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Home My WebLink AboutA024 - Letter to Dorsey & Whitney dated August 25, 2010Caring People I Quality P-g— Ewephonal Service August 25, 2010 Dorsey & Whitney LLP 801 Grand, Suite 3900 Des Moines, Iowa 50309 Attention Robert E. Josten RE: Ames, Iowa General Obligation Corporate Purpose Bonds, Series 2010A Your File No. 419370-43 Dear Bob: 515 Clark Avenue, P. O. Box 811 Ames, IA 50010 Pbone: 515-239-5105 Fax: 515-239-5142 Enclosed please find the proceedings from our August 24, 2010, meeting wherein the Council awarded the sale of the Bonds. Thank you for your assistance. Sincerely, Diane R. Voss City Clerk /dry Enclosure Ames / 419370-43 / 2d V� Sale Ptease Return TO: DORSEY & WHITNEY ATTORNEYS AT LAW 801 Grand, Suite 3900 Des Moines, Iowa 50309 419370-43 Ames, Iowa August 24, 2010 The City Council of the City of Ames, Iowa, met on August 24, 2010, at 7:00 p.m., 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: Dav-is, Goodman, Larson, Mahayni, Orazem, Wacha Absent: None This being the time and place fixed by the Council for the consideration of bids for the purchase of the City's $6,690,000 General Obligation Corporate Purpose Bonds, Series 2010A, 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 Gbodfrian introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member - Davis . The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Davis, Gbo(han, Larson, Mahayni, Orazem, Wacha Nays: None Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -I- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames / 419370-43 / 2d V2 Sale RESOLUTION NO. 10-399 Awarding Sale of $6,690,000 General Obligation Corporate Purpose Bonds, Series 201 OA 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, Series 2010A in an amount not to exceed $6,690,000 (the "Bonds"); and WHEREAS, pursuant to advertisement of sale, bids for the purchase of the Bonds to be issued in evidence of the City's obligation under the Loan Agreement 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. Bgi rd & Ch - - Tnr - (the "Purchaser"), is the best, such bid proposing the lowest interest cost to the City; NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. The City shall enter into the Loan Agreement with the Purchaser in substantially the form as will be placed on file with the Council, providing for a loan to the City in the principal amount of $6,690,000 for the purpose set forth in the preamble hereof The Mayor and City Clerk are hereby authorized and directed to sign the Loan Agreement on behalf of the City, and the Loan Agreement is hereby approved. Section 2. 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 3. 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. -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Ames / 41937043 / 2d V2 Sale Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved August 24, 2010. Mayor Attest: City Clerk The Mayor announced that further action with respect to the issuance of the Bonds would be deferred until the Council meeting to be held on September 14, 2010. Upon motion and vote, the meeting was adjourned. Attest: City Clerk Ames / 419370-43 / 2 d V2 Sale STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES 1, the undersigned, City Clerk of the City of Ames, 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 $6,690,000 General Obligation Corporate Purpose Bonds, Series 2010A, of the City evidencing the City's obligation under a certain Loan Agreement 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 up to the present time with respect thereto. - day of A-ttq ust 2010. WITNESS MY HAND thiso'A City Clerk (Attach here a copy of the bid of the successful bidder.) IMM"Allyll son= mommm, Page I of Robert W. Baird & Co., Inc. - Milwaukee, Wl's Bid Ames $6,690,000 General Obligation Corporate Purpose Bonds, Series 201 OA For the aggregate principal amount of $6,690,000.00, we will pay you $6,749,030.40, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the followina rate(s): Maturity Date Amount $ Coupon % 06/01/2011 380M 2.0000 06/01/2012 515M 2.0000 06/01/2013 520M 2.0000 06/01/2014 530M 2.0000 06/01/2015 540M 2.0000 06/01/2016 550M 2.0000 06/01/2017 565M 2.0000 06/01/2018 580M 2.0000 06/01/2019 595M 2.2500 06/01/2020 615M 2.2500 06/01/2021 640M 2.3750 06/01/2022 660M 2.5000 Total Interest Cost: $970,650.07 Premium: $59,030.40 Net Interest Cost: $911,619.67 TIC: 2.057070 Time Last Bid Received On:08/24/2010 10:57:13 CDST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Robert W. Baird & Co., Inc., Milwaukee, WI Contact: Drew Kanyer Title: Telephone:414-765-7331 Fax: Issuer Name: City of Ames Accepted By: Date: Company Name: Accepted By: https://www.newissuehome.i-deal.comIParitylasplmain.asp?frame=content&page=parityBidform&custo... 8/24/2010