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06/04/1991 Council Minutes
i 'I . I SPECIAL COLiUCIL MEETING 6/4/91 7' : OOPM CITY HALL AGENDA : I , PUBLIC HEARING ON LOAN APPLICATION FOR RESOURCES TO FINISH LIBRARY. PUBLIC INFORMATION MEETING IN REGARD:- TO-STREET IMPROVEMENTS ON CHURCH AND VANDERBILT STREET , 3 . ADJOURNMENT Fairfax City Council met in special session at 7 : OOPM on 6/4/91 . Mayor Nading presiding. Council present : Cerveny, Hastings , Quillin & Stockton. Absent : Bullock Purpose of meeting : Public Hearing on Loan Agreement for Library Construction and Public information on purpose street project . Mayor Nading opened public hearing at 7 : 05PM. 30 residents were in attendence . No written objections filed,, objections heard from residence in attendence at meeting. Public hearing closed on motion of Quillin, 2nd Cerveny at 7 : 45 PM Resolution 6491 "APPROVAL AND AUTHORIZING A LOAN AGREEMENT" presented for approval. by Cerveny, 2ndHastings . Roll call vote : All votingAye . Discussion then held with Jim Matta, Engieer, Hall & Hall Engineering in regard to the purpose street project on Vanderbilt & Church Street . Council has set June 11th, regular Council meeting, as the time and place to set Special Assessments, Resolutions of Necessity, Public Hearings in regard to the purpose street project . Motion to adjourn made at 9 : 05PM by Stockton. , 2nd Quillin. Carried. Virginia Soukup, City Clerk Russell D . Nading, Mayor 0 i i i i V) 0 m" m CD m :r 19 .v 0 c V rn ;w OL CD VI 4�! � 2 :1 ID 0 0 0 ::r -M It 21. 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(J N cc, -4 �4 14 M M M w W n n !� :4 (D 10 go co en Ln ib, w r-j o %D co C, Ln 00 N LO 00 ou 00 00 -P, to cc 10 x ID ri T, Do 1,7 CD', CD CD Li CD C, cD 0-1 r1i w W 0 Ln CD x w ra cc F-I w cc C!0 0 00 00 VI -4 In C _n C:>-i CD Ln rj 0 j 8 'D m r� 17) '4 LO rlj 7) Uhl w ul > 41 'Z m co n 4' cr U) Ul C O Ln C: CD 00 -D, r- 419915-2\hrgnss I I 'STATE OF IOWA COUNTY OF LINN SS: CITY OF FAIRFAX I, the undersigned City Clerk of the aforementioned City, do hereby acknowledge that the proposed Loan Agreement will not be paid from a debt service property tax levy, and, pursuant to Section 384.24A of the Code of Iowa, annual payments of principal and interest from the City's General Fund in any year may not exceed ten percent of the City's last certified General Fund budget amount. I hereby certify that attached hereto is a copy of Budget Form 635.2A (Adopted Budget Summary) for the fiscal year beginning July 1, 1991. I further certify that the City has no loan agreements, other than the proposed Loan Agreement, which are payable from its General Fund. WITNESS MY HAND ,and the seal of the City hereto affixed this day of _ , 1991. Cit } Clerk (Seal) (ATTACH COPY OF BUDGET FORM 635. 2A) 3 i (Please call our office if the City has other outstanding loan agreements) 11 III I II fi- DORSEY&'WHITNEY, ATTORNEYS, DES MOR4ES, IOWA 419915-21hegu®s STATE OF IOWA COUNTY OF LINN SS: CITY OF FAIRFAX I, the undersigned, City Clerk of the aforementioned City, 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 the aforesaid corporate records and that the transcript hereto attached is a true, correct and complete copy of all the corporate records in relation to the authorization and approval of a certain Loan ,Agreement and the issuance of a General Obligation Library Improvement Note, in the maximum principal amount of $85, 000, of said City evidencing the City's obligation under the 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 petition of protest or objections of any kind have been filed or made objecting to the Loan Agreement or to the issuance of the Note, nor has any appeal been taken to the District Court from the decision of the City Council to enter into the Loan Agreement or to issue the Note. WITNESS MY HAND, and the seal of the City hereto affixed this day of � :. ..... 5 1. o _. dit�, Clerk (Seal) 30 Resider;ts in attendence at meeting. A dozen vocal objections were heard. No peti ons were filed in writing and as of this date no appeal has been taken to District Court . _7_ DORSEY&WHITNEY, ATTORNEYS, DES MOINES, IOWA 419915-211 1f STATE OF IOWA COUNTY OF LINN SS: CITY OF FAIRFAX I, the undersigned, City Clerk of the aforementioned City, do hereby certify that attached hereto is a true and correct copy of the proceedings of the Council relating to fixing a date for hearing on the Council 's proposal to take action in connection with a loan agreement, as referred to therein. WITN SS MY HAND, and the seal of the City hereto affixed this � , day of �c � 1991. City lerk (Seal) -7- DOR;SEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA 4#9915-211rg1u�dl STATE OF IOWA SS: E COUNTY OF LINN j I, the undersigned City Clerk, do hereby certify that the aforementioned City is organized and operating under the provisions of Title XV of the Code of Iowa and not under any special charter and that such City is operating under the Mayor-Council form of government and that there is not pending or threatened any question or litigation whatsoever touching the incorporation of the City, the inclusion of any territory within its limits or the incumbency in office of any of the officials hereinafter named. And I do further certify that the following named parties are officials of the City as indicated: Mayor Clerk Treasurer aD Council Member k Council Member, Council Member . , Council Member Council Member WITNESS MY HAND and the seal of the City hereto affixed this = � day of ! , 1991. C4- Clerk fs (Seal) _g_ DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA 419915-2vbelt STATE OF IOWA COUNTY OF LINN SS: CITY OF FAIRFAX I, the undersigned, City Clerk of the aforementioned City, do hereby certify that the aggregate, General Obligation indebtedness of the City (as of June 1, 1991) , of every kind and nature, howsoever evidenced or incurred (excluding the currently proposed Loan Agreement) is (1) $ "f �� 'a � of which (2) $_ ; is evidenced by bonds and/or loan agreement notes, as set forth in Schedule A, and of which (3) $ 0c) is evidenced by other general obligations, as set Yorth in Schedule B. (1) Insert TOTAL General Obligation Debt (Total of (2) & (3) ) (2) Insert amount of General Obligation Debt represented by general obligation bonds and/or loan agreement notes (3) Insert amount of other general obligations SCHEDULE A (BOND/LOAN AGREEMENT NOTE DEBT) Date of Maturity Issue Tyre Amount Date (List annual principal payments) 03/01/88 Corporate $ 251000 June 1, 1992 $ 30, 000 1993 $ 30, 000 1994 $ 35,000 1995 $ 35, 000 1996 $ 40, 000 199" $ 40,000 1998 $235,000 (Please list here or attach a separate maturity schedule any other outstanding issues of general obligation bonds and/or loan agreement notes. ) -9- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA 419915-211sthsl9P SCHEDULE B (OTHER GENERAL OBLIGATIONS) Tyne of General Obligation Amount (Here list any other general obligations of the City which extend beyond the end of the current fiscal year, such as long-term leases, installment sales contracts, etc. If there are none, please insert the word "none" . If you believe the City has any debt of this nature, . telephone us before completing this section. ) i WIffNESSaMY f � HAND seal of the City hereto affixed this d y o Ad City''f Clerk (Seal) -10- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA 419915-2"ahalt n STATE OF IOWA SS: COUNTY OF LINN I, the undersigned, County Auditor of the County aforesaid, do hereby certify that the values of taxable property of every kind and character, including agricultural land and buildings (but not monies and credits) , of the City of Fairfax, Iowa, as entered on the 1989 State and County tax lists, are as follows: Actual (100%) value Taxable value (after rollback) $ ; Less Military Exemptions ($ ) Net Total $ jZ 0,,5 'a I do further certify that both the actual (1.100%) value and the taxable (rollback) value shown above are entered and shown on the 1989 State and County tax lists. I, further certify that the values of taxable property of every kind and character, including actricultural land and buildings (but not monies and credits) , of the City of Fairfax, Iowa, for the 1990 State and County tax lists, which 1990 tax lists (, )_ (are not) * complete, are as follows: Actual (100%) value $ Taxable value (after rollback) $ Less Military Exemptions ($ ) Net Total $1 2.L301 I do further certify that both the actual (100%) value and the taxable (rollback) value shown above (are) (will be) * entered and shown on the 1990 State and County tax lists. WITNESS MY HAND and the seal of the said County hereto affixed this ;= 4,: day of '`'. 't-- , 19 91. ' aunty Audlto i, (Seal) *Strike whichever does not apply. II VIII II -11- DORSEY&WHrTNEY,ATTORNEYS,DES MOINES,IOWA A1941�-2}sl�tluml STATE OF IOWA COUNTY OF LINN SS: CITY OF FAIRFAX I, the undersigned, City Clerk of the aforementioned City, ado hereby certify that pursuant to the resolution of its Council fixing a date of meeting at which it is proposed to take action to enter into 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. A--. WITNESS MY HAND and the seal of the City hereto affixed this day of , 1991. Ji City Clerk (Seal) Z-:4 (Attach here the publisher's original affidavit with clipping of the notice, as published. ) (PLEASE NOTE: Do not sign and date this certificate until you have checked a copy of the published notice and have verified that it was published on the date indicated in the publisher' "s affidavit. ) , �i z STATE OF IOWA Ss. County of Line NOTICE OFF PROPOSED AC'1ON TO tNSTITUTE FROCEEDI[405 TO:,ENTER INTO k LOAN AQ9eEMENT AND E%OR- RO .. ft oNs!Y IW. THE PRINCIPAL. AI45t3A➢AdF Qt.4' 9.800 $Fw`ei?dEC[�L Clf�L,fCrATIS" ) The C"i1.�aunci¢a t L CIE a4 Falrtax lakra, F t. talr�e at ff�,t e � �S.F. IIi, IY, III, been dul sworn on my oath, de say, that t axC lc G�tY FP.Vr rn the GtY a4 7 lf4 i,Ctock RAPIDS g� 7 (� �q*�� taw as ian to enter frft �loan I�ClF 1DS ""AZ�1 m R th Laast AgreerYSe rt } acrd r, t� she �, �F� � ,at I am publisher of THE CEDA tt8 r the phr ase c�f:pa ir[l t€e et+s,to t t t R s 4 rne e umu e�cn€Sf r a�riY ltfPae C GT. — _ nted at Cedar Rapids, In said p Mr-i? castr ud daily and n c „ 4 ,? ::tor: Newspaper isse printed Con 4-1— XT^+;,r of which the annex ry ....................................... ....................... f�. ............ .6j........... ............................................ . 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The meeting was called to order by the Mayor, and the roll was called showing the following Council Members present and absent: Present: Absent: The Council investigated and found that a notice of intention to institute proceedings to enter into a loan agreement had been duly published as provided by law and that this is the time and place at which the Council shall receive oral or written objections from any resident or property owner of the City. The City Clerk announced that no written objections had been placed on file. Whereupon, the Mayor called for any written or oral objections, and there being none, the Mayor announced that the Council may authorize the loan agreement in the amount as I published. in After due consideration and discussion, Council Member introduced the resolution next hereinafter set out anqO moved its adoption, seconded by Council Member The Mayor put the question upon the adoption of J said resolution, and the roll being called, the following Council Members voted: 1 Ayes: 112�, 41'K, { Nays Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. i a -I- DORSEY&WHITNEY, ATTORNEYS, DES]'MOINES, IOWA 419915-Mrgi i RESOLUTION NO. Approving and authorizing a Loan Agreement and providing for the issuance and securing the payment of a General Obligation Library Improvement Note, in an amount not to exceed $85,000 WHEREAS, pursuant to the provisions of Section 384. 24A of the Code of Iowa, the City of Fairfax, Iowa (the "City") , has heretofore proposed to contract indebtedness and enter into a loan agreement in the principal amount not to exceed $85, 000 (the "'"Loan Agreement") to provide funds_ to pay the cost, to that extent, of acquiring, constructing and equipping a new library for the City (the "Library Project") , and has published notice of the proposed action and has held a hearing thereon; WHEREAS, it is necessary at this time to authorize and approve the Loan Agreement and to make provision for the issuance of a General Obligation Library Improvement Note in the maximum principal amount of $85, 000 (the "Note""") in evidence of the obligation of the City under the Loan Agreement; NOW, THEREFORE, Be It Resolved by the City Council of the City of Fairfax, Iowa, as follows: Section 1. The City shall enter into the Loan Agreement with Fairfax State Savings Bank, Fairfax, Iowa, as lender (the "'"Lender") , in substantially the form attached hereto providing for a loan to the City in the maximum principal amount of $85,000, for the purposes set forth in the preamble hereof. The Mayor and City Clerk are hereby authorized and directed to sign the Loan Agreement on behalf of the City, and the Loan Agreement is hereby approved. Section 2 . The Note is hereby authorized to be issued in evidence of the obligation of the City under the Loan Agreement, in the maximum principal amount of $85, 0001, to be dated as of the date of its delivery to the Lender. The Mayor and City Clerk are hereby authorized to request advances on the Note in such amounts and at such times as are needed to pay costs of the Library Project, and the date and amount of each advance shall be entered by the Lender on Schedule I to the Note, and each advance shall bear interest from the date of such entry. Principal of the Note shall bear interest from the date of each advance or from the last date on which interest has been paid at the rate of Six Percent (6%) per annum. Both principal of and interest on the Note shall be payable in equal annual installments in the amount of $19, 000 each, due on June 1 in each of the years 1592 through 1995, inclusive, with one final installment of all remaining principal and interest due thereon being payable at maturity on June 1, 1996. All payments shall be -2- DORSEY&WHITNEY, ATTORNEYS, DES MOINES, IOWA 4319915-2lass i applied first to the payment of interest due and next to the reduction of principal. The City Clerk is hereby designated as the Registrar and Paying Agent for the Note and may be hereinafter referred to as the "Registrar" or the "Paying Agent" . The City reserves the right to prepay principal of the Note in whole or in part at any time prior to and in inverse order of maturity upon terms of par and accrued interest to the date of prepayment. All principal so prepaid shall cease to bear interest on the prepayment date. Payment of both principal of and interest on the Note shall be made 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 payment date and shall be paid by check or draft mailed to the registered owner at the address shown on such registration books; provided, however, that the final installment of principal and interest shall be payable only upon presentation and surrender of the Note to the Paying Agent. The Council hereby covenants to appropriate to the General Fund of the City's annual budget in each year as long as the Note is outstanding sufficient funds to pay interest of and principal on the Note as such payments become due. 'The City hereby pledges the General Fund of the City and 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 Note. The Note shall be executed on behalf of the City with the official manual signature of the Mayor and attested with the official manual signature of the City Clerk and shall have the City' s seal impressed thereon, and shall be a fully registered Note without interest coupons. In case any officer whose signature appears on the Note shall cease to be such officer before the delivery of the Note, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery. The Note shall be fully registered as to principal and interest in the name of the owner 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 owner or its legal representatives or assigns. The Note shall be transferable without cost to the registered owner thereof 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. -3- DORSEY&WHITNEY, ATTORNEYS,DES MOINES, IOWA 419915-2+gisa i The record and identity of the owner of the Note shall be kept confidential as provided by Section 22.7 of the Code of Iowa. Section 3 . The Note shall be in substantially the fora set forth as Exhibit A to the Loan Agreement attached hereto, and shall be executed as herein provided as soon after the adoption of this resolution as may be possible, and thereupon it shall be delivered to the Registrar for registration, authentication and delivery to the Lender, and all action heretofore taken in connection with the Loan Agreement is hereby ratified and confirmed in all respects. Section 4. It is the intention of the City that interest on the 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 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 take any and all actions as may be necessary to comply with the covenants herein contained. The City hereby designates the Note as a "Qualified Tax Exempt Obligation" as that term is used in Section 265 (b) (3) (E) of the Internal Revenue Code. Section 5. All resolutions or parts thereof in conflict herewith be and the same are hereby repealed to the extent of such conflict. Section 6. This resolution shall be in full force and effect immediately upon its adoption and approval as provided by law. Passed and approved June 4 , 1991; Mi9yo r � I Attest: City Clerk -4- DORSEY&WHITNEY, ATTORNEYS, DES MOINES, IOWA 319915-2Nhrgi I I On motion and vote, the meeting adjourned. $ayor Attest: City clerk I ,I II -5- DORSEY&WHITNEY, ATTORNEYS,DES MOINES, IOWA t194:i7.'9dc EXTRA . A; 419915-2 FCC We, the undersigned, Russell D. Nading, Mayor, and Virginia F. Soukup, City Clerk, of the City of Fairfax, Iowa (the "City") , do hereby certify that we are now and were at the time of the execution of the City's General Obligation Library Improvement Note, dated June 14 , 1991 (the "Note") hereinafter described, the officers respectively above indicated of the City; that in pursuance of Section 384.24A of the Code of Iowa, the Note has been heretofore lawfully authorized to be issued in multiple advances of principal, the aggregate total of which may not exceed $85,000, by a resolution adopted by the City on June 4 , 1991 (the "Resolution'") , and a Loan Agreement dated as of June 11, 1991 (the "Loan Agreement") , by and between the City and Fairfax State Savings Bank, Fairfax, Iowa (the "Lender") , and this day by us lawfully issued and delivered to the Lender in exchange for the initial advance under the Note in the amount of $75, 000, receipt of which is hereby acknowledged. Each advance of principal under the Note bears interest at the rate of 6% per annum from the date of the advance, and both principal of and interest on the Note are payable in equal annual installments in the amount of $19, 000 each, due on June 1 in each of the years 1992 through 1995, inclusive, with one final installment of all remaining principal and interest due thereon at maturity on June 1, 1096. The Note has been executed by the aforesaid officers, and the Note has been fully registered as to principal and interest in the name of the Lender on the registration books of the City. We further certify that the Note is being issued to evidence the City's obligation under the Loan Agreement entered into by the City for the purpose of providing funds to pay a portion of the cost of acquiring, constructing and equipping a new library for the City (the "Project") . We further certify that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries Qf the City, or the titles of the aforesaid officers to their respective positions, or the validity of the Notes, or the power and duty of the • City to provide for the full and prompt payment of the principal of and interest on the Note, and that none of the proceedings incident � to the authorization and issuance of the Note has been repealed 3 or rescinded. We further certify that no petition of protest has been filed or made objecting to the Loan Agreement or to the issuance of the Note, and that no appeal of the decision of the City Council to enter into the Loan Agreement or to issue the Note has been taken to the district court. We further certify that all meetings held in connection with the 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 -1 MY&WHITNEY,ATTORNEYS,DES MOINES,IOWA MOLS-2wc agenda and by posting such notice and agenda at the City Hall or the 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 olf meetings. We further certify as follows: 1. The City has entered into contracts for engineering services and construction of the Project equal to at least 2 1/2% of the total cost of the Project, and work on the Project has begun and is expected to proceed hereafter with due diligence to completion. 2. The total cost of the Project is estimated to be $-363,334. 3 . a. It is the reasonable. expectation of the City to spend at least 85% of any amounts advanced under the Note to pay costs of the Project within three years of the date of such advances. b. None of the amounts advanced under the Note 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) . 4. The amounts to be advanced under, the Note are necessary for and will be used for the purpose or purposes aforesaid.. 5. To our best knowledge and belief, there are no facts, estimates or circumstances which would materially change the foregoing conclusions. on the basis of the foregoing, it is not expected that the Loan Proceeds will be used in a manner that would cause the Note to be an "arbitrage bond" under Section 1.48 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 bond issuer whose arbitrage certifications may not be relied upon. We further certify that the City does not currently have outstanding tax exempt obligations issued during 1991, including the Note, equal to or in excess of $5, 000, 000, nor will the City issue additional tax exempt obligations during 1991 which, when added to the City's current tax exempt obligations issued during 1991, including the Note, would be equal to or in excess of $5, 000, 000. We further certify that the present financial condition of the City is -as follows: -2- DOMY&W11I7NEY,ATTORNEYS,DES MOIJWS,IOWA 4,Wisx Uc Actual (100%) value of taxable property within the City, except moneys and credits, for the 1990 f State and County tax lists $21► 062, 572 Taxable value (after rollback) of . all taxable property within the City, except moneys and credits, for the 1990 State and County tax lists $18, 163 , 011 Total bonded indebtedness payable from taxes, excluding the Note $ 235, 000 This issue $ 85, 000 All other indebtedness of any kind $ -0- Last certified General Fund budget amount, the same being for the fiscal year beginning July 1, 1991 $ 190, 828 Maximum annual payment of principal and interest on all outstanding loan. agreements payable from the General Fund, including this Loan Agreement $ 19,000 IN WITNESS WHEREOF, we halve her to affixed our hands as of June 14, 1991. ,May 4r I Cit Clerk I (Seal) I i i I I I II'I e3_ 1IORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA IlY➢IS15Rio. I I, the undersigned, the officer of the bank indicated by my signature hereto, do hereby certify that I am personally acquainted with the persons whose signatures, each known to me to be genuine, are signed to the foregoing certificate, and that I know that the persons aforesaid are the officers of the municipal corporation named in the said certificate, indicated respectively by the titles appended to their respective signatures, and that I have examined and identified the signatures to the Note mentioned in the said certificate as the genuine signatures of the officers signing the foregoing certificate. _ WITNESS MY HAND!, the date last above written. of the T)5 a E S AJ 3 BA N K Bank FAA AX, I 7 52=21 Iowa -4- DO iSE'Y&WHITNEY,ATTORNEYS,DES MOINES,IOWA 419915 �� � C Consolidated Information Return for Small Tax-Exempt Governmental Band Issues, Leases and Installment Sales (Rev.October 1989) ani No.1545-0720 ►Under Section 149(e) ►For calendar year ending 19...... Expires 05/31/92 Department of the Treasury triternall Revenue service (Use Form 8038-G If the issue price of the issue,is$100.000 or more.) Reporting Authority Check box if Amended Reborn ► 1 issuer's name 2 Issuer's employer identification number - city of_ 42--0959452 3 'umber and Street S25 Vanrlprhi 1 t Stri 4 C or town,state,and ZIP code Description of Obligations, 51 Total issue price of all small tax-exempt governmental obligations issued during the calendar year. . . 5 FI Check the box that most nearly approximates the weighted average maturity of the obligations: / aJU Less than 5years I III ❑ From 5 to 10 years / c 0 More than 10 years 7 Check the box that most nearly approximates the weighted average interest rate on the obligations: al El Less than 5% b3a From 5%to 10% c El More than 10% 8 Total issue price of the obligations reported online 5 that are: a Obligations issued in the form of a lease or installment sale . . . . . . . . . . . . . 8a b Obligations designated by the issuer under section 265(bx3)(5)(ix111) 8b 85,1000 30 c Obligations issued to refund prior issues . . . . . . . . . . . . . . . . . . . 8c dl Loans made from the proceeds of another tax-exempt obligation 8d Under penalties of perjury,I declare that I have examined this fell and accompanying schedules and statements,and to the best of my knowledge and belief. [ease they are true,correct,and complete.. Sllg'li Here ' //,,., � - -� 6/14Z 91 Virginia- m S[ kilij, j i r1 ei `ature of leer Dale Type or print name and title General Instructions if you have comments concerning the Who Must File (S accuracy of this time estimate or'ection references are to the Internal Each issuer must file Form....8038-GC for all Revenue Code unless otherwise noted.) suggestions for making this form more tax-exempt governmental bonds,leases and simple,we would be happy to hear from installment sales issued during the calender Paperwork Reduction Act Notice you.You can write to either the Internal year,with an issue price of less than Revenue service,Washington,DC 20224, $,100,000.Form 8038-G is frilled to report We ask for this information to carry out the Attention:IRS Reports Clearance Officer, each issue of governmental obligations with Internal Revenue laws of the united States.. T:FP;or the Office of Management and issue prices of$100,000 or more. We need it to ensure that you are complying Budget,Paperwork Reduction Project with these laws.You are required to give us (1545-0720),Washington,DC 205,03. When To File this information. Item You Should Note The time needed to complete and file this File Form 6038-GC on or before February form varies depending on individual A governmental unit is required to filie this 15th after the dose of the calendar year in form es.The estimated average time form for all small tax-exempt governmental which the issue is issued.Form 8038-GC is: obligations on which it pays interest.These must be completed based on the facts as of obligations include bonds,leases and the close of the calendar year. Recordkeeping . . . . 3 hrs.,21 min, installment sales. Late tiling.—A Form 8038-GC filed after Learning about the Purpose of Form the due date may be granted an extension law or the form . . . . .1 hr.,34 min. Form 8038•GC is to be used by issuers of of time to file under section 3 of Rev.Proc. Preparing the form. . . 2 hrs.,37 min. tax-exempt governmental obligations to 88-10, 1588-1 C.S.535,if it its determined provide IRS with the information required by that the failure to file in a timelly manner is Copying,assembling,and section 149(e)and to monitor the not due to willful neglect,A late Form sending the form to IRS 15 miin. requirements of sections 141 through 150. form 8038-11C (Rev.10-89) Vwmm 18038—GC (Rev.10-89) Pact: 2 8038-13C should be sent to:Internal same issuer,on the same date,and supplemented by estimates made in good ' Revenue Service,Philadelphia Service pursuant to a single transaction(or series of faith.All entries maybe based on good Center,Statistics of income Unit,P:DA: related transactions).With respect to faith approximations. Unit F-SOI,Philadelphia,PA 19255,Stop draw-down loans,all amounts reasonably Line 5.—Enter the total issue price of all #335.Type or print at the top of the form, expected to be advanced within 3 years of small tax-exempt governmental obligations i 'Thus Statement Is Submitted in the date of the first draw may be treated as issued during the calendar year.'Small Accordance with Rev.Proc.88-10."Attach part of the same issue if the draws are governmental obligations means those with to the Form 8038-GC a letter briefly setting, equally and ratably secured by the same an issue price of less than$100,000, If the forth the reasons why Form 8038-GC was loan agreement and are pursuant to a obligations are reoffered to the public by an not submitted to the IRS on time,and also common financing arrangement.All intermediary,the issue price is the indicating whether the obligation in obligations that are issued pursuant to a reoffering price(excluding accrued question is under examination by the IRS. single finance lease or Installment interest). Do not submit copies of any bond purchase agreement may be treated)as The issue price of an obligation means documents,leases or installment sale part of the same issue if all of the property the principal amount due on the obligation documents. covered by that agreement is reasonably and does not include interest paid or to be expected to be delivered within 3 years of paid.Therefore line 5 should include only Where To Fiie the date of issue of the first obligation. the principal amount due on obligations File Form 8038-GC with the Internal S ecific Instructions sold during the calendar year.For example, Revenue Service Center,Philadelphia,PA only the purchase price of an asset acquirea 19255- Part I.—Reporting Authority pursuant to a lease should be included on Definitions Amended Return.—If Y g an ou are filing Line 5 and only in the year such(lease is entered into.A lease or installment sale is Atax-exempt obligation is not limited to amended Form 8038-GC,check the treated as issued on the date interest starts 0 e forma!issuance bond It also amended return box and complete Part I to accrue. th includes installment purchase agreements and only those parts of Form correct you Line 6.,,—The weighted averag'e''maturity is are amending by en#ering the correct maturity and financial leases. information.Do not file an amended'Form the average y on the obligations. ai A tax-exempt governmental obligation 8038-GC to amend estimated amounts you With respect to bonds,each bond should be is a tax-exempt obligation that is not a previously reported once the actual weighted to its par value.For a lease or private activity bond. amounts are determined.(See the Part If installment sale,enter the total number of 0 A private activity bond is generally an instruction,below.) years the lease or installment sale will be p Y g Y outstanding. obligation issued as part of an issue of Line 1..—The issuer's name is the name of Line 7.--The weighted average interest which:(1)More than 10%of the proceeds the entity issuing the obligations,not the rate is the average interest rate on the are to be used for any private business use, name of the entity receiving the benefit of obligations.Each bond should be weighted and(2)More than I096 of the payment of the financing.In the case of a lease or principal or interest of the issue is either installment sale,the issuer is the lessee or in proportion to its par value and its length I of maturity, secured by an interest in property to be purchaser. used for a private business use(or Line 8.