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HomeMy WebLinkAboutA012 - Resolution No. 11-128 adopted March 22, 2011 Ames/41937045/2 d'/,Hrg RESOLUTION NO. 11-128 Resolution taking additional action to enter into a General Obligation Refunding Loan Agreement, authorizing the use of a preliminary official statement in connection with the issuance of General Obligation Refunding Bonds and setting the date for the sale of Bonds WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, pursuant to a resolution of the City Council adopted on April 9, 2002 (the "2002A Bond Resolution"), previously issued its $3,475,000 General Obligation Corporate Purpose Bonds, Series 2002A, dated May 1, 2002 (the"2002A Bonds"), a portion of which remain outstanding; and WHEREAS, pursuant to the 2002A Bond Resolution, the City reserved the right to prepay the 2002A Bonds maturing in the years 2012 to 2021 (the "Callable 2002A Bonds"), inclusive, on any date on or after June 1, 2011; and WHEREAS, the City, pursuant to a resolution of the City Council adopted on September 24, 2002 (the "2002B Bond Resolution"), previously issued its $5,885,000 General Obligation Corporate Purpose Bonds, Series 2002B, dated October 15, 2002 (the "2002B Bonds"), a portion of which remain outstanding; and WHEREAS, pursuant to the 2002B Bond Resolution, the City reserved the right to prepay the 2002B Bonds maturing in the years 2012 to 2014 (the "Callable 2002B Bonds"), inclusive, on any date on or after June 1, 2011; and WHEREAS, the City, pursuant to a resolution of the City Council adopted on August 26, 2003 (the "2003 Bond Resolution"), previously issued its $6,555,000 General Obligation Corporate Purpose Bonds, Series 2003, dated September 1, 2003 (the "2003 Bonds"), a portion of which remain outstanding; and WHEREAS, pursuant to the 2003 Bond Resolution, the City reserved the right to prepay the 2003 Bonds maturing in the years 2012 to 2015 (the "Callable 2003 Bonds"), inclusive, on any date on or after June 1,2011; and WHEREAS, the City has heretofore proposed to enter into a General Obligation Refunding Loan Agreement (the "Loan Agreement") in a principal amount not to exceed $6,150,000 pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the cost, to that extent, of refunding the Callable 2002A Bonds, the Callable 2002B Bonds and the Callable 2003 Bonds, and has published notice of the proposed action and has held a hearing thereon on March 22, 2011; and WHEREAS, a Preliminary Official Statement (the "Preliminary Official Statement") has been prepared to facilitate the sale of General Obligation Refunding Bonds, Series 2011A (the "Bonds") in evidence of the obligation of the City under the Loan Agreement, and it is now necessary to make provision for the approval of the Preliminary Official Statement and to authorize its use by Public Financial Management, Inc.; and -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/41937045/2'j/2 Hrg WHEREAS, it is also necessary at this time to set a date for the sale of the Bonds; NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. The City Council hereby determines to enter into the Loan Agreement in the future, and determines that this resolution constitutes the "additional action" required by Section 384.24A of the Code of Iowa. Section 2. The 12t' day of April, 2011, at 1:00 p.m., at the City Clerk's Office, City Hall, Ames, Iowa, is hereby fixed as the time and place for receiving and canvassing bids for the purchase of the Bonds, and this Council shall meet on that date for the purpose of considering such bids received and passing a resolution providing for the sale of the Bonds. Section 3. 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. to prepare an official statement (the "Official Statement") describing the Bonds and providing for the terms and conditions of their sale, and all actions heretofore taken in this regard are hereby ratified and approved. Section 4. The use by Public Financial Management, Inc. of the 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 Public Financial Management, Inc. 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 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 5. Pursuant to Section 75.14 of the Code of Iowa, the City Council hereby' authorizes the use of electronic bidding procedures for the sale of the Bonds through PARITY0, 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 6. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 7. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. -3- DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames1419370-45/2"''/2 Hrg Passed and approved March 22, 2011. CAV, Mayor Attest: City Clerk On motion and vote, the meeting adjourned. Mayor Attest: City Clerk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-45/2"d%Hrg STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES I, the undersigned, City Clerk of the City of Ames, do hereby certify that attached hereto is a true and correct copy of the proceedings of the City Council relating to the hearing on the City Council's intention to enter into a Loan Agreement in a principal amount not to exceed $6,150,000, the approval of an official statement and setting the date for the sale of General Obligation Refunding Bonds, as referred to herein. WITNESS MY HAND this 22 day of March, 2011. F City Clerk -5- DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA