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HomeMy WebLinkAboutA002 - Proceedings from May 13, 1997 meeting Ames/419370-17/2nd 1/2 Hrg/1st 1/2 GBS ` For Your Records 419370-17 (2nd 1/2 Hrg/1st 1/2 GBS) Ames, Iowa May 13, 1997 The City Council met on May 13, 1997, at 7:00 o'clock p.m., at the Council Chambers, City Hall, in the City, pursuant to prior action of the Council and to law, for the purpose of instituting proceedings to issue General Obligation Corporate Purpose Bonds, Series 1997A, and for the transaction of such other business as may come before the meeting. The meeting was called to order by the Mayor Pro Tern, and the roll being called, the following named Council Members were present and absent: Present: Campbell, Hoffman, Parks, Quirmbach, Tedesco, Wirth Absent: None The Council investigated and found that a notice of intention to institute proceedings for the issuance of the aforementioned bonds had been duly published as provided by law and that this is the time and place at which the Council shall receive oral or written objections from any resident or property owner of the City. The City Clerk announced that no written objections had been previously filed; the Mayor Pro Tern called for any oral or written objections from any resident or property owner of the City and there were none. Council Member Quirmbach introduced the resolution next hereinafter set out, and moved that the resolution be adopted, seconded by Council Member Hoffman After due consideration, the Mayor Pro Tern put the question on the motion and the roll being called, the following named Council Members voted: Ayes: Campbell, Hoffman, Parks, Quirmbach, Tedesco, Wirth Nays: None Whereupon, the Mayor Pro Tern declared the resolution duly adopted, as follows: -1- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames/419370-17/2nd 1/2 Hrg/1st 1/2 GBS RESOLUTION NO. 97-238 Determining to proceed with the sale and issuance of General Obligation Corporate Purpose Bonds, Series 1997A, and providing for the advertisement of such sale WHEREAS, pursuant to notice of the proposed action of the City Council of Ames, Iowa (the "City") to institute proceedings for the issuance of General Obligation Corporate Purpose Bonds, 'Series 1997A (the "Bonds"), for the purpose of paying the cost, to that extent, of the construction, reconstruction and repair of street improvements; and the construction of works and facilities useful for the collection and disposal of surface waters and streams, heretofore given in strict compliance with the provisions of Chapter 384 of the Code of Iowa and hearing held thereon, the Council has determined to take additional action to issue the Bonds; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, as follows: Section 1. The Council hereby determines to proceed with the issuance of the Bonds and declares that this resolution constitutes the "additional action" required by Section 384.25 of the Code of Iowa. Section 2. Sealed bids for the purchase of the Bonds shall be received and canvassed on behalf of the City at 1:00 o'clock p.m. on the 10th day of June, 1997, at the Council Chambers, City Hall, in the City, and the City Council shall meet on the same date at 7:00 o'clock p.m., at the Council Chambers, City Hall, in the City, for the purpose of considering such bids received and considering and passing a resolution providing for the award and issuance of such bonds, and the City Clerk is hereby authorized and directed to publish notice of said sale, as provided by Chapter 75 of the Code of Iowa, in substantially the following form: -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames/419370-17/2nd 1/2 Hrg/1st 1/2 GBS NOTICE OF SALE City of Ames, Iowa $5,460,000 General Obligation Corporate Purpose Bonds, Series 1997A Sealed bids will be received on behalf of the City of Ames, Story County, Iowa until 1:00 o'clock p.m. on the 10th day of June, 1997, at the Council Chambers, City Hall, Ames, Iowa, for the purchase of $5,460,000 General Obligation Corporate Purpose Bonds, Series 1997A, 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, City Hall, 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 June 1, 1997, will bear interest payable semiannually on each June 1 and December 1 to maturity, commencing December 1, 1997, and will mature on June 1 in the following years and amounts: Principal Principal Year Amount Year Amount 1998 $485,000 2004 $450,000 1999 $475,000 2005 $450,000 2000 $450,000 2006 $450,000 2001 $450,000 2007 $450,000 2002 $450,000 2008 $450,000 2003 $450,000 2009 $450,000 The right is reserved to the City to call and redeem all of the said Bonds maturing in the years 2006 to 2009, inclusive, in whole or from time to time in part, in one or more units of $5,000, on June 1, 2005, or on any date thereafter prior to maturity (and within a maturity by lot), upon terms of par and accrued interest. Bidders must specify a price of not less than $5,405,400, plus accrued interest. The legal opinion of Dorsey & Whitney LLP, Attorneys, Des Moines, Iowa, will be furnished by the City. A good faith deposit of $54,600 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. -3- DORSEY &WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames/419370-17/2nd 1/2 Hrg/1st 1/2 GBS The City reserves the right to reject any or all bids and to waive irregularities in any bid. 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. In order to permit bidders for the Bonds and other participating underwriters in the primary offering of the Bonds to comply with paragraph (b)(5) of Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934 (the "Rule"), the City will covenant and agree, for the benefit of the registered holders and beneficial owners from time to time of the outstanding Bonds, in the resolution awarding the sale and prescribing the terms of the Bonds, to provide annual reports of specified information and notice of the occurrence of certain events, if material. The City is the only "obligated person" with respect to the Bonds within the meaning of the Rule for the purposes of disclosing information on an ongoing basis. A description of the undertaking is set forth in the Official Statement. Failure of the City to enter into an undertaking substantially similar to that described in the Official Statement would relieve the successful bidder of its obligation to purchase the Bonds. The City has complied in all material respects with any undertaking previously entered into by it under the Rule. 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 -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames/419370-17/2nd 1/2 Hrg/1st 1/2 GBS t Section 3. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved May 13, 1997. yor Pro Tern Attest: City Clerk -5- DORSEY &WHITNEY LLP,ATTORNEYS, DES MOINES,IOWA Ames/419370-17/2nd 1/2 Hrg/1st 1/2 GBS On motion and vote, the meeting adjourned. ayor Pro Tem Attest: City Clerk -6- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES,IOWA • Ames/419370-17/2nd 1/2 Hrg/1st 1/2 GBS STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES I, the undersigned, City 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 hearing on the issuance and the fixing of a date for the sale of General Obligation Corporate Purpose Bonds, Series 1997A. WITNESS MY HAND and the seal of the City hereto affixed this day of 1997. G City lerk (Seal) -7- DORSEY &WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames/419370-17/2nd 1/2 Hrg/1st 1/2 GBS (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 STORY SS: CITY OF AMES I, the undersigned, City Clerk of the aforementioned City, do hereby certify that pursuant to a motion of its Council fixing a date for the sale of General Obligation Corporate Purpose Bonds, Series 1997A, 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 is located in Story County or in a county contiguous thereto. WITNESS MY HAND and the seal of the City hereto affixed this <3c4l` day of Ikt!j 1997. City Clerk (Seal) (Attach here publisher's original affidavit with clipping of the notice of sale as published.) -8- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA t ' LEGAL NOTICE NOTICE OF SALE City of Ames,Iowa $5,460,000 General Obligation Corporate Purpose Bonds, Series 1997A Sealed bids will be received on behalf of the City of Ames,Story County,Iowa until 1:00 o'clock p.m.on the loth day of June,1997 at the Council Chambers,City Hall,Ames,Iowa,for the purchase of$5.,460,000 General Obligation Corporate Purpose Bonds,Series 1997A,of the City,at which time such bids will be Proof Of Publication In opened and canvassed. Thereafter such bids will be DAILY TRIBUNE 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,City Hall,Ames,Iowa,at which time the Bonds will be sold to the best bidder for STATE OF IOWA,STORY COUNTY,ss. cash. No open bids will be accepted. The Bonds will be issued as fully registered bonds in I,Craig McMullin/Joan Rost,on oath depose denominations of$5,000 or any integral multiple thereof, 9 P will be dated June I,1997,will bear interest payable and say that I am President/Controller semiannually on each June I and December I to of DAILY TRIBUNE,a daily newspaper,printed maturity,commencing December 1,1997,and will at Ames,Story County,Iowa;that the annexed mature on June I in the following years and amounts: rY Y Yu[ rnrn:inal nmount printed 199a $485,000 1999 S475,000 2(x%) S450,000 CITY OF AMES 2001 $450,000 NOTICE OF SALE 2002 03 $ as0,ax�i 2004 $450,000 2W5 $450000 2(10 $450,000 was published in said newspaper for 1 2an S450,000 2(Mix S450,000 consecutive week(s)May 27,1997 2009 $450,0W and the last of said publication was on the The right is reserved to the City to call and redeem all of 27th day of May, 1997 the said Bonds maturing in the years 2006 to 2009, inclusive,in whole or from time to time in part,in one or ` more units of$5 000,on June 1,2005,or on any date f 1 thereafter prior to maturity(and within a maturity by lot), upon terms of par and accrued interest. s Bidders must specify a price of not less than $5,405,400,plus accrued interest. The legal opinion of Dorsey&Whitney LLP,Attorneys,Des Moines,Iowa, will be furnished by the City. Sworn to be ore me and subscribed in my A good faith deposit of$54,600 is required and may be b Craig McMullin/Joan Rost forfeited the City in the event the successful bidder Presence Y 9 fails or refuses to take and pay for the Bonds. this 28th day of May, 1997. The City reserves the right to reject any or all bids and to waive irregularities in any.bid. The Bonds are being issued pursuant to the provisions of Division Ill 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 j f without limitation as to rate or amount. ' 5 Notary Public In in a4f ate Of Iowa ar order permit bidders for the Bonds and other participating underwriters in the primary offering of the My commision expires 11/13/99 Bonds to comply with paragraph(b)(5)of Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934(the"Rule'), the City will covenant and agree,for the benefit of the registered holders and beneficial owners from time to FEES:$29.12 time of the outstanding Bonds,in the resolution awarding NO.30015 the sale and prescribing the terms of the Bonds,to provide annual reports of specified information and AMES05 notice of the occurrence of certain events,if material. The City is the only"obligated person"with respect to the Bonds within the meaning of the Rule for the purposes of disclosing information on an ongoing basis. A description of the undertaking is set forth in the Official Statement. Failure of the City to enter into an undertaking substantially similar to that described in the Official Statement would relieve the successful bidder of its obligation to purchase the Bonds. The City has complied in all material respects with any undertaking previously entered into by it under the Rule 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 Bands. 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 Published in The Daily Tribune May 27, 1997.