—Enter the total issue price of the Line 2—Issuers employer identification payments in respect of such property),or is number(EIN).—If the issuer does not have obligations reported on line 5 tlhat are to be derived from payments in respect of an employer identification number,enter described on lines 8a,8b,8c,and 8d.More property(or borrowed money)used for a none"and attach a completed Forma 55-4, than one line may apply to a particular private business use.An obligation is also Application for Employer Identification obligation.For example,obligations issued considered a private activity bond if the to refund prior issues which were Number,to Form 8038-GC.If,however,the amount of the proceeds to be used to make designated by the issuer under section orfinance loans(other than loans described issuer has previously applied for such.a 265(b)(3x9xixlll)should be reported on in.section 14 1(c)(2))to certain persons number,attach a statement giving the date line 8b and line 8c. exceeds the lesser ))596 r the proceeds,or of the application and the office where it p was submitted. Signature $5,'000,000. Private activity bonds should be reported on Form 8038, Information part II.--Description of Obligations Form 8038-GC must be signed by an Return for Tax-Exempt Private Activity Bond authorized representative of the issuer.Also Issues This part may be completed based on print the name and title of the person a issue----Generally,separate obligations information readily available to lire issuer signing the Form 8038-GC. should not be treated as part of the same at the close of the calendar year, issue if the obligations are not issued by the'. •U.S. Gorey a% ltietlni Office cu. Ll!&-X61-15i 100020 . DoRsEY & WHITNEY A P�=V 7a-Pao 5510� Ca-5 aIS wn s assmexr rexrxsxs 8o1 GRAND, SUITE 3900 MINNEAPOLIS,XrNN-SOTA DES MOINES, IOWA 50309 WEw SroEE,NEW-YOIRE NoBEET H.I;ELMICE (515) 283-1000 wAS81ROT07q,..�D,C. _ € DAB L.cLAYPOOL FAX (515) 283-1060 DES MOINES, IOWA � :Bt.O.BEET E.JOSTBN aOCABSTEE,M12928ESOTA EIIRIPII'Y N.McIP'CO58 BILLR705,MONTANA GREAT FALLS,MONTANA. NO3LENE D.JACOIiS MISSOIILA,MON'TAXA. LaNDA L.ENIEP LONDON,ENOLA'E n BRII5SELS,.BELGrUM PA8I5,P3L 3CX June 14, 1991 We hereby certify that we have examined certified 'copies of the proceedings of the Council of the City of Fairfax, in Linn County, Iowa (the "'Issuer") passed preliminary to the issue by the Issuer of its General Obligation Library Improvement Note (the "Note") in the maximum principal amount of $85,000, dated June 14, 1991, in evidence of the Issuer's obligation under a certain loan agreement (the "Loan Agreement"), dated as of June 1, 1991. ]Multiple advances of principal may be made under the Note, and each advance of principal bears interest at the rate of 6% per annum from the date of the advance. Both principal of and interest on the Note are payable in equal annual installments in the amount of $19,000 each due on June 1 in each of the years 1992 through 1995, inclusive, and one final installment of all remaining principal and interest due thereon at maturity on June 1, 1996, but principal of the Note is subject to prepayment prior to maturity at the times and on the terms specified in the Note. Based upon our examination, we are of the opinion, as of the date hereof, that: I 1. The aforementioned proceedings show lawful authority for such issue under the laws of the State of Iowa. j 2: The Note and the Loan Agreement are valid and binding general obligations of the Issuer. 3. The interest on the 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 Note in order that interest thereon be, or continue to be, excluded from gross income for federal income tax purposes. The Issuer has covenanted to comply with each such requirement. Failure to comply with certain of such requirements may cause the inclusion of interest on the Note in gross income for federal income tax purposes to be retroactive to the date of issuance of the Note. 5. The Note is a "qualified tax-exempt obligation"' within the meaning of Section 265(b)(3) of the Code, and, in the case of certain financial institutions (within the meaning of Section 265(b)(5) of the Code), a deduction is allowed for 80 per cent of that portion of such financial institutions' interest expense allocable to interest on the Note. Page 2 Dons= & WHITNEY June 14, 1991 We express no opinion regarding other federal tax consequences arising with respect to the Note. The rights of the owners of the 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. 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