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Home My WebLink About~Master - Public hearing for G.O. Bonds, Series 2007A - City Clerk's Office 515 Clark Avenue,P. O.Box 811 Caring People Ames,IA 50010 Quality Prog— Eweprional Service Phone: 515-239-5105 Fax: 515-239-5142 September 26, 2007 Dorsey& Whitney LLP 801 Grand, Suite 3900 Des Moines, Iowa 50309 Attention Robert E. Josten RE: Ames, Iowa General Obligation Corporate Purpose Bonds, Series 2007A Your File No. 419370-35 Dear Mr. Josten: Enclosed please find the proceedings from our September 25, 2007, meeting wherein the Council held the hearing on the above-mentioned Bonds and passed Resolution No. 07-449 approving issuance. I have sent the Notice of Sale for publication and will forward the Proof of Publication to you as soon as I receive same. Thank you for your assistance. Sincerely, Diane R. Voss City Clerk /dry Enclosure Ames/419370-35/2"1/z Bond Hrg/1 GBS Please Return To: DORSEY & WHITNEY 419370-35 ATTORNEYS AT LAW , 801 Grand, Suite 3v00 (2nd /2 Hrg/Set Bond Sale) Des Moines,Iowa 50309 Ames, Iowa September 25, 2007 The City Council of the City of Ames, Iowa, met on September 25, 2007, at 7:00 o'clock p.m., at the Council Chambers, City Hall, in the City,pursuant to prior action of the Council and to law, for the purpose of instituting proceedings to issue General Obligation Corporate Purpose Bonds and for the transaction of such other business as may come before the meeting. The meeting was called to order by the Mayor, and the roll being called, the following named Council Members were present and absent: Present: Doll, Goodman, Larson, Mahayni, Popken, Rice Absent: None The Council investigated and found that a notice of intention to institute proceedings for the issuance of Bonds in an amount not to exceed $6,500,000 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 there were none. Council Member introduced the resolution next hereinafter set out, and moved that the resolution be adopted, seconded by Council Member . After due consideration, the Mayor put the question on the motion and the roll being called, the following named Council Members voted: Ayes: Dell , Goodman, Larson, Mahayni, Popken, Rice Nays: None Whereupon, the Mayor declared the resolution duly adopted, as follows: -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-35/2°d%Bond Hrg/1'1/z GBS RESOLUTION NO. 07-449 Determining to proceed with the issuance and setting date for sale of General Obligation Corporate Purpose Bonds WHEREAS, pursuant to notice of the proposed action of the City Council of Ames, Iowa (the"City") to institute proceedings for the issuance of$6,500,000 General Obligation Corporate Purpose Bonds for the purpose of paying the cost of constructing various street, water and bridge improvements, heretofore given in strict compliance with the provisions of Chapter 384 of the Code of Iowa and hearing held thereon, the Council may now take additional action to issue such Bonds; and WHEREAS,the City Council also called a special City election to vote on the question of issuing General Obligation Bonds to provide funds to pay the cost of acquiring, designing, constructing, and equipping an outdoor aquatic center, 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 purposes and sell a single issue of bonds; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, as follows: Section 1. Bonds for each of the purposes referred to in the preamble hereof are hereby combined and shall be sold as a single issue of General Obligation Corporate Purpose Bonds in the amount of$9,630,000 (hereinafter referred to as the"Bonds"). Section 2. Sealed bids for the purchase of the Bonds shall be received and canvassed on behalf of the City at 11:00 o'clock a.m. on the 23rd day of October, 2007, at the City Hall, in the City, and the City Council shall meet on the same date at 7:00 o'clock p.m., at the Council Chambers, City Hall, in the City, for the purpose of considering such bids received and considering and passing a resolution providing for the award and issuance of the Bonds, and the City Clerk is hereby authorized and directed to publish notice of said sale, as provided by Chapter"75 of the Code of Iowa, in substantially the following form: -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370735/2"1/h Bond Hrg/1"1/z GBS NOTICE OF SALE City Of Ames, Iowa $9,630,000 General Obligation Corporate Purpose Bonds Sealed bids will be received on behalf of the City of Ames, Iowa until 7:00 o'clock p.m. on the 23rd day of October, 2007, at the City Hall, for the purchase of $9,630,000 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 November 1, 2007, will bear interest payable semiannually on each June 1 and December 1 to maturity, commencing June 1, 2008, and will mature on June 1 in the following years and amounts: Principal Principal Year Amount Year Amount 2008 $245,000 2014 $ 840,000 2009 $685,000 2015 $ 880,000 2010 $715,000 2016 $ 920,000 2011 $745,000 2017 $ 960,000 2012 $775,000 2018 $1,005,000 2013 $805,000 2019 $1,055,000 The right is reserved to the City to call and redeem all of the Bonds maturing in the years 2016 to 2019, inclusive, in whole or from time to time in part, in one or more units of$5,000, and in any order of maturity, on June 1, 2015, or on any date thereafter prior to maturity (and within a maturity by lot), upon terms of par and accrued interest. A good faith deposit of$96,300 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. The Securities and Exchange Commission (the "SEC") has promulgated certain amendments to Rule 15c2-12 under the Securities Exchange Act of 1934 (17 C.F.R. § 240.15c2- 12) (the "Rule") that make it unlawful for an underwriter to participate in the primary offering of municipal securities in a principal amount of$1,000,000 or more unless, before submitting a bid or entering into a purchase contract for such securities, it has reasonably determined that the -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-35/2°d'/z Bond Hrg/1"'/z GBS issuer or an obligated person has undertaken in writing for the benefit of the holders of such securities to provide certain disclosure information to prescribed information repositories on a continuing basis so long as such securities are outstanding. On the date of issuance and delivery of the Bonds, the City will execute and deliver a Continuing Disclosure Certificate pursuant to which the City will undertake to comply with the Rule. The City will covenant and agree to comply with and carry out the provisions of the Continuing Disclosure Certificate. All of the officers of the City will be authorized and directed to take any and all actions as may be necessary to comply with the Rule and the Continuing Disclosure Certificate. 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 -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-35/2Id'/2 Bond Hrg/1'1/3 GBS Section 3. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved September 25, 2007. zz Mayor Attest: City Clerk -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-35/2Id'/:Bond Hrg/1"'/z GB On motion and vote, the meeting adjourned. Mayor Attest: City Clerk -6- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/4 1 93 70-3 5/2Id%Bond Hrg/1"%GB STATE OF IOWA COUNTY OF STORY SS: CITY OF AMES I, 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 Council of the City relating to the hearing on the issuance of$6,500,000 General Obligation Corporate Purpose Bonds and the fixing of a date for the sale of$9,630,000 General Obligation Corporate Purpose Bonds. WITNESS MY HAND and the seal of the City hereto affixed this 25 day of September , 2007. City Clerk (Seal) -7- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA