HomeMy WebLinkAboutA007 - Notice of Sale published March 23, 1993 NOTICE OF SALE pJ��
City of Ames, Iowa
Electric Revenue Refunding Bonds, \C
Series 1993 r�
Sealed bids will be received on behalf of �G
the City of Ames, Story County, Iowa until IVI —*'
1:00 o'clock p.m. on the 29th day of March,
1993, at the Office of the City Clerk, Ames,
Iowa, for the purchase of $20,660,000 Electric
Revenue Refunding Bonds, Series 1993, of
the City, at which time such bids will be
opened and canvassed. Thereafter such bids
will be presented to the City Council for y
consideration at its meeting to be held at
3:00 o'clock p.m. on the same date at the City
Council Chambers, Ames, Iowa, at which time
the Bonds will be sold to the best bidder for
cash. No open bids will be accepted. _ \'
The Bonds will be issued as fully registered
bonds in denominations of $5,000 or any
integral multiple thereof, will be dated April
1, 1993, will bear interest payable
semiannually on each January 1 and July 1 to
maturity, commencing January 1, 1994, and
will mature on January 1 in the following
years and amounts:
Year Principal Amount
1994 $1,225,000
1995 $1,020,000
1996 $1,060,000
1997 $1,105,000
1998 $1,155,000
1999 $1,210,000
2000 $1,255,000
2001 $1,320,000
2002 $1,390,000
2003 $1,455,000
2004 $1,530,000
2005 $1,605,000
2006 $1,685,000
2007 $1,775,000
2008 $1,870,000
The City reserves the right, after bids are
opened and prior to award, to increase or
reduce the principal amount of the Bonds
offered for sale. Any such increase or
reduction will be in a total amount not to
exceed $310,000 and will be made in multiples
of $5,000 not exceeding $100,000 in any
maturities in the years 1994 to 2007,
inclusive; and not exceeding $250,000 for the
maturity in the year 2008. In the event the
principal amount of the Bonds is increased or
A
reduced, any premium offered or any
discount taken by the successful bidder will
be increased or reduced by a percentage
equal to the percentage by which the principal
amount of the Bonds is increased or reduced.
The right is reserved to the City to call
and redeem all of the said Bonds maturing in
the years 2003 to 2008, inclusive, in whole or
from time to time in part, in one or more
units of $5,000, prior to maturity (and within
a maturity by lot) , upon terms of par and
accrued interest, on January 1, 2002, or on
any date thereafter.
Bidders must specify a price of not less
than $20,453,400, plus accrued interest. The
legal opinion of Dorsey & Whitney, Attorneys,
Des Moines, Iowa, will be furnished by the
City.
A good faith deposit of $206,600 is required
and may be forfeited to the City in the event
the successful bidder fails or refuses to take
and pay for the Bonds.
The Bonds are being issued pursuant to
the provisions of Division V of Chapter 384 of
the Code of Iowa and will not constitute
general obligations of the City, nor will they
be payable in any matter by taxation, but will
rank on a parity with the City's outstanding
$10,045,000 Electric Revenue Refunding
Bonds, Series 1991, dated May 1, 1991, and
all such bonds, together with any additional
electric revenue bonds as may be hereafter
issued and outstanding from time to time
ranking on a parity therewith, will be payable
solely and only from the future Net Revenues
of the Municipal Electric Light and Power
Plant and System of the City.
Bidders should be aware that the official
terms of offering to be published in the
Official Statement for the Bonds contain
additional bidding terms and information
relative to the Bonds. In the event of a
variance between statements in this Notice of
Sale (except with respect to the time and
place of the sale of the Bonds and the
principal amount offered for sale) and said
official terms of offering, the provisions of
the latter shall control.
By order of the City Council of Ames, Iowa.
Sandra L. Ryan, City Clerk
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