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HomeMy WebLinkAboutA029 - Proceedings for July 27, 2021 64 Ames419370-67/Auth POS/SetSale2021AGO/Call - i' �! ` SET DATE FOR SALE OF 2021A GENERAL OBLIGATION BONDS, APPROVE PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZE PREPAYMENT OF OUTSTANDING BONDS 419370-67 Ames, Iowa The City Council of the City of Ames, Iowa, met on July 27, 2020, at 6:00 PM, 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, 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 2021 A, 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 Corrieri 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, 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 vote, he Ci u cil journed. Mayor Attest: City Clerk -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames419370-67/Auth POS/SetSaleMIAGO/Call RESOLUTION NO. 21-408 Setting date for sale of General Obligation Corporate Purpose and Refunding Bonds, Series 2021A, 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 and sanitary sewers, installation of traffic control devices, converting a parking lot into a downtown plaza and refunding the outstanding balance of the City's General Obligation Corporate Purpose Bond issue, Series 2013 (together,the "Outstanding Bonds"); and has published notices of the proposed action and has held hearings thereon; and WHEREAS, in the resolution authorizing the issuance of the Outstanding Bonds,the City reserved the right to call for payment prior to maturity any or all of the Outstanding Bonds maturing after June 1, 2021 (the "Callable Bonds"); and WHEREAS, the City proposes to offer for sale its General Obligation Corporate Purpose and Refunding Bonds, Series 2021A, in the principal amount of$22,405,000 (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 10, 2021,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 Statement for the Bonds, if requested. The Preliminary Official Statement as of its date is deemed -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames419370-67/Auth POS/SetSale202IAGO/Call 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 the Callable Bonds, is hereby authorized to take all action necessary to call the Callable Bonds for redemption as of September 9, 2021 (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 July 27, 2021. Mayor Attest: City Clerk -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames419370-67/Auth POS/SetSale2021AGO/Call 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 a preliminary official statement, as referred to herein. WITNESS MY HAND this 27th day of July, 2021. City Clerk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA