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HomeMy WebLinkAboutA018 - Letter to Dorsey & Whitney dated August 26, 2020 CITY 0= Ames Smart Choice August 26, 2020 Dorsey & Whitney LLP 801 Grand, Suite 4100 Des Moines, Iowa 50309 Attention Robert E. Josten RE: Ames, Iowa General Obligation Corporate Purpose and Refunding Bonds, Series 2020A Your File No. 419370-65 Dear Mr. Josten: Enclosed please find the fully executed proceedings from the City Council meeting held August 12, 2020, during which the date for sale of the above-referenced Bonds was set, the Preliminary Official Statement was approved, and prepayment of outstanding bonds was authorized. Also, please find the fully executed proceedings from the Council meeting held August 25, 2020, covering the sale and issuance of the Bonds. I have filed a certified copy of the Resolution with the County Auditor and will return the signed Certificate verifying that filing as soon as it is returned to me. If you have any questions, please call. Thank you for your assistance. Sincerely, Diane R. Voss City Clerk /dry Enclosures Ames4 1 370-6i/Auth POS/SetSale2020AGO/Cal I SET DATE FOR SALE OF 2020A GENERAL OBLIGATION BONDS, APPROVE PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZE PREPAYMENT OF OUTSTANDING BONDS 419370-65 Ames, Iowa The City Council of the City of Ames, Iowa, met on August 12, 2020, at 4:00 p.m., at the City Hall Council Chambers, Ames, Iowa. The meeting was called to order by Mayor Pro-Tem Corrieri, and the roll was called showing the following members of the City Council present and absent: Present: Betcher, Corrieri, Gartin, Junck, Martin Absent: Beatty-Hansen 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 2020A, 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 Martin introduced the following resolution and moved its adoption, seconded by Council Member Betcher. The Mayor Pro-Tem put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Betcher, Corrieri, Gartin, Junck, Martin Nays: None The Mayor declared the resolution duly adopted, as hereinafter set out. • • • • At the conclusion of the meeting and upon motion and vot the Ci olxncil journed. Mayor Attest: City Clerk DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames4'9370-65/Auth POS/SetSale2020AGO/Call ,r RESOLUTION NO. 20-416 Setting date for sale of General Obligation Corporate Purpose and Refunding Bonds, Series 2020A, 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 improvements to streets, sanitary sewers and bridges, installation of traffic control devices, acquisition of equipment for the fire department and refunding the principal maturities that will become due on and after June 1, 2021, of the City's General Obligation Corporate Purpose Bond issues,Series 2010A,Series 2011B and Series 2012(together, the "Outstanding Bonds"); and has published notice of the proposed action and has held a hearing thereon; and WHEREAS, in the resolutions authorizing the issuance of each Series of the Outstanding Bonds, the City reserved the right to call for payment prior to maturity any or all of each Series of the Outstanding Bonds maturing after June 1, 2020 (the "Callable Bonds"); and WHEREAS, the City proposes to offer for sale its General Obligation Corporate Purpose and Refunding Bonds, Series 2020A, in the principal amount of$20,105,000 (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; and WHEREAS, it is necessary to authorize the early redemption of the Callable Bonds; NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. August 25,2020, at 11 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 appropriate City officials are hereby authorized and directed to execute a final Official -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames419370-65/Auth POS/SetSale2020AGO/Call 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. Section 4. The City Treasurer, as Registrar and Paying Agent for each Series of the Callable Bonds, is hereby authorized to take all action necessary to call the Callable Bonds for redemption as of September 24, 2020 (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 Bonds to be redeemed at the addresses shown on the City's registration books, 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 12, 2020. Mayor Attest: City Clerk DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames419370-65/Auth POS/SetSale2020AGO/Call 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 r" day of u-kk&t./ , 2020. City Clerk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MINES,IOWA August 11, 2020 Diane Voss City Clerk/City Hall P.O. Box 811 515 Clark Avenue Ames, Iowa 50010 Re: Set Date for Sale of 2020A General Obligation Bonds Our File No. 419370-65 Dear Diane: I have prepared a revised resolution that may be adopted by the Ames City Council on August 12 in order to set August 25 as the date for the sale of the City's General Obligation Corporate Purpose and Refunding Bonds, Series 2020A. The Resolution also authorizes the use of a preliminary official statement in connection with the marketing of those Bonds and it authorizes the City Treasurer to take action to call for early redemption the outstanding balances of the City's General Obligation Corporate Purpose Bonds, Series 2010A, Series 2011B and Series 2012. As these proceedings are completed, please return one fully executed copy to our office. If you have any questions, please contact me. Very truly yours, Robert E. Josten cc by email: Duane Pitcher Roger Wisecup II Steve Schainker Mark Lambert Susanne Gerlach 1 ► MINUTES OF THE SPECIAL MEETING OF THE AMES CITY COUNCIL AMES,IOWA AUGUST 12,2020 The Special Meeting of the Ames City Council was called to order by Mayor Pro-Tem Amber Corrieri at 4:03 p.m.on the 12"day of August,2020.Ms. Corrieri announced that due to the Governor of Iowa declaring a public health emergency becauseof the COVID-19 pandemic, City Council meetings are being held electronically,as allowed by Section 21.8 of the Iowa Code. She explained how the public could participate in the meeting via internet or by phone. City Council members joining the meeting electronically were Gloria Betcher, Tim Gartin, Rachel Junck, and David Martin. Council Member Beatty-Hansen and ex officio Member Nicole Whitlock were absent. CONSENT AGENDA:Moved by Martin,seconded by Betcher,to approve the following items on the Consent Agenda: 1. RESOLUTION NO. 20-416 approving Official Statement for General Obligation Corporate Purpose Bonds, Series 2020A, setting the date of sale for August 25, 2020, and authorizing electronic bidding for the sale 2. RESOLUTION NO. 20-417 approving the bid due date change for Unit 8 Precipitator Roof Replacement and setting August 19, 2020, as the new bid due date Roll Call Vote: 5-0. Resolution declared adopted unanimously,signed by the Mayor,and hereby made a portion of these Minutes. PUBLIC FORUM: Mayor Pro-Tem Corrieri opened Public Forum. No one asked to speak, and Public Forum was closed. DISPOSITION OF COMMUNICATIONS TO COUNCIL: Moved by Martin, seconded by Betcher, to move pending dispositions, if any, to the next Regular Meeting scheduled for August 18, 2020. Vote on Motion: 5-0. Motion declared carried unanimously. COUNCIL COMMENTS: Council Member Betcher thanked all City staff who are working hard to restore power to the community after yesterday'sderecho. She commented that she couldn't be prouder of the City of Ames.Mayor Pro-Tem Corrieri echoed Ms.Betcher's comments and stated that they had done an amazing job. ADJOURNMENT: Moved by Gartin to adjourn the meeting at 4:08 p.m. Diane R. Voss, City Clerk John A. Haila, Mayor