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HomeMy WebLinkAboutA004 - Proceedings dated September 13, 1994 Ames/419370-14/lst 1/2 GBS FOR YOUR RECORDS MINUTES TO SET DATE FOR HEARING, SALE AND ISSUANCE OF BONDS 419370-14 Ames, Iowa September 13, 1994 The Council of the City of Ames, Iowa, met on September 13, 1994, 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 , Hoffman, Tedesco, Wirth Absent: Parks Council Member Hoffman introduced the resolution hereinafter next set out and moved its adoption, seconded by Council Member Tedesco : and after due consideration 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 , Hoffman, Tedesco, Wirth None Nays: Whereupon, the Mayor declared the said resolution duly adopted, as follows: -1- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Afnes/419370-14/1st 1/2 GBS RESOLUTION NO. 4_3 96 To fix a date of meeting at which it is proposed to take action for the sale and issuance of $2,015,000 General Obligation Corporate Purpose Bonds, Series 1994B WHEREAS, the City of Ames, Iowa (the "City"), proposes to issue $2,015,000 General Obligation Corporate Purpose Bonds, Series 1994B (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 of works and facilities useful for the collection and disposal of sewage and industrial wastes in a sanitary manner and of surface waters and streams; the construction, reconstruction and repair of street improvements; and the acquisition, construction and equipping of works and facilities useful for the collection and disposal of solid waste, 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 WHEREAS, the City also desires to authorize the sale and issuance of the Bonds, and it is necessary to fix the time and place at which bids for the purchase of the Bonds will be received and canvassed and to fix a date of meeting of the Council at which it such bids will be considered and acted upon and to give notice thereof as required by Chapter 75 of the Code of Iowa; NOW, THEREFORE, It Is Resolved by the Council of the City of Ames, Iowa, as follows: Section 1. This Council shall meet on the 27th day of September, 1994, 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 4 nor more than 20 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- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames/419370-14/1st 1/2 GBS NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS FOR THE ISSUANCE OF $2,015,000 GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 1994B The City Council of the City of Ames, Iowa, will meet on the 27th day of September, 1994, 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 $2,015,000 General Obligation Corporate Purpose Bonds, Series 1994B, for the purpose of paying the cost, to that extent, of the construction of works and facilities useful for the collection and disposal of sewage and industrial wastes in a sanitary manner and of surface waters and streams; the construction, reconstruction and repair of street improvements; and the acquisition, construction and equipping of works and facilities useful for the collection and disposal of solid waste. 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/419370-14/1st 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 27th day of September, 1994, 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, as provided by Chapter 75 of the Code of Iowa, in substantially the following form: -4- DORSEY&WHUNEY,ATTORNEYS,DES MOINES,IOWA Ames/419370-14/1st 1/2 GBS NOTICE OF SALE City of Ames, Iowa $2,015,000 General Obligation Corporate Purpose Bonds, Series 1994B Sealed bids will be received on behalf of the City of Ames, in Story County, Iowa, until 2:00 o'clock p.m. on the 27th day of September, 1994, at the office of City Clerk, Council Chambers, Administrative Building, Ames, Iowa, for the purchase of $2,015,000 General Obligation Corporate Purpose Bonds, Series 1994B, 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 October 1, 1994, will bear interest payable semiannually on each June 1 and December 1 to maturity, commencing June 1, 1995, and will mature on June 1 in the following years and amounts: Principal Principal Year Amount Year Amount 1995 $170,000 2001 $170,000 1996 $170,000 2002 $165,000 1997 $170,000 2003 $165,000 1998 $170,000 2004 $165,000 1999 $170,000 2005 $165,000 2000 $170,000 2006 $165,000 The right is reserved to the City to call and redeem all of the said Bonds maturing in the years 2004 to 2006, inclusive, in whole or from time to time in part, in one or more units of $5,000, prior to and in any order of maturity (and within a maturity by lot), on June 1, 2003, or on any date thereafter, upon terms of par and accrued interest. Bidders must specify a price of not less than $1,998,880, plus accrued interest. The legal opinion of Dorsey & Whitney, Attorneys, Des Moines, Iowa, will be furnished by the City. A good faith deposit of $20,150 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 City reserves the right to reject any or all bids and to waive irregularities in any bid. -5- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames/419370-14/1st 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&WHUNEY,ATTORNEYS,DES MOINES,IOWA Ames/419370-14/1st 1/2 GBS Section 5. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved September 13, 1994. Attest: Mayor City Clerk -7- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames/419370-14/1st 1/2 GBS On motion and vote, the meeting adjourned. Mayor Attest: City Clerk -8- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames/419370-14/1st 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 $2,015,000 General Obligation Corporate Purpose Bonds, Series 1994B. WITNESS MY HAND and the seal of the City hereto affixed this 13th day of SPntPmhPr 1994. u City Clerk (Seal) -9- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames/419370-14/1st 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 Meier Treasurer Pat Brown Council Member Ann Campbell Council Member Judie Hoffman Council Member John Parks Council Member Ted Tedesco 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. WITNESS MY HAND and the seal of the City hereto affixed this 13th day of _ SPQtPmhpr 1994. C_y1 City Clerk (Seal) -10- DORSEY&WHUNEY,ATTORNEYS,DES MOINES,IOWA Ames/419370-14/1st 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 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) $ 21 ,530,000 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 re enue obligations outstanding in the total aggregate principal amount of (3) $ None 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) 10/01/79 Corporate $ 500,000 June 1, 1995 Purpose $ 500,000 1996 $ 200,000 1997 $ 200,000 1998 $_ 200,000 1999 $1,600,000 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 -11- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames/419370-14/1st 1/2 CBS SCHEDULE A (BOND/LOAN AGREEMENT NOTE DEBT) - CONTINUED Date of Maturity Issue Type Amount Date (List annual principal payments) 01/01/89 Sewer $ 225,000 June 1, 1995 Improvement $ 225,000 1996 $ 450,000 05/01/91 Refunding Bonds $ 430,000 June 1 1995 $ 420,000 1996 $ 400,000 1997 $ 385,000 1998 $1,635,000 $5,910,000 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 1995 $300,000 5.40% 2000 $625,000 5.60% 1996 $610,000 5.40% 2001 $625,000 5.65% 1997 $625,000 5.40% 2002 $625,000 5.75% 1998 $625,000 5.40% 2003 $625,000 5.80% 1999 $625,000 5.45% 2004 $625,000 5.90% $7,960,000 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 1995 $295,000 4.70% 2002 $755,000 4.90% 1996 $285,000 4.70% 2003 $765,000 5% 1997 $705,000 4.75% 2004 $780,000 5% 1998 $720,000 4.75% 2005 $380,000 5% 1999 $715,000 4.75% 2006 $370,000 5.10% 2000 $730,000 4.75% 2007 $365,000 5.10% 2001 $740,000 4.80% 2008 $355,000 5.10% -12- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames/419370-14/1st 1/2 CBS SCHEDULE A (BOND/LOAN AGREEMENT NOTE DEBT) - CONTINUED $3,525,000 General Obligation Corporate Purpose Bonds, Series 1994A Dated January 1, 1994 Maturing Principal Interest Rate Maturing Principal Interest Rate June 1 Amount Per Annum Tune 1 Amount Per Annum 1995 $420,000 3.95% 2000 $290,000 4% 1996 $420,000 4% 2001 $290,000 4% 1997 $415,000 4% 2002 $290,000 4% 1998 $410,000 4% 2003 $290,000 4.10% 1999 $410,000 4% 2004 $290,000 4.10% (Please list here or attach a separate maturity schedule for any other outstanding issues of general obligation bonds and/or loan agreement notes.) SCHEDULE B (OTHER GENERAL OBLIGATIONS) Type of General Obligation Amount (Here list any other obligations of the City which extend beyond the end of the current fiscal year, such as long-term leases, installment sales contracts, etc. If there are none, please insert the word "none". Please consult with either our office or Evensen Dodge Inc before completing this section ) None -13- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames/419370-14/1st 1/2 GBS SCHEDULE C (URBAN RENEWAL TAX INCREMENT REVENUE OBLIGATIONS) Principal Amount Date Name of Issue Outstanding (Please list here or attach a separate maturity schedule for any outstanding urban renewal tax increment revenue obligations.) None WITNESS MY HAND and the seal of the City hereto affixed this 13th day of _SPptPmbPr 1994. LJ (Seal) City Clerk -14- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames/419370-14/1st 1/2 GBS STATE OF IOWA SS: COUNTY OF STORY I, the undersigned, County Auditor of the County aforesaid, do hereby certify that the values of taxable property of every kind and character, including agricultural land and buildings (but not monies and credits), of the City of Ames, Iowa, for the last completed State and County tax lists, the same being for the year 1993, are as follows: Actual (100%) value $ 1,212,551,474 Taxable value (after rollback) $ 961,291,934 Less Military Exemptions ($ 3,470,648 Net Total $--�55 T,821,286 Tax increment value $ 3,693,680 I do further certify that both the actual (100%) value and the taxable (rollback) value shown above are entered and shown on the 1993 State and County tax lists. WITNESS MY HAN a�thesealof the said County hereto affixed this Alday of 1994. (Seal) C y Au r -15- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA Ames/419370-14/1st 1/2 CBS STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES I, the undersigned, Clerk of the aforementioned City, do hereby certify that pursuant to the resolution of its Council fixing a date of meeting at which it is proposed to take action for the sale and issuance of $2,015,000 General Obligation Corporate Purpose Bonds, Series 1994B, 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 is located in Story County or in a county contiguous thereto and has a general circulation in the City. WITNESS MY HAND and the seal of