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Home My WebLink AboutA008 - Proceedings from August 9, 2005 meeting - City Clerk's Office 515 Clark Avenue,P. O.Box 811 sP�oP� Ames, IA 50010 Quality Program Eueptioaar Service Phone: 515-239-5105 Fax: 515-239-5142 August 10, 2005 Dorsey& Whitney LLP 801 Grand, Suite 3900 Des Moines, Iowa 50309 Attention Robert E. Josten RE: Ames, Iowa General Obligation Corporate Purpose and Refunding Bonds, Series 2005A Your File No. 419370-33 Dear Mr. Josten: Enclosed please find the proceedings from our August 9, 2005, meeting wherein the Council held the hearing on the above-mentioned Bonds and passed Resolution No. 05-347 approving issuance of same. I have sent the Notice of Sale for publication and will forward the Proof of Publication to you as soon as I receive same. Thank you for your assistance. �Siinccerely, V Diane R. Voss City Clerk /dry Enclosure Ames/419370-33/2ad j/2 Bond Hrg/18''/z GBS Please Return To: 419370-33 DORSEY & WHITNEY (2nd ATTORNEYS AT LAW yZ Hrg/lst %2 GBS) 801 Grand,Suite 3900 Des Moines, Iowa 50309 Ames, Iowa August 9,2005 The City Council of the City of Ames, Iowa, met on August 9, 2005, at 7:00 o'clock p.m., at the Council Chambers, City Hall, Ames, Iowa, pursuant to prior action of the Council and to law, for the purpose of instituting proceedings to issue General Obligation Corporate Purpose and Refunding Bonds, Series 2005A, and for the transaction of such other business as may come before the meeting._The meeting was called order by_the_Ma -r, and the roll being called, the following named Council Members were present and absent: Present: Cross, Goodhue, Goodman Maha ni, Vegge, Wirth Absent: Non The Council investigated and found that a notice of intention to institute proceedings for the issuance of the 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 Goodhue 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: Cross, Goodhue, Goodman, Maha ni, Vegge, Wirth Nays: None Whereupon, the Mayor declared the resolution duly adopted, as hereinafter set out. • • • • At the conclusion of the meeting, and upon motion and , the Council journed. Attest: Mayor City Clerk -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA ti Ames/419370-33/2od%Bond Hrg/1°'/2 GBS RESOLUTION NO. 05-347 Resolution determining to proceed with the issuance and fixing the date for the sale of General Obligation Corporate Purpose and Refunding Bonds, Series 2005A WHEREAS, pursuant to the provisions of Chapter 384 of the Code of Iowa, the City Council of the City of Ames, Iowa(the "City"), has heretofore proposed the issuance of General Obligation Corporate Purpose and Refunding Bonds, Series 2005A (the "Series 2005A Bonds"), for the purpose of paying costs of the construction of street improvements; the acquisition of fire equipment; and the refunding of the City's General Obligation Corporate Purpose Bonds, Series 1997A, dated June 1, 1997, and has published notice of such proposal and has held a hearing thereon; and WHEREAS, the City desires to offer the Series 2005A Bonds for public sale in the principal amount of$5,495,000 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 sale and issuance of the Series 2005A Bonds in the principal amount of$5,495,000 and declares that this resolution constitutes the"additional action"required by Section 384.25 of the Code of Iowa. Section 2. Pursuant to Section 75.14 of the Code of Iowa, this Council hereby authorizes the use of electronic bidding procedures for the sale of the Series 2005A Bonds through Parity, and hereby finds and determines that the Parity competitive bidding system will provide reasonable security and maintain the integrity of the competitive bidding process and will facilitate the delivery of bids by interested parties under the circumstances of this bond sale. Section 3. Sealed bids for the purchase of the Series 2005A Bonds shall be received and canvassed on behalf of the City at 11:00 o'clock a.m. on the 23'd day of August, 2005, at the City Hall, Ames, Iowa, and the City Council shall meet on the same date at 7:00 o'clock p.m., at the Council Chambers, City Hall, Ames, Iowa, for the purpose of considering such bids received and considering and passing a resolution providing for the award and issuance of the Series 2005A Bonds, and the City Clerk is hereby authorized and directed to publish notice of said sale, as provided by Chapter 75 of the Code of Iowa, in substantially the following form: -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-33/2°d j/2 Bond Hrg/10'/z GBS NOTICE OF SALE City of Ames, Iowa $5,495,000 General Obligation Corporate Purpose and Refunding Bonds, Series 2005A Bids will be received on behalf of the City of Ames, Iowa, until 11:00 o'clock a.m. on August 23, 2005, for the purchase of $5,495,000 General Obligation Corporate Purpose and Refunding Bonds, Series 2005A, of the City. Any of the methods set forth below may be used,but no open bids will be accepted: Sealed Bidding: Sealed bids will be received at the City Hall, Ames, Iowa. Electronic Internet Bidding: Electronic internet bids will be received at the City Hall, Ames, Iowa, and must be submitted through Parity. Electronic Facsimile Bidding: Electronic facsimile bids will be received at the City Hall, Ames, Iowa, and will be sealed and treated as sealed bids. After the deadline for receipt of bids has passed, sealed bids will be opened and announced, and electronic internet bids will be accessed and announced. All bids will be presented to the City Council for consideration at its meeting to be held at 7:00 o'clock p.m. on August 23, 2005, at the Council Chambers, City Hall, Ames, Iowa, at which time the Bonds will be sold to the best bidder for cash. The Bonds will be issued as fully registered bonds in denominations of$5,000 or any integral multiple thereof, will be dated September 13, 2005, will bear interest payable semiannually on each June 1 and December 1 to maturity, commencing June 1, 2006, and will mature on June 1 in the following years and amounts: Principal Principal Year Amount Year Amount 2006 $645,000 2012 $315,000 2007 $725,000 2013 $325,000 2008 $730,000 2014 $340,000 2009 $725,000 2015 $355,000 2010 $290,000 2016 $365,000 2011 $300,000 2017 $380,000 The right is reserved to the City to call and redeem all of the said Bonds maturing in the years 2014 to 2017, inclusive, in whole or from time to time in part, in one or more units of $5,000, on June 1, 2013, 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. -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-33/2°°%2 Bond Hrg/1°%2 GBS Bidders must specify a price of not less than $5,460,657, 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$54,950 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. The Securities and Exchange Commission (the "SEC") has promulgated certain amendments to Rule 15c2-12 under the Securities Exchange Act of 1934 (17 C.F.R. § 240.15c2- 12) (the "Rule")that make it unlawful for an underwriter to participate in the primary offering of municipal securities in a principal amount of$1,000,000 or more unless, before submitting a bid or entering into a purchase contract for such securities, it has reasonably determined that the issuer or an obligated person has undertaken in writing for the benefit of the holders of such securities to provide certain disclosure information to prescribed information repositories on a continuing basis so long as such securities are outstanding. On the date of issuance and delivery of the Bonds, the City will execute and deliver a Continuing Disclosure Certificate pursuant to which the City will undertake to comply with the Rule. The City covenants and agrees that it will comply with and carry out the provisions of the Continuing Disclosure Certificate. Any and all of the officers of the City are hereby authorized and directed to take any and all actions as may be necessary to comply with the Rule and the Continuing Disclosure Certificate. 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&WHI7NEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-33/2°d'/2 Bond Hrg/1°%2 GBS Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved August 9, 2005. Mayor Attest: City Clerk -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-33/2od'/,Bond Hrg/10%GBS 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 General Obligation Corporate Purpose and Refunding Bonds, Series 2005A, as referred to therein. WITNESS MY HAND and the seal of the City hereto affixed this 9th day of August, 2005. City Clerk (Seal) -6- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA