HomeMy WebLinkAboutA007 - Resolution No. 14-473 adopted August 26, 2014 0.4
Ames419370-54/Sale GO
RESOLUTION NO. 14-473
Awarding Sale of General Obligation Corporate Purpose Bonds, Series 2014
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"), pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose
of paying the cost, to that extent, of constructing improvements to streets, bridge and solid waste
disposal facilities, and the cost of flood mitigation and remediation, 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 General
Obligation Corporate Purpose Bonds, Series 2014 (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 Stifel, Nicolaus & Co„ Inc., Memphis, TN (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 fonn as will be placed on file with the Council, providing for a loan to the City
in the principal amount of$9,695,000, 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$9,695,000 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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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
P. .,.
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Ames4l9370-54/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 All resolutions or parts thereof in conflict herewith are hereby repealed to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 26, 2014.
44-5'�
Mayor
Attest:
City Clerk
Upon motion and vote, the meeting was adjourned.
.442'�
Mayor
Attest:
City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA