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HomeMy WebLinkAboutA002 - Proceedings dated November 23, 1993 �r Ames\419370-12\1st 1/2 GBS MINUTES TO SET DATE FOR HEARING, SALE AND ISSUANCE OF BONDS FOR YOUR RECORDS 419370-12 Ames, Iowa November 23, 1993 The Council of the City of Ames, Iowa, met on November 23, 1993, at 7:00 o'clock p.m., at the City Council Chambers , in the City. The Mayor presided and the roll was called showing the following Council Members present and absent: Present: Brown, Campbell , Hertz, Hoffman, Parks, Wirth None . Absent: Council Member Parks introduced the resolution hereinafter next set out and the Hertz Council Member moved a its adoption, e ondedd by Council Member thereof by the Council, the Mayor put the question upon the adoption of said resolution, and the roll being called, the following named Council Members voted: Ayes: Brown Campbell Hertz Hoffman Parks Wirth Nays: None Whereupon, the Mayor declared the said resolution duly adopted, as follows: -1- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames\419370-12\1st 1/2 GBS RESOLUTION NO. 93-425 To fix a date of meeting at which it is proposed to take action for the sale and issuance of $3,825,000 General Obligation Corporate Purpose Bonds, Series 1994 WHEREAS, the City of Ames, Iowa (the "City"), proposes to issue $3,825,000 General Obligation Corporate Purpose Bonds, Series 1994 (the "Bonds"), pursuant to the provisions of Division III of Chapter 384 of the Code of Iowa for the purpose of paying the cost, to that amount, of the construction and equipping of works and facilities useful for the collection and disposal of solid waste; the construction, reconstruction and repair of street improvements; and the construction, reconstruction, improvement, extension and equipping of the Municipal Waterworks System of the City, and it is necessary to fix a date of meeting of the Council at which it is proposed to take action for the issuance of the Bonds and to give notice thereof as required by such law; and the City desires to authorize the sale and issuance of the Bonds; NOW, THEREFORE, It Is Resolved, by the Council of the City of Ames, Iowa, as follows: Section 1. This Council shall meet on the 14th day of December, 1993, at the Council Chambers, Administrative Building, in the City, at 7:00 o'clock p.m., at which time and place proceedings will be instituted and action taken for the issuance of the Bonds. Section 2. The City Clerk is hereby directed to give notice of the proposed action for the issuance of the Bonds 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 four nor more than twenty days before the meeting, in a legal newspaper published at least once weekly, and of general circulation in the City. The notice shall be in substantially the following form: -2- (Rev.) DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA ' Ames\419370-12\1st 1/2 GBS NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS FOR THE ISSUANCE OF $3,825,000 GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 1994 The City Council of the City of Ames, Iowa, will meet on the 14th day of December, 1993, at the Council Chambers, Administrative Building, in the City, at 7:00 o'clock p.m., for the purpose of instituting proceedings and taking action for the issuance of $3,825,000 General Obligation Corporate Purpose Bonds, Series 1994, for the purpose of paying the cost, to that extent, of the construction and equipping of works and facilities useful for the collection and disposal of solid waste; the construction, reconstruction and repair of street improvements; and the construction, reconstruction, improvement, extension and equipping of the Municipal Waterworks System of the City. The Bonds, when issued, will constitute general obligations of the City, payable from taxes levied upon all taxable property in the City. At such time and place the Council shall receive oral or written objections from any resident or property owner of the City. After receiving objections, the City may determine to issue the Bonds, 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 and pursuant to Section 384.25 of the Code of Iowa. Sandra L. Ryan City Clerk -3- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames\419370-12\1st 1/2 GBS Section 3. Sealed bids for the purchase of the Bonds shall be received and canvassed on behalf of the City on the 14th day of December, 1993, at 2:00 o'clock p.m., at the Council Chambers, Administrative Building, Ames, Iowa, and the City Council shall meet on said date at 7:00 o'clock p.m., at the Council Chambers, Administrative Building, Ames, Iowa, for the purpose of considering such bids received and passing a resolution providing for the sale and issuance of the Bonds. Section 4. The City Clerk is hereby authorized and directed to take such actions as shall be deemed necessary and appropriate, with the assistance of Dorsey & Whitney, Attorneys, as Bond Counsel, and Evensen Dodge, Inc., as Financial Consultants, for the City, to prepare a statement of information and solicitation for bids describing the Bonds and providing for the terms and conditions of their sale and to publish notice of said sale in substantially the form hereinafter set out, as provided by Chapter 75 of the Code of Iowa: -4- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames\419370-12\1 st 1/2 GBS NOTICE OF SALE City of Ames, Iowa $3,825,000 General Obligation Corporate Purpose Bonds, Series 1994 Sealed bids will be received on behalf of the City of Ames, Story County, Iowa, until 2:00 o'clock p.m. on the 14th day of December, 1993, at the Council Chambers, Administration Building, Ames, Iowa, for the purchase of $3,825,000 General Obligation Corporate Purpose Bonds, Series 1994, of the City, at which time such bids will be opened and canvassed. Thereafter such bids will be presented to the City Council for consideration at its meeting to be held at 7:00 o'clock p.m. on the same date at the Council Chambers, Administrative Building, 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 January 1, 1994, will bear interest payable semiannually on each June 1 and December 1 to maturity, commencing June 1, 1994, and will mature on June 1 in the following years and amounts: Principal Principal Year Amount Year Amount 1994 $300,000 2000 $290,000 1995 $420,000 2001 $290,000 1996 $420,000 2002 $290,000 1997 $415,000 2003 $290,000 1998 $410,000 2004 $290,000 1999 $410,000 The right is reserved to the City to call and redeem all of the said Bonds maturing in the years 2003 and 2004, 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), on June 1, 2002, or on any date thereafter, upon terms of par and accrued interest. Bidders must specify a price of not less than $3,794,400, plus accrued interest. The legal opinion of Dorsey & Whitney, Attorneys, Des Moines, Iowa, will be furnished the City. A good faith deposit of $38,250 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. -5- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames\419370-12\1st 1/2 GBS The Bonds are being issued pursuant to the provisions of Division III of Chapter 384 of the Code of Iowa and will constitute general obligations of the City, payable from taxes levied upon all the taxable property in the City without limitation as to rate or amount. 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 -6- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames\419370-12\1 st 1/2 GBS Section 5. All resolutions or parts of resolutions in conflict herewith be and the same are hereby repealed to the extent of such conflict. Passed and approved November 23, 1993. Mayor Attest: City Clerk -7- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames\419370-12\1 st 1/2 GBS On motion and vote, the meeting adjourned. Mayor Attest: City Clerk -8- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames\419370-12\1st 1/2 GBS STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES I, the undersigned, Clerk of the aforementioned City, do hereby certify that attached hereto is a true and correct copy of the proceedings of the Council of the City relating to the fixing of a date for the initiation of the sale and issuance of $3,825,000 General Obligation Corporate Purpose Bonds, Series 1994. WITNESS MY HAND and the seal of the City hereto affixed this day of L)�/F�11net- 1993. City Clerk (Seal) -9- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames\419370-12\1st 1/2 CBS STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES I, the undersigned City Clerk, do hereby certify that the aforementioned City is organized and operating under the provisions of Title IX 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: Larry R. Curtis Mayor Sandra L. Ryan Clerk Sherry M. Meier Treasurer Pat Brown Council Member Ann Campbell Council Member Joyce Hertz Council Member Judie Hoffman Council Member John Parks Council Member Sharon Wirth Council Member And I do further certify that the City has provided for the office of Treasurer, and the Council has selected the Treasurer aforementioned. i WITNESS MY HAND and the seal of the City hereto affixed this day of t� CA-'cA)o— 1993. C ti y Clerk (Seal) -10- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA f Ames\419370-12\1 st 1/2 GBS STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES I, the undersigned, Clerk of the aforementioned City, do hereby certify that the aggregate General Obligation indebtedness of the City, of every kind and nature (excluding the current issue) evidenced by bonds and/or loan agreement notes, as set forth in Schedule A, is (1) $ 19,685,000 and as evidenced by other obligations, as set forth in Schedule B, is (2) $ None , and that the City currently has urban renewal tax increment r venue obligations outstanding in the total aggregate principal amount of (3) $ Kone as set forth in Schedule C. (1) Insert amount of General Obligation Debt represented by general obligation bonds and/or loan agreement notes (2) Insert amount of other obligations (3) Insert amount of urban renewal tax increment revenue bonds SCHEDULE A (BOND/LOAN AGREEMENT NOTE DEBT) Date of Maturity Issue Type Amount Date (List annual principal payments) 03/01/75 Sanitary $ 300,000 June 1, 1994 10/01/79 Corporate $ 300,000 June 1, 1994 Purpose $ 500,000 1995 $ 500,000 1996 $ 200,000 1997 $ 200,000 1998 $ 200,000 1999 $1,900,000 -11- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames\419370-12\1st 1/2 GBS SCHEDULE A (BOND/LOAN AGREEMENT NOTE DEBT) - CONTINUED Date of Maturity Issue IY= Amount Date (List annual principal payments) 05/01/87 Corporate $ 50,000 December 1, 1994 Purpose $ 50,000 1995 $ 50,000 1996 $ 50,000 1997 $ 50,000 1998 $ 50,000 1999 $ 50,000 2000 $ 50,000 2001 $ 50,000 2002 $ 450,000 06/01/88 City Hall $ 325,000 June 1, 1994 01/01/89 Sewer $ 200,000 June 1, 1994 Improvement $ 225,000 1995 $ 225,000 1996 $ 650,000 05/01/91 Refunding Bonds $ 335,000 June 1, 1994 $ 430,000 1995 $ 420,000 1996 $ 400,000 1997 $ 385,000 1998 $1,970,000 -12- (Rev.) DORSEY & WHITNEY, ATTORNEYS, DES MOINES, IOWA Ames\419370-12\1 st 1/2 CBS SCHEDULE A (BOND/LOAN AGREEMENT NOTE DEBT) - CONTINUED $6,010,000 General Obligation Corporate Purpose Bonds Dated June 1, 1992 Maturing Principal Interest Rate Maturing Principal Interest Rate Tune 1 Amount Per Annum Tune 1 Amount Per Annum 1994 $100,000 5.40% 2000 $625,000 5.60% 1995 $300,000 5.40% 2001 $625,000 5.65% 1996 $610,000 5.40% 2002 $625,000 5.75% 1997 $625,000 5.40% 2003 $625,000 5.80% 1998 $625,000 5.40% 2004 $625,000 5.90% 1999 $625,000 5.45% $8,080,000 General Obligation Refunding Bonds Dated February 15, 1993 Maturing Principal Interest Rate Maturing Principal Interest Rate Tune 1 Amount Per Annum June 1 Amount Per Annum 1994 $120,000 4.70% 2002 $755,000 4.90% 1995 $295,000 4.70% 2003 $765,000 5% 1996 $285,000 4.70% 2004 $780,000 5% 1997 $705,000 4.75% 2005 $380,000 5% 1998 $720,000 4.75% 2006 $370,000 5.10% 1999 $715,000 4.75% 2007 $365,000 5.10% 2000 $730,000 4.75% 2008 $355,000 5.10% 2001 $740,000 4.80% (Please list here or attach a separate maturity schedule for any other outstanding issues of general obligation bonds and/or loan agreement notes.) -13- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Proof of Publication in DAILY TRIBUNE STATE OF IM, STORY COUNTY, ss. LEGAL NOTICE NOTICE OF PROPOSED ACTION TO I, Craig McMullin / Haan Rost, on oath depose INSTITUTE PROCEEDINGS FOR and say that I am President / Controller THE ISSUANCE OF GENERAL OBLIGATION of DAILY TRIBUNE, a daily newspaper, printed CORPORATE PURPOSE BONDS, SERIES 1994 The City Council of the City of Ames, at Ames, Story County, Iowa; that the annexed Iowa, will meet on the 14th day of December, printed 1993, at the Council Chambers, Ames City Hall, 515 Clark, in the City, at 7:00 p.m., for the purpose of instituting proceedings and taking action for the issuance of $3,825,000 General Obligation Corporate Purpose Bonds, Series 1994, for the purpose of paying the CITY OF AMES cost, to that extant,_of the construction and Corporate Purpose Bonds, Series 1994 equipping of works and facilities useful for the collection and disposal of solid waste; the construction, reconstruction and repair of street improvements; and the construction, was published in said newspaper for 1 reconstruction, improvement, extension and equipping of the Municipal Waterworks System of the City. consecutive weeks(5), The Bonds, when issued, will constitute and the last 4f said public loll was On the general obligations of the City, payable from taxes levied upon all taxable property in the 30th da� of November, 1993 City.- At such time and place the Council shall receive oral or written objections from any i1 resident or property owner of the City. After receiving objections, the City may determine to issue the Bonds, in which case, the " decision will be final unless appealed to the District Court within fifteen (15) days -_ thereafter' Sworn to before me and subscribed in my By order of the City Council and pursuant to Section Sandra L. Ryan, City Clerk the Code of Iowa. Sandra presence by Craig McMullin / Joan Rost Published In The Daily Tribune November this 30TH day of November, 1993 30,1993. JANE A. N' ;C', AS ow ,Notary Public in and for the State of Iowa FEES: $12.50 NO. 26721 ACCOUNT AMES05 DEC 0 7 1993 k` �� V� y L4 Cz Prom of Publication frl DAILY TR OB.'E ------------------------------------------------- ------------------------------------------------- T n OF 10"A. STORY COUNT', GG. Obligation Corporate Purpose Bonds, s - 1994, of the Cit agyjoh.AteroarTc=jda - --- canvassed. Thereafter such bids will be presented to the City 1, L•raiy Mceluilin : Joan Roy', on oath depose Council for consideration at its meeting to be held at 7 o'clock p.m. on the same date at the and Gay that I aIS president i control ter City Council Chambers, Ames City Hall, 515 1 Clark Avenue, Ames, Iowa, at which time the of DUO T:.HHE, a iaily newspaper, printed Bonds will be sold to the best bidder for cash. No open bids will be accepted. at Nees, Story County, Iowa} that the annexed The Bonds will be issued as fully registered ?tr1?l tpd bonds in denominations of $5,000 or any �- integral multiple thereof, will be dated January 1, 1994, will bear interest payable semiannually on each June 1 and December I to maturity, commencing June 1, 1994, and will t+ mature on June 1 in the following years and t:it; OF AMES amounts: Year Principal AL :nt Corporate Purpose _ands Series 1994 1984 $300,000 1995 $420,000 1996 $420,000 1997 $415,001i way published In said newspaper for 1 1.99,&- $410,000 9 $910,000 Consecutive weeliSSG}t 090 20 2001 $290,000 an'� the last o1 said pubs iCatinn was on „1n 2002 $290,000 Gt day of rep�1�b- �r} Iq; 2003 $290,000 � �f 2009 The right is reservedeserved to the City to call R and redeem all of the said Bonds maturing in Fy / • • the years 2003 and 2004, inclusive, in whole ,�P or from time to time in part, in one or more `a' y 0 units of $5,000, prior to maturity (and within 1 ' j- n -- °'----'-•"`a maturity by lot), on June 1, 2002, or on any date thereafter, upon terms of par and accrued interest. =bto be I or° Fi'2 and subscr 1 be= in Ill Bidders must specify a price of not less than - $3,794,400, plus accrued interest. The legal presence by {:rain k9ull in I gran host, opinion of Dorsey & Whitney, Attorneys, Des R� t Moines, Iowa, will be furnished the City. this 9th day of December, 993 A good faith deposit of $38,250 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 prow' ions of Division III of Chapter 384 of " th Code of Iowa and will constitute general = JANE A. 6C OL S ligations of the City, payable from taxes ♦ • ecied upon all the taxable property in the _____- ?eotary r':bl i City without limitation as to rate or amount. Bidders should be aware that the official terms of offering to be published in the t Official Statement for the Bonds contain in and for the State o! Iowa LEGAL NOTICE additional bidding terms and information relative to the Bonds. In the event of a NOTICE OF SALE j� variance between statements in this N ice of City of Ames, Iowa v �e (except with <espect to the me and $3,825,000 General Obligation Place of the sale of the Bo ds d the Corporate Purpose Bonds, Series 1994 Principal amount offered for s 11 nd said Sealed bids will be received on behalf of official terms of offering, the revisions of FEE? Bh )3 the City of Ames, Story County, Iowa until the latter shall control. 2:00 o'clock p.m. on the 14th day of BY order of the City Council of Ames, Iowa. f•;�, h?_' December, 1993, at the Council Chambers, Sandra L. Ryan, City Clerk Ames City Hall, 515 Clark Avenue, Ames, Published In The Daily Tribune Decemberi, r1URNT AMEN ` Iowa, for the purchase of $3,825,000 General 1993•