HomeMy WebLinkAboutA020 - Letter to Dorsey & Whitney dated August 26, 2009Caring People '4
Quality A-Og—
&ptional&ce
August 26, 2009
Dorsey & Whitney 1-1-P
801 Grand, Suite 3900
Des Moines, Iowa 50309
Attention. Robert E. Josten
515 Clark Avenue, P. 0. Box 811
Ames, IA 50010
Phone: 51.5-239-5105
Fax: 515-239-5142
RE: Ames, Iowa
$11,165,000 General Obligation Corporate Purpose Bonds, Series 2009A
Your File No. 419370-38
Dear Mr. Josten:
Enclosed please find an Organization Certificate and a fully executed transcript of the proceedings
of our August 25, 2009, meeting wherein the Council set September 22, 2009, 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,
�)T , va-d&
Diane R. Voss
City Clerk
/dry
Enclosures
Ames/419370-38/1" V, GBS
Ptease Return To: MINUTES TO SET DATE FOR SALE OF
DORSEY & WHITNEY BONDS (419370-38)
ATTORNEYS AT LAW
801 Grand, Suite 3900 Ames, Iowa
Des Moines, Iowa 50309
August 25, 2009
The Council of the City of Ames, Iowa, met on August 25, 2009, at seven o'clock
p in., at the _.City Council Chambers , 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, Rice
Absent: None
The Council investigated and found that a notice of intention to institute proceedings for
the issuance of $170,000 General Obligation Corporate Purpose Bonds (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 and that no petition had
been filed asking that the question of issuing the Bonds be submitted to the registered voters of
the City; the Mayor called for any oral or written objections from any resident or property owner
of the City, and there were none.
Council Member_ Doll introduced the resolution hereinafter next set
out and moved its adoption, seconded by Council Member Goodman ; and after
due consideration thereof by the Council, the Mayor put the questionuponthe adoption of said
resolution, and the roll being called, the following named Council Members voted:
Ayes: Doll, Goodman, Larson, Mahayni, Po ken 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 -
DORSEY & WHITNEY LIT, ATTORNEYS, DES MOINES, IOWA
t
Aines/419370-38/1" 1/� GBS
RESOLUTION NO. —02--417
Resolution fixing the time and place for receiving and canvassing bids and
considering and passing a resolution for the award of $11,165,000 General
Obligation Corporate Purpose Bonds, Series 2009B, and providing for the
advertisement of such sale
WHEREAS, pursuant to notices of the proposed action of the City Council of the City of
Ames, Iowa (the "City") to institute proceedings for the issuance of a total of not to exceed
$11,870,000 General Obligation Corporate Purpose Bonds (the "Bonds") for the purpose of
paying the cost, to that extent, of construction of improvements to streets, storm sewers, sanitary
sewers, municipal waterworks system and municipal electric system, heretofore given in strict
compliance with the provisions of Chapter 384 of the Code of Iowa and hearings held thereon,
the Council may now take additional action to sell and issue the Bonds; and
WHEREAS, the City desires to offer the Bonds in the amount of $11,165,000 for public
sale and to provide for the advertisement of such sale;
NOW, THEREFORE, It Is Resolved by the Council of the City of Ames, 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 22d day of September, 2009, at the City Hall,
and the City Council shall meet on the same date at 7:00 o'clock p.m., at the City Hall, for the
purpose of considering such bids received and considering and passing a resolution providing for
the sale 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 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 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 LLP, ATTORNEYS, DES MOINES, IOWA
Ames/419370-38/1" 1/, ODS
NOTICE OF SALE
City of Ames, Iowa
$11,165,000 General Obligation Corporate Purpose Bonds, Series 2009B
Bids will be received on behalf of the City of Ames, Iowa, until 11:00 o'clock a.m. on
September 22, 2009, for the purchase of $11,165,000 General Obligation Corporate Purpose
Bonds, Series 2009B, 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, Ames,
Iowa.
Electronic Internet Bidding: Electronic internet bids will be received at City Hall, Ames,
Iowa, and must be submitted through PARITYO.
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 22, 2009, at the 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 29, 2009, will bear interest payable semiannually
on each June I and December I to maturity, commencing June 1, 2010, and will mature on
June I in the following years and amounts:
Principal
Principal
Year
Amount
Year
Amount
2010
$500,000
2016
$955,000
2011
$860,000
2017
$980,000
2012
$870,000
2018
$1,015,000
2013
$885,000
2019
$1,050,000
2014
$905,000
2020
$1,090,000
2015
$925,000
2021
$1,130,000
- 3 -
DORSEY &- WHITNEY LLP,ATTORNEYS, DES MOINES, IOWA
Anies/419370-38/1 " /,, cil-iS
The right is reserved to the City to call and redeem all of the Bonds maturing in the years
2018 to 2021, inclusive, in whole or in part, in one or more units of $5,000, on June 1, 2017, 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 $11,086,845, 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 $111,650 is required from the successful bidder 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, an underwriter 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-
DORSFY & WHITNEY 11-P, ATTORNEYS, DES MOINES, IOWA
Ames/4 11)370-38/1 " '/� GHS
Section 3. All resolutions or parts of resolutions in conflict herewith are hereby
repealed to the extent of such conflict.
Passed and approved August 25, 2009.
Mayor
Attest:
—%R 7��
City Clerk
- 5 -
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOMES, 10WA
Aines/419370-38/1" % 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 wider 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 limits or the incumbency in
office of any of the officials hereinafter 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 I Finance Officer
-Diane R. Voss Clerk
......Roger Wisecup Treasurer
—Riad Mahayni , Council Member/Mayor Pro Tem,
an Doll
Jami Larson
Council Member
Council Member
MatLhew_GDoilman_ _, Council Member
Jim Popken . Council Member
Dan Rice 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 seal of the City hereto affixed this 25__ day of'
-Augus-t-1 2009
City Clerk
(Seal)
-6-
DORSEY & WHITNEY LLP, ATTORNEYS, DE'S MOINES, IOWA