HomeMy WebLinkAboutA001 - Proceedings from Bond Counsel dated August 9, 2016 r WV
Ames419370-56/Auth POS/SetSale2016AGO
APPROVE OFFICIAL STATEMENT FOR
2016A GENERAL OBLIGATION BONDS
AND SET DATE FOR SALE
419370-56
Ames, Iowa
August 9, 2016
The City Council of the City of Ames, Iowa, met on August 9, 2016, 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: Beatty-Hansen, Betcher, Corrieri, Gartin, Nelson, Orazem
Absent: None
It was reported that the City's municipal advisor, PFM Financial Advisors LLC, had
prepared certain documentation related to the sale by the City of its General Obligation
Corporate Purpose and Refunding Bonds, Series 2016A, 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 Gartin 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: Beatty-Hansen, Betcher, Corrieri, Gartin,Nelson, Orazem
Nays: None
Whereupon, the Mayor declared the resolution duly adopted, as hereinafter set out.
. . 0 .
At the conclusion of the meeting and upon motion and vote, the City Council adjourned.
4�i
Mayor
Atte t:
City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Anies419370-56/Auth POS/SetS.IL016AG0
RESOLUTION NO. 16-451
Setting date for sale of General Obligation Corporate Purpose and Refunding
Bonds, Series 2016A 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 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 carrying out flood mitigation and remediation, and of
refunding the outstanding balance of the City's General Obligation Corporate Purpose Bonds,
Series 2008A, 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 2016A, in the principal amount of$12,705,000 (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 PFM Financial
Advisors LLC;
NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. The 23rd day of August, 2016, at I I 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 PFM Financial Advisors LLC 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 PFM Financial Advisors LLC 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.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
A
Ames419370-56/Aut POS/SetSale2016AGO
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 August 9, 2016.
Mayor
Attest:
Q�a• V ..Y
City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames419370-56/Auth POS/SetSale20I6AGO
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 an official statement, as referred to herein.
WITNESS MY HAND this 9th day of August, 2016.
City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
416",
C!T\ or
Ames
Smart Choice
August 11, 2016
Dorsey & Whitney LLP
801 Grand, Suite 4100
Des Moines, Iowa 50309
Attention Robert E. Josten
RE: 2016A General Obligation Bonds
Your File No. 419370-56
Dear Mr. Josten:
Enclosed please find the fully executed proceedings setting August 23 as the date for the sale of the
above-referenced Bonds.
If you have any questions, please call. Thank you for your assistance.
Sincerely,
Diane R. Voss
City Clerk
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Enclosure