March 30, 2007

A special meeting of the Slater City Council was called to order by Mayor Richard Rewerts at 7:30 P.M. on March 30, 2007, at City Hall, 105 Greene St., Slater, Iowa. The roll being called the following Council members were present and absent: Present: Cook, Staples, O’Donnell, and Schick. Electronic connection – Pritchard. Others in attendance were John Walker, Howard Hammond, and Chip Schultz.

Council Member Staples introduced a resolution entitled: "RESOLUTION RATIFYING, CONFIRMING AND APPROVING PUBLICATION OF NOTICE OF PUBLIC HEARING FOR THE ISSUANCE OF NOT TO EXCEED $285,850 GENERAL OBLIGATION CAPITAL LOAN NOTES, SERIES 2007B", and moved the same be adopted. Council Member Cook seconded the motion to adopt. The roll was called and the vote was: Yes: Staples, Cook, O’Donnell, Schick, and Pritchard. No: none.

Whereupon, the Mayor declared the Resolution duly adopted and gave it No. 28 (2006-2007) for the records.

The Mayor announced that this was the time and place for the public hearing and meeting on the matter of the authorization of a Loan Agreement and the issuance of not to exceed $285,850 General Obligations Capital Loan Notes, Series 2007B, in order to provide funds to pay costs of the pool project and trails, improvements to the Public Works Building, improvements to the library, improvements to the Senior Center, log cabin building improvements, and City Hall improvements and equipment, together with related work, a general corporate purpose, and that notice of the proposed action by the Council to institute proceedings for the authorization of the Loan Agreement and the issuance of the Notes and the right to petition for an election, had been published pursuant to the provisions of Sections 384.24, 384.24A, 384.25 and 384.26 of the City Code of Iowa, as amended. (Clerk’s note for the record: The publication was in the Ames Tribune to met statutory requirements after they failed to publish the notice in the Tri-County Times on March 15^th with the other notifications as requested by the City.)

John Walker asked questions regarding the potential acquisition of the Ballard School property at 505 Linn Avenue and if any of the bond issue was obligated for this use. It was clarified that money is included for land acquisition for Urban Revitalization; however, the specific location has not been determined at this point. The school property is one potential site. Mr. Walker indicated that he was not opposed to the bond issue. No other opposition was voiced either in person or in writing.

The Mayor then asked the Clerk whether any petition had been filed in the Clerk’s Office, as contemplated in Section 384.26 of the City Code of Iowa, and the Clerk reported that no such petition had been filed, requiring that the question of issuing the notes be submitted to the qualified electors of the City.

Whereupon, the Mayor declared the hearing on the authorization of entering into a loan agreement and the issuance of notes to be closed.

Whereupon, Council Member O’Donnell introduced and delivered to the Clerk the Resolution entitled: "RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $285,850 GENERAL OBLIGATION CAPITAL LOAN NOTES, SERIES 2007B", and moved that the resolution be adopted.

Council Member Pritchard seconded the motion. The roll was called and the vote was: Yes: O’Donnell, Pritchard, Staples, Cook, and Schick. No: none.

Whereupon, the Mayor declared the measure duly adopted and gave the resolution Number 29 (2006-2007) for the records.

Council Member O’Donnell introduced a resolution entitled: "RESOLUTION APPOINTING BANKERS TRUST COMPANY, N.A. OF DES MOINES, IOWA, TO SERVE AS PAYING AGENT, NOTE REGISTRAR, AND TRANSFER AGENT, APPROVING THE PAYING AGENT AND NOTE REGISTRAR AND TRANSFER AGENT AGREEMENT AND AUTHORIZING THE EXECUTION OF THE AGREEMENT", and moved that the resolution be adopted. Council Member Schick seconded the motion to adopt. The roll was called and the vote was: Yes: O’Donnell, Schick, Pritchard, Staples, and Cook. Nays: none.

Whereupon, the Mayor declared the resolution duly adopted and gave it Number 30 (2006-2007) for the records.

Council Member Staples moved that the form of Tax Exemption Certificate be placed on file and approved. Council Member Pritchard seconded the motion and the roll being called thereon, the vote was as follows: Yes: Staples, Pritchard, Cook, O’Donnell, and Schick. No: none.

Council Member Schick introduced a resolution entitled: "RESOLUTION AMENDING ‘RESOLUTION APPROVING AND AUTHORIZING A FORM OF LOAN AGREEMENT AND AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF $535,000 GENERAL OBLIGATION CAPITAL LOAN NOTES, SERIES 2007B, AND LEVYING A TAX TO PAY THE NOTES,’ PASSED AND APPROVED ON MARCH 26, 2007, BY SUBSTITUTING A NEW RESOLUTION THEREFOR" and moved that it be adopted. Council Member Cook seconded the motion to adopt, and the roll being called thereon, the vote as follows: Yes: Schick, Cook, Staples, Pritchard, and O’Donnell. No: none.

Whereupon, the Mayor declared said Resolution duly adopted and gave it Number 31 (2006-2007) for the record.

Council Member Pritchard introduced a resolution entitled: "RESOLUTION APPOINTING BANKERS TRUST COMPANY, N.A. OF DES MOINES, IOWA, TO SERVE AS PAYING AGENT, NOTE REGISTRAR, AND TRANSFER AGENT, APPROVING THE PAYING AGENT AND NOTE REGISTRAR AND TRANSFER AGENT AGREEMENT AND AUTHORIZING THE EXECUTION OF THE AGREEMENT", and moved that the resolution be adopted. Council Member O’Donnell seconded the motion to adopt. The roll was called and the vote was: Yes: Pritchard, O’Donnell, Schick, Staples, and Cook. No: none.

Whereupon, the Mayor declared the resolution duly adopted and gave it Number 32 (2006-2007) for the record.

Council Member Staples introduced a resolution entitled: "RESOLUTION AMENDING ‘RESOLUTION APPROVING AND AUTHORIZING A FORM OF LOAN AGREEMENT AND AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF $590,000 TAXABLE GENERAL OBLIGATION CAPITAL LOAN NOTES, SERIES 2007A, AND LEVYING A TAX TO PAY THE NOTES’, PASSED AND APPROVED ON MARCH 26, 2007, BY SUBSTITUTING A NEW RESOLUTION THEREFOR" and moved that it be adopted. Council Member Cook seconded the motion to adopt, and the roll being called thereon, the vote was as follows: Yes: Staples, Cook, O’Donnell, Schick, and Pritchard. No: none.

Whereupon, the Mayor declared the Resolution duly adopted and gave it Number 33 (2006-2007) for the records.

It was moved by Staples and seconded by Cook to adjourn at 8:12 p.m., the motion carried and the meeting adjourned.