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HomeMy WebLinkAboutA017 - Proceedings from Bond Counsel dated August 8, 2017 Ames419370-58/Auth POS/SetSale2017AGO APPROVE OFFICIAL STATEMENT FOR 2017A GENERAL OBLIGATION BONDS AND SET DATE FOR SALE 419370-58 Ames, Iowa August 8, 2017 The City Council of the City of Ames, Iowa, met on August 8, 2017, 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: Beatty-Hansen, Betcher, Corrieri, Gartin, Nelson, Orazem Absent: None. It was reported that a notice of intention to institute proceedings to enter into a General Obligation Refunding Loan Agreement related to refunding a portion of the City's outstanding General Obligation Corporate Purpose Bonds, Series 2009B had been duly published as provided by law and that this is the time and place at which the Council shall receive oral or written objections from any resident or property owner of the City. The City Clerk reported that no written objections had been placed on file. The Mayor called for any written or oral objections, and the following persons presented comments: (list names) There being no further comments, the Mayor closed the public hearing and reported that the City Council may authorize the loan agreement in the amount as published. It was also 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 2017A, 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 Beatty-Hansen. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: -1- DORSEY&:WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames419370-58/Auth POS/SetSa1e2017AGO Ayes: Beatty-Hansen, Betcher, Corrieri, Gartin, Nelson, Orazem Nays: None. 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 City Clerk DORSEY&WHITNEY LLP.ATTORNEYS,DES MOINES,IOWA Ames419370-58/Auth POS/SetSale2017AGO RESOLUTION NO. 17-508 Setting date for sale of General Obligation Corporate Purpose and Refundin�7 Bonds, Series 2017A 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 improvements to streets, sanitary and storm sewers, bridges, and related improvements, and of refunding the outstanding balance of the City's General Obligation Corporate Purpose Bonds, Series 2009B, and has published notices of the proposed action and has held hearings thereon; and WHEREAS, the City proposes to offer for sale its General Obligation Corporate Purpose and Refunding Bonds, Series 2017A, in the principal amount of$11,970,000 (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 22nd day of August, 2017, 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 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 and use a final Official Statement for the Bonds substantial) in the form of prepare Y 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 acompetitive 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. DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames419370-53/Auth POS/SetSale2017AGO 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 frill force and effect immediately upon its adoption and approval, as provided by law. Passed and approved August 8, 2017. /21 Mayor Attest: City Clerk -4- DORSEY&WHITNEY LLP..ATTORNEYS,DES MOINES.IOWA Ames419370-58/Audi POS/SetSa1e2017AGO 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 8th day of August, 2017. City Clerk -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA