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Home My WebLink AboutRESOLUTION NO. 2017-31 Fairfax419915-26/SetHrng GO LA RESOLUTION NO. 2017-31 RESOLUTION TO FIX A DATE FOR PUBLIC HEARING ON A LOAN AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $1,000,000 WHEREAS, the City of Fairfax (the "City"), in Linn County, State of Iowa, previously issued its General Obligation Corporate Purpose Notes, Series 2009 (the "Series 2009 Notes"), a portion of which are outstanding (the "Outstanding Notes"); and WHEREAS, in the resolution authorizing the issuance of the Series 2009 Notes, the City reserved the right to call for prepayment prior to maturity any amount of the principal of the Series 2009 Notes maturing after June 1, 2016; and WHEREAS, the City proposes to enter into a general obligation corporate purpose and refunding loan agreement(the"Loan Agreement")in a principal amount not to exceed$1,000,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purposes of paying the cost, to that extent, of constructing street and waterworks improvements, planning for projects located in the Fairfax Urban Renewal Area, and refunding the Outstanding Notes, and it is necessary to fix a date of meeting of the City Council at which a public hearing will be held on the proposal to enter into the Loan Agreement and to give notice thereof as required by such law; NOW, THEREFORE, It Is Resolved by the City Council of the City of Fairfax, Iowa, as follows: Section 1. The City Council shall meet on the 9th day of May, 2017, at the City Hall, Fairfax, Iowa, at 6:00 o'clock p.m., at which time and place a hearing will be held on the proposal to enter into the Loan Agreement. Section 2. The City Clerk is hereby directed to give notice of the proposed hearing on the Loan Agreement setting forth the amount and purpose thereof, the time when and place where the hearing will be held by publication at least once and not less than 4 nor more than 20 days before the meeting, in a legal newspaper which has a general circulation in the City. The notice shall be in substantially the following form: -2- DORSEY&WHITNEY LLP, ATTORNEYS,DES MOINES,IOWA Fairfax419915-26/SetHrng GO LA NOTICE OF PUBLIC HEARING ON LOAN AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $1,000,000 (GENERAL OBLIGATION CORPORATE PURPOSE AND REFUNDING) The City Council of the City of Fairfax, Iowa, will meet on the 9th day of May, 2017, at the City Hall, Fairfax, Iowa, at 6:00 o'clock p.m., for the purpose of holding a public hearing on a loan agreement (the "Loan Agreement") in a principal amount not to exceed $1,000,000 for the purpose of paying the cost, to that extent, of constructing street and waterworks improvements, planning for projects located in the Fairfax Urban Renewal Area, and refunding the outstanding balance of the City's General Obligation Corporate Purpose Notes, Series 2009. The Loan Agreement is proposed to be entered into pursuant to authority contained in Section 384.24A of the Code of Iowa and will constitute a general obligation of the City. At that time and place, oral or written objections may be filed or made to the proposal to enter into the Loan Agreement. After receiving objections, the City may determine to enter into the Loan Agreement, in which case,the decision will be final unless appealed to the District Court within fifteen (15) days thereafter. By order of the City Council of the City of Fairfax, Iowa. Cynthia Stimson City Clerk/Treasurer -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES, IOWA Fairfax419915-26/SetHrng GO LA Section 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved April 11, 2017. r Burnell G. Frieden, Mayor Attest: i`®a ,„f"' vasa $a" Cy hia K. Stimson, City Clerk/Treasurer -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES, IOWA Fairfax419915-26/SetHrng GO LA STATE OF IOWA COUNTY OF LINN SS: CITY OF FAIRFAX I,the undersigned, City Clerk of the City of Fairfax, do hereby certify that attached hereto is a true and correct copy of the proceedings of the City Council relating to fixing a date for hearing on the City Council's proposal to enter into a loan agreement, as referred to therein. WITNESS MY HAND this 13th day of April, 2017. No Cynt is K. Stim on, City Clerk/Treasurer -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-26/SetHrng GO LA STATE OF IOWA COUNTY OF LINN SS: CITY OF FAIRFAX 1, the undersigned, City Clerk of the City of Fairfax, do hereby certify that pursuant to the resolution of the City Council fixing a date of meeting at which it is proposed to hold a public hearing on a loan agreement, the notice, of which the printed slip attached to the publisher's affidavit hereto attached is a true and complete copy, was published on the date and in the newspaper specified in such affidavit, which newspaper has a general circulation in the City. WITNESS MY HAND this day of , 2017. Cy hia K. Stimson, ity Clerk/Treasurer (Attach here the publisher's original affidavit with clipping of the notice, as published, and email or fax a copy of the published notice to our office at (515) 283-1060, as soon as it appears in the newspaper.) -6- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA April 6, 2017 Cynthia Stimson City Clerk/City Hall PO Box 337 Fairfax, Iowa 52228-0337 Re: 2017 General Obligation Corporate Purpose and Refunding Loan Agreement Our File No. 419915-26 Dear Cynthia: I have prepared and enclose proceedings to be used at the City Council meeting on April 11 to set May 9 as the date for a hearing on the General Obligation Corporate Purpose and Refunding Loan Agreement. The documents enclosed include the following items: 1. Resolution fixing the date, time and place of the meeting at which it is proposed to hold the hearing on the Loan Agreement. The form of notice of hearing is set out in Section 2 of the resolution. 2. Certificate attesting the transcript. 3. Certificate with respect to publication of the notice, to which must be attached the publisher's affidavit of publication with a clipping of the notice as published. The notice of hearing must be published at least once not less than 4 nor more than 20 days before the meeting date set for the hearing, in a legal newspaper which has a general circulation in Fairfax. As soon as possible after the City Council meeting, please return one fully executed copy of these proceedings. If you have any questions, please contact me. Very truly yours, Robert E. Josten cc by email: Maggie Burger tot a elf e 3 thegazette.com LINES TIMES INVOICE DATE ACCOUNT# ACCOUNT NAME 4125/17 2698 CITY OF FAIRFAX 1.00 x 40 Li 1 DESCRIPTION legals-Loan Agreement$1,000,000 PROOF OF PUBLICATION it newspaper of enc general circulation in Linn and GAZETTE a da9 Chris Edwards do state that I am the publisher of THEY I, Ch , Johnson, in Iowa. The notice, a printed copy of which is attached,was inserted and published in THE GAZETTE in the issues of 4/25/2017 The reasonable fee forpublishing ublishin said notice is $19.56 By NOTICE OF PUBLIC HEARING ON LOAN AGREEMENT IN A 1 PRINCIPAL AMOUNT NOT TO STATE OF IOWA, Il EXCEED$1,000,000 SS; (GENERAL OBLIGATION Counties of Linn and Johnson CORPORATE PURPOSE AND REFUNDING) The City Council of the City of Fairfax, Iowa,will meet on the 9th dayof May, This instrument was acknowledged by Chris Edwards 2017,at the City Hall,Fairfax,Iowa,at 6:00"o'clock p.m., for the purpose of before me this 25th day of April,2017 holding a public'hearing`on a loan agreement(the"Loan Agreement")in a principal amount not to exceed $1,000,000 for the purpose of paying the cost, to that extent, of constructing street and waterworks improvements, planning for projects located in the Fairfax Urban Renewal Area, and refunding the outstanding balance of the City's General Obligation Corporate Purpose Notes,Series 2009. The Loan Agreement is proposed to be entered into pursuant to-authority A- Code contained in Section 3$4.24A of the of Iowa and will constitutes tion of the City. d for the State of Iowa general time n objections Notary Public m an that im e and place,oral or written ji objections may be filed or made to the proposal to enter Into the Loan SII _Agreement. After receiving objections, the City may determine to enter into the Loan Agreement, in which case, the decision will be S final unless appealed to the District Courtwithin fifteen(15)days thereafter. By order of the City Council of.the City of Fairfax,Iowa. III Cynthia Stimson np' P��e1�+yp Ctiy Clerk/Treasurer _ �pR1�S DIANE l7VSTA _°_ �TCOMMISSION NUMBER 753222 * •• �` MY COMMISSION EXPIRES: ro, JUNE 11,2017