HomeMy WebLinkAbout~Master - Sale and issuance of G.O. Bonds, 2011B, in an amount not to exceed $6,675,000 Ames/419370-44/2"''h Sale
RESOLUTION NO. 11-494
Awarding Sale of General Obligation Corporate Purpose Bonds, Series 2011B
WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa, has
heretofore proposed to enter into a General Obligation Loan Agreement (the "Loan Agreement")
in a principal amount not to exceed $6,950,000 pursuant to the provisions of Section 384.24A of
the Code of Iowa for the purpose of constructing street improvements and making improvements
to the City Hall, and has published notices of the proposed action and has held hearings thereon
on February 22, 2011; and
WHEREAS, pursuant to advertisement of sale, bids for the purchase of General
Obligation Corporate Purpose Bonds, Series 201113 (the"Bonds") to be issued in evidence of the
City's obligation under the Loan Agreement were received and canvassed on behalf of the City
and the substance of such bids noted in the minutes; and
WHEREAS, upon final consideration of all bids, the City's financial advisor has
determined that the bid of-FTN Financial Capital Markets, Memphis, TN (the "Purchaser"), is
the best, such bid proposing the lowest interest cost to the City; and
WHEREAS, the City's financial advisor has also determined that the principal amount of
the Bonds to be sold is $6,675,000;
NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. The City shall enter into the Loan Agreement with the Purchaser in
substantially the form as will be placed on file with the Council, providing for a loan to the City
in the principal amount of$6,675,000 for the purpose set forth in the preamble hereof.
The Mayor and City Clerk are hereby authorized and directed to sign the Loan
Agreement on behalf of the City, and the Loan Agreement is hereby approved.
Section 2. The bid of the Purchaser referred to in the preamble is hereby accepted,
and the Bonds are hereby awarded to the Purchaser at the price specified in such bid, together
with accrued interest.
Section 3. The form of agreement of sale (the "Sale Agreement") of the Bonds to the
Purchaser is hereby approved, and the Mayor and City Clerk are hereby authorized to execute the
Sale Agreement for and on behalf of the City.
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Ames/093 70-44/21%2 Sale
Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
Passed and approved October 25, 2011.
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Mayor
Atte
City Clerk
The Mayor announced that further action with respect to the issuance of the Bonds would
be deferred until the Council meeting to be held on November 1, 2011.
• •
Upon motion and vote, the meeting was adjourned.
Mayor
Attest: ,.
City Clerk
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