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Home My WebLink AboutA005 - Proceedings from August 22, 2006 meeting i ' - City Clerk's Office 515 Clark Avenue,P. O. Box 811 Caring People Ames,IA 50010 Qaaliy Programs Emcepfional Service Phone: 515-239-5105 Fax: 515-239-5142 August 23, 2006 Dorsey& Whitney LLP 801 Grand, Suite 3900 Des Moines, Iowa 50309 Attention Robert E. Josten RE: Ames, Iowa General Obligation Corporate Purpose Bonds, Series 2006A Your File No. 419370-34 Dear Mr. Josten: Enclosed please find the proceedings from our August 22, 2006, meeting wherein the Council held the hearing on the above-mentioned Bonds and passed Resolution No. 06-348 approving issuance of same. I have sent the Notice of Sale for publication and will forward d the Proof of Publication to you as soon as I receive same. Thank you for your assistance. Sincerely, Diane R. Voss City Clerk /dry Enclosure Ames/419370-34/?°d'/,Bond Hrg/1''h GBS Please Return To: 419370-34 DORSEY & WHITNEY (2nd %z Hrg/ls1 %2 GBS) ATTORNEYS AT LA�'� 801 Grand, SLdite"^ Des Ntoines, lov,.a` Y Ames, Iowa August 22, 2006 The City Council of the City of Ames, Iowa, met on August 22, 2006, at 7:00 o'clock p.m., at the Council Chambers, City Hall, Ames, Iowa, pursuant to prior action of the City Council and to law, for the purpose of instituting proceedings to issue $5,285,000 General Obligation Corporate Purpose Bonds, Series 2006A, and for the transaction of such other business as may come before the meeting. The meeting was called to order by the Mayor, and the roll being called, the following named Council Members were present and absent: Present: Doll, Goodman, Hamilton, Mahavni, Rice Absent: Popken The City Council investigated and found that a notice of intention to institute proceedings for the issuance of general obligation bonds had been duly published as provided by law and that this is the time and place at which the City 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 Mahavni introduced the resolution next hereinafter set out, and moved that the resolution be adopted, seconded by Council Member Goodman . After due consideration, the Mayor put the question on the motion and the roll being called, the following named Council Members voted: Ayes: Doll , Gnndman, Nnmi 1 ton, Maha)zni , Rice Nays: None Whereupon, the Mayor declared the resolution duly adopted, as hereinafter set out. • • • • At the conclusion of the meeting, and upon motion and vote, the City Council adjourned. At.. X1- 61.. Mayor Attest: City Clerk -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-34/2'%Bond Hrg/I"1/Z GBS RESOLUTION NO. 06-348 Resolution determining to proceed with the issuance and fixing the date for the sale of$5,285,000 General Obligation Corporate Purpose Bonds, Series 2006A 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 $5,285,000 General Obligation Corporate Purpose Bonds, Series 2006A (the "Series 2006A Bonds"), for the purpose of paying the cost, to that extent, of constructing various street and storm sewer improvements and has published notice of such proposal and has held a hearing thereon; and WHEREAS, the City desires to offer the Series 2006A Bonds for public sale 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 City Council hereby determines to proceed with the sale and issuance of the Series 2006A Bonds and declares that this resolution constitutes the "additional action" required by Section 384.25 of the Code of Iowa. Section 2. Sealed bids for the purchase of the Series 2006A Bonds shall be received and canvassed on behalf of the City at 11:00 o'clock a.m. on the 12"i day of September, 2006, 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 2006A Bonds. Section 3. Pursuant to Section 75.14 of the Code of Iowa, the City Council hereby authorizes the use of electronic bidding procedures for the sale of the Series 2006A 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 4. The City Clerk is hereby authorized and directed to publish notice of sale of the Series 2006A Bonds, as provided by Chapter 75 of the Code of Iowa, in substantially the following form: -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-34/Y41/z Bond Hrg/1''/z GBS NOTICE OF SALE City of Ames, Iowa $5,285,000 General Obligation Corporate Purpose Bonds, Series 2006A Bids will be received on behalf of the City of Ames, Iowa, until 11:00 o'clock a.m. on September 12, 2006, for the purchase of $5,285,000 General Obligation Corporate Purpose Bonds, Series 2006A, 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 September 12, 2006, 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 October 1, 2006, will bear interest payable semiannually on each June 1 and December 1 to maturity, commencing June 1, 2007, and will mature on June 1 in the following years and amounts: Principal Principal Year Amount Year Amount 2007 $275,000 2013 $450,000 2008 $365,000 2014 $470,000 2009 $380,000 2015 $490,000 2010 $400,000 2016 $515,000 2011 $415,000 2017 $535,000 2012 $430,000 2018 $560,000 The right is reserved to the City to call and redeem all of the said Bonds maturing in the years 2015 to 2018, inclusive, in whole or from time to time in part, in one or more units of $5,000, on June 1, 2014, 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 $5,248,005 (99.30%), plus accrued interest. The legal opinion of Dorsey& Whitney LLP, Attorneys, Des Moines, Iowa, will be furnished by the City. -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-34/rd'/z Bond Hrg/1"Vz GBS A good faith deposit of$52,850 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. 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 will covenant and agree to comply with and carry out the provisions of the Continuing Disclosure Certificate. All of the officers of the City will be 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&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA I Ames/419370-34/c'd'/,Bcnd Hrg/1 GBS Section 5. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved August 22, 2006. 4VWW a q4x�� Mayor Attest: City Clerk -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-34/ od V2 Bond Hrg/1`'/z 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 City Council of the City relating to the hearing on the issuance and the fixing of a date for the sale of$5,285,000 General Obligation Corporate Purpose Bonds, Series 2006A. WITNESS MY HAND and the seal of the City hereto affixed this 22nd day of August , 2006. City Clerk (Seal) -6- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA