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Home My WebLink About~Master - Issuance of General Obligation Corporate Purpose Bonds Ames/419370-22/2nd'h GBI/GBI " V , Please Return To^ MINUTES FOR HEARI j DORSEY&WHM 77Y ISSUANCE OF BONDS ( ATTORNEYS '- 801 Gfar,,!. Des P.'.oin Ames, Iowa June 27, 2000 The City Council met on June 27, 2000,at 7:00 o'clock p.m. at the Council Chambers, in the City, pursuant to prior action of the City Council and to law. The meeting was called to order by the Mayor, and the roll being called,the following named Council M-mbers were present and absent: Present: Cross, Goodhue, Hoffman, Quirmbach, Wirth Absent: CamnhPll z The Council investigated and found that a notice of intention to institute proceedings for the issuance of the aforementioned bonds had been duly published as provided by law and that this is the time and place at which the Council shall receive oral or written objections from any resident or property owner of the City. The City Clerk announced that no written objections had been previously filed; the Mayor called for any oral or written objections from any resident or property owner of the City and were none. Whereupon,Council Member Wirth introduced the resolution hereinafter next set out and moved that the resolution be adopted, seconded by Council Member Quirmbach . After due consideration, the Mayor put the question on the motion and the roll being called, the following named Council Members voted: Ayes: Goodhue, Hoffman, Quirmbach, Wirth Nays: None Abstaining: Cross Whereupon, the Mayor declared the resolution duly adopted, as follows: A-(Rev.) DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-22/2nd V2 GBUGBI RESOLUTION NO. 00-315 Approving the issuance of a single issue of$5,870,000 General Obligation Corporate Purpose Bonds, Series 2000 WHEREAS, pursuant to Chapter 384 of the Code of Iowa, the City Council of Ames, Iowa (the"City"), has heretofore proposed the issuance of General Obligation Corporate Purpose Bonds (the "Essential Corporate Purpose Bonds") in the principal amount of$4,170,000 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, has published notice of such proposal and has held a hearing thereon; and WHEREAS,the City Council has also called a special City election to vote on the question of issuing General Oblig .,ion Bonds (the "Ice Facility Bonds") to provide funds to pay the cost, to that extent, of constructing a single surface ice facility to be co-owned by the City and Iowa state University, 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 WHEREAS, pursuant to Section 384.28 of the Code of Iowa, the Council may include in a single resolution any number or combination of essential corporate purposes and general corporate purposes and sell a single issue of bonds; NOW,THEREFORE, Be It Resolved by the City Council of the City of Ames, as follows: Section 1. The Essential Corporate Purpose Bonds and the Ice Facility Bonds referred to in the preamble hereof are hereby combined, and the City may issue a single issue of$5,870,000 General Obligation Corporate Purpose Bonds (herein referred to as the "Bonds"). Section 3. All resolutions or parts of resolutions in conflict herewith be and the same are hereby repealed to the amount of such conflict. Passed and approved this June 27, 2000. Mayor Attest: City Clerk -2-(Rev.) DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-22I2nd'h GBUGBI This being the time and place fixed in the published Notice of Sale for the consideration of proposals for the purchase of the aforementioned bonds, the Mayor announced that sealed bids had been received and canvassed on behalf of the City at the time and place fixed therefor in the published Notice of Sale. Whereupon, the results of the bids were then read and the substance of such bids was noted in the minutes, as follows: Name and Address of Bidder Final Bid (interest cost) (ATTI�CII BID TABULATION) -3-(Rev.) DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA TO: Ames City Council Members and Administration FROM: David Dirks EvENSEN DODGE, INC. SUBJECT: $51870,000 GO Corporate Purpose Bonds, Series 2000 Today, June 27, 2000, the sealed bids tabulated below were received, opened and reviewed. The bids reflect and are indicative of the current conditions in the tax-exempt market. BIDDER ADDRESS NIC % TIR Harris Trust&Savings Bank Chicago,IL $2,095,223.21 5.1236% Griffin,Kubik,Stephens Chicago,IL $2,096,299.02 5.1269% &Thompson,Inc. Salomon Smith Barney Chicago,IL $2,108,318.02 5.1591% U.S.Bancorp-Piper Jaffray Minneapolis,MN $2,108,686.72 5.1603% SunTrust Equitable Securities Atlanta,GA $2,113,716.17 5.1771% UMB Bank,N.A. Kansas City,MO $2,147,908.33 5.2583% WE RECOMMEND AWARD TO: HARMS TRUST & SAVINGS BANK Thank you for the opportunity to be of service to the City of Ames, Iowa. We are available to answer any questions you may have on this or any other issue in the future. 100 Court Avenue Suite 215 Des Moines,1A 50309 5 1 5282-6 1 38 FAX 515/282-0252 W:\fortn4esu1ts\dirks Ames/419370-22/2nd�/2 GBUGBI Council Member Wirth introduced the resolution hereinafter next set out and moved that the resolution be adopted, seconded by Council Member Quirmbach After due consideration, the Mayor put the question on the motion and the roll being called, the following named Council Members voted: Ayes: Goodhue, Hoffman, Quirmbach, Wirth Nays: None Abstaining: Cross Whereupon, the Mayor declared the resolution duly adopted, as follows: -4-(Rev.) DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA