MINUTES TO SET DATE FOR HEARING ON PROPOSAL TO ENTER INTO A GENERAL OBLIGATION LOAN AGREEMENT
435926-32
Monticello, Iowa
February 4, 2019
The City Council of the City of Monticello, Iowa, met on February 4, 2019, at 6:00 o’clock p.m., at the Monticello Renaissance Center, Community Media Room, Monticello, Iowa. The Mayor presided and the roll was called showing the following members of the City Council present and absent:
Present: Dave Goedken, Brenda Hanken, Rob Paulson, Chris Lux and Tom Yeoman.
Absent: Johnny Russ.
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 put the question upon the adoption of the said resolution and the roll being called, the following named Council Members voted:
Ayes: Goedken, Lux, Hanken, Paulson and Yeoman.
Nays: None.
Whereupon, 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.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, City Clerk
RESOLUTION NO. 19-13
Resolution setting the date for public hearing on proposal to enter into a General Obligation Loan Agreement and to borrow money thereunder in a principal amount not to exceed $2,700,000
WHEREAS, the City of Monticello (the “City”), in Jones County, State of Iowa, proposes to enter into a loan agreement (the “Loan Agreement”), pursuant to the provisions of Section 384.24A of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $2,700,000 for the purpose of paying the costs, to that extent, of constructing street, water system, sanitary sewer system, sidewalk and storm water drainage improvements and installing street lighting, signage and signalization (the “Project”), 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 Loan Agreement and to give notice thereof as required by such law;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Monticello, Iowa, as follows:
Section 1. This City Council shall meet on February 18, 2019, at the Monticello Renaissance Center, Community Media Room, Monticello, Iowa, at 6:00 o’clock p.m., at which time and place a hearing will be held and proceedings will be instituted and action taken to enter into the Loan Agreement described in the preamble hereof.
Section 2. The
City Clerk is hereby directed to give notice of the proposed action on the 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, not less than
four (4) and not more than twenty (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 $2,700,000
(GENERAL OBLIGATION)
The City Council of the City of Monticello, Iowa (the “City”), will meet on February 18, 2019, at the Council Chambers, located in the Monticello Renaissance Center at 202 E. 1st Street, 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 $2,700,000 for the purpose of paying the costs, to that extent, of constructing street, water system, sanitary sewer system, sidewalk and storm water drainage improvements and installing street lighting, signage and signalization.
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. 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 Project which is reasonably estimated to cost approximately $2,700,000, (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 Project 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 4. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict.
Section 5. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law.
Passed and approved February 4, 2019.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, City Clerk
ATTESTATION CERTIFICATE
STATE OF
IOWA )
COUNTY OF JONES )§
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 additional action on the City’s proposal to enter into a certain loan agreement, as referred to therein.
WITNESS MY HAND this _____ day of __________________, 2019.
Sally Hinrichsen, City Clerk
ORGANIZATION CERTIFICATE
STATE OF
IOWA )
COUNTY OF JONES )§
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:
Brian Wolken, Mayor
Douglas Herman, City Administrator
Sally Hinrichsen, City Clerk/Treasurer
Johnny Russ, Council Member/Mayor Pro Tem
Chris Lux, Council Member
Brenda Hanken, Council Member
Rob Paulson, Council Member
Dave Goedken , Council Member
Tom Yeoman, Council Member
WITNESS MY HAND this ____ day of __________________, 2019.
Sally
Hinrichsen, City Clerk
PUBLICATION CERTIFICATE
(PLEASE NOTE: Do not date and return this certificate until you have received the publisher’s affidavit and have verified that the notice was published on the date indicated in the affidavit but please return all other completed pages to us as soon as they are available.)
STATE OF
IOWA )
COUNTY OF JONES )§
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 a certain 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 ________________, 2019.
Sally Hinrichsen, City Clerk
(Attach
here the publisher’s original affidavit with the clipping of the notice, as
published.)
January 30, 2019
Via Email
Sally Hinrichsen
City Clerk/City Hall
Monticello, Iowa
Re: General Obligation Loan Agreement
Our File No. 435926-32
Dear Sally:
We have prepared and attach proceedings to be used at the February 4th City Council meeting to enable the City Council to set February 19th as the date for a hearing on the General Obligation Loan Agreement (the “Loan Agreement”). The documents attached include the following items:
- Resolution fixing the date, time and place of the meeting at which it is proposed to hold the hearing and take action to enter into the Loan Agreement. The form of notice of hearing is set out in Section 2 of the resolution. Please print an extra copy for delivery to the publisher. Please insert the time and place of the hearing in both the resolution and the notice.
- Attestation Certificate with respect to the validity of the transcript.
- Organization Certificate.
- Publication Certificate with respect to publication of the notice, to which must be attached the publisher’s affidavit of publication with the clipping of the notice as published.
The notice of hearing on the Loan Agreement must be published at least once, not less than four (4) and not more than twenty (20) days before the February 19th meeting date set for the hearing, in a legal newspaper which has a general circulation in Monticello. The last date on which this notice can be effectively published is February 15, 2019. Please email a copy of the published notice to lemke.susan@dorsey.com or fax a copy to our office at (515) 283-1060 as soon as it 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 Emily Hammond or me.
Best regards,
John Danos
Attachments
cc: Doug Herman
Matthew Stoffel
Diana VanVleet