HomeMy WebLinkAboutA020 - Proceedings from August 12, 2003 meetingAL
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August 13, 2003
Dorsey & Whitney LLP
801 Grand, Suite 3900
Des Moines, Iowa 50309
Attention Robert E. Josten
City Clerk's Office
515 Clark Avenue, P. 0. Box 811
Ames, IA 50010
Phone: 515-239-5 105
Fax: 515-239-5142
RE: Ames, Iowa
$5,130,000 General Obligation Corporate Purpose Bonds, Series 2003
Your File No. 419370-29
Dear Bob:
Enclosed please find the procceditigs from our August 12, 2003, inecting wherein the Council
adopted Resolution No. 03-323 awarding the Bonds.
The Resolution providing for the issuance of the Bonds will be on the Council's August 26, 2003,
agenda. I understand that the additional proceedings covering the issuance of the Bonds will be
forwarded to me in the near future.
Thank you for your assistance.
Sincerely,
Diane R. Voss
City Clerk
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Enclosure
I
Ames/419370-29/N/Sale & Cert Please Return To
DORSEY & WHITNEY
ATTORNEYS AT LAW
NOTICE OF SALE 801 Grand, Suite 3900
City of Ames, Iowa Des Moines, Iowa 50308
$6,555,000 General Obligation Corporate Purpose Bonds,
Series 2003
Sealed bids will be received on behalf of the City of Ames, Iowa, until 10:00 o'clock a.m.
on the 12th day of August, 2003, at the office of the City Clerk, City Hall, 515 Clark Avenue,
Ames, Iowa 50010, for the purchase of $6,555,000 General. Obligation Corporate Purpose
Bonds, Series 2003, 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 _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 September 1, 2003, will bear interest payable
semiannually on each June 1 and December 1 to maturity, commencing June 1, 2004, and will
mature on June 1 in the following years and amounts:
Principal
Principal
Year
Amount
Year
Amount
2004
$550,000
2010
$545,000
2005
$550,000
2011
$545,000
2006
$550,000
2012
$545,000
2007
$545,000
2013
$545,000
2008
$545,000
2014
$545,000
2009
$545,000
2015
$545,000
The right is reserved to the City to call and redeem all of the Bonds maturing in the years
2012.to 2015, 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 and in any order of maturity (and within a
maturity by lot), upon terms of par and accrued interest.
Bidders must specify a price of not less than $6,515,670, 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 $65,550 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.
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
rJEEM
Ames/419370-29/N/Sale & Cert
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 report4 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 Voss
City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
$ 4,970,000.00 Authorized Issue
$ (3,475,000.00) Series 2002A Bonds
$ 1,495,000.00 Balance of Authorized Issue
6,555,000.00 Total Series 2003A Bonds
$ (5,130,000.00) Essential Corporate Purpose Bond Portion
$ 1,425,000.00 Authorized Issue Portion
Am es/419370-29/2d 1/2 Sale
MINUTES TO SELL GENERAL
please Retum To OBLIGATION CORPORATE PURPOSE
DORSEY & WHITP F� BONDS, SERIES 2003
ATTORNEYS 1"''
Sol Grand, �' �', , 419370-29 (2nd V2Sale)
Des Moines, 90','4a "—J
Ames, Iowa
August 12, 2003
The City Council of the City of Ames, Iowa, met on August 12, 2003, at 7:00 o'clock
p.m., at the Council Chambers, City Hall, Ames, Iowa.
The meeting was called to order by the Mayor, and the roll was called showing the
following Council Members present and absent:
Present: Cross, Goodhue, Hoffman, Mahayni, Vegge, Wirth
Absent: on
This being the time and place fixed by the Council for the consideration of bids for the
purchase of the $6,555,000 General Obligation Corporate Purpose Bonds, the Mayor announced
that bids had been received and canvassed on behalf of the City at the time and place fixed
therefor.
Whereupon, such bids were placed on file, and the substance of such bids was noted in
the minutes, as follows:
Name and Address of Bidder Final Bid
(interest cost)
(ATTACH BID TABULATION)
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Am'es/419370-29/2n' % Sale
After due consideration and discussion, Council Member Goodhue
introduced the resolution next hereinafter set out and moved its adoption, seconded by —Council
Member — Wirth . The Mayor put the question upon the adoption of said
resolution, and the roll being —called, the following Council Members voted:
Ayes: Goodhue, Hoffman, Mahayni, Vegge, Wirth
Nays: None
Abstaining: Cross
Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out.
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Ames/419370-29/2d 1/� Sale
RESOLUTION NO. 03-323
Awarding $6,555,000 General Obligation Corporate Purpose Bonds, Series 2003
WHEREAS, pursuant to the provisions of Chapter 384 and Chapter 76 of the Code of
Iowa, the City of Ames, in the County of Story, State of Iowa (hereinafter referred to as the
"City"), has heretofore advertised the sale of its General Obligation Corporate Purpose Bonds,
Series 2003, in the aggregate principal amount of $6,555,000 (the "Bonds"), and has published
notice of said sale; and
WHEREAS, pursuant to such advertisement of sale, bids for the purchase of the Bonds
were received and canvassed on behalf of the City and the substance of such bids noted in the
minutes; and
WHEREAS, upon final consideration of all bids received for the purchase of the Bonds,
the bid of. Harris Trust & Savin&s Bank
is the best, such bid proposing the lowest interest cost to the City;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. The bid referred to in the preamble is hereby accepted, and the Bonds are
hereby awarded to the aforesaid bidder (the "Purchaser") at the price specified in such bid,
together with accrued interest.
Section 2. The form of agreement of sale (the "Sale Agreement") of the Bonds to the
Purchaser is hereby approved, and the Mayor and City Clerk are hereby authorized to execute the
Sale Agreement for and on behalf of the City.
Section 3. All resolutions or parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
Passed and approved August 12, 2003.
a 0yyo r
Attest:
City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Am . es/419370-29/2" 1/� Sale
Thereupon, it was moved by Council Member Goodhue and seconded
by Council Member — wi,fb - that further action with respect to the issuance
of the Bonds be deferred until August 26, 2003, at 7:00 o'clock p.m., at the Council Chambers,
City Hall, Ames, Iowa. The Mayor put the question on the motion and the roll being called, the
following named Council Members voted:
r ffrl TOM= ap. I INTO as W W
Nays: None
Abstaining: Cross
Whereupon, the Mayor declared the motion adopted and the meeting adjourned to the
aforesaid time and place.
Mayor
Attest:
City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Ames/419370-29/2'''/n Sale
STATE OF IOWA
COUNTY OF STORY SS:
CITY OF AMES
I, the undersigned, City Clerk of the aforementioned City, do hereby certify that as such
City Clerk I have in my possession or have access to the complete corporate records of the City
and of its Council and officers and that I have carefully compared the transcript hereto attached
with the aforesaid corporate records and that the transcript hereto attached is a true, correct and
complete copy of all the corporate records in relation to the sale of $6,555,000 General
Obligation Corporate Purpose Bonds, Series 2003, of the City and that the transcript hereto
attached contains a true, correct and complete statement of all the measures adopted and
proceedings, acts and things had, done and performed up to the present time with respect thereto.
WITNESS MY HAND and the seal of the City hereto affixed this 12th_ day of
August , 2003.
QA&t�b W, UA-jj
City Clerk
(Seal)
(Attach here a copy of the bid of the successful bidder.)
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINEES, IOWA