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Home My WebLink AboutRESOLUTION NO. 2018-35 Pairfax419915-27/SetHrng 2018GO LA SET DATE FOR HEARING ON 2018 GENERAL OBLIGATION LOAN AGREEMENT 419915-27 Fairfax, Iowa June 12, 2018 The City Council of the City of Fairfax, Iowa, met on June 12, 2018, at 6:00 o'clock p.m., at the City Hall. The Mayor presided and the roll was called showing the following members of the City Council present and absent: Present: Travis Otto, Michael Daly, Nicholas Volk, and Marianne Wainwright Absent: Joseph Kell, Jr.. Council Member Daly introduced the resolution hereinafter next set out, related to setting a date for a hearing on a general obligation loan agreement in a principal amount not to exceed $2,200,000, for the purpose of financing certain infrastructure improvements and refunding the outstanding balance of certain Water and Sewer Revenue Notes,and moved its adoption, seconded by Council Member Volk; and after due consideration thereof by the City Council, the Mayor put the question upon the adoption of the said resolution and the roll being called,the following named Council Members voted: Ayes: Otto, Daly, Volk, and Wainwright Nays: None. The Mayor declared the resolution duly adopted as hereinafter set out. . . . . At the conclusion of the meeting, and upon motion and vote, the City Council adjourned. Burnell G. Frieden, Mayor Attest: ,Nithia K. Stimson, City Clerk/Treasurer -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-27/SetHrng 2018GO LA RESOLUTION NO. 2018-35 Resolution to fix a date for public hearing on a loan agreement in a principal amount not to exceed $2,200,000 WHEREAS, the City of Fairfax (the "City"), in Linn County, State of Iowa, previously issued its Sewer Revenue Bond Anticipation Project Note, dated September 1, 2016 (the "Sewer Revenue Note"), a portion of the principal of which is outstanding (the"Outstanding Sewer Note Principal"); and WHEREAS,in the resolution authorizing the issuance of the Sewer Revenue Note,the City reserved the right to call for prepayment prior to maturity any amount of the principal of the Sewer Revenue Note maturing after June 1, 2017; and WHEREAS, the City also previously issued its Water Revenue Bond Anticipation Project Note, dated September 1, 2016 (the "Water Revenue Note"), a portion of the principal of which is outstanding (the "Outstanding Water Note Principal"); and WHEREAS, in the resolution authorizing the issuance of the Water Revenue Note,the City reserved the right to call for prepayment prior to maturity any amount of the principal of the Water Revenue Note maturing after June 1, 2017; 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$2,200,000, 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,bridge, sanitary sewer, city park and trail improvements and refunding the Outstanding Sewer Note Principal and the Outstanding Water Revenue Note Principal, 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 10th day of July, 2018, 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 Fairfax419915-27/SetHrng 2018GO LA Section 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved June 12, 2018. Burnell G. Frieden, Mayor Attest: Cyn hia K. Stimson, City lerk/Treasurer r,••' � e� ``"'�� a AWe G, k -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-27/SetHrng 2018GO 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 13t" day of June, 2018. Ir 6i_ Cy hia K. Stimson, City Clerk/Treasurer -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Pairfax419915-27/SetHrng 2018GO LA STATE OF IOWA COUNTY OF LINN SS: CITY OF FAIRFAX I, the undersigned, City Clerk of the City of Fairfax, do hereby certify that pursuant to the resolution of the City Council fixing a date of meeting at which it is proposed to hold 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 , 2018. Cynthia K. Stimson, City 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 June 8, 2018 Cynthia Stimson City Clerk/City Hall PO Box 337 Fairfax, Iowa 52228-0337 Re: 2018 General Obligation Corporate Purpose and Refunding Loan Agreement Our File No. 419915-27 Dear Cynthia: I have prepared and enclose proceedings that may be used at the City Council meeting on June 12 to set July 10 as the date for a hearing on the 2018 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