HomeMy WebLinkAboutA033 - Resolution No. 12-464 adopted August 28, 2012 Ames419370-46/Sale GO
RESOLUTION NO. 12-464
Awarding Sale of General Obligation Corporate Purpose Bonds, Series 2012
WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, has
heretofore proposed to enter into a General Obligation Loan Agreement (the "Loan Agreement")
in a principal amount not to exceed $13,150,000 pursuant to the provisions of Section 384.24A
of the Code of Iowa for the purpose of paying the costs, to that extent, of constructing
improvements to streets, water and sanitary sewer lines; carrying out flood mitigation projects;
rehabilitating city parks; and replacing a city park bicycle/pedestrian bridge that was damaged by
flooding, and has published notice of the proposed action and has held a hearing thereon; and
WHEREAS, pursuant to a referendum, City voters authorized the City Council to enter
into a loan agreement and issue up to $18,000,000 General Obligation Bonds for the purpose of
expanding the Ames Public Library; and
WHEREAS, pursuant to advertisement of sale, bids for the purchase of General
Obligation Corporate Purpose Bonds, Series 2012 (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 City's financial advisor has
determined that 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, 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$12,660,000, for the purposes 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, in the principal amount of $12,660,000 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.
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Ames41937046/Sale GO
Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
Passed and approved August 28, 2012.
ray
Attest*
City Clerk
Upon motion and vote, the meeting was adjourned.
Mayor
Attest:
City Clerk
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