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HomeMy WebLinkAboutA018 - Resolution No. 10-363 adopted August 10, 2010Ames/419370-43/2nd 1/2 Set Sale & Auth POS RESOLUTION NO. 10-363 Resolution setting the date for the sale of Bonds and authorizing the use of an official statement WHEREAS, pursuant to notice of the proposed action of the City Council of Ames, Iowa (the "City") to institute proceedings to enter into loan agreements in a total amount not to exceed $6,690,000, for the purposes of paying the cost, to that extent, of constructing improvements to streets, bridges and the City Hall and for the acquisition of fire equipment (the "Projects") heretofore given in strict compliance with the provisions of Chapter 384 of the Code of Iowa and hearings held thereon, the Council has previously taken additional action to authorize a single loan agreement (the "Loan Agreement") and to authorize the issuance of General Obligation Corporate Purpose Bonds in an amount not to exceed $6,690,000 (the "Bonds"); and WHEREAS, it is necessary at this time to provide for the sale of the Bonds to be issued in evidence of the obligation of the City under the Loan Agreement; NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. Sealed bids for the purchase of the Bonds shall be received, canvassed and presented to the City Council on August 24, 2010. Section 2. The City Clerk is hereby authorized to take such action as shall be deemed necessary and appropriate with the assistance of Public Financial Management, Inc. ("PFM") to prepare an official statement (the "Official Statement") describing the Bonds and providing for the terms and conditions of their sale, and all action heretofore taken in this regard is hereby ratified and approved. Section 3. The use by PFM of a Preliminary Official Statement relating to the Bonds, in substantially the form as has been presented to and considered by the City Council, is hereby approved, and PFM is hereby authorized to prepare and use a final Official Statement for the Bonds substantially in the form of the Preliminary Official Statement, but with such changes therein as are required to conform the same to the terms of the Bonds and the resolution, when adopted, providing for the sale and issuance of the Bonds, and the City Clerk is hereby authorized and directed to execute a final Official Statement for the Bonds, if requested. The Preliminary Official Statement as of its date is deemed final by the City within the meaning of Rule 15(c)(2)-12 of the Securities and Exchange Commission. Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA A-Tnes/419370-43/2 nd 1/2 Set Sale & Auth POS Passed and approved August 10, 2010. Attest: City Clerk Mayor -3- 'LFYS. DES MOINES.