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HomeMy WebLinkAbout~Master - Electric Revenue Bonds Series 2015B Ames419370-52/Auth POS/SetSaleElectricRevenue MINUTES TO SET DATE FOR SALE, APPROVE PRELIMINARY OFFICIAL STATEMENT FOR 2015B ELECTRIC REVENUE BONDS 419370-52 Ames, Iowa November 10, 2015 The City Council of the City of Ames, Iowa, met on November 10, 2015, at 6:00 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, Orazem Absent: None. It was reported that this was the time and place set for hearing on an Electric Revenue Loan Agreement in an amount not to exceed $10,950,000, for the purpose of financing improvements to the Municipal Electric Light and Power Plant and System. The following persons appeared or filed objections to the Loan Agreement: None. There being no further comments, the Mayor declared the hearing closed. 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 Electric Revenue Bonds, Series 2015B, 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 Gartin. 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. • • . At the conclusion of the meeting and upon motion and vote, the City Council adjourned. -I- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames419370-52/Auth POS/SetSaleElectrieRevenue M Mayor Att City Clerk -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames419370-52/Auth POS/SetSaleElectricRevenue RESOLUTION NO. 15-691 Setting date for sale of Electric Revenue Bonds, Series 2015B, and authorizing the use of a preliminary official statement in connection with the sale of the Bonds WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, has heretofore proposed to enter into an Electric Revenue 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 the Municipal Electric Light and Power Plant and System, and has published notice of the proposed action and has held a hearing thereon; and WHEREAS, the City proposes to offer for sale its Electric Revenue Bonds, Series 201513, in the principal amount of$10,950,000 (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 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 8th day of December, 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. 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 meaning 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. -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames419370-52/Auth POS/SetSaleEleetricRevenue Section 4. 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 5. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved November 10, 2015. Mayor Attest: City Clerk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames,119370-52/Auth POS/SetSaleElectricRevenue 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 setting a date for sale of bonds and the approval of a preliminary official statement, as referred to herein. WITNESS MY HAND this 10th day of November, 2015. City Clerk -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA