HomeMy WebLinkAbout~Master - Sale of G.O. Essential Corporate Purpose Bonds, Series 2016A, in the amount of $12,705,000 Ames4I9370-562016ASale GO/Call
RESOLUTION NO. 16-497
Awarding Sale of General Obligation Corporate Purpose and Refunding Bonds, Series 2016A
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 carrying out flood mitigation and remediation, and of
refunding the outstanding balance of the City's General Obligation Corporate Purpose Bonds,
Series 2008A (the "Series 2008A Bonds"), and has published notice of the proposed action and
has held a hearing thereon; and
WHEREAS, in the resolution authorizing the issuance of the Series 2008A Bonds, the
City reserved the right to call for redemption prior to maturity any of the Series 2008A Bonds
maturing after Tune 1, 2016 (the"Callable Series 2008A Bonds"); and
WHEREAS, it is necessary to authorize the early redemption of the Callable Series
2008A Bonds as of September 27, 2016 and to direct that notice of such early redemption be sent
to the holders of those bonds; and
WHEREAS, pursuant to advertisement of sale, bids for the purchase of General
Obligation Corporate Purpose and Refunding Bonds, Series 2016A (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 municipal advisor has
determined that the bid of Robert W. Baird & Co., Inc., Milwaukee, WI (the "Purchaser"), is the
best, such bid proposing the lowest interest cost to the City;
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$11,650,000, for the purposes 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, in the principal amount of$11,650,000 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.
DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames419370-56/2016ASale GO/Call
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.
Section 4. The City Treasurer, as Registrar and Paying Agent for the Callable Series
2008A Bonds, is hereby authorized to take all action necessary to call the outstanding balance of
the Callable Series 2008A Bonds for redemption as of September 27, 2016 (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 2008A 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 or parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
Passed and approved August 23, 2016.
Mayor
Attest:
City Clerk
Upon motion and vote,the meeting was adj ourried.
4.4,4--e �
Mayor
Attest:
City Clerk
-3-
DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA