HomeMy WebLinkAboutA024 - Proceedings from September 23, 2008Ames/419370-36/2nd '/, GBS/Arnend
MINUTES FOR SALE AND ISSUANCE OF
BONDS
419370-36
Ames, Iowa
September 23, 2008
The City Council of the City of Arnes, Iowa, met on. September 23, 2008, at seven O'clock
_.in., at the _C.i_ty__Hajj_.._QQ_Ungil_ in the City, pursuant to prior action of the Council and
to law, for the purpose of taking action in connection with the sale and issuance of $8,355,000 General
Obligation Corporate Purpose Bonds, Series 2008A, 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: ice
Absent: None
This being the tirne and place fixed in the published Notice of Sale for the consideration of
proposals for the purchase oi'the City's bonds, the Mayor announced that sealed bids had been received
and canvassed on behalf" of the City at the time and place specified in the Notice of Sale.
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)
Council Member _Po�ken introduced the resolution next hereinafter set out
and moved that the resolution be ,idopted; seconded by Council Mernbel . ..... .. Mahayni _. After
due consideration, the Mayor put the question oil the motion and tile roll being called, the following
named Council Members voted:
Ayes: ____Dolla.._ Q_Qo&an_, Larson Mahayni, Popken, Ric
e
Nays: None
Whereupon, the Mayor declared the resolution duly adopted, as follows:
DORSEY & WHITNEY LIT, ATTORNEYS, DES MOINES, IOWA
I
Ames/4 19370-36/2nd '/, GBS/Aniend
RESOLUTION NO. 08-420
Providing for the award of $8,355,000 General Obligation Corporate Purpose Bonds,
Series 2008A, amending Resolution No. 08-071 and providing for the issuance of such
bonds and the levy of taxes to pay the same
WHEREAS, the City Council of the City of Ames, Iowa (the "City") has heretofore determined
to issue $8,355,000 General Obligation Corporate Purpose Bonds, Series 2008A (the "Bonds'')
) to
provide funds to pay the cost, to that extent, of street and water improvements and an outdoor aquatic
center; and
WHEREAS, the City Council adopted Resolution No. 08-071 providing for the issuance of the
Bonds and the levy of taxes to pay the same (the "Bond Issuance Resolution"), which resolution also
provided that the actual rate or rates of interest and the resulting tax levy amounts necessary to pay the
principal of and interest on the Bonds should be determined at the time of the disposition and sale of the
Bonds and the Bond Issuance Resolution amended to so provide; and
WHEREAS, pursuant to Notice of Sale duly published, bids for the purchase of the Bonds were
received and considered arid, upon final canvass of all bids, the bid of Piper Jaffray & Co., Kansas City,
MO and Edward Jones, St. Louis, MO (together, the "Purchaser") is the best, such bid proposing the
lowest interest cost to the City; and
WHEREAS, it is necessary at this time to provide for the award of the Bonds to the Purchaser
and to amend the Bond Issuance Resolution to provide for the actual rates of interest at which the Bonds
are being sold and the resulting tax levy amounts necessary to be levied to pay the principal of and.
interest on the Bonds and to make certain other necessary revisions to the Bond Issuance Resolution;
NOW, TFIEREFORE, Be It Resolved by the City Council of the City of Ames, as 6ollows:
Section 1. The bid referred to in the preamble hereof is hereby accepted, and the Bonds,
maturing and bearing interest as hereinafter set out, are hereby awarded and authorized to be issued to
the Purchaser at the price specified in such bid, together with accrued interest.
Section 2. The farm of agreement of sale of the Bonds is hereby approved, and the Mayor
and City Clerk are hereby authorized and directed to accept and execute the same for and on behalf of
the City.
Section 3. Except insofar as it provides for the levy and collection of taxes in the fiscal year
beginning July 1, 2008, for the payment of the principal of and interest on the Bonds, all of the contents,
paragraphs, sections, clauses and provisions of the Bond Issuance Resolution are hereby deleted in their
entirety and the terms of this resolution substituted in lieu thereof.
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DORSEY & NAVITNEY.LLP, ATTORNEYS, DES MINES, IOWA
Ames/4 19370 36/2nd '/,. CABS/Amend
Section 4. The Bonds shall be in the denomination of $5,000 each, or any integral multiple
thereof, shall be dated October 15, 2008, shall become due and payable on June I in each of the
respective years and in the principal amounts and shall bear interest at the respective rates as follows:
Principal
Interest Rate
Principal
Interest Rate
Year
Amount
Per Annurn
Year
Amount
Per Annum
2009
$375,000
3.75%
2015
$710,000
3.85%
2010
$610,000
3.75%
2016
$745,000
3.85%
2011
$625,000
3.75%
2017
$775,000
4.00%
2012
$645,000
3.75%
2018
$800,000
4.00%
2013
$665,000
3.75%
2019
$840,000
4.10%
2014
$690,000
3.75%
2020
$875,000
4.15%
The City Treasurer is hereby designated as the Bond Registrar and Paying Agent for the Bonds
and may be hereinafter referred to as the "Bond Registrar" or the "Paying Agent."
The City reserves the right to call and redeem part or all of the Bonds maturing in each of the
years 2017 to 2020, inclusive, prior to and in any order of maturity on June 16, 2016, or on any date
thereafter on terms of par and accrued interest. If less than all of the Bonds of any like maturity are to
be redeemed, the particular part of the Bonds to be redeemed shall be selected by the Bond Registrar by
lot. The Bonds may be called in part in one or more units of $5,000. If less than the entire principal
amount of any Bond in a denomination of more than $5,000 is to be redeemed, the Bond Registrar will
issue and deliver to the registered owner thereof, upon surrender of such original Bond, a new Bond or
Bonds in any authorized denomination in a total aggregate principal amount equal to the unredeemed
balance of the original Bond, Notice of such redemption identifying the Bond or Bonds (or portion
thereof) to be redeemed shall be given not less than 30 days prior to the date upon which it is proposed
to prepay the Bonds or any of them by sending a notice by electronic means or certified mail to the
registered owners thereof at the addresses shown on the City's registration books. All of the Bonds as to
which the City reserves and exercises the right of redemption and as to which notice as aforesaid shall
have been given and for the redemption of which funds are duly provided shall cease to bear interest on
the redemption date,
The City hereby pledges the faith, credit, revenues and resources and all of the real and personal
property of the City for the full and prompt payment of the principal of and interest on the Bonds.
All of the interest on the Bonds shall be payable semiannually oil the first day of June and
December in each year, commencing June 1, 2009. Interest shall be calculated on the basis of a 360-day
year comprised of twelve 30-day months. Payment of interest on the Bonds shall be made to the
registered owners appearing on the bond registration books of the City at the close of business on the
fifteenth day of the month next preceding the interest payment date and shall be paid by check or draft
mailed to the registered owners at the addresses shown on such registration books. Principal of the
Bonds shall be payable in lawful money of the United States of America to the registered owners or their
legal representatives upon presentation and surrender of the Bond or Bonds at the office of the Paying
Agent.
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DORSEY & WHITNEY LIT, ATTORNEYS, DES MOINES, IOWA
Ames/419370-36/2nd '/, GBS/Amend
The Bonds shall be executed on behalf of the City with the official manual or facsimile signature
of the Mayor and attested with the official manual or facsimile signature of the City Clerk and shall have
the City's seal impressed or printed thereon, and shall be fully registered bonds without interest
coupons. In case any officer whose signature or the facsimile of whose signature appears on the Bonds
shall cease to be such officer before the delivery of the Bonds, such signature or such facsimile signature
shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in
office until delivery,
The Bonds shall be fully registered as to principal and interest in the names ofthe owners on the
registration books of the City kept by the Bond Registrar and after such registration, payment of the
principal and interest thereof shall be made only to the registered owners, their legal representatives or
assigns. Each Bond shall be transferable only upon the registration books of the City upon presentation
to the Bond Registrar, together with either a written instrument of transfer satisfactory to the Bond
Registrar or the assignment form thereon completed and duly executed by the registered owner or the
duly authorized attorney for such registered owner.
The record and identity of the owners of the Bonds shall be kept confidential as provided by
Section 22.7 of the Code of Iowa.
The Bonds shall not be valid or become obligatory for any purpose until the Certificate of
Authentication thereon shall have been signed by the Bond Registrar.
Notwithstanding anything above to the contrary, the Bonds shall be issued initially as Depository
Bonds, with one fully registered Bond for each maturity date, in principal amounts equal to the amount
of principal maturing on each such date, and registered in the name of Cede & Co., as nominee For The
Depository Trust Company, New York, New York ("DTC"). On original issue, the Bonds shall be
deposited with DTC for the purpose of maintaining a book -entry system for recording the ownership
interests of its participants and the cc:~'rlt
hgiprtants (tile "Participants").
Inthe eventthat DTCdeteri-nines not tonue to act as securities depository for the Bonds or the City
determines not to continue the book -entry system for recording ownership interests in the Bonds with
DTC, the City will discontinue the book -entry system with DTC. If the City does not select another
qualified securities depository to replace DTC (or a successor depository) in order to continue a
book -entry system, the City will register and deliver replacement bonds in the form of fully registered
certificates, in authorized denominations of $5,000 or integral multiples of $5,000, in accordance with
instructions from Cede & Co., as nominee for DTC. In the event that the City identifies a qualified
securities depository to replace DTC, the City will register and deliver replacement bonds, fully
registered in the name of such depository, or its nominee, in the denominations as set forth above, as
reduced from time to tune prior to maturity in connection with redemptions or retirements by call or
payment, and in such event, such depository will then maintain the book -entry system for recording
ownership interests in the Bonds.
Ownership interests in the Bonds may be purchased by or through Participants. Such
Participants and the persons for whom they acquire interests in the Bonds as nominees will not receive
certificated Bonds, but each such Participant will receive a credit balance in the records of DTC in the
amount: of such Participant's interest ID the Bonds, which will be confirmed in accordance with DT( I 's
standard procedures, Each such person for which a Participant has an interest in the Bonds, as nominee,
may desire to make arrangements with such Participant to have all notices of redemption or other
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IONVA
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communications of the City to DTC, which may affect such person, forwarded in writing by such
Participant and to have notification made of all interest payments.
The City will have no responsibility or obligation to such Participants or the persons for whorn
they act as nominees with respect to payment to or providing of notice for such Participants or the
persons for whom they act as nominees.
As used herein, the term "Beneficial Owner" shall hereinafter be deemed to include the person
for whom the Participant acquires an interest in the Bonds.
DTC will receive payments from the City, to be remitted by DTC to the Participants for
subsequent disbursement to the Beneficial Owners. The ownership interest of each Beneficial Owner in
the Bonds will be recorded on the records of the Participants whose ownership interest will be recorded
on a computerized book -entry system kept by DTC.
When reference is made to any action which is required or permitted to be taken by the
Beneficial Owners, such reference shall only relate to those permitted to act (by statute, regulation or
otherwise) on behalf of such Beneficial Owners for such purposes. When notices are given, they shall
be sent by the City to DTC, and DTC shall forward (or cause to be forwarded) the notices to the
Participants so that the Participants can forward the same to the Beneficial Owners.
Beneficial Owners will receive written confirmations of their purchases from the Participants
acting on behalf of the Beneficial Owners detailing the terms of the Bonds acquired. Transfers of
ownership interests in the Bonds will be accomplished by book entries made by DTC and the
Participants who act on behalf of the Beneficial Owners. Beneficial Owners will not receive certificates
representing their ownership interest in the Bonds, except as specifically provided herein. Interest and
principal will be paid when due by the City to DTC, then paid by DTC to the Participants and thereafter
paid by the Participants to the Beneficial Owners.
Section S. The form of Bonds shall be substantially as follows:
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MINES, IOWA
Ames/4 19370-36/2nd '12 GDS�Ajuend
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF IOWA COUNTY OF STORY
CITY OF AMES
GENERAL OBLIGATION CORPORATE PURPOSE BOND, SERIES 2008A
No. $
RATE MATURITY DATE BOND DATE CUSIP
% June 1 October 15, 2008
The City of Ames, in the County of Story, State of Iowa, for value received, promises to pay on
the maturity date of this Bond to
Cede & Co.
or registered assigns, the principal sum of
THOUSAND DOLLARS
in lawful money of the United States of America upon presentation and surrender of this Bond at the
office of the City Treasurer, Ames, Iowa (hereinafter referred to as the "Bond Registrar" or the "Paying
Agent"), with interest on said sum, until paid, at the rate per annum specified above from the date of this
Bond, or from the most recent interest payment date on which interest has been paid, on June I and
December I of each year, commencing June 1, 2009, except as the provisions hereinafter set forth with
respect to redemption prior to maturity may be or become applicable hereto. Interest on this Bond is
payable to the registered owner appearing on the bond registration books of the City at the close of
business on the fifteenth day of the month next preceding the interest payment date, and shall be paid by
check or draft mailed to the registered owner at the address shown on such registration books. Interest
shall be calculated on the basis of a 360-day year comprised of twelve 30-day months.
This Bond shall not be valid ot- become obligatory for any purpose until the Certificate of
Authentication hereon shall have been signed by the Bond Registrar.
This Bond is one of a duly authorized series of bonds (the "Bonds") issued by the City, pursuant
to and in strict compliance with the provisions of Chapter 76 and Division III of Chapter 384 of the
Code of Iowa, 2007, and all laws amendatory thereof and supplementary thereto, and in conformity with
a resolution of the City Council duly passed, approved and recorded for the purpose of defraying the
cost of street and water improvements, and acquiring, designing, constructing and equipping an outdoor
aquatic center (the "Resolution").
The City reserves the right to call and redeem part or all of the Bonds maturing in each of the
years 2017 to 2020, inclusive, prior to and in any order of maturity on June 16, 2016, or on any date
thereafter on terms of par and accrued interest. If less than all of the Bonds of any like maturity are to
be redeemed, the particular part of the Bonds to be redeemed shall be selected by the Bond Registrar by
lot. The Bonds may be called in part in one or more units of$5,0()(). If less than the entire principal
amount of any Bond in a denomination of more than $5,000 is to be redeemed, the Bond Registrar will
issue and deliver to the registered owner thereof, upon surrender of such original Bond, a new Bond or.
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
A ni(�5A 19370-36/2nd 1/, GBS/Amend
Bonds in any authorized denomination in a total aggregate principal amount equal to the unredeemed
balance of the original Bond. Notice of such redemption identifying the Bond or Bonds (or portion
thereof) to be redeemed shall be given not less than 30 days prior to the date upon which it is proposed
to prepay the Bonds or any of them by sending a notice by electronic means or certified mail to the
registered owners thereof at the addresses shown on the City's registration books. All of the Bonds as to
which the City reserves and exercises the right of redemption and as to which notice as aforesaid shall
have been given and for the redemption of which funds are duly provided shall cease to bear interest on
the redemption date.
This Bond is fully negotiable but shall be fully registered as to both principal and interest in the
name of the owner on the books of the City in the office of the Bond Registrar, after which no transfer
shall be valid unless made on said books and then only upon presentation of this Bond to the Bond
Registrar, together with either a written instrument of transfer satisfactory to the Bond Registrar or the
assignment form hereon completed and duly executed by the registered owner or the duly authorized
attorney for such registered owner.
The City, the Bond Registrar and the Paying Agent may deem and treat the registered owner
hereof as the absolute owner for the purpose of receiving payment of or on account of principal hereof.,
premium, if any, and interest due hereon and for all other purposes, and the City, the Bond Registrar and
the Paying Agent shall not be affected by any notice to the contrary.
And It Is Hereby Certified and Recited that all acts, conditions and things required by the laws
and Constitution of the State of Iowa, to exist, to be had, to be done or to be performed precedent to and
in the issue of this Bond were and have been properly existent, had, done and performed in regular and
due form and time; that provision has been made for the levy of a sufficient continuing annual tax on all
the taxable property within the City for the payment of the principal of and interest on this Bond as the
same will respectively become due; that the faith, credit, revenues and resources and all the real. and
personal property of the City are irrevocably pledged for the prompt payment hereof, both principal and
interest; and that the total indebtedness of the City, including this Bond, does not exceed any
constitutional or statutory limitations.
IN TESTIMONY WHEREOF, the City of Ames, Iowa, by its City Council, has caused this
Bond to be sealed with the facsimile of its official seal, to be executed with the duly authorized facsimile
signature of its Mayor and attested with the duly authorized facsimile signature of its City Clerk, on
October 15, 2008.
CITY OF AMES, IOWA
By (DO NOT SIGN)
Mayor
Attest:
(DO NOT SIGN)___
City Clerk
(Seal)
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Ames/4 I 9370-36/2nd 1/2 GBS/Aniend
Registration Date: (Closin Date)
BOND REGISTRAR'S CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds described in the within -mentioned Resolution.
(DO NOT SIGN)
City Treasurer, Ames, Iowa
ABBREVIATIONS
The following abbreviations, when used in this Bond, shall be construed as though they were
written out in full according to applicable laws or regulations:
TEN COM - as tenants in common UTMA
TEN ENT - as tenants by the entireties (Cost)
As Custodian for
TEN - as joint tenants with (Minor)
right of survivorship and under Uniform Transfers to Minors Act
not as tenants in common
(State)
Additional abbreviations may also be used thougli not in the list above.
ASSIGNMENT
For valuable consideration, receipt of which is hereby acknowledged, the undersigned assigns
this Bond to
(Please Print or Type Name and Address of Assignee)
PLEASE INSERT SOCIAL SECURITY OR OTHER.
IDENTIFYING NUMBER OF ASSIGNEE
and does hereby irrevocably appoint attorney, to transfer this Bond on the
books kept for registration thereof with full power of substitution.
Dated:
Signature guaranteed:
NOTICE: T'he signature to this Assigni-rient 111USt correspond
with the name of the registered owner as it appears on this
Bond in every particular, without alteration or enlargement or
any change whatever.
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DORSEY & NVIRTNEY LLP, ATTORNEYS, DES MOINES, IOWA
Ames/419370-36/2nd '/2 GBS/Amend
Section 6, The Bonds shall be executed as herein provided as soon after the adoption of this
resolution as may be possible and thereupon they shall be delivered to the Bond Registrar for
registration, authentication and delivery to or upon the direction of the purchaser, as determined by the
Council, upon receipt of the purchase price thereof with accrued interest thereon, and all action
heretofore taken in connection with the sale and award of the Bonds is hereby ratified and confirmed in
all respects.
Section 7. As required by Chapter 76 of the Code of Iowa, and for the purpose of providing
for the levy and collection of a direct annual tax sufficient to pay the interest on the Bonds as it falls due,
and also to pay and discharge the principal thereof at maturity, there be and there is hereby ordered
levied on all the taxable property in the City in each of the years while the Bonds or any of them are
outstanding, a tax sufficient for that purpose, and in furtherance of this provision, but not in limitation
thereof, there be and there is hereby levied on all the taxable property in the City the following direct
annual tax for collection in each of the following fiscal years:
For collection in the fiscal year beginning July 1, 2009, sufficient to
produce the net annual sum of $921,083;
For collection in the fiscal year beginning July 1, 201.0, sufficient to
produce the net annual sum of $913,208;
For collection in the fiscal year beginning July 1, 2011, sufficient to
produce the net annual sum of $909,770;
For collection in the fiscal year beginning July 1, 2012, sufficient to
produce the net annual sum of $905,583;
For collection in the fiscal year beginning July 1, 2013, sufficient to
produce the net annual sum of $905,645;
For collection in the fiscal year beginning July 1, 2014, sufficient to
produce the net annual sum of $899,770;
For collection in the fiscal year beginning July 1, 2015, sufficient to
produce the net annual sum of $907,435;
For collection in the fiscal year beginning July 1, 2016, sufficient to
produce the net annual sum of $908,753;
For collection in the fiscal year beginning July 1, 2017, sufficient to
produce the net annual sum of $902,753;
For collection in the fiscal year beginning July 1, 2018, sufficient to
produce the net ajll)Ljal sure of $910,753;
For collection in the fiscal year beginning July 1, 2019, sulficientt to
produce the net annual sum of $911,313;
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DORSEY & WHITNFY LLP, ATTORNEYS, DES MOINES, IOWA
Aines/4 19370-36/2nd V, GBS/Amend
Section 8. A certified copy of this resolution shall be filed with the County Auditor of Story
County, and said Auditor is hereby instructed to enter for collection and assess the tax hereby
authorized. When annually entering such taxes for collection, the County Auditor shall include the same
as a part of the tax levy for Debt Service Fund purposes of the City and when collected, the proceeds of
the taxes shall be converted into the Debt Service Fund of the City and set aside therein as a special
account to be used solely and only for the payment of the principal of and interest on the Bonds hereby
authorized and for no other purpose whatsoever. Any amount received by the City as accrued interest
on the Bonds shall be deposited into such special account and used to pay interest due on the Bonds on
the first payment date.
Section 9. The interest or principal and both of them falling due in any year or years shall, if
necessary, be paid promptly from current funds on hand in advance of taxes levied and when the taxes
shall have been collected, reimbursement shall be made to such current funds in the sum thus advanced.
Section 10. It is the intention of the City that interest on the Bonds be and remain excluded
from gross income for federal income tax purposes pursuant to the appropriate provisions of the Internal
Revenue Code of 1986, as amended, and the Treasury Regulations in effect with respect thereto (all of
the foregoing herein referred to as the "Internal Revenue Code"). In furtherance thereof the City
covenants to comply with the provisions of the Internal Revenue Code as they may from time to time be
in effect or amended and further covenants to comply with applicable future laws, regulations, published
rulings and court decisions as may be necessary to insure that the interest on the Bonds will remain
excluded from gross income for federal income tax purposes. 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
covenants herein contained.
The City hereby designates the Bonds as "Qualified 'Fax Exempt Obligations" as that term is
used in Section 265(b)(3)(B) of the Internal Revenue Code.
Section 11. Continuing Disclosure. The Securities and Exchange Commission (the "SEC")
has promulgated certain amendments to Rule l5c2-12 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.
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Ames/419370-36/2nd 1/� GBS/Amend
Section 12. All resolutions or parts thereof in conflict herewith are hereby repealed to the
extent of such conflict.
Passed and approved September 23, 2008.
Attest:
City Clerk
— As4,V j/.
Mayor
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Amcs/419370-36/2nd '/" GBS/Amend
On motion and vote, the meeting adjourned.
Mayor
Attest:
���'1 -1 ALd4---,
City Clerk
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DORSEY & WHITNEY LIT, ATTORNEYS, DES MOINES, IOWA
Ames/419370-36/2nd '/,. GBS/Amend
STATE OF IOWA
COUNTY OF STORY SS:
CITY OFAMES
1, the undersigned, City Clerk of the City of Agnes, 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 corporate records
and that the transcript hereto attached is a true, correct and complete copy off all the corporate records in
relation to the sale, issuance and disposition of $8,355,000 General Obligation Corporate Purpose
Bonds, Series 2008A, of the City referred to therein and that the transcript hereto attached contains a
true, correct and complete statement of all the ri-ieasures adopted and proceedings, acts and things had,
done and performed up to the present time in relation to the sale, issuance and disposition of these
bonds.
I further certify that no petition of protest or objections of any kind have been filed or made
objecting to the issuance of the Bonds or to the levy of taxes to pay the principal thereof and interest
thereon nor has any appeal been taken to the District Court from the decision of the City Council to
issue the Bonds.
WITNESS MY HAND this 23 day of 2008.
City Clerk
(Attach hereto a copy of the successful bid.)
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IONVA
TABULATION OF BIDS
City of Ames, Iowa
$8,355,000 General Obligation Corporate Purpose Bonds, Series 2008A
AWARD:
PIPER JAFFRAY & CO.
EDWARD JONES
RATING: Moody's Investors Service 'Aaa'
SALE, DATE: Tuesday, September 23, 2008
COUPON NET INTEREST COST
NAME OF BIDDER RATE YEAR & TRUE INTEREST RATE PRICE
PIPER JAFFRAY & CO. 3.7 5 0/o 2009-2014 $2,139,003.41 $8,436,177.90
Kansas City, Missouri 3.85% 2015-2016
EDWARD JONES 4.00% 2017-2018 3.7829%
St. Louis, Missouri 4.10% 2019
4.15% 2020
STIFEL, NICOLAUS & CO., INC. 3.750/c 2009-2014 $2,165,736.06 $8,389,669.70
Minneapolis, Minnesota 3.875% 2015-2017
4.00% 2018-2019 3.8462%
4.10% 2020
BMO CAPITAL MARKETS, INC. 3.375% 2009-2011 $2,195,386.59 $8,390,526.85
Chicago, Illinois 3.50% 2012
3.625% 2013 3.8858%
3.75% 2014-2018
4.00% 2019
5.00% 2020
FTN FINANCIAL CAPITAL MARKETS 3,75% 2009-2016 $2,219,488.22 $8,355,000.00
Memphis, Tennessee 3.85% 2017
4.00% 2018 3.9492%
4.15% 2019
4.30% 2020
A
=PFM
SEE== Terrace Place, Suite 214 515 243-2600
The PFM Group 2600 Grand Avenue 515 243-6994 fax
Public Financial Management, Inc. Des Moines, IA 50312 vvwwpfffl�com
PFM Asset Management LLC
PFM Advisors
$8,355,000 General Obligation Corporate Purpose Bonds, Series 2008A
City of Ames, Iowa
Tuesday, September 23, 2008
Page 2
COUPON NET INTEREST COST
NAME OF BIDDER RATE YEAR & TRUE INTEREST RATE PRICE
HUTCHINSON, SHOCKEY, ERLEY & CO.
Chicago, Illinois
MORGAN KEEGAN & CO., INC.
Memphis, Tennessee
NORTHLAND SECURITIES, INC.
Minneapolis, Minnesota
BERNARDI SECURITIES, INC.
Minneapolis, Minnesota
RUAN SECURITIES CORPORATION
Des Moines, Iowa
3.50%
3.75%
4.00%
4.25%
4.40%
4.50%
3.50%
3.75%
4.00%
4.10%
4.20%
4.30%
4.40%
3.75%
4.00%
4,10%
4.20%
4.30%
4.40%
4.50%
2009-2013
2014
2015-2017
2018
2019
2020
2009-2011
2012
2013-2016
2017
2018
2019
2020
2009-2014
2015
2016
2017
2018
2019
2020
$2,321,529.38
4.1317%
$2,343,84653
4.1799%
$2,394,618.42
4.2757%
$8,330,161.90
$8,322,523.60
$8,300,700.00