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Home My WebLink AboutA016 - Letter to Dorsey & Whitney dated August 27, 2008 - Organization Certificate and transcript of August 26Caring People 'q Quality Programs Exceptional Service August 27, 2008 Dorsey & Whitney LLP 801 Grand, Suite 3900 Des Moines, Iowa 50309 Attention Robert E. Josten 515 Clark Avenue, P. 0. Box 811 Ames, 1A 50010 Phone: 515-239-5105 Fax: 515-239-5142 RE: Ames, Iowa $8,355,000 General Obligation Corporate Purpose Bonds, Series 2008A Your File No. 419370-36 Dear Mr. Josten: Enclosed please find an Organization Certificate and a fully executed transcript of the proceedings of our August 26, 2008, meeting wherein the Council set September 23, 2008, as the date of hearing for issuance of the above -captioned Bonds. If you have any questions, please call. Thank you for your assistance, Sincerely, Diane R. Voss City Clerk /dry Enclosures Ames/419370-36/1" '/� GBS Please Return To: DORSEY & WHITNF-Y MINUTES TO SET DATE FOR SALE AND ISSUANCE OF BONDS 419370-36 Ames, Iowa August 26, 2008 The Council of the City of Ames, Iowa, met on August 26, 2008, at seven o'clock p m., at the in the City. The Mayor presided and the roll was called showing the following Council Members present and absent: Present: Doll, Goodman, Larson, Mahayni, Popken, Rict, Absent: None Council Member introduced the resolution hereinafter next set out and moved its adoption, seconded by Council Member ;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: Doll, Goodman, Larson, Mahayni, Popken, Rice Nays: None Whereupon, the Mayor declared the said resolution duly adopted, as hereinafter set Out. At the conclusion of the meeting, and upon motion and vote, the Council adjourned. Attest: City Clerk Mayor - I - DORSFs'Y & WFIFFNEN IAT, ATTORNEYS, DFS MOINES, IOWA Ames/419370-36/1" 1/� GBS RESOLUTION NO. 08-368 Resolution fixing the time and place for receiving and canvassing bids and considering and passing a resolution for the award of $8,355,000 General Obligation Corporate Purpose Bonds, Series 2008A, and providing for the advertisement of such sale WHEREAS, the City of Ames, Iowa (the "City"), proposes to issue $8,355,000 General Obligation Corporate Purpose Bonds, Series 2008A (the "Bonds"), pursuant to the provisions of Division III of Chapter 384 of the Code of Iowa for the purpose of paying the cost, to that extent, of street and water irnprovernents, and acquiring, designing, constructing, and equipping an outdoor aquatic center; and WHEREAS, the City desires to offer the Bonds for public sale and to provide for the advertisement of such sale; NOW, THEREFORE, It Is Resolved by the Council of the City of Airies, Iowa, as follows: Section 1. Sealed bids for the purchase of the Bonds shall be received and canvassed on behalf of the City at 11:00 o'clock a.m. on the 23 d day of September, 2008, at the City Hall, in the City, and the City Council shall meet on the same date at 7:00 o'clock p.m., at the 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 Bonds. Pursuant to Section 75.14 of the Code of Iowa, this City Council hereby authorizes the use of electronic bidding procedures for the sale of the Bonds through PARITY`"`', and hereby finds and determines that the PARJTY°) 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 2. 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: -2- DORSEY & WHITNEY UP, ATTORNEYS, DES MOMES, IOWA Anies/419370-36/1" Vz GBS NOTICE OF SALE City of Ames, Iowa $8,355,000 General Obligation Corporate Purpose Bonds, Series 2008A Bids will be received oil behalf of the City of Ames, Iowa, until 11:00 o'clock a.m. on September 23, 2008, for the purchase of $8,355,000 General Obligatiou Corporate Purpose Bonds, Series 2008A, 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 City Hall, 515 Clark Avenue, Arnes, Iowa. Electronic Internet Bidding: Electronic internet bids will be received at City Hall , Allies, Iowa, and must be submitted through PARITY'"`. Electronic Facsimile Bidding: Electronic facsimile bids will be received at 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 23, 2008, at the City Hall, Arries, 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 15, 2008, will bear interest payable semiannually oil each June I and December I to maturity, commencing June 1, 2009, and will mature on June I in the following years and amounts: Principal Principal Year Amount Year Amount 2009 $375,000 2015 $710,000 2010 $610,000 2016 $745,000 2011 $625,000 2017 $775,000 2012 $645,000 2018 $800,000 2013 $665,000 2019 $840,000 2014 $690,000 2020 $875,000 - 3 - DORSEY & WIIHNEY LLP, Al'TORNEYS, DES M()INES, IOWA Ames/419370-36/1" 1/2 GBS The right is reserved to the City to call and redeem all of the Bonds maturing in the years 2017 to 2020, inclusive, in whole or in part, in one or more units of $5,000, on June 1, 2016, 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 $8,300,700, 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 $83,550 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. 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 inforination 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 ofthe latter shall control. .By order of the City Council of Ames, Iowa. Diane R. Voss C I ty Clerk -4- DORSEY & WI-11'1'Nl.-,Y LLP, ATTORNEYS, DES MOINES, IOWA Ames/419370-36/1" '/� GB Section 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved August 26, 2008. Attest: City Clerk 44ayor -5 - DORSEY & WHITNEY LIT, ATTORNEYS, DES MOINES, IOWA Ames/419370-36/1" '/� GBS STATE OF IOWA STORY COUNTY SS: CITY OF AMES 1, the undersigned City Clerk of the City of Ames, do hereby certify that the City is organized and operating under the provisions of Title IX of the Code of Iowa and not under any special charter and that such City is operating under the Mayor -Council form of government and that there is not pending or threatened any question or litigation whatsoever touching the incorporation of the City, the inclusion of any territory within its Iii-nits or the incumbency in. office of any of the officials liereinaller named. And I do further certify that the following named parties are officials of the City as indicated: .Ann H. Campbell Mayor Steven L. Schainker Manager Duane Pitcher Finance Officer Diane R. Voss Clerk Roger Wisecup Treasurer Riad Mahavni I Council Member/Mayor Pro Tern _Ryan Doll Council Member Matthew Goodman I Council Member Jarni Larson I Council Member Jim Popken , Council Member Rice I Council Member And I do further certify that the City has provided for the office of Treasurer, and the City Council has selected the Treasurer. WITNESS MY HAND and the sea] of the City hereto affixed this 26 day of August ,2008. (Seal) City Clerk -6- DORSEY & WHITNEY LLP, ATTORNEYS, DES M(ANES, IOWA Ames/419370-36/1" V2 GBS STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES 1, the undersigned, City Clerk of the City of Ames, 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 initiation of the sale and issuance of $8,355,000 General Obligation Corporate Purpose Bonds, Series 2008A. WITNESS MY HAND this 26 day of Aupu s t ---,2008. City Clerk - 8 - DORSEY & WHITNEY LIT, ATTORNEYS, DES MOINES, IOWA