HomeMy WebLinkAbout~Master - Approving Official Statement of General Obligation Corporate Purpose Bonds, Series 2020A, setting date of sale and authorizing electronic bidding for the sale Ames419370-65/Auth POS/SetSaIeMOAGO/Call
RESOLUTION NO. 20-416
Setting date for sale of General Obligation Corporate Purpose and Refunding
Bonds, Series 2020A, 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 improvements to streets, sanitary sewers and bridges, installation of
traffic control devices, acquisition of equipment for the fire department and refunding the
principal maturities that will become due on and after June 1, 2021, of the City's General
Obligation Corporate Purpose Bond issues,Series 2010A, Series 2011 B and Series 2012(together,
the"Outstanding Bonds"); and has published notice of the proposed action and has held a hearing
thereon; and
WHEREAS, in the resolutions authorizing the issuance of each Series of the Outstanding
Bonds, the City reserved the right to call for payment prior to maturity any or all of each Series of
the Outstanding Bonds maturing after June 1, 2020 (the "Callable Bonds"); and
WHEREAS, the City proposes to offer for sale its General Obligation Corporate Purpose
and Refunding Bonds, Series 2020A, in the principal amount of$20,105,000 (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 PFM Financial Advisors
LLC; and
WHEREAS, it is necessary to authorize the early redemption of the Callable Bonds;
NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. August 25,2020, at 11 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.
Section 2. The use by PFM Financial Advisors LLC 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 PFM Financial Advisors LLC 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 appropriate City officials are hereby authorized and directed to execute a final Official
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Aines419370-65/Auth POS/SetSale2020AGO/Call
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 each Series of the
Callable Bonds, is hereby authorized to take all action necessary to call the Callable Bonds for
redemption as of September 24, 2020 (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 Bonds to be redeemed at the addresses shown on the City's registration books, 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 12, 2020.
Mayor
Attest:
City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA