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Home My WebLink About~Master - Set Date of Public Hearing for Sale of $5,870,000 G. O. Bonds City Clerk's Office 515 Clark Avenue,P. 0.Box 811 cnri,iB Penplre., Ames,IA 50010 gQality v . Phone: 515-239-5105 Exepiin3rrvirr Fax: 515-239-5142 June 14, 2000 Dorsey&Whitney LLP 801 Grand, Suite 3900 Des Moines, Iowa 50309 Attention Carol RE: Ames, Iowa $5,870,000 General Obligation Corporate Purpose Bonds Your File No.: 419370-22 Dear Carol: Enclosed please find one fully executed copy of the proceedings regarding the above-referenced matter. If you have any questions, please call. Thank you for your assistance. Sincerely, Diane R. Voss City Clerk /dry Enclosure Ames/419370-22/1st 1/2 GBS �pfease RGIUM T- DORSEY&WHITi MINUTES TO SET DATE FOR HEARING, ATTOR'i%1EyS AT! SALE AND ISSUANCE OF BONDS 801 Grand, Suite Des Moir 419370-22 Ames, Iowa June 13, 2000 The Council of the City of Ames, Iowa, met on June 13, 2000, at 7:00 o'clock P.m., at the Council Chambers , in the City. The Mayor presided and the roll was called showing the following Council Members present and absent: Present: Campbell, Cross, Goodhue, Hoffman, Quirmbach, Wirth Absent: None Council Member Cross introduced the resolution hereinafter next set out and moved its adoption, seconded by Council Member Hoffman ; and after due consideration thereof by the Council, the Mayor put the question upon the adoption of said resolution, and the roll being called, the following named Council Members voted: Ayes: Campbell, Cross, Goodhue, Hoffman, Quirmbach, Wirth Nays: None Whereupon, the Mayor declared the said resolution duly adopted, as follows: -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-22/1st 1/2GBS RESOLUTION NO. 00-255 Fixing a date of meeting at which it is proposed to take action for the sale and issuance of$5,870,000 General Obligation Corporate Purpose Bonds and providing for the advertisement of such sale WHEREAS, the City of Ames, Iowa (the "City"), proposes to issue $4,170,000 Essential Corporate Purpose Bonds (the "Bonds"), pursuant to the provisions of Division III of Chapter 384 of the Code of Iowa for the purpose of paying the cost, to that amount, of the construction, reconstruction and repair of street improvements, constructing works and facilities useful for the collection and disposal of surface waters and streams, and it is necessary to fix a date of meeting of the Council uc which it is proposed to take action for the issuance of the Bonds and to give notice thereof as required by such law; WHEREAS, the City has heretofore proposed to contract indebtedness and issue$1,700,000 General Obligation Bonds to provide funds to pay the cost, to that amount, of constructing a single surface ice facility to be co-owned by the City and Iowa state University, and has called a special City election to vote on the question of issuing such bonds, at which election the proposition was adopted by a vote in favor equal to at least 60% of the total votes cast for and against the proposition and the City; WHEREAS, the City desires to offer the Bonds for public sale and to provide for the advertisement of such sale; NOW, THEREFORE, It Is Resolved by the Council of the City of Ames, Iowa, as follows: Section 1. This Council shall meet on the 27th day of June, 2000, at the Council Chamhers , in the City, at 7:00 o'clock p.m., at which time and place proceedings will be instituted and action taken for the issuance of$4,170,000 Bonds. Section 2. The City Clerk is hereby directed to give notice of the proposed action for the issuance of the$4,170,000 Essential Corporate Purpose Bonds setting forth the amount and purpose thereof, the time when and place where the said meeting will be held, by publication at least once, and not less than four nor more than twenty days before the meeting, in a legal newspaper published at least once weekly, and of general circulation in the City. The notice shall be in substantially the following form: -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MINES,IOWA Ames/419370-22/1st 1/2 GBS NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS FOR THE ISSUANCE OF$4,170,000 GENERAL OBLIGATION CORPORATE PURPOSE BONDS The City Council of the City of Ames, Iowa, will meet on the 27th day of June, 2000, at the Council Chambers , in the City, at 7:00 o'clock p.m., for the purpose of instituting proceedings and taking action for the issuance of$4,170,000 General Obligation Corporate Purpose Bonds for the purpose of paying the cost, to that extent, of the construction, reconstruction and repair of street improvements, and constructing works and facilities useful for the collection and disposal of surface waters and streams. The Bonds, when issued, will constitute general obligations of the City, payable from taxes levied upon all taxable property in the City. At such time and place the Council shall receive oral or written objections from any resident or property owner of the City. After receiving objections, the City may determine to issue the Bonds, in which case, the decision will be final unless appealed to the District Court within fifteen (15) days thereafter. By order of the City Council and pursuant to Section 384.25 of the Code of Iowa. Diane R. Voss City Clerk -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-22/1st 1/2 GBS Section 3. Sealed bids for the purchase of the$5,870,000 General Obligation Corporate Purpose Bonds shall be received and canvassed on behalf of the City at 10:00 o'clock a.m. on the 27th day of June, 2000, at the Council Chambers , in the City, and the City Council shall meet on the same date at 7:00 o'clock p.m., at the Council Chambers , in the City, for the purpose of considering such bids received and considering and passing a resolution providing for the sale and issuance of the Bonds. Section 4. The City Clerk is authorized and directed to publish notice of said sale, as provided by Chapter 75 of the Code of Iowa, in substantially the following form: -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-22/1st 1/2 GBS NOTICE OF SALE City of Ames, Iowa $5,870,000 General Obligation Corporate Purpose Bonds Sealed bids will be received on behalf of the City of Ames, Story County, Iowa, until 10:00 o'clock a.m. on the 27th day of June, 2000, at the Council Chambers, City Hall, Ames, Iowa, for the purchase of$5,870,000 General Obligation Corporate Purpose Bonds of the City, at which time such bids will be opened and canvassed. Thereafter such bids will be presented to the City Council for consideration at its meeting to be held at 7:00 o'clock p.m. on the same date at the Council Chambers, City Hall, Ames, Iowa, at which time the Bonds will be sold to the best bidder for cash. No open bids will be accepted. The Bonds will be issued as fully registered bonds in denominations of$5,000 or any integral multiple thereof, will be dated July 1, 2000, will bear interest payable semiannually on each June 1 and December 1 to maturity, commencing December 1, 2000, and will mature on June 1 in the following years and amounts: Principal Principal Year Amount Year Amount 2001 $390,000 2007 $490,000 2002 $385,000 2008 $515,000 2003 $400,000 2009 $545,000 2004 $425,000 2010 $570,000 2005 $445,000 2011 $605,000 2006 $465,000 2012 $635,000 The right is reserved to the City to call and redeem all of the said Bonds maturing in the years 2009 to 2012, inclusive, in whole or from time to time in part, in one or more units of$5,000, on June 1, 2008, or on any date thereafter prior to maturity (and within a maturity by lot), upon terms of par and accrued interest. Bidders must specify a price of not less than $5,823,040, plus accrued interest. The legal opinion of Dorsey & Whitney LLP, Attorneys, Des Moines, Iowa, will be furnished by the City. A good faith deposit of$58,700 is required and may be forfeited to the City in the event the successful bidder fails or refuses to take and pay for the Bonds. The City reserves the right to reject any or all bids and to waive irregularities in any bid. The Bonds are being issued pursuant to the provisions of Division III of Chapter 384 of the Code of Iowa and will constitute general obligations of the City, payable from taxes levied upon all the taxable property in the City without limitation as to rate or amount. -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-22/1st 1/2 GBS In order to permit bidders for the Bonds and other participating underwriters in the primary offering of the Bonds to comply with paragraph (b)(5) of Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934 (the "Rule"), the City will covenant and agree, for the benefit of the registered holders and beneficial owners from time to time of the outstanding Bonds, in the resolution awarding the sale and prescribing the terms of the Bonds, to provide annual reports of specified information and notice of the occurrence of certain events, if material. The City is the only"obligated person" with respect to the Bonds within the meaning of the Rule for the purposes of disclosing information on an ongoing basis. A description of the undertaking is set forth in the Official Statement. Failure of the City to enter into an undertaking substantially similar to that described in the Official Statement would relieve the successful bidder of its obligation to purchase the Bonds. The City has complied in all material respects with any undertaking previously entered into by it under the Rule. Bidders should be aware that the official terms of offering to be published in the Official Statement for the Bonds contain additional bidding terms and information relative to the Bonds. In the event of a variance between statements in this Notice of Sale (except with respect to the time and place of the sale of the Bonds and the principal amount offered for sale) and said official terms of offering, the provisions of the latter shall control. By order of the City Council of Ames, Iowa. Diane R. Voss City Clerk -6- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOWES,IOWA Ames/419370-22/1st 1/2 GBS Section 5. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved June 13, 2000. �lu Mayor Attest: City Clerk -7- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-22/1st 1/2 GBS On motion and vote, the meeting adjourned. Mayor Attest: City Clerk -8- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-22/1st 1/2GBS STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES I, the undersigned, Clerk of the aforementioned City, do hereby certify that attached hereto is a true and correct copy of the proceedings of the Council of the City relating to the fixing of a date for the initiation of the sale and issuance of $5,870,000 General Obligation Corporate Purpose Bonds. WITNESS MY HAND and the seal of the City hereto affixed this 1 3th day of June , 2000. City Clerk (Seal) -9- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-22/1st 1/2 GBS STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES 1,the undersigned City Clerk,do hereby certify that the aforementioned City is organized and operating under the provisions of Title IX of the Code of Iowa and not under any special charter and that such City is operating under the Mayor-Council form of government and that there is not pending or threatened any question or litigation whatsoever touching the incorporation of the City, the inclusion of any territory within its limits or the incumbency in office of any of the officials hereinafter named. And I do further certify that the following named parties are officials of the City as indicated: Ted Tedesco Mayor Steven L. Schainker , Manager Duane Pitcher Finance Officer Diane R. Voss Clerk Sherry Meier Treasurer Ann Campbell Council Member Russ Cross , Council Member Steve Goodhue , Council Member Judie Roffman , Council Member Herman Quirmbach , Council Member Sharon Wirth , Council Member And I do further certify that the City has provided for the office of Treasurer, and the Council has selected the Treasurer aforementioned. WITNESS MY HAND and the seal of the City hereto affixed this 13th day of June , 2000. City Clerk (Seal) -10- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-22/1st 1/2 GBS f J l/� UA� 1 l.�' I & STATE OF IOWA COUNTY OF STORY SS: J CITY OF AMES I, the undersigned, Clerk of the aforementioned Ci 2000, the City will have outstanding the following General(/l,>✓ V. and nature (excluding the current issue), and urban renewa' SCHEDULE A (BOND)qLOAN AGREE] Fac So-1 Date of Maturity Issue Type Amount Date (List annual principal payments) 05/01/87 Corporate $ 50,000 December 1, 2000 Purpose $ 50,000 2001 $ 50,000 2002 $ 150,000 $4,510,000 General Obligation Refunding Bonds Dated February 15, 1993 Due Principal Interest Rate Due Principal Interest Rate June 1 Amount Per Annum June 1 Amount Per Annum 2001 $740,000 4.80% 2005 $380,000 5% 2002 $755,000 4.90% 2006 $370,000 5.10% 2003 $765,000 5% 2007 $365,000 5.10% 2004 $780,000 5% 2008 $355,000 5.10% $1,160,000 General Obligation Corporate Purpose Bonds, Series 1994A Dated January 1, 1994 Due Principal Interest Rate Due Principal Interest Rate June 1 Amount Per Annum June 1 Amount Per Annum 2001 $290,000 4% 2003 $290,000 4.10% 2002 $290,000 4% 2004 $290,000 4.10% DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-22/lst 1/2 GBS SCHEDULE A (BOND/LOAN AGREEMENT NOTE DEBT) - CONTINUED $995,000 General Obligation Corporate Purpose Bonds, Series 1994B Dated October 1, 1994 Due Principal Interest Rate Due Principal Interest Rate June 1 Amount Per Annum June 1 Amount Per Annum 2001 $170,000 5.10% 2004 $165,000 5.40% 2002 $165,000 5.20% 2005 $165,000 5.40% 2003 $165,000 5.30% 2006 $165,000 5.50% $6,460,000 General Obligation Corporate Purpose Bonds, Series 1995A Dated May 1, 1995 Due Principal Interest Rate Due Principal Interest Rate June 1 Amount Per Annum June 1 Amount Per Annum 2001 $715,000 5% 2006 $720,000 5.25% 2002 $715,000 5% 2007 $720,000 5.25% 2003 $720,000 5.10% 2008 $480,000 5.25% 2004 $720,000 5.10% 2009 $475,000 5.25% 2005 $720,000 5.20% 2010 $475,000 5.25% $2,450,000 General Obligation Corporate Purpose Bonds, Series 1995B Dated October 1, 1995 Due Principal Interest Rate Due Principal Interest Rate June 1 Amount Per Annum June 1 Amount Per Annum 2001 $350,000 4.60% 2005 $350,000 4.60% 2002 $350,000 4.60% 2006 $350,000 4.70% 2003 $350,000 4.60% 2007 $350,000 4.80% 2004 $350,000 4.60% -12- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-22/1st 1/2 GBS SCHEDULE A (BOND/LOAN AGREEMENT NOTE DEBT) - CONTINUED $4,050,000 General Obligation Corporate Purpose Bonds, Series 1997A Dated June 1, 1997 Due Principal Interest Rate Due Principal Interest Rate June 1 Amount Per Annum June 1 Amount Per Annum 2001 $450,000 4.60% 2006 $450,000 4.60% 2002 $450,000 4.60% 2007 $450,000 4.60% 2003 $450,000 4.60% 2008 $450,000 4.60% 2004 $450,000 4.60% 2009 $450,000 4.60% 2005 $450,000 4.60% $4,270,000 General Obligation Corporate Purpose Bonds, Series 1998A Dated June 15, 1998 Due Principal Interest Rate Due Principal Interest Rate June 1 Amount Per Annum June 1 Amount Per Annum 2001 $430,000 4.20% 2006 $425,000 4.20% 2002 $430,000 4.20% 2007 $425,000 4.20% 2003 $430,000 4.20% 2008 $425,000 4.20% 2004 $430,000 4.20% 2009 $425,000 4.25% 2005 $425,000 4.20% 2010 $425,000 4.25% $2,540,000 General Obligation Refunding Bonds, Series 1998B Dated December 1, 1998 Due Principal Interest Rate Due Principal Interest Rate June 1 Amount Per Annum June 1 Amount Per Annum 2001 $655,000 3.50% 2003 $630,000 3.65% 2002 $640,000 3.60% 2004 $615,000 3.70% -13- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-22/1st 1/2 GBS SCHEDULE A (BOND/LOAN AGREEMENT NOTE DEBT) - CONTINUED $3,770,000 General Obligation Corporate Purpose Bonds, Series 1999 Dated June 1, 1999 Principal Interest Rate Principal Interest Rate Year Amount Per Annum Year Amount Per Annum 2000 $275,000 3.60% 2006 $340,000 4.15% 2001 $285,000 3.70% 2007 $350,000 4.25% 2002 $295,000 3.80% 2008 $365,000 4.35% 2003 $305,000 3.90% 2009 $380,000 4.375% 2004 $315,000 4% 2010 $395,000 4.40% 2005 $325,000 4.10% 2011 $415,000 4.45% (Please list here or attach a separate maturity schedule for any other outstanding issues of general obligation bonds and/or loan agreement notes.) SCHEDULE B (OTHER GENERAL OBLIGATIONS) Type of General Obligation Amount (Here list any other obligations of the City which extend beyond the end of the current fiscal year,such as long-term leases, installment sales contracts, etc. If there are none, please insert the word "none". Please consult with either our office or Evensen Dodge, Inc. before completing this section.) -14- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-22/1st 1/2GBS SCHEDULE C (URBAN RENEWAL TAX INCREMENT REVENUE OBLIGATIONS) Principal Amount Date Name of Issue Outstanding (Please list here or attach a separate maturity schedule for any outstanding urban renewal tax increment revenue obligations.) WITNESS MY HAND and the seal of the City hereto affixed this 13th day of June , 2000 City Clerk (Seal) -15- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA