HomeMy WebLinkAboutA013 - Resolution No. 23-533 adopted October 10, 2023 Ames/419370-73/Auth POS,Set Sale CO CP LA
RESOLUTION NO. 23-533
Resolution setting the date for the sale of General Obligation Corporate Purpose
Bonds, Series 2023D and authorizing the use of a preliminary official statement in
connection therewith
WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, pursuant to
the provisions of Section 384.24A of the Code of Iowa, heretofore proposed to enter into a loan
agreement (the "Essential Purpose Loan Agreement') and to borrow money thereunder in a
principal amount not to exceed $11,750,000 for the purpose of paying the costs, to that extent, of
f (a) constructing street, alley, stormwater drainage, sanitary sewer, water system and sidewalk
improvements; (b) acquiring and installing street department equipment, traffic control devices
and systems, street lighting, signage and signalization assets, and has published notice of the
proposed action and has held a hearing thereon on April 11, 2023; and
WHEREAS, the City also proposed to enter into a loan agreement (the "General Purpose
Loan Agreement') and to borrow money thereunder in a principal amount not to exceed
$550,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of
paying the costs, to that extent, of renovating and equipping Municipal Park Maintenance
Facilities, 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 April 11, 2023, no petition had been
filed with the City asking that the question of entering into the General Purpose Loan Agreement
be submitted to the registered voters of the City; and
WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa also proposed
to enter into a General Obligation Urban Renewal Loan Agreement (the "Urban Renewal Loan
Agreement' and together with the Essential Purpose Loan Agreement and the General Purpose
Loan Agreement, the "Loan Agreements"), pursuant to the provisions of Sections 384.24A and
384.24.3(q) of the Code of 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 lieu 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 has used a portion of its authority to borrow under the Urban
Renewal Loan Agreement for the prior issuance of bonds, but has reserved the right to use the
remainder of its authority thereunder for additional debt issuances; and
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
WHEREAS, a Preliminary Official Statement (the "P.O.S.") has been prepared to
facilitate the sale of General Obligation Corporate Purpose Bonds, Series 2023D (the "Bonds")
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DORSEY&WI-IITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames/419370-73/Aulh POS,Set Sale GO Cl'LA
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(e)(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 October 24, 2023,
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.
Section 5. Further action with respect to the sale and issuance of the bonds is hereby
adjourned to the City Council meeting scheduled for October 24, 2023.
Section 6. All resolutions or parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
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DORSEY&WHITNEY LLP,ATTTORNEYS,DES MOINES,IOWA
Ames/419370-73/Auth POS,Set Sale GO CP LA
Section 7. This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
Passed and approved October 10, 2023.
Mayor
Att t:
C'TI C rk
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