax exempt obligations during the current calendar year which, when added to the City's current tax exempt obligations issued during the current calendar year, including the Project Note, would be in excess of$5,000,000. IN WITNESS WHEREOF, we have hereunto affixed our hands on Dated Date, CIT ,QF FAIRFAX, IOWA mayor Attest: City dflert' -3- DORSEY & WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA 0MRSEY" DORSE'( & WHI] NEY LLP September 1, 2016 City of Fairfax Fairfax State Savings Bank Fairfax, Iowa Fairfax, Iowa We hereby certify that we have examined certified copies of the proceedings (the "Proceedings") of the City Council of the City of Fairfax (the "Issuer"), in Linn County, Iowa, passed preliminary to the issue by the Issuer of its Sewer Revenue Bond Anticipation Project Note (the "Project Note") dated September 1, 2016, in a principal amount not exceeding, $,1,200,000, or so much thereof as may be advanced to the Issuer pursuant to the terms of the Project Note. The Project Note matures, on June 1, 2019, and bears interest at the rate of 2.25% per annum, payable on each June I and December 1 to maturity, begim-iing June 1, 2017. Principal of the Project Note is subject to prepayment, in whole or in part, on June 1, 2017, or on any date thereafter upon terms of par and accrued interest to the date of such prepaymertt. Based upon our examination, we are of the opinion, as of the date hereof, that: 1. The Proceedings show lawful authority for such issue under the laws of the State of Iowa. 2. The Project Note is a valid and binding special obligation of the Issuer. 3. The Project Note is being issued in anticipation of and is payable from loan proceeds to be received pursuant to an authorized Loan Agreement of the Issuer and the corresponding issuance of Sewer Revenue Bonds or Notes in a principal amount not to exceed $1,200,000, which proceeds the Issuer has appropriated to pay the principal. of and interest on the Project Note. 4. The interest on the Project Note is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations; it should be noted, however, that for the purpose of computing the alternative minimum tax imposed on corporations (as defined for federal income tax purposes), such interest is taken into account in determining, adjusted current earnings. The opinions set forth in the preceding, sentence are subject to the condition that the Issuer comply with all requirements of the Internal Revenue Code of 1986 (the "Code") that must be satisfied subsequent to the issuance of the Project Note in order that interest thereon be, or continue to be, excluded frorn gross income for federal income tax purposes. The Issuer has covenanted to cornply with each such requirement. Failure to comply with certain of such requirements may DORSEY & WHITNEY LLP - ATTORNEYS AT LAW - WWW,DORSEY.COM -T 515.283,1000 F 515,283.1060 - 801 GRAND - SUITE 4100 DES MOINES, IOWA 50309-8002 USA (-_ANALDA PURC)PE ASIA-PACIFIC OQRSEY" Page 2 � cause the inclusion of interest on the Project Note in gross income for federal income tax. purposes to be retroactive to the date of issuance of the Project Note. 5, The Project Note is a "qualified tax-exempt obligation" within the meaning of Vection 265(b)(3) of the Code. The opinion set forth in the preceding sentence is subject to the condition that the Issuer comply with all requirements of the Code that must be satisfied subsequent to the issuance of the project Note in order that the Project Note be, or continue to be, a qualified tax-exempt obligation.. The Issuer has covenanted to comply with each such requir enaen,'t. We express no opinion regarding other federal tax consequences arising with respect to dire Project Note. The rights of the owners of the Project Note and the enforceability thereof may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors" rights heretofore or hereafter enacted to the extent constitutionally applicable, and their enforcement may also be subject to the exercise of judicial discretion in appropriate cases, DORSEY WHITNEY LP C l ❑ORSEY& WHIINEY LLP i Fairfax/419915-23 ' Form 8038-G Information Return for Tax-Exempt Governmental Obligations ►under Internal Revenue Code section 140(e) (Rev.September 2011) OMB No,1645-0720 See separate Instructions. Department wenue Service the Treasury Internal Revenue Cautions If the Issue price Is under$700,000,use f=orm 8038-GC. ff + - Reporting Authority If Amended Return,check here ► El 1Issuer's name 2 Issuer's employer identification number(M) City of Fairfax,Iowa 42-0959452 33 Mame of person(other than issuer)with whom the tR5 may communicate about this return(see instructions) 3b Telephone number of other person shown on 3a 4 Number and street(or F.O.box if mM is not delivered to street address) Room/su6te 5 Report number(For IRS Use Only) PD.Box 337 3 6 City,t6wn,or post office,state,and ZIP code 7 Date of issue Fairfax,Iowa 52228 September 1,2016 6 Name of issue 9 C,USIP number Sewer revenue Bond Anticipation Project Note 30400P AAS 10a Narne and title of officer or other employee of the issuer whom the IRS may pail for more information(see 10b Telephone number of officer or other Instructions) employee shown on 10a Cynthia Stimson,City Clerk 319-846.2204 Unilli Type of Issue(enter the issue price). See the instructions and att ule. 11 Education . 11 12 Health and hospital , . . . . . . . . . . , 12 13 Transportation . . . . . . . . . . . . . . 13 14 Public safety . . . . . . . . . . . . . . 14 15 Environment(including sewage bonds) . . . . . . . . . . . . . 15 16 Housing . . . . . . . . . . . . . . . . . . . . . 16 17 utilities . . . . . 17 1,200,000 18 Other. Describe ► _ 18 18 if obligations are TANS or PANS,check only box 19a . �. . . , ► El If obligations are BANS,check only box 19b . . . , . . . ► 20 If obligations are in the form of a lease or linstallment sale,check box ► El Description of Obligations. Complete for the entire issue for which this form is being filed. (a)Final maturity date (b)Issue price (c)Stated redemption (d)Weighted (e)Yield price at maturity average maturity 21 06101/2019 1,200,000 1,200,000 2.750 years 2.2482 % MMI Uses of Proceeds of Bond Issue (including underwriters` discount) 22 Proceeds used for accrued interest . . . . . . . . . . . . . . . . . . . . 22 23 Issue price of entire issue(enter amount from line 21,column(b)) . . . . . 23 1,200,000', 24 Proceeds used for bond issuance costs(including underwriters'discount). 24 23,400 25 Proceeds used for credit enhancement . . . . . . . , . , . . 25 26 Proceeds allocated to reasonably regWred reserve or replacement fund 26 27 Proceeds used:to currently refund prior issues . . , , . . . 27 � 28 Proceeds used to•advance refund prior Issues . . . . 29 Total(add lines 24 through 28) . . . . . . . 29 _ 23,400 30 Nonrefunding proceeds of the issue(subtract line 29 from line 23 and enter amount here) . . . 30 1,176,600 tirLWA Description of Refunded Bonds.Complete this part only for refunding bonds. 31 Enter the remaining weighted average maturity of the bonds to be currently refunded . ► years 32 Enter the remaining weighted average maturity of the bonds to be advance refunded ► years 33 Enter the last date on which the refunded bonds will be called(MM/DD/YYYY) . . . . . ► 34 Enter the dates the refunded bonds were issued►(MM/DDMYY) For Paperwork Reduction Act Notice,see separate instructions. cat.No.637735 Form 8038-G(Rev,9-2o11) Form 8038_G(nev.r3-2011) Page VIEMisO _ c llaneUs �. 35 Enter the amount of the state volume cap allocated to the Issue under section 141(b)(5) . 35 36a Enter the amount of gross proceeds invested or to be invested in a guaranteed Investment contract 77f�¢ (GIC)(see instructions) . . . . . . . . . . . . . . . . . . . . . 363 b Enter the final maturity date of the GIC► C Enter the name of the GIC provider► 37' Pooled financings: Enter the amount of the proceeds of this issue that areto be used to make loans to other governmental units . . . . . . . . . . . . . . . . . . . . . . 37 38a ff this issue is a loan made from the proceeds of another tax-exempt issue,check box► ❑and enter the following information, b (Enter the date of the master pool obligation 0- c c Enter the EIN of the issuer of the master pool obligation► d Enter the name of the issuer of the master pool obligation 0- 39 39 if the issuer has designated the issue under section 265(b)(3)(B)(1)(III)(small Issuer exception),check box ► 40 If the Issuer has elected to pay a penalty in lieu of arbitrage rebate,check box ► ❑ 41a If the issuer has identified a hedge,check here► ❑ and enter the following Information: b Name of hedge provider 0, C Type of hedge► d Term of hedge 0- 42 If the issuer has superintegrated the hedge,check box . . . . . . . . . . . . . . . . . . . . . ► ❑ 43 if the issuer has established written procedures to ensure that all nonqualif'ied bonds of this issue are remediated according to the requirements under the Code and Regulations(see instructions),check box , . . . . . . . 44 If the issuer has established written procedures to monitor the requirements of section 148, check box . . . . . ► 45a if some portion of the proceeds was used to reimburse expenditures,check here and enter the amount of reimbursement . . . . . . ► $500,404.81 b Enter the date the official intent was adopted► May 17,2016 Under penalties of perjury,I declare that I have examined this returns and accompanying schedule$and statements,and to the best of my knowledge Signature and belief,thoy are true,correct,and cornplete.I further declare that I consent to the IRS's disclosure of the issuer's return information,as necessary to and process this return,to the person th t I have authorized above, a Consent ° � � � '� � � Cynthia Stimson,City Clerk `5ignatu `of issuer's authoriz r presentative Date 'Type or print name and title i'rint/Type reparer's name r s signet e Date _ Check ❑ If �PTINP.JPaid �" ��Q t( ({ self-employed 07598°.5 Preplerer Robert E,fasten Use Only Firm's name ► Dorsey&Whitne —OZFirm's EIN ► 41-0223337 Firm's address ► 801 Grand,Suite 4100,D nes,IA 50309-8002 Phone no. 515-283-1000 Form 8038-G(Rev.9--'2011)