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Home My WebLink About~Master - Resolution Setting the Date for the Sale of General Obligation Corporate Purpose Bonds I Ames/419370-68/Auth POS,Set Sale GO CP LA ; RESOLUTION NO. -99=558 Resolution setting the date for the sale of General Obligation Corporate Purpose Bonds, Series 2022A and authorizing the use of a preliminary official statement in connection therewith WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa has proposed to enter into a General Obligation Urban Renewal Loan Agreement (the "Urban Renewal Loan Agreement"), pursuant to the provisions of Sections 384.24A and 384.24.3(q) of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $21,200,000 for the purpose of paying the costs, to that extent, undertaking a project in the Downtown Reinvestment District Urban Renewal Area consisting of constructing, furnishing and equipping an indoor aquatic center and associated grounds and facilities as further detailed in the urban renewal plan approved by the City Council on August 24, 2021, and in lieu of calling an election upon such proposal, has published notice of the proposed action, including notice of the right to petition for an election, and has held a hearing thereon, and as of September 14, 2021, no petition had been filed with the City asking that the question of entering into the Urban Renewal Loan Agreement be submitted to the registered voters of the City; and WHEREAS, the City, pursuant to the provisions of Section 384.24A of the Code of Iowa, also proposed to enter into a loan agreement (the "Essential Purpose Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $11,225,000 for the purpose of paying the costs, to that extent, of (1) constructing street, alley, bridge, sidewalk, storm water drainage and incidental infrastructure improvements; (2) acquiring and installing street lighting, signage and signalization improvements; and (3) acquiring vehicles and equipment for the municipal fire department, and pursuant to law and a notice duly published, the City Council has held a public hearing on such proposal on March 8, 2022; and WHEREAS, the City also proposed to enter into a loan agreement (the "General Purpose Loan Agreement I") and to borrow money thereunder in a principal amount not to exceed $700,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the costs, to that extent, of undertaking Downtown Plaza improvements and in lieu of calling an election upon such proposal, has published notice of the proposed action and has held a hearing thereon, and as of March 8, 2022, no petition had been filed with the City asking that the question of entering into the General Purpose Loan Agreement 1 be submitted to the registered voters of the City; and WHEREAS, the City further proposed to enter into a loan agreement (the "General Purpose Loan Agreement 2" and together with the Urban Renewal Loan Agreement, the Essential Purpose Loan Agreement and the General Purpose Loan Agreement 1, the "Loan Agreements") and to borrow money thereunder in a principal amount not to exceed $350,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the costs, to that extent, of undertaking concrete surfacing improvements for a municipal fire station and in lieu of calling an election upon such proposal, has published notice of the proposed action and has held a hearing thereon, and as of March 8, 2022, no petition had been filed with the City asking that the question of entering into the General Purpose Loan Agreement 2 be submitted to the registered voters of the City; and -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-68/Audi POS,Set Sale GO CP LA WHEREAS, pursuant to Section 384.28 of the Code of Iowa, the City combined the Loan Agreements into a single loan agreement (the "Loan Agreement"); and WHEREAS, a Preliminary Official Statement (the "P.O.S.") has been prepared to facilitate the sale of General Obligation Corporate Purpose Bonds, Series 2022A (the "Bonds") to be issued in evidence of the obligation of the City under the Loan Agreement, and it is now necessary to make provision for the approval of the P.O.S. and to authorize its use by PFM Financial Advisors LLC, as municipal advisor (the "Municipal Advisor") to the City; and WHEREAS, it is now necessary to set the date for the sale of the Bonds and to make provision for the advertisement thereof; NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. The City staff are hereby authorized to take such action as shall be deemed necessary and appropriate, with the assistance of the Municipal Advisor, to prepare the P.O.S. describing the Bonds and providing for the terms and conditions of their sale, and all action heretofore taken in this regard is hereby ratified and approved. Section 2. The use by the Municipal Advisor of the P.O.S. relating to the Bonds in substantially the form as has been presented to and considered by the City Council is hereby approved, and the Municipal Advisor is hereby authorized to prepare and use a final Official Statement for the Bonds substantially in the form of the P.O.S. but with such changes therein as are required to conform the same to the terms of the Bonds and the resolution, when adopted, providing for the sale and issuance of the Bonds, and the City staff are hereby authorized and directed to execute a final Official Statement for the Bonds, if requested. The P.O.S. 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. Sealed bids for the purchase of the Bonds shall be submitted, as set forth in the P.O.S., received and canvassed on behalf of the City until 10:00 a.m. on November 8, 2022, at the office of the City Treasurer, at the City Hall, in the City, and the City Council shall meet on the same date at 6:00 