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HomeMy WebLinkAboutA014 - October 25, 2022 Proceedings i Ames/419370-681 Auth POS,Set Sale GO CP LA MINUTES TO SET DATE FOR SALE OF BONDS AND AUTHORIZE OFFICIAL STATEMENT FOR BONDS 419370-68 Ames, Iowa October 25, 2022 The City Council of the City of Ames, Iowa, met on October 25, 2022, at 6:00 o'clock _p_.m. at the C:ottnci 1 Chamherc i n (.Tfy Hall , Ames, Iowa. The meeting was called to order by the Mayor, and the roll being called, the following named Council Members were present and absent: Present: gyp?} ���-{4ancan Ratrha rant Rollins Absent:Absent: Corri eri After due consideration and discussion, Council Member Betcher 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: Ayes: Beatty-Hansen, Betcher, Gartin, Junck, Rollins 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. Mayor Attest: 41J i rty Jerk -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/4 193 70-68/Auth POS,Set Sale GO CP LA RESOLUTION NO. Resolution setting the date for the sale of General Obligation Corporate Purpose Bonds, Series 2022A and authorizing the use of a preliminary official statement in i connection therewith WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa has proposed to enter into a General Obligation Urban Renewal Loan Agreement (the "Urban Renewal Loan Agreement"), pursuant to the provisions of Sections 384.24A and 384.24.3(q) of the Code of i Iowa, and to borrow money thereunder in a principal amount not to exceed $21,200,000 for the purpose of paying the costs, to that extent, undertaking a project in the Downtown Reinvestment District Urban Renewal Area consisting of constructing, furnishing and equipping an indoor aquatic center and associated grounds and facilities as further detailed in the urban renewal plan approved by the City Council on August 24, 2021, and in Iieu of calling an election upon such proposal, has published notice of the proposed action, including notice of the right to petition for an election, and has held a hearing thereon, and as of September 14, 2021, no petition had been filed with the City asking that the question of entering into the Urban Renewal Loan Agreement be submitted to the registered voters of the City; and WHEREAS, the City, pursuant to the provisions of Section 384.24A of the Code of Iowa, also proposed to enter into a loan agreement (the "Essential Purpose Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $11,225,000 for the purpose of paying the costs, to that extent, of (1) constructing street, alley, bridge, sidewalk, storm water drainage and incidental infrastructure improvements; (2) acquiring and installing street lighting, signage and signalization improvements; and (3) acquiring vehicles and equipment for the municipal fire department, and pursuant to law and a notice duly published, the City Council has held a public hearing on such proposal on March 8, 2022; and WHEREAS, the City also proposed to enter into a loan agreement (the "General Purpose Loan Agreement 1") and to borrow money thereunder in a principal amount not to exceed $700,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the costs, to that extent, of undertaking Downtown Plaza improvements and in lieu of calling an election upon such proposal, has published notice of the proposed action and has held a hearing thereon, and as of March 8, 2022, no petition had been filed with the City asking that the question of entering into the General Purpose Loan Agreement 1 be submitted to the registered voters of the City; and WHEREAS, the City further proposed to enter into a loan agreement (the "General Purpose Loan Agreement 2" and together with the Urban Renewal Loan Agreement, the Essential Purpose Loan Agreement and the General Purpose Loan Agreement 1, the "Loan Agreements") and to borrow money thereunder in a principal amount not to exceed $350,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the costs, to that extent, of undertaking concrete surfacing improvements for a municipal fire station and in lieu of calling an election upon such proposal, has published notice of the proposed action and has held a hearing thereon, and as of March 8, 2022, no petition had been filed with the City i asking that the question of entering into the General Purpose Loan Agreement 2 be submitted to the registered voters of the City; and -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-68/Auth POS,Set Sale GO CP LA WHEREAS, pursuant to Section 384.28 of the Code of Iowa, the City combined the Loan Agreements into a single loan agreement (the"Loan Agreement"); and I WHEREAS, a Preliminary Official Statement (the "P.O.S.") has been prepared to ' facilitate the sale of General Obligation Corporate Purpose Bonds, Series 2022A (the "Bonds") to be issued in evidence of the obligation of the City under the Loan Agreement, and it is now necessary to make provision for the approval of the P.O.S. and to authorize its use by PFM Financial Advisors LLC, as municipal advisor(the"Municipal Advisor") to the City; and WHEREAS, it is now necessary to set the date for the sale of the Bonds and to make provision for the advertisement thereof; NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. The City staff are hereby authorized to take such action as shall be deemed necessary and appropriate, with the assistance of the Municipal Advisor, to prepare the P.O.S. describing the Bonds and providing for the terms and conditions of their sale, and all action heretofore taken in this regard is hereby ratified and approved. Section 2. The use by the Municipal Advisor of the P.O.S. relating to the Bonds in substantially the form as has been presented to and considered by the City Council is hereby approved, and the Municipal Advisor is hereby authorized to prepare and use a final Official Statement for the Bonds substantially in the form of the P.O.S. but with such changes therein as are required to conform the same to the terms of the Bonds and the resolution, when adopted, providing for the sale and issuance of the Bonds, and the City staff are hereby authorized and directed to execute a final Official Statement for the Bonds, if requested. The P.O.S. 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. Sealed bids for the purchase of the Bonds shall be submitted, as set forth in the P.O.S., received and canvassed on behalf of the City until 10:00 a.m. on November 8, 2022, at the office of the City Treasurer, at the City Hall, in the City, and the City Council shall meet on the same date at 6:00 p.m., at the City Hall Chambers, Ames Iowa, for the purpose of considering such bids received and considering and passing a resolution providing for the award of the Bonds, and the Municipal Advisor is hereby authorized and directed to disseminate the notice of said sale, in compliance with the Internal Revenue Service regulations governing"Issue Price" determinations, such notice to minimally contain information regarding Establishment of Issue Price set forth in the "Terms of Offering" attached to the P.O.S. and to be in such form as the Municipal Advisor may deem to be appropriate. Section 4. 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 A mcs!-,It 937"b-oS, \utfi I Ic)S-Sc,(Sa-le cio(,1,1,;\ Section Further action 'with rcsl)cci to the sale and issuance of*the bonds is hereby, adjourned to the City Council meetino scheduled for Noven-iber 8, 2021 I , 1 1 17 Section 6. All resolutions or parts thereof in conflict herewith are, hereby repealed to the extent of'such Conflict. Section 7, 'This resolution shall lie in full force and efl'ect itrimccliatek, upon its adoption "I'lld approval. as prat 1ded b\ law. Passed and approved October 25, 2022. 4 ....................... ............. .... ......... ,M a v o r i t 4v, -'�Ic r k -4- &�k III[N'J Y LI, I.-I OkNEYS,DFS I(Ak A Ames/419370-68/Auth POS,Set Sale GO CP LA ATTESTATION CERTIFICATE STATE OF IOWA STORY COUNTY SS; CITY OF AMES I, the undersigned, City Clerk of the City of Ames, do hereby certify that attached hereto I is a true and correct copy of all of the proceedings of the City Council relating to the fixing of a date for the sale of General Obligation Corporate Purpose Bonds, Series 2022A and approving a preliminary official statement for the sale of the Bonds, as referred to herein. WITNESS MY HAND this day of {- , 2022. City erk i i I i -5- DORSEY&WHITNEY LLP,ATCORNEYS,DES MOINES,IOWA Hall, Renee From: ritter.cheryl@dorsey.com Sent: Tuesday, October 18, 2022 4:53 PM To: Hall, Renee Cc: Schainker, Steve; Lambert, Mark; Wisecup, Roger; Polin, Amanda; gerlachs@pfm.com; smithje@pfm.com; schenckm@pfm.com; Baker.Lauren@dorsey.com; Bjork.Amy@dorsey.com; Danos.John@dorsey.com; hammond.emily@dorsey.com; lemke.susan@DORSEY.com; orngard.severie@dorsey.com; Regan.Erin@dorsey.com; vaught.jessica@dorsey.com Subject: Proceedings (Ames #68) Attachments: Auth POS Set Sale GO CP LA (Ames 419370-68) 2022-v3.docx [External Email] Good afternoon, Renee, Attached please find the proceedings for the October 24th City Council meeting which enable the City Council to set November 8, 2022 as the date for the sale of General Obligation Corporate Purpose Bonds, Series 2022A and to authorize the use of a preliminary official statement in connection therewith. We have included a letter at the end of the proceedings with additional details and instructions. Please e-mail us a fully executed scanned copy as soon as they are available. /o Please let us know if you have any questions. / Thank you! Cheryl Ritter Public Finance Paralegal © 0RSE: Y i DORSEY & WHITNEY LLP 8oi Grand Avenue Suite 4100 1 Des Moines,IA 50309-2790 P:(S15)699-3z63 F:(Si5)283-io6o CONFIDENTIAL COMMUNICATION E-mails from this firm normally contain confidential and privileged material,and are for the sole use of the intended recipient. Use or distribution by an unintended recipient is prohibited,and may be a violation of law.If you believe thatyou received this e-mail in error,please do not read this e-mail or any attached items. Please delete the e-mail and all attachments, including any copies thereof,and inform the sender that you have deleted the e-mail,all attachments and any copies thereof. Thankyou. Please help reduce paper and ink usage.Print only if necessary. 1 Hall, Renee From: Hall, Renee Sent: Wednesday, October 26, 2022 3:53 PM To: ritter.cheryl@dorsey.com Cc: Schainker, Steve; Lambert, Mark; Wisecup, Roger; Polin, Amanda; gerlachs@pfm.com; smithje@pfm.com; schenckm@pfm.com; Danos.John@dorsey.com; Bjork.Amy@dorsey.com; Regan.Erin@dorsey.com Subject: RE: Revised Proceedings (Ames #68) Attachments: RES 558 - Stmt.pdf Cheryl, Attached are the electronic copies. Please let me know if you would like me to send the originals via mail. Thank you! Renee Hall From: ritter.cheryl@dorsey.com <ritter.cheryl@dorsey.com> Sent: Wednesday, October 19, 2022 8:53 AM To: Hall, Renee <renee.hall@cityofames.org> Cc: Schainker, Steve <steve.schainker@cityofames.org>; Lambert, Mark<mark.lambert@cityofames.org>; Wisecup, Roger<roger.wisecup@cityofames.org>; Polin, Amanda <amanda.polin@cityofames.org>; gerlachs@pfm.com; smithje@pfm.com; schenckm@pfm.com; Danos.John@dorsey.com; Bjork.Amy@dorsey.com; Regan.Erin@dorsey.com Subject: Revised Proceedings (Ames#68) [External Email] Good morning, Attached are revised proceedings which corrects Section 3 of the resolution stating that the bids will be received at the office of the City Treasurer and not the office of the City Clerk pursuant to the POS. Please disregard the proceedings that were distributed yesterday and use these instead. Thank you ! Cheryl Ritter Public Finance Paralegal C) QF SCY r DORSEY & WHITNEY LLP 8o1 Grand Avenue Suite 4100 1 Des Moines,IA 50309-2790 P:(515)699-3263 F:(515)283-io6o CONFIDENTIAL COMMUNICATION E-mails from this firm normally contain confidential and privileged material,and are for the sole use of the intended recipient. 1