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Home My WebLink AboutA009 - Letter dated August 27, 2014 from City Clerk to Dorsey & Whitney with completed proceedings r City Clerk's Office CITY OF ANOWAmes 515 Clark Avenue, P. O. Box 811 Ames,IA 50010 Smart Choice Phone: 515-239-5105 Fax: 515-239-5142 A 0 14 Dorsey & Whitney LLP 801 Grand, Suite 4100 Des Moines, Iowa 50309 Attention Robert E. Josten RE: Ames, Iowa General Obligation Corporate Purpose Bonds, Series 2014 Your File No. 419370-54 Dear Mr. Josten: Enclosed please find the completed proceedings from the City Council meeting held August 26, 2014, when the bids received were reported and the Resolution awarding the sale was adopted. If you have any questions, please call. Thank you for your assistance. Sincerely, Diane R. Voss City Clerk /dry Enclosure F i Ames419370-54/Sale GO SALE OF GENERAL OBLIGATION BONDS 419370-54 Ames, Iowa August 26, 2014 The City Council of the City of Ames, Iowa, met on August 26, 2014, at 7:00 o'clock p.m., at the City Hall 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: Betcher, Corrieri, Gartin, Goodman, Nelson, Orazem Absent: None. This being the time and place fixed by the Council for the consideration of bids for the purchase of the City's General Obligation Corporate Purpose Bonds, Series 2014, the City Clerk 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 Gartin introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member Goodman. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Betcher, Corrieri, Gartin, Goodman, Nelson, Orazem Nays: None Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA v 10:50:11 a.m. CDST Upcoming Calendar Overview Compare Summary Bid Results Ames $9,985,000 General Obligation Corporate Purpose Bonds, Series 2014 The following bids were submitted using PARITY®and displayed ranked by lowest TIC. Click on the name of each bidder to see the respective bids. Bid Award* Bidder Name TIC Reoffering Stifel Nicolaus & Co.. Inc. 1.791416 Wells Fargo Bank, National Association 1.879452 Piper Jaffray 1.881337 Robert W. Baird & Co., Inc. 1.901797 BMO Capital Markets 1.905501 D.A. Davidson & Co. 1.911363 Raymond James &Associates, Inc. 1.926991 FTN Financial Capital Markets 1.984146 SunTrust Robinson Humphrey 2.015766 *Awarding the Bonds to a specific bidder will provide you with the Reoffering Prices and Yields. Ames4l9370-54/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 form 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. -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA 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. Mayor Attest: City Clerk Upon motion and vote, the meeting was adjourned. Mayor Attest: j�1�JV y✓ 1�� City Clerk -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames419370-54/Sale GO 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 General Obligation Corporate Purpose Bonds, Series 2014, 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. WITNESS MY HAND this 26 day of August, 2014. City Clerk (Attach here a copy of the bid of the successful bidder.) -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Upcoming Calendar Overview Result Excel Stifel, Nicolaus & Co., Inc. - Memphis , TN's Bid �!;o_ �f �� C`' Ames $9,985,000 General Obligation Corporate Purpose Bonds, Series 2014 For the aggregate principal amount of$9,985,000.00, we will pay you $10,194,606.30, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the followin rate(s): Maturity Date Amount$Coupon % Yield % Dollar Price 06/01/2015 800M 2.0000 0.2200 101.189 06/01/2016 810M 2.0000 0.3500 102.743 06/01/2017 815M 2.0000 0.5500 103.836 06/01/2018 830M 2.0000 0.8000 104.330 06/01/2019 845M 2.0000 1.1000 104.084 06/01/2020 855M 2.0000 1.3500 103.535 06/01/2021 870M 2.0000 1.6500 102.200 06/01/2022 895M 2.0000 1.8000 101.425 06/01/2023 925M 2.0000 1.9000 100.709 06/01/2024 950M 2.2500 2.0000 101.768 06/01/2025 685M 2.5000 2.1000 102.818 06/01/2026 705M 2.5000 12.20001 102.105 Total Interest Cost: $1,326,830.63 Premium: $209,606.30 Net Interest Cost: $1,117,224.33 TIC: 1.791416 Time Last Bid Received On:08/26/2014 9:50:47 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: Stifel, Nicolaus & Co., Inc., Memphis , TN Contact: Elizabeth Nielsen Title: Vice President Telephone.-303-291-5280 Fax: 303-308-8425 Issuer Name: City of Ames Company Name: Accepted By: Accepted By: Date: Date: Result Stifel, Nicolaus & Co., Inc.'s Reoffering Scale Ames $9,985,000 General Obligation Corporate Purpose Bonds, Series 2014 Maturity Date Amount$ Coupon % Yield % Dollar Price Call Date 06101/2015 800M 2.0000 0.2200 101.189 06/01/2016 810M 2.0000 0.3500 102.743 06/01/2017 815M 2.0000 0.5500 103.836 06/01/2018 830M 2.0000 0.8000 104.330 06/01/2019 845M 2.0000 1.1000 104.084 06/01/2020 855M 2.0000 1.3500 103.535 06/01/2021 870M 2.0000 1.6500 102.200 06/01/2022 895M 2.0000 1.8000 101.425 06/01/2023 925M 2.0000 1.9000 100.709 06/01/2022 06/01/2024 950M 2.2500 2.0000 101.768 06/01/2022 06/01/2025 685M 1 2.5000 2.1000 102.818 06/01/2022 06/01/2026 705M 1 2.5000 2.2000 102.105 06/01/2022 Accrued Interest: $0.00 Gross Production: $10,238,058.30