the City hereto affixed this c o'Z day ofrrlrnr,L 1994. L (Seal) City Clerk (Attach here publisher's original affidavits with clippings of the notices as published.) (PLEASE NOTE: Do not sign and date this certificate until you have checked a copy of each of the published notices and have verified that they were published on the date indicated in the publisher's affidavits.) -16- DORSEY&WHITNEY,ATTORNEYS,DES MOINES,IOWA LEGAL NOTICE d+ NOTICE OF SALE CITY OF AMES, IOWA 4`11$2,015,000 GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 1994B Sealed bids will be received on behalf of the City of Ames, in Story County, Iowa, until 2:00 o'clock p.m. on the 27th day of September, 1994, at the office of the City Clerk, Council Chambers, Administrative Building, Ames, Iowa, for the purchase of $2,015,000 General Obligation Corporate Purpose Bonds, Series 1994B, 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 p.m. on the same date at the Council Chambers, Administrative Building, Ames, Iowa, at which time the Bonds will be sold to Proof of Publication In the best bidder for cash. No open bids will be accepted. DAILY TRIBUNE The Bonds will be issued as fully registered bonds in denominations of $5,000 or any integral multiple thereof, will be dated October 1, 1994, will bear interest payable semiannually on each June I and December 1 to maturity, commencing June 1, 1995, and will mature on June 1 in the following years and STATE OF IOWA, STORY COUNTY, ss. amounts: YEAR PRINCIPAL AMOUNT 1995 170,000 1996 $170,000 1997 $170,000 I, Craig McMullin / Joan Rost, on oath depose 1998 $170,000 1999 $170,000 and say that I al President / Controller 2001 $170,000 of DAILY TRIBUNE a daily newspaper, printed s165,000 y pap ti 2ooz $lss,000 2003 $165,000 at Ales, Story County, Iowa; that the annexed 2004 $165,000 2005 $165,000 printed 2006 $165,000 The right is reserved to the City to call and redeem all of the said Bonds maturing in CITY OF AMES the years 2004 to 2006, inclusive, in whole or I from time to time in part. In one or more NOTICE OF PROPOSED ACTION units of $5,000, prior to and In any order of maturity (and within a maturity by lot), on GENERAL OBLIGATION CORPORATE PURPOSE BONDS June 1, 2003, or on any date thereafter, upon terms of per and accrued interest. Bidders must specify a price of not less than $1,998,88o, Plus accrued interest. The was published In said newspaper for 1 legal opinion of Dorsey & Whitney, Attorneys, Des Moines, Iowa, will be furnished by the consecutive week (s) City. and the last of said publi ation was on the A good faith deposit of $20,150 ie required and may be forfeited to the City in the event ay of September, 1 the successful bidder fails or refuses to take and pay for the Bonds. Al p1 The City reserves the right to reject any or g .y all bids and to waive irregularities in any bid. 5. The Bonds are being issued - the provisions of Division III of Chapter 3to .._../ of the 84 Code of Iowa and will constitute general obligations of the City, payable from taxes levied upon all the taxable property In Sworn to before le and subscribed in my the city without limitation as to rota nr amount. presence by Craig McMullin / Joan Rost Bidders should be aware that the official this 21st day of September, 1994 terms of offering to be published in the Official Statement for the bonds contain additional bidding terms and information relative tob the Bonds. In the event of e *.`ii DEB L.GALVIN variance between statements in this Notice of = Sale (except with respect to the time and W-COMMISSION EXPIRES place of the sale of the Bonds and the �aU�C1 principal amount offered for sale) and said official terms of offering, the provisions of the latter shall control. r ,Notary Public By order of the City Council of Ames, Iowa. Sandra L. Ryan, City Clerk NOTICE OF PROPOSED ACTION TO In and for the State of Iowa INSTITUTE PROCEEDINGS FOR THE ISSUANCE OF$2,015,000 40 MIL GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 1994E The City Council of the City of Ames, Iowa, will meet on the 27th day of September, FEES: 13.18 1994, at the Council Chambers, Administrative Building, in the City, at 7:00 o'clock p.m., for the purpose of instituting proceedings and NO. 27461 B taking action for the issuance of $2,015,000 General Obligation Corporate Purpose Bonds, AMF505 Series 1994B, for the purpose of paying the cost, to that extent, of the construction of works and facilities useful for the collection At such time and place the Council shell and disposal of sewage and industrial wastes receive oral or written objections from any in a sanitary manner and of surface waters resident or property owner of the City. After and streams; the construction, reconstruction receiving objections, the City may determine and repair of street improvements; and the to issue the Bonds, in which case, the acquisition, construction and equipping of decision will be final unless appealed to the works and facilities useful for the collection District Court within fifteen (15) days and disposal of solid waste. thereafter. The Bonds, when issued, will constitute By order of the City Council and pursuant igeneral obligations of the City, payable from to Section 384.25 of the Code of Iowa. ,taxes levied upon all taxable property in the Sandra L. Ryan, City Clerk City. Published In The Daily Tribune September 19, 1994.