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HomeMy WebLinkAboutA007 - Proceedings from May 11, 1999 meeting Sep -�o n tJ M Ames/4I9370-21/2nd'i Hrg/lst'i GBS 419370-21 (2nd 1/2 Hrg/1st '/2 GBS) Ames, Iowa May 11, 1999 The City Council met on May 11, 1999, 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$4,045,000 General Obligation Corporate Purpose Bonds and for the transaction of such other business as may come before the meeting. The meeting was called to order by the Mayor, and the roll being called,the following named Council Members were present and absent: Present: Campbell, Cross, Hoffman, Parks, Quirmbach, 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 called for any oral or written objections from any resident or property owner of the City and there were none. Council Member Cross introduced the resolution next hereinafter set out, and moved that the resolution be adopted, seconded by Council Member Wirth After due consideration, the Mayor put the question on the motion and the roll being called, the following named Council Members voted: Ayes: Campbell, Cross, Hoffman, Parks, Quirmbach, Wirth Nays: None Whereupon, the Mayor declared the resolution duly adopted, as follows: -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-21/2nd'/2 Hrg/Ist V2 GBS RESOLUTION NO. 99-159 Determining to proceed with the issuance and fixing the date for the sale of $4,045,000 General Obligation Corporate Purpose Bonds and providing for the advertisement of such sale WHEREAS,pursuant to the provisions of Chapter 384 of the Code of Iowa,the City Council of Ames, Iowa(the "City"),has heretofore proposed the issuance of$4,045,000 General Obligation Corporate Purpose Bonds (the "Bonds") for the purpose of paying the cost, to that extent, of constructing certain street and storm sewer improvements and has published notice of the proposed action and has held a hearing thereon; and WHEREAS, the City desires to offer the Bonds for public sale and to provide for the advertisement of such sale; 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. The 25th day of May, 1999, at the Council Chambers, City Hall, in the City, at 10:00 o'clock a.m., is hereby fixed as the time and place for receiving and canvassing bids and considering and passing a resolution providing for the award and issuance of the Bonds, and the Council shall meet at said time and place for such purpose, and the City Clerk is hereby authorized and directed to publish notice of the said sale, as provided by Chapter 75 of the Code of Iowa. The notice shall be in substantially the following form: -2- DORSEY&WHrFNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-21/N/S ale NOTICE OF SALE City of Ames, Iowa $4,045,000 General Obligation Corporate Purpose Bonds Sealed bids will be received on behalf of the City of Ames, Story County, Iowa, until 10:00 o'clock a.m. on the 25th day of May, 1999, at the Council Chambers, City Hall, Ames, Iowa, for the purchase of$4,045,000 General Obligation Corporate Purpose Bonds 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, 1999, will bear interest payable semiannually on each June 1 and December 1 to maturity, commencing December 1, 1999, and will mature on June 1 in the following years and amounts: Principal Principal Year Amount Year Amount 2000 $275,000 2006 $340,000 2001 $285,000 2007 $350,000 2002 $295,000 2008 $365,000 2003 $305,000 2009 $380,000 2004 $315,000 2010 $395,000 2005 $325,000 2011 $415,000 The right is reserved to the City to call and redeem all of the said Bonds maturing in the years 2008 to 2011, inclusive, in whole or from time to time in part, in one or more units of$5,000, on June 1, 2007, 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 $4,012,640, 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$40,450 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. -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOVES,IOWA I Ames/419370-21/N/Sale 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. Diane R. Voss City Clerk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-21/N/Sale Section 3. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved May 11, 1999. Mayor Attest: City Clerk -5- DORSEY&WHTrNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-21/N/S ale On motion and vote, the meeting adjourned. Mayor Attest: C\ `t/ City Clerk -6- DORSEY&WHTrNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/41 9370-21 IN/Sale 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$4,045,000 General Obligation Corporate Purpose Bonds. WITNESS MY HAND and the seal of the City hereto affixed this 11th day of May , 1999. City Clerk (Seal) -7- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA to 0-n Ames/419370-21/N/Sale (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 resolution of its Council fixing a date for the sale of$4,045,000 General Obligation Corporate Purpose Bonds, 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 19th day of May , 1999. 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 , f Proof Of Publication In THE TRIBUNE STATE OF IOWA,STORY COUNTY,ss. I,Allen Weber/Joan Rost,on oath depose and say that I am President/Controller of THE TRIBUNE,a daily newspaper,printed at Ames,Story County,Iowa;that the annexed printed Principal Principal Year Amount Year Amount 2000 $275,000 2006 S340,000 NOTICE OF SALE CITY OF AMES 2001 $285,000 2007 S350,000 $4,045,000 GENERAL OBLIGATION CORPORATE PURPOSE BONDS 2002 $295,000 2008 S365,000 2003 $305,000 2009 S380,000 2004 $315,000 2010 $395,000 2005 S325,000 2011 $415,000 The right is reserved to the City to call and redeem all of the said Bonds maturing in the years 2008 to 2011, was published in said newspaper for 1 inclusive,in whole or from time to time in part,in one or consecutive week(s)May 17, 1999 more units of$5,o00,on June 1,2007,or an any date and the last of said publication was on the thereafter prior to maturity(and within a maturity by lot), upon terms of par and accrued interest. 17th day Of May, 1999. Bidders must specify a price of rot less than $4,012,640,plus accrued interest. The legal opinion of Dorsey&Whitney LLP,Attorneys,Des Moines,Iowa, will be furnished by the City. 01 A good faith deposit of$40,450 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. sworn to before me and subscribed in my The Bonds are being issued pursuant to the provisions presence by Allen Weber/Joan Rost of Division III of Chapter 384 of the Code of Iowa and this 17th day of May, 1999- 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. ��t 14 order to permit bidders for the Bonds and other ,N' VIRGINIA fBRANNANparticipating underwriters in the primary offering of the �i MY comml Bonds to comply with paragraph(b)(5)of Rule 15c2-12 owe Notary Public promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934(the"Rule"), In an or a tate Of Iowa the City will covenant and agree,for the benefit of the My commission expires 1 1/28/2000. registered holders and beneficial owners from time to time of the outstanding Bonds,in the resolution awarding the LEGAL NOTICE sale and prescribing the terns of the Bonds,to provide annual reports of specified information and notice of the NOTICE OF SALE occurrence of certain events,if material. The City is the FEES: $33.53 City of Ames,Iowa only"obligated person"with respect to the Bonds within the meaning of the Rule for the purposes of disclosing NO. 41595 $4,045,000 General Obligation Corporate information on an ongoing basis A description of the AMES05 Purpose Bonds undertaking is set forth in the Official Statement. Failure Sealed bids will be received on behalf of the City of of the City to enter into an undertaking substantially Ames,Story County,Iowa,until 10:00 o'clock a.m.on the similar to that described in the Official Statement would 25th day of May,1999,at the Council Chambers,City relieve the successful bidder of its obligation to purchase Hall,Ames,Iowa,for the purchase of$4,045,000 General the Bonds. The City has complied in all material respects Obligation Corporation Purpose Bonds of the City, at with any undertaking previously entered into by it under which time such bids will be opened and canvassed. the Rule. Thereafter such bids will be presented to the City Council Bidders should be aware that the official terms of for consideration at its meeting to be held at 7:00 o'clock offering to be published in the Official Statement for the p.m.on the same date at the Council Chambers,City Hall, Bonds contain additional bidding terms and information .Ames,Iowa,at which time the Bonds will be sold to the relative to the Bonds. In the event of a variance between best bidder for cash. No open bids wi II be accepted. statements in this Notice of Sale(except with respect to the The Bonds will be issued as fully,registered bonds in time and place of the sale of the Bonds and the principal denominations of$5,000 or any integral multiple thereof, amount offered for sale)and said official terms of offering., will be dated June 1, 1999,will bear interest payable, the provisions of the latter shall control. senriapnually on each June 1 and December 1 to maturity, commencing December 1,1999,and wil:mature on June 1 By order of the City Council of Ames,Iowa. in the following years and amounts: Diane R.Voss City Clerk