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HomeMy WebLinkAboutA002 - Proceedings from September 10, 2002 meeting Ames/419370-,25/1 0'/,GBS(Ser 200213) MINUTES TO SET DATE FOR HEARING, SALE Please Return To AND ISSUANCE OF GENERAL OBLIGATION DORSEY &WHITNEY CORPORATE PURPOSE BONDS, SERIES 2002B ATTORNEYS AT LAW Sol Grand, Suitv '0C0 419370-25 Des Moines, Iowa 50309 Ames, Iowa September 10, 2002 The Council of the City of Ames, Iowa, met on September 10, 2002, at G v n o'clock _.m., at the Council Chambers, City Hall, in the City. The Mayor presided and the roll was called showing the following Council Members present and absent: Present: Cross, Goodhue, Hoffman, Qiiirmhach, Vegge,mirth Absent: None Council Member In€€man introduced the resolution hereinafter next set out and moved its adoption, seconded by Council Member Wirth ; 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: Cross, Goodhue, Hoffman, Q„_;rmhg(-h, J�Pgge, Wirth Nays: gene Whereupon,the Mayor declared the said resolution duly adopted, as hereinafter set out. At the conclusion of the meeting, and upon motio cl vote, the uncil adjourned. Mayor Attest: City Clerk -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-25/lu'%2 GBS(Ser 200213) RESOLUTION NO. 02-479A Fixing a date of meeting at which it is proposed to take action for the sale and issuance of $5,885,000 General Obligation Corporate Purpose Bonds, Series 2002B, and providing for the advertisement of such sale WHEREAS, the City of Ames, Iowa (the "City"), proposes to contract indebtedness and issue $5,885,000 General Obligation Corporate Purpose 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 extent, of the acquisition of fire apparatus and equipment; and the construction of various street, storm sewer and bridge improvements, 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 desires to offer the Bonds for public sale and to provide for the advertisement of such sale; NOW, THEREFORE, It Is Resolved by the Council of the City of Ames, Iowa, as follows: Section 1. This Council shall meet on the 24'h day of September, 2002, at the Council Chambers, City Hall in the City, at seven o'clock _p_.m., at which time and place proceedings will be instituted and action taken for the sale and 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&WIETNEY LLP,ATTORNEYS,DES MINES,IOWA Ames/419370-25/1"'Is GBS(Ser 2002B) NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS FOR THE ISSUANCE OF $5,885,000 GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2002B The City Council of the City of Ames, Iowa, will meet on the 241h day of September, 2002, at the Council Chambers, City Hall, in the City, at seven o'clock __p_.m., for the purpose of instituting proceedings and taking action for the issuance of not to exceed $5,885,000 General Obligation Corporate Purpose Bonds, Series 2002B, for the purpose of paying the cost, to that extent, of the acquisition of fire apparatus and equipment; and the construction of various street, storm sewer and bridge improvements. 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. Diane R. Voss City Clerk -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-25/1'1/.GBS(Ser 200213) Section 3. Sealed bids for the purchase of the Bonds shall be received and canvassed on behalf of the City at 10:00 o'clock a.m. on the 24th day of September, 2002, at the Council Chambers, City Hall, in the City, and the City Council shall meet on the same date at seven o'clock _.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 sale and issuance of the Bonds. Section 4. The City Clerk is authorized and directed to publish notice of said sale, as provided by Chapter 75 of the Code of Iowa, in substantially the following form: -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419376-25/1""/z GBS(Ser 2002B) NOTICE OF SALE City of Ames, Iowa $5,885,000 General Obligation Corporate Purpose Bonds, Series 2002B Sealed bids will be received on behalf of the City of Ames, Story County, Iowa until 10:00 o'clock a.m. on the 24`h day of September, 2002, at the offices of City Clerk, City Hall, 515 Clark Avenue, Ames, Iowa 50010, for the purchase of $5,885,000 General Obligation Corporate Purpose Bonds, Series 2002B, 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 seven o'clock -4).-.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 October 15, 2002, will bear interest payable semiannually on each June 1 and December 1 to maturity, commencing June 1, 2003, and will mature on June 1 in the following years and amounts: Principal Principal Year Amount Year Amount 2003 $480,000 2009 $485,000 2004 $43000 2010 $500,000 2005 $435,000 2011 $515,000 2006 $445,000 2012 $535,000 2007 $455,000 2013 $555,000 2008 $470,000 2014 $580,000 The right is reserved to the City to call and redeem all of the said Bonds maturing in the years 2012 to 2014, inclusive, in whole or from time to time in part, in one or more units of $5,000, on June 1, 2011, 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 $5,849,690, 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$58,850 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. 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. -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-25/1"%z GBS(Ser 2002B) 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 -6- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419376-25/1g'%:GBS(Ser 2002B) Section 5. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved September 10,2002. Mayor Attest: All o City Clerk -7- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-25/11'%:GBS(Ser 200213) 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 $5,885,000 General Obligation Corporate Purpose Bonds, Series 2002B. WITNESS MY HAND and the seal of the City hereto affixed this f ate' day of )�fyvl 2002. City Clerk (Seal) -8- DORSEY&WMTNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419376-25/1"%:GBS(Ser 2002B) 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: Ted Tedesco ,Mayor Steven L. Schainker ,Manager Duane Pitcher , Finance Officer Diane R. Voss Clerk Sherry M ;er , Treasurer Russ Cross , Council Member Steve Goodhue , Council Member Judie Hoffman , Council Member Herman Qu rmhach , Council Member Daryle Vegge , 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 1 nth day of Sept-ember , 2002. QMM) ,�)_R _trA_�� City Clerk (Seal) -9- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA