MINUTES TO SET DATE FOR HEARINGS ON LOAN AGREEMENTS
435926-29
Monticello, Iowa
August 18, 2014
The City Council of the City of Monticello, Iowa, met on August 18, 2014, at 6:00 o’clock p.m., at the Renaissance Center, Council Chambers, Monticello, Iowa. The Mayor Pro Tem presided and the roll was called showing the following members of the City Council present and absent:
Present: Dave Goedken, Bill Meyer, Frank Yanda, Johnny Russ, Chris Lux and Tom Yeoman.
Absent: Mayor Dena Himes.
Council Member Goedken introduced the resolution hereinafter next set out and moved its adoption, seconded by Council Member Lux; and after due consideration thereof by the City Council, the Mayor Pro Tem put the question upon the adoption of the said resolution and the roll being called, the following named Council Members voted:
Ayes: Goedken, Lux, Yeoman, Meyer, Yanda and Russ
Nays: None.
Whereupon, the Mayor Pro Tem declared the resolution duly adopted as hereinafter set out.
• • • •
At the conclusion of the meeting and upon motion and vote, the City Council adjourned.
Tom Yeoman, Mayor Pro Tem
Attest:
Sally Hinrichsen, City Clerk
RESOLUTION NO. 14-83
Resolution setting the date for public hearings on proposals to enter into General Obligation Corporate Purpose Loan Agreements
WHEREAS, the City of Monticello (the “City”), in Jones County, State of Iowa, pursuant to the provisions of Section 384.24A of the Code of Iowa, proposes to enter into a General Obligation Loan Agreement (the “Essential Purpose Loan Agreement”) and to borrow money thereunder in a principal amount not to exceed $1,335,000 for the purpose of paying the costs, to that extent, of designing and constructing street, bridge and sanitary sewer system improvements, installing street lighting improvements and making improvements to existing municipal parks, and it is necessary to fix a date of meeting of the City Council at which it is proposed to take action to enter into the Essential Purpose Loan Agreement and to give notice thereof as required by such law; and
WHEREAS, the City also proposes to enter into a General Obligation Loan Agreement (the “General Purpose Loan Agreement”) and to borrow money thereunder in a principal amount not to exceed $215,000 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 and installing improvements to municipal green space and parking lots in the downtown area, and it is now necessary to fix a date of meeting of the City Council at which it is proposed to take action to enter into the General Purpose Loan Agreement and to give notice thereof as required by such law, including notice of the right to petition for an election on such proposal; and
WHEREAS, the City also proposes to enter into a General Obligation Loan Agreement (the “Community Building Loan Agreement” and together with the Essential Purpose Loan Agreement and the General Purpose Loan Agreement, the “Loan Agreements”) and to borrow money thereunder in a principal amount not to exceed $400,000 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 and installing repairs and improvements to the municipal community building (with purposes set forth in the previous paragraphs collectively hereinafter referred to as the “Projects”), and it is now necessary to fix a date of meeting of the City Council at which it is proposed to take action to enter into the Community Building Loan Agreement and to give notice thereof as required by such law, including notice of the right to petition for an election on such proposal;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Monticello, Iowa, as follows:
Section 1. The City Council shall meet on September 2, 2014, at the Renaissance Center, Council Chambers, Monticello, Iowa, at 6:00 o’clock p.m., at which time and place hearings will be held and proceedings will be instituted and action taken to enter into the Loan Agreements.
Section 2. The City Clerk is hereby directed to give notice of the proposed action on the Essential Purpose Loan Agreement setting forth the amount and purpose thereof, the time when and place where the said meeting will be held by publication at least once and not less than 4 nor more than 20 days before the date of said meeting, in a legal newspaper which has a general circulation in the City. The notice shall be in substantially the following form:
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO
A LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER IN A PRINCIPAL AMOUNT NOT TO EXCEED $1,335,000
(GENERAL OBLIGATION)
The City Council of the City of Monticello, Iowa, will meet on September 2, 2014, at the Renaissance Center, Council Chambers, Monticello, Iowa, at 6:00 o’clock p.m., for the purpose of instituting proceedings and taking action on a proposal to enter into a loan agreement (the “Loan Agreement”) and to borrow money thereunder in a principal amount not to exceed $1,335,000 for the purpose of paying the costs, to that extent, of designing and constructing street, bridge and sanitary sewer system improvements, installing street lighting improvements and making improvements to existing municipal parks.
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 Monticello, Iowa.
Sally Hinrichsen
City Clerk
Section 3. The City Clerk is hereby directed to give notice of the proposed action on the General Purpose Loan Agreement setting forth the amount and purpose thereof, the time when and place where the said meeting will be held by publication at least once and not less than 10 nor more than 20 days before the date of said meeting, in a legal newspaper which has a general circulation in the City. The notice shall be in substantially the following form:
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO
A LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER IN A PRINCIPAL AMOUNT NOT TO EXCEED $215,000
(GENERAL OBLIGATION)
The City Council of the City of Monticello, Iowa, will meet on September 2, 2014, at the Renaissance Center, Council Chambers, Monticello, Iowa, at 6:00 o’clock p.m., for the purpose of instituting proceedings and taking action to enter into a loan agreement (the “Loan Agreement”) and to borrow money thereunder in a principal amount not to exceed $215,000 for the general corporate purpose of paying the cost, to that extent, of constructing and installing improvements to municipal green space and parking lots in the downtown area.
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.
The maximum rate of interest which may be payable under the Loan Agreement is 7% per annum.
At any time before the date fixed for taking action to enter into the Loan Agreement, a petition may be filed with the City Clerk of the City asking that the question of entering into the Loan Agreement be submitted to the registered voters of the City, pursuant to the provisions of Section 384.26 of the Code of Iowa.
By order of the City Council of the City of Monticello, Iowa.
Sally Hinrichsen
City Clerk
Section 4. The City Clerk is hereby directed to give notice of the proposed action on the Community Building Loan Agreement setting forth the amount and purpose thereof, the time when and place where the said meeting will be held by publication at least once and not less than 10 nor more than 20 days before the date of said meeting, in a legal newspaper which has a general circulation in the City. The notice shall be in substantially the following form:
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO
A LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER IN A PRINCIPAL AMOUNT NOT TO EXCEED $400,000
(GENERAL OBLIGATION)
The City Council of the City of Monticello, Iowa, will meet on September 2, 2014, at the Renaissance Center, Council Chambers, Monticello, Iowa, at 6:00 o’clock p.m., for the purpose of instituting proceedings and taking action to enter into a loan agreement (the “Loan Agreement”) and to borrow money thereunder in a principal amount not to exceed $400,000 for the general corporate purpose of paying the cost, to that extent, of constructing and installing repairs and improvements to the municipal community building.
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.
The maximum rate of interest which may be payable under the Loan Agreement is 7% per annum.
At any time before the date fixed for taking action to enter into the Loan Agreement, a petition may be filed with the City Clerk of the City asking that the question of entering into the Loan Agreement be submitted to the registered voters of the City, pursuant to the provisions of Section 384.26 of the Code of Iowa.
By order of the City Council of the City of Monticello, Iowa.
Sally Hinrichsen
City Clerk
Section 5. Pursuant to Section 1.150-2 of the Income Tax Regulations (the “Regulations”) of the Internal Revenue Service, the City declares (a) that it intends to undertake the Projects which is reasonably estimated to cost approximately $1,865,000, (b) that other than (i) expenditures to be paid or reimbursed from sources other than the issuance of bonds, notes or other obligations (the “Bonds”), or (ii) expenditures made not earlier than 60 days prior to the date of this Resolution or a previous intent resolution of the City, or (iii) expenditures amounting to the lesser of $100,000 or 5% of the proceeds of the Bonds, or (iv) expenditures constituting preliminary expenditures as defined in Section 1.150-2(f)(2) of the Regulations, no expenditures for the Projects have heretofore been made by the City and no expenditures will be made by the City until after the date of this Resolution or a prior intent resolution of the City, and (c) that the City reasonably expects to reimburse the expenditures made for costs of the City out of the proceeds of the Bonds. This declaration is a declaration of official intent adopted pursuant to Section 1.150-2 of the Regulations.
Section 6. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict.
Section 7. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law.
Passed and approved August 18, 2014.
Tom Yeoman, Mayor Pro Tem
Attest:
Sally Hinrichsen, City Clerk
STATE OF IOWA
COUNTY OF JONES SS:
CITY OF MONTICELLO
I, the undersigned, City Clerk of the City of Monticello, 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 a hearing on the City’s proposal to take action in connection with certain loan agreements, as referred to therein.
WITNESS MY HAND this _____ day of __________________, 2014.
Sally Hinrichsen, City Clerk
STATE OF IOWA
COUNTY OF JONES SS:
CITY OF MONTICELLO
I, the undersigned City Clerk, do hereby certify that the City of Monticello is organized and operating under the provisions of Title IX of the Code of Iowa and not under any special charter and that the 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:
Dena Himes, Mayor
Douglas Herman, City Administrator
Sally Hinrichsen, City Clerk/Treasurer
Tom Yeoman, Council Member/ Mayor Pro-Tem
Dave Goedken , Council Member
Bill Meyer, Council Member
Frank Yanda, Council Member
Johnny Russ, Council Member
Chris Lux, Council Member
WITNESS MY HAND this ____ day of _____________, 2014.
Sally Hinrichsen, City Clerk
(PLEASE NOTE: Do not date and return this certificate until you have received the publisher’s affidavits and have verified that the notices were published on the date indicated in the affidavits but please return all other completed pages to us as soon as they are available.)
STATE OF IOWA
COUNTY OF JONES SS:
CITY OF MONTICELLO
I, the undersigned, City Clerk of the City of Monticello, do hereby certify that pursuant to the resolution of the City Council fixing a date of meeting at which it is proposed to take action to enter into certain loan agreements, the notices, of which the printed slips attached to the publisher’s affidavits hereto attached are true and complete copies, were published on the date and in the newspaper specified in such affidavits, which newspaper has a general circulation in the City.
WITNESS MY HAND this ______ day of ________________, 2014.
Sally Hinrichsen, City Clerk
(Attach here the publisher’s original affidavits with clippings of the notices, as published.)
August 13, 2014
Doug Herman
City Administrator/City Hall
Monticello, Iowa
Via Email
Re: General Obligation Corporate Purpose Loan Agreements
Our File No. 435926-29
Dear Doug:
We have prepared and attach proceedings to be used at the August 18th City Council meeting to set September 2 as the date for the hearings on the proposals to enter into General Obligation Loan Agreements.
The documents attached include the following items:
1. Minutes of the City Council followed by the resolution fixing the time and place for the hearings. The forms of notices of hearing are set out in Sections 2, 3 and 4 of the resolution. Please print extra copies of the notices for delivery to the publisher. Please insert the time and place of each hearing in both the resolution and the respective notices.
2. Certificate attesting the transcript.
3. Certificate with respect to publication of the notices, to which must be attached the publisher’s affidavits of publication with the clippings of the notices as published.
The notice of proposal to borrow for the essential corporate purpose 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 Monticello. The notices of the proposals to borrow for the general corporate purposes must be published at least once not less than 10 nor more than 20 days before the meeting date set for the hearings, in a legal newspaper which has a general circulation in Monticello. Please fax a copy of the published notices to our office at (515) 283-1060 as soon as each appears in the newspaper.
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.
Best regards,
John P. Danos
Attachments
cc: Sally Hinrichsen
Public Financial Management, Inc.