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HomeMy WebLinkAboutA009 - Proceedings form May 27, 2003 meeting1117ARIN(i AND AUTHORIZATION Ames, Iowa May 27, 2003 The City Council of the City of Ames, Iowa, tnet on May 27, 2003, at _SzLen­ o'clock p m., at the CJ ty Coi inc i I Chnmh(,rq , Ames, Iowa, The Mayor presided and the roll. was called showing the following Council Members present and absent: Present: Ctoss,Goodhue Hoffman. maha)ni . V�e __Wirth Absent: None * 4, * After discussion of other matters, the Council took tip and considered the proposal to issue Flospital Revenue Refunding Bonds for the purpose of refunding I-lospital Revenue Bonds previously issued for the benefit of Mary (ireeley Medical Center. The Council investigated and found that a notice of intention to institute proceedings for the issuance of the aforementioned Refunding Bonds had been duly published as provided by law and that this is the t1irie and place at which the Council shall receive oral or written objections from any resident or property owner of the City. The Clerk announced that written objections had been filed by the following: The Mayor called for any oral or written objections or comments from any resident or property owner of the City and the following were presented to the Council: After all oral or written objections or coinnicuts were received, the Mayor announced that the Council may take additional action for the Issuance of the Refunding Bonds. Council Member --- Mahaynj_ introduced a resolution snider title of "Resolution Authorizing the Sale and Issuance of Hospital Revenue Refunding Bonds, Setting Parameters and Approving an Indenture of Trust, Bond Purchase Agreement and other Documents in connection therewith," and moved that the resolution be adopted; seconded by Council Member — Wirth After Clue consideration, the Mayor put the question on the motion and the roll being called, the following named Council Members voted: Ayes: _--igross, (' ()(4hue , Hoffman, Mqhayni_yggge, Wirth Nays: None Whereupon, the Mayor declared the resolution duly adopted, as follows: -2- RESOLUTION NO. 03-211 Authorizing the Sale and Issuance of Hospital Revenue Refunding Bonds, Setting Parameters and Approving an Indenture of Trust, Bond Purchase Agreement and other Documents in connection therewith WHEREAS, heretofore in the year 1916, the Mary Greeley Memorial Hospital (now .known as the Mary Greeley Medical Center and hereinafter sometimes referred to is the ".Hospital") was established in and for the City of Ames, Iowa (the "City") by lawful acceptance of a conditional gift of certain real estate and the then existing Hospital facility, deeded to the City by Mr. W. M. Greeley; and WHEREAS, at the request of the Board of Trustees of the Hospital (the "Board") the City has previously issued its $21,000,000 Hospital Revenue Bonds (Mary Greeley Medical Centel - Project) Series 1992 (the "Series 1992 Bonds") pursuant to a Bond ReSOILItion adopted by the City Council of the City on November 10, 1992 (the "1992 Bond Resolution"), the proceeds of which were used for the purposes of paying the cost of Improvements (as defined in the 1992 Bond Resolution), refunding the Series 1979 Bonds and the Series 1986 Bonds (as defined in the 1992 Bond Resolution) and other purposes as set out in the 1992 Bond Resolution; and WIIERF,IAS, at the requestt of the Board, the City has previously Issued its $24,000,000 Hospital Revenue Bonds (Mary Greeley Medical Center Project) Series 1993 (the "Series 1993 Bonds" and, together with the Series 1992 Bonds, the "Prior Bonds") pursuant to a Bond Resolution adopted by the City Council of the City on March 13, 1993 (the " 1993 Supplemental Bond Resolution No. I"), the proceeds of which were used for the purposes of paying the cost of' the Series 1993 Improvements (as defined in 1993 Supplemental Bond Resolution No. 1) and other purposes set out in 1993 Supplemental Bond Resolution No. 1; and WHEREAS, in order to take advantage of historically low interest rates, the Board of the Hospital has requested the City to issue its Hospital Revenue Refunding Bonds (Mary Greeley Medical Center) in the aggregate principal amount of not to exceed $37,000,000 (the "Refunding Bonds") for the purpose of (i) refunding the Prior Bonds; (ii) funding necessary reserve funds for the Refunding Bonds; and (iii) funding bond issuance expenses for the Refunding Bonds, including a bond insurance premium; and WHEREAS, in compliance with the provisions of Chapter 384 of the Code of Iowa, a notice of proposed action of the City Council to institute proceedings for the issuance of the Refunding Bonds has been published arid a hearing has been held thereon and the City may take additional action and proceed with the sale and issuance of the Refunding Bonds; NOW, THEREFOR1, Be It Resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. The City hereby approves the issuance of the Refunding Bonds in an aggregate principal amount not to exceed $37,000,000 at interest rates which produce an effective interest rate of riot to exceed 5.60% per annuin and maturing on the dates and in the - 3 - amounts and subject to redemption prior to maturity on such dates and in such amounts as shall be finally determined by the Hospital and U.S. Bancorp Piper Jaffray, Inc. (the "Underwriters") at the time of marketing of the Refunding Bonds. Section 2. The City hereby approves the sale of the Refunding Bonds to or upon the order of the Underwriters at a price of 99.4% of the aggregate principal amount of the, Refunding Bonds (exclusive of any original issue discount), Plus accrued interest, if any, to their date of issuance. SSUance. Sale of the Refunding Bonds to the Underwriters shall be pursuant to a Bond purchase Agreement substantially in the form as has been presented to and is on file with the City Council. The Mayor and City Clerk are hereby authorized and directed to execute and deliver the Bond Purchase Agreement on behalf of the City, the Bond Purchase Agreement to be in Substantially the form now before this meeting but with such changes, modifications, additions and deletions thereto as may be approved by the parties executing the same. Section 3. The use by the Underwriters of a Preliminary Official Statement and a final Official Statement (together, the "Official Statement") relating to the Refunding Bonds is hereby approved in connection with the marketing of the Refunding Bonds to the public and the City Attorney of the City is hereby authorized and directed to assist in the preparation of such Preliminary Official Statement and final. Official Statement by and on behalf of the City. The Official Statement as of its date will be deemed final by the City within the rneaning of Rule 15c2-12(b)(1) of the Securities and Exchange Commission ("SEC") and the Mayor and City Clerk are hereby authorized to execute and deliver such, certificates and undertakings as required to indicate such approval and to comply with SEC Rule 15c2-12 in. connection with the offer, sale and issuance of the Refunding Bonds. Section 4. The Refunding Bonds are to be issued pursuant to an Indenture of Trust (the "Indenture") among the City, the Hospital and Wells Fargo Bank Iowa, National Association (the "Trustee") a forrn of which has been presented to and is on file with the Council. The Indenture is hereby authorized and approved and the Mayor and City Clerk are authorized, empowered and directed to execute and deliver the Indenture for and on behalf of the City to the Trustee for the security of the Refunding Bonds in substantially the form now before this meeting but with such changes, modifications, additions and deletions therein as shall be approved by the parties executing the same and that from and after the execution and delivery of the Indenture, the officers and employees of the City are authorized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of the Indenture as executed. Section 5. The Mayor and City Clerk are hereby authorized and directed to execute, attest and deliver any and all documents and do any and all things deemed necessary by and on behalf of the City to effect the issuance, sale and delivery of the Refunding Bonds and to carry out the interest and purpose of this Resolution. Section 6. All resolutions or parts thereof in conflict herewith be and the same are hereby repealed to the extent of such conflict. -4- Passed and approved this 27th day of May, ' Mayor Attest: City Clerk On motion and vote, the meeting adjourne- ayor Attest: City Clerk - 5 - STATE OF fOWA COUNTY OFSTORY SS: CITY OFAMES 1, the undersigned, do hereby certify that I am the duly appointed, qualified and acting City Clerk of the City of Ames, Iowa and that as such I have in my possession or have access to the complete records of the City Council of such City and that I have carefully compared the transcript hereto attached with the aforesaid official records and that the transcript. hereto attached constitutes a true, correct and complete copy of the records of the City (-.,ouncil showing the action taken by the City Council holding a public hearing on air(,] adopting a resolution for the issuance of Hospital Revenue Refunding Bonds. WITNESS my hand this 27th day of 2003. =-rctary_ C j - F z -6-