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HomeMy WebLinkAboutA027 - Letter to Dorsey & Whitney dated August 12, 2015 CITY OF A m e s" Smart Choice August 12, 2015 Dorsey & Whitney LLP 801 Grand, Suite 4100 Des Moines, Iowa 50309 Attention Robert E. Josten RE: Ames, Iowa 2015-16 General Obligation Corporate Purpose and Refunding Loan Your File No. 419370-55 Dear Mr. Josten: Enclosed please find the fully executed proceedings from the City Council meeting held August 11, 2015, pertaining to setting the date for sale of the 2015 General Obligation Bonds. If you have any questions, please call. Thank you for your assistance. Sincerely, J Diane R. Voss City Clerk /dry Enclosure Ames419370.55/Auffi POS/SetSale/Call OSBonds MINUTES TO SET DATE FOR SALE, APPROVE OFFICIAL STATEMENT FOR 2015 GENERAL OBLIGATION BONDS AND AUTHORIZE PREPAYMENT OF OUTSTANDING BONDS 4193170-55 Ames, Iowa August 11, 2015 The City Council of the City of Ames, Iowa, met on August 11, 2015, at six o'clock p.m., at the City Hall Council Chambers, Ames, Iowa. The meeting was called to order by the Mayor, and the roll was called showing the following members of the City Council present and absent: Present: Betcher, Corrieri, Gartin, Goodman,Nelson Absent: Orazem. It was reported that the City's financial advisor, Public Financial Management, had prepared certain documentation related to the sale by the City of its General Obligation Corporate Purpose and Refunding Bonds, Series 2015A, and that it was necessary for the Council to adopt a resolution setting the date for the sale of those bonds. After due consideration and discussion, Council Member Goodman introduced the following resolution and moved its adoption, seconded by Council Member Betcher. 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 Nays: None. Whereupon, the Mayor declared the resolution duly adopted, as hereinafter set out. At the conclusion of the meeting and upon motion and vote, the City Council adjourned. Mayor Atte t:. City Clerk -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames41937P-55/Audi POS/SetSale/Call OSBonds RESOLUTION NO. 15-484 Setting date for sale of General Obligation Corporate Purpose and Refunding Bonds, Series 2015A, authorizing the use of a preliminary official statement in connection with the sale of the Bonds and authorizing prepayment of outstanding bonds 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 street, water main, sanitary and storm sewer, bridge, and related improvements; of constructing a new municipal airport terminal building, of flood mitigation and remediation, and of refunding the outstanding balances of the City's General Obligation Corporate Purpose Bonds, Series 2006A (the "Series 2006A Bonds") and General Obligation Corporate Purpose Bonds, Series 2007A (the "Series 2007A Bonds)", and has published notice of the proposed action and has held a hearing thereon; and WHEREAS, the City proposes to offer for sale its General Obligation Corporate Purpose and Refunding Bonds, Series 2015A, in the principal amount of$20,085,000 (the "Bonds"); and WHEREAS, a Preliminary Official Statement (the "Preliminary Official Statement") has been prepared to facilitate the sale of the Bonds 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 WHEREAS, in the resolution authorizing the issuance of the Series 2006A Bonds, the City reserved the right to call for redemption prior to maturity any of the Series 2006A Bonds maturing after June 1, 2014 (the "Callable Series 2006A Bonds"); and WHEREAS, in the resolution authorizing the issuance of the Series 2007A Bonds, the City reserved the right to call for redemption prior to maturity any of the Series 2007A Bonds maturing after June 1, 2015 (the "Callable Series 2007A Bonds"); and WHEREAS, it is necessary to authorize the early redemption of the Callable Series 2006A Bonds and of the Callable Series 2007A Bonds as of September 25, 2015 and to direct that notice of such early redemption be sent to the holders of those bonds; NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as follows: Section I. The 25th day of August, 2015, at 11 o'clock a.m. is hereby set as the deadline for submitting bids for the sale of the Bonds, and the City Council will meet on the same date to review the bids received and to take action to award the sale of the Bonds. -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES.IOWA An]es4193N-55/Auth POS/SetSale/Call OSBonds Section 2. 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, when adopted, the resolution authorizing 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 meanin- of Rule 15(c)(2)-12 of the Securities and Exchange Commission. Section 3. 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 PARITY, 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 4. The City Treasurer, as Registrar and Paying Agent for the Callable Series 2006A Bonds and the Callable Series 2007A Bonds, is hereby authorized to take all action necessary to call the outstanding balances of the Callable Series 2006A Bonds and the Callable Series 2007A Bonds for redemption as of September 25, 2015 (the "Redemption Date") and is further authorized and directed to give notice of such redemption by sending notice to each of the registered owners of the Callable Series 2006A Bonds and the Callable Series 2007A Bonds to be redeemed at the addresses shown on the City's registration records, not less than 30 days prior to the Redemption Date. Section 5. All resolutions and orders or parts thereof in conflict with the provisions of this resolution, to the extent of such conflict, are hereby repealed. Section 6. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved August 11, 2015. Mayor Attest: l City Clerk -3- DORSEY L WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ain es41937(1-55/Audi POS/SetSale/Call OSBonds STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES 1, 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 setting a date for sale of bonds and the approval of an official statement, as referred to herein. WITNESS MY HAND this 12 day of August, 2015. City Clerk -4- DORSEY&WHITNEY LLP.ATTORNEYS.DES MOINES,IOWA