HomeMy WebLinkAboutA028 - Letter to Dorsey & Whitney dated September 23, 2009 - proceedings from September 22 meetingCaring People 14
Quality Program
Exceptional Service
September 23, 2009
Dorsey & Whitney LLP
801 Grand, Suite 3900
Des Moines, Iowa 50309
Attention Robert E. Josten
515 Clark Avenue, P. 0. Box 811
Ames, IA 50010
Phone: 515-239-5105
Fax: 515-239-5142
RE,': Ames, Iowa
$11,165,000 General Obligation Corporate Purpose Bonds, Series 2009B
Your File No. 419370-3 8
Dear Bob:
Enclosed please find the proceedings from our September 22, 2009, meeting wherein the Council
adopted Resolution No. 09-467 awarding the sale of the above -referenced Bonds.
Thank you for your assistance.
Sincerely,
Diane R. Voss
City Clerk
/dry
Enclosure
Ames 419370-38/2nd/2 Sale & Award
Please Return To: 419370-38
DORSEY & WHITNEY
ATTORNEYS AT LAW
801 Grand, Suite 3900 Ames, Iowa
Des Moines, Iowa 50309
September 22, 2009
The City Council of the City of Ames, Iowa, met on September 22, 2009, at seven
o'clock pin., at the Council Chambers , in the City.
The meeting was called to order by the Mayor, and the roll was called showing the
following Council Members present and absent:
Present: Doll, Goodman, Larson, Mahayni, Popken, Rice
Absent: None
This being the time and place fixed by the Council for the consideration of bids for the
purchase of the City's $11,165,000 General Obligation Corporate Purpose Bonds, Series 2009B,
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)
(ATTACH BID TABULATION)
After due consideration and discussion, Council Member Mahayni
introduced the resolution next hereinafter set out and moved its adoption, seconded by Council
Member ... Goodman -. The Mayor put the question upon the adoption of the
resolution, and the roll being called, the following Council Members voted:
Ayes: -, Doll, Goodman, Larson, Mahayni, Popken, Rice
Nays: None
Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out.
-I-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Ames 419370-38/2nd '/�, Sale & Award
RESOLUTION NO. 09-467
Awarding $11,165,000 General Obligation Corporate Purpose Bonds, Series 2009B
WHEREAS, pursuant to the provisions of Chapters 76 and 384 of the Code of Iowa, the
City of Ames (the "City"), in the County of Story, State of Iowa has heretofore proposed to issue
$11,165,000 General Obligation Corporate Purpose Bonds, Series 2009B (the ".Bonds") for the
purposes of paying the cost, to that extent, of improvements to streets, storm sewers, sanitary
sewers, municipal waterworks system and municipal electric system, and has published notice of
the proposed action and has held a hearing thereon; and
WHEREAS, pursuant to advertisement of sale, bids for the purchase of the Bonds were
received and canvassed on behalf of the City and the substance of such bids noted in the minutes;
and
WHEREAS, upon final consideration of all bids, the bid of Robert W. Baird & Co,-,— Inc.
(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:
I
Section 1, 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 2. 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 3. All resolutions or parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
Passed and approved September 22, 2009.
Attest:
' City y Clerk
Mayor
-2-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Ames 419370-38/2nd '/� Sale & Award
Upon motion and vote, the meeting was adjourned,
Attest:
City Clerk
Mayor
-3-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Antes 419370-38/2nd '/2 Sale & Award
STATE OF IOWA
COUNTY OF STORY SS:
CITY OF AMES
1, the undersigned, City Clerk of the City of Ames, Iowa, 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 sale of $11,165,000 General Obligation
Corporate Purpose Bonds, Series 2009E, of the City 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 tip to the present time with respect thereto.
--" f
WITNESS MY HAND this XI) day of x-0AC0"\k-(-V—,2009.
13
City Clerk
(Attach here a copy of the bid of the successful bidder.)
-4-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
relhoz Ell M 0
City of Ames, Iowa
$11,165,000 General Obligation Corporate Purpose Bonds, Series 2009B
AWARD:
ROBERT W. BAIRD & CO., INC.
STIFEL NICOLAUS & CO., INC.
CHARLES SCHWAB & CO.
COASTAL SECURITIES
DAVENPORT & COMPANY, LLC
KILDARE CAPITAL
LOOP CAPITAL MARKETS, LLC
DUNCAN-WILLIAMS, INC.
C.L. KING & ASSOCIATES
UMB BANK, n.a.
RATING: Moody's Investors Service 'Aaa'
SALE DATE: Tuesday, September 22, 2009
COUPON NET INTEREST COST
NAME OF BIDDER RATE YEAR & TRUE INTEREST RATE PRICE
ROBERT W. BAIRD & CO., INC.
Milwaukee, Wisconsin
CHARLES SCHWAB & CO.
Jersey City, New Jersey
DAVENPORT & COMPANY, LLC
Richmond, Virginia
LOOP CAPITAL MARKETS, LLC
New York, New York
C.L. KING & ASSOCIATES
New York, New York
STIFEL NICOLAUS & CO., INC.
Minneapolis, Minnesota
COASTAL SECURITIES
Houston, Texas
KILDARE CAPITAL
Philadelphia, Pennsylvania
DUNCAN-WILLIAMS, INC.
Memphis, Tennessee
UMB BANK, n.a.
Kansas City, Missouri
BMO CAPITAL MARKETS INC.
Chicago, Illinois
2.00%
2.50%
3.00%
3.50%
2.00%
2.125%
2.375%
2.50%
2.75%
3.00%
2010-2014
2015-2017
2018-2019
2020-2021
2010-2013
2014
2015
2016-2018
2019
2020-2021
$1,940,422.96
2.5905%
$1,921,945.17
2.5998%
$11,347,792.60
$11,173,053.30
$11,165,000 General Obligation Corporate Purpose Bonds, Series 2009B
City of Ames, Iowa
Tuesday, September 22, 2009
Page 2
COUPON NET INTEREST COST
NAME OF BIDDER RATE YEAR & TRUE INTEREST RATE PRICE
FIRST TRUST PORTFOLIOS, L.P. 3.00% 2010-2021
Lisle, Illinois
SUNTRUST CAPITAL MARKETS
Atlanta, Georgia
STEPHENS, INC.
Little Rock, Arkansas
HUTCHINSON, SHOCKEY, ERLEY & CO. 2.00% 2010-2015
Chicago, Illinois 3.00% 2016-2019
3.10% 2020
4.00% 2021
PIPER JAFFRAY & CO. 2.00%
2010-2013
Kansas City, Missouri 3.00%
2014-2017
3.25%
2018-2019
4.00%
2020-2021
$1,956,981.78 $11,414,966.55
2.6196%
$1,987,139.26 $11,363,184.85
2.6487%
$2,043,685.41 $11,550,707.51
2.6938%