HomeMy WebLinkAbout~Master - G.O. Corporate Purpose Bonds, Series 2015A Ames419370-55/Auth POS/SetSale/Call OSBonds
RESOLUTION NO. 15-484
Setting date for sale of General Obligation Corporate Purpose and Refunding
Bonds, Series 2015A, authorizing the use of a preliminary official statement in
connection with the sale of the Bonds and authorizing prepayment of outstanding
bonds
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"), pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose
of paying the cost, to that extent, of constructing street, water main, sanitary and storm sewer,
bridge, and related improvements; of constructing a new municipal airport terminal building, of
flood mitigation and remediation, and of refunding the outstanding balances of the City's
General Obligation Corporate Purpose Bonds, Series 2006A (the "Series 2006A Bonds") and
General Obligation Corporate Purpose Bonds, Series 2007A (the "Series 2007A Bonds)", and
has published notice of the proposed action and has held a hearing thereon; and
WHEREAS, the City proposes to offer for sale its General Obligation Corporate Purpose
and Refunding Bonds, Series 2015A, in the principal amount of$20,085,000 (the "Bonds"); and
WHEREAS, a Preliminary Official Statement (the "Preliminary Official Statement") has
been prepared to facilitate the sale of the Bonds and it is now necessary to make provision for
the approval of the Preliminary Official Statement and to authorize its use by Public Financial
Management, Inc.; and
WHEREAS, in the resolution authorizing the issuance of the Series 2006A Bonds, the
City reserved the right to call for redemption prior to maturity any of the Series 2006A Bonds
maturing after June 1, 2014 (the "Callable Series 2006A Bonds"); and
WHEREAS, in the resolution authorizing the issuance of the Series 2007A Bonds, the
City reserved the right to call for redemption prior to maturity any of the Series 2007A Bonds
maturing after June 1, 2015 (the "Callable Series 2007A Bonds"); and
WHEREAS, it is necessary to authorize the early redemption of the Callable Series
2006A Bonds and of the Callable Series 2007A Bonds as of September 25, 2015 and to direct
that notice of such early redemption be sent to the holders of those bonds;
NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. The 25th day of August, 2015, at 11 o'clock a.m. is hereby set as the
deadline for submitting bids for the sale of the Bonds, and the City Council will meet on the
same date to review the bids received and to take action to award the sale of the Bonds.
-2-
DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames419370-55/Auth POS/SetSale/Call OSBonds
Section 2. The use by Public Financial Management, Inc. of the Preliminary Official
Statement relating to the Bonds, in substantially the form as has been presented to and
considered by the City Council, is hereby approved, and Public Financial Management, Inc. is
hereby authorized to prepare and use a final Official Statement for the Bonds substantially in the
form of the Preliminary Official Statement, but with such changes therein as are required to
conform the same to the terms of the Bonds and, when adopted, the resolution authorizing the
issuance of the Bonds, and the City Clerk is hereby authorized and directed to execute a final
Official Statement for the Bonds, if requested. The Preliminary Official Statement as of its date
is deemed final by the City within the meaning of Rule 15(c)(2)-12 of the Securities and
Exchange Commission.
Section 3. 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 4. The City Treasurer, as Registrar and Paying Agent for the Callable Series
2006A Bonds and the Callable Series 2007A Bonds, is hereby authorized to take all action
necessary to call the outstanding balances of the Callable Series 2006A Bonds and the Callable
Series 2007A Bonds for redemption as of September 25, 2015 (the "Redemption Date") and is
further authorized and directed to give notice of such redemption by sending notice to each of the
registered owners of the Callable Series 2006A Bonds and the Callable Series 2007A Bonds to
be redeemed at the addresses shown on the City's registration records, not less than 30 days prior
to the Redemption Date.
Section 5. All resolutions and orders or parts thereof in conflict with the provisions
of this resolution, to the extent of such conflict, are hereby repealed.
Section 6. This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
Passed and approved August 11, 2015.
Mayor
Attest:
1
City Clerk
-3-
DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA