HomeMy WebLinkAboutA002 - Proceedings from September 10, 2002 t
Amesi419370-Newil#'/2 GBS(Ser 2002C)
MINUTES TO SET DATE FOR HEARING
please Return To ON ISSUANCE AND SALE OF GENERAL
wRSEY &WHITNEY OBLIGATION REFUNDING BONDS,
ATTORNEYS AT I-:" 1 SERIES 2002C
Sol Grand, Sui=e C- �')
pes N'loines, Iowa 50309 419370-New
Ames, Iowa
September 10, 2002
The Council of the City of Ames, Iowa, met on September 10, 2002, at o'clock
__p_.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, Quirmbach, Veggt-, Wirth
Absent: Nnne
Council Member 14nf fin'an introduced the resolution hereinafter next set
out and moved its adoption, seconded by Council Member Wi rth ; 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: ( ro�G; G--fir'—"P, uoffm2n, Q�lirml�arhTVegge, Wirth
Nays: _None
Whereupon, the Mayor declared the said resolution duly adopted, as hereinafter set out.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-New/1°'/z GBS(Ser 2002C)
RESOLUTION NO. 022479E
Fixing a date of meeting at which it is proposed to take action for the issuance and
fixing a date for the sale of not to exceed $8,225,000 General Obligation
Refunding Bonds, Series 2002C, and providing for the advertisement of such sale
WHEREAS, the City of Ames, Iowa (the "City"), proposes to issue not to exceed
$8,225,000 General Obligation Refunding Bonds, Series 2002C (the "Refunding Bonds"),
pursuant to the provisions of Division III of Chapter 384 of the Code of Iowa for the purpose of
advance refunding the City's outstanding $660,000 General Obligation Corporate Purpose
Bonds, Series 1994B, dated October 1, 1994, the City's outstanding $5,030,000 General
Obligation Corporate Purpose Bonds, Series 1995A, dated May 1, 1995, and the City's
outstanding $1,750,000 General Obligation Corporate Purpose Bonds, Series 1995B, dated
October 1, 1995, 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 Refunding Bonds and to give notice thereof as
required by such law;
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 _.m., at which time and place
proceedings will be instituted and action taken for the issuance of the Refunding Bonds.
Section 2. The City Clerk is hereby directed to give notice of the proposed action for
the issuance of the Refunding 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:
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-New/l"/z GBS(Ser 2002C)
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS FOR
THE ISSUANCE OF NOT TO EXCEED $8,225,000 GENERAL OBLIGATION
REFUNDING BONDS, SERIES 2002C
The City Council of the City of Ames, Iowa, will meet on the 20 of September, 2002, at
the Council Chambers, City Hall, in the City, at GpVPrI o'clock �.m., for the purpose of
instituting proceedings and taking action for the issuance of not to exceed $8,225,000 General
Obligation Refunding Bonds, Series 2002C (the "Refunding Bonds"), for the purpose of advance
refunding the City's outstanding $660,000 General Obligation Corporate Purpose Bonds, Series
1994B, dated October 1, 1994, the City's outstanding $5,030,000 General Obligation Corporate
Purpose Bonds, Series 1995A, dated May 1, 1995, and the City's outstanding $1,750,000
General Obligation Corporate Purpose Bonds, Series 1995B, dated October 1, 1995.
The Refunding Bonds,when issued,will constitute general obligations of 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 Refunding 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 384.26(5)(a)(2) of the Code of
Iowa.
Diane R. Voss
City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-New/1"V:GBS(Ser 2002C)
Section 3. Sealed bids for the purchase of the Refunding Bonds shall be received and
canvassed on behalf of the City at 10:00 o'clock a.m. on the 241h 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 Refunding 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:
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-New/1''/z GBS(Ser 2002C)
NOTICE OF SALE
City of Ames, Iowa
$7,825,000* General Obligation Refunding Bonds,
Series 2002C
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 $7,825,000* General Obligation
Refunding Bonds, Series 2002C, 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 SPlTpn o'clock 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 I 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 $1,450,000* 2007 $1,080,000*
2004 $1,350,000* 2008 $ 465,000*
2005 $1,310,000* 2009 $ 450,000*
2006 $1,280,000* 2010 $ 440,000*
*The aggregate principal amount of the Bonds, and each scheduled maturity thereof, are
subject to increase or reduction by the City or its designee after the determination of the
successful bidder. Such adjustments shall be made within no more than two hours of the time of
proposal opening and shall be in the sole discretion of the City or its designee and will not
exceed $400,000 in total and $50,000 for any annual maturity, provided that the City or its
designee shall only make such adjustments in order to size the Bonds to provide enough funds to
effect the refunding in accordance with federal income tax laws and to establish a debt service
structure that is acceptable to the City.
*The dollar amount of the purchase price proposed by the successful bidder will be
changed if the aggregate principal amount of the Bonds is adjusted as described above.
Generally any premium offered or discount taken will be increased or reduced by a percentage
equal to the percentage by which the principal amount of the Bonds is increased or reduced
provided that the City's financial advisor will make every effort to ensure that the net
compensation to the successful bidder as a percentage of the adjusted par amount does not
increase or decrease from what it would have been if no adjustment had been made to the
principal amounts shown in the maturity schedule above.
None of the Bonds will be optional for redemption prior to maturity.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-New/1°%z GBS(Ser 2002C)
Bidders must specify a price of not less than $7,778,050 and not more than $8,216,250,
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$78,250 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.
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
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DORSEY&wMTNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-New/1°j/a GBS(Ser 2002C)
Section 5. All resolutions or parts of resolutions in conflict herewith be and the same
are hereby repealed to the extent of such conflict.
Passed and approved September 10, 2002.
Mayor
Attest:
City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-New/1#'/Z GBS(Ser 2002C)
At the conclusion of the meeting, and upon motion and vo the Council d�ourned.
Mayor
Attest:
City Clerk
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DORSEY&WIRTNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames 419370-New/1'%z GBS(Ser 2002C)
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 hearing on the issuance and fixing the date for the sale of General
Obligation Refunding Bonds, Series 2002C, and providing for the advertisement for such sale.
WITNESS MY HAND and the seal of the City hereto affixed this loth day of
S=temher , 2002.
City Clerk
(Seal)
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA