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Home My WebLink AboutA010 - Letter to Dorsey & Whitney dated March 25, 2009 - proceedings from March 24Caring People 'I Quality Programs Exceptional Service March 25, 2009 Dorsey & Whitney UP 801 Grand, Suite 3900 Des Moines, Iowa 50309 Attention Robert E. Josten RE: Ames, Iowa General Obligation Refunding Bonds, Series 2009A Your File No. 419370-40 Dear Mr. Josten: 515 Clark Avenue, P. 0. Box 811 Ames, IA 50010 Phone: 515-239-5105 Fax: 515-239-5142 Enclosed please find the proceedings from our March 24, 2009, meeting wherein the Council held the hearirig on the above -mentioned Bonds and adopted Resolution No. 09-118 approving 'Issuance of same. No objections were filed or made prior to or at the public hearing. Thank you for your assistance, Sincerely, Diane R. Voss City Clerk /dry Enclosure Anies/419370-40/2nd V2 Flrg/Sale Letum-To.. MINUTES TO HOLD HEARING ON ptesse V LOAN AGREEMENT AND SELL BONDS t)ORSEX & V IS .50RtAE t sui900419370-40 801Moro ds 509 I)es s, (General Obligation Refunding) Aires, Iowa March 24, 2009 The City Council of the City of Ames, Iowa, met on March 24, 2009, at 7:00 O'clock p.m., at the 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: Goodman, HahaVni, Popken, Rice Absent: Doll, Larson This being the time and place specified for taking action on the proposal to enter into a loan agreement, the City Clerk announced that no written objections had been placed on file. Whereupon, the Mayor called for any written or oral objections, and there being none, the Mayor closed the public hearing. This also being the time and place fixed by the Council for the consideration of bids for the purchase of the City's General Obligation Refunding Bonds, Series 2009A, 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) -I- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames/419370-40/2nd '/� Hrg/Sale I After due consideration and discussion, Council Member Goodman introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member —Rice _. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Goodman, Mahayni, Popken, Rice Nays: None Whereupon, the Mayor declared the resolution duly adopted as hereinafter set Out. -2- DORSEY & wnrrNEY LLP, ATTORNEYS, DES MOINES, IOWA An ics/4 t 9370-40/2nd '/,, I Irg/Sale RESOLUTION NO. 09-118 Taking additional action to enter into a Loan Agreement and awarding General Obligation Refunding Bonds, Series 2009A WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, has heretofore proposed to enter into a General Obligation Refunding Loan Agreement (the "Loan Agreement") pursuant to the provisions of Section 384.24A of the Code of Iowa for the purpose of paying the cost, to that extent, of refunding the remaining Outstanding balances ofthe City's General Obligation Bonds, Series 1998, Series 1999, Series 2000, Series 2001A and Series 2001B, and has published notice of the proposed action and has held a hearing thereon.; and WHEREAS, pursuant to advertisernent of sale, bids for the purchase of not to exceed $7,215,000 General Obligation Refunding Bonds, Series 2009A (the "Bonds") to be issued in evidence of the City's obligation under the Loan Agreement were received and canvassed on behalf ofthe City and the substance of such bids noted in the minutes; and WHEREAS, following tabulation of bids, the City's financial advisor has determined that the Bonds Should be issued in the amount of $6,995,000; and WHEREAS, upon final consideration of all bids, the bid of Piper Jaffray (the "Purchaser"), 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 City shall enter into the Loan Agreement with the Purchaser in Substantially the form as will be placed on file with the Council, providing for a loan to the City for the Purpose or purposes set forth in the preamble hereof. The Mayor and City Clerk are hereby authorized and directed to sign the Loan Agreement on behalf of the City, and the Loan Agreement is hereby approved. Section 2. The bid of the Purchaser referred to in the preamble is hereby accepted, and the Bonds are hereby awarded to the Purchaser at the price specified in such bid, together with accrued interest. Section 3. 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 4. The City Treasurer, as Registrar and Paying Agent for the City's General Obligation Corporate Purpose Bonds, dated June 15, 1998, the General Obligation Corporate Purpose Bonds, Series 1999, dated June 1, 1999, and the General Obligation Corporate Purpose Bonds, Series 2000, dated July 1, 2000 (together, the "Outstanding Series 1998, 1999 and 2000 Bonds"), is hereby authorized to take all action necessary to call the Outstanding Series 1998, 1999 and 2000 Bonds for redemption on April 28, 2009, and is further authorized and directed to give notice of such redemption by sending notice to each of the registered owners of the -3- DORSEY & WHITNEY LIA), ATTORNEYS, DES MOINES, IOWA Ames/419370-40/2nd V2 Hrg/Sale Outstanding Series 1998, 1999 and 2000 Bonds to be redeemed at the addresses shown on the City's registration books, not less than 30 days prior to April 28, 2009. Section 5. The City Treasurer, as Registrar and Paying Agent for the City's General Obligation Corporate Purpose Bonds, Series 2001A, dated August 1, 2001, and the General Obligation Fire Station and Refunding Bonds, Series 2001B, dated December 1, 2001 (together, the "Outstanding Series 2001A and 2001B Bonds") is hereby authorized to take all action necessary to call the Outstanding Series 2001A and 2001B Bonds for redemption on June 1, 2009, and is further authorized and directed to give notice of such redemption by sending notice to each of the registered owners of the Outstanding Series 2001A and 2001B Bonds to be redeemed at the addresses shown on the City's registration books, not less than 30 days prior to June 1, 2009. Section 6. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved March 24, 2009. Attest: City Clerk Mayor -4- DORSEY & WHITNEY LIT, ATTORNEYS, DES MOINES, IOWA Ames/419370-40/2nd 1/2 Ift/Sale Thereupon, it was moved by Council Member —Goodman and seconded by Council Member Rice that further action with respect to the issuance of the Bonds be deferred until April 14, 2009, at seven o'clock p m., at the Council Chambers in the City. The Mayor put the question on the motion and the roll being called, the following named Council Members voted: Ayes: Goodmaa,_ Mahayni ., Popken., Rice Nays: None Whereupon, the Mayor declared the motion adopted. Attest: City Clerk V Mayor -5- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames/419370-40/2nd V2 llrg/Sale STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES 1, the undersigned, City Clerk of the City of Ames, 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 those corporate records and that the transcript hereto attached is a true, correct and complete copy of all the corporate records in relation to the hearing on the Council's intention to enter into a certain Loan Agreement and the sale of General Obligation Reftinding Bonds, Series 2009A, of the City evidencing the City's obligation tinder the Loan Agreement 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 affixed this 24 day of March _,2009. City Clerk (Attach here a copy of the bid of the successful bidder.) -6- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA PARITY Bid Fom-i Page I of I Upcoming Calendar LLOverview; �t ResulI ExceJI I " I �_ Piper Jaffray - Kansas City, MO's Bid Ames $7,215,000 General Obligation Refunding Bonds, Series 2009A For the aggregate principal amount of $7,215,000.00, we will pay you $7,419,396.10, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the followina rate(s): Maturity Date Amount $ Coupon % 06/01/2010 21465M 2.5000 06/01/2011 2,085M 2,5000 06/01/2012 1,650M 3.0000 06/01/2013 1,01 5M 1 3.0000 Total Interest Cost: $454,468.89 Premium: $204,396.10 Net Interest Cost: $250,072.79 TIC: 1.498909 Time Last Bid Received On:03/24/2009 10:58:35 CDST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof, Bidder: Piper Jaffray, Kansas City , MO Contact: Joyce Chaney Title: Managing Director Telephone: 913-345-3360 Fax: Issuer Name: City of Ames Company Name: Accepted By: �1 — Accepted By: Date: � q 09 Date: 1981-2002 -Deal LL(, AH right's rise; ved -Trarjofn'aIKS littps:ll��,ww,iiewlssuel,lollle.i-de(il,coiiilP,ii-itylaspliiiaiii,,isl)'?fi,aii)c- -'content&pwYe---pai-1 tvB Id t'(wrii&custorne... 3/24/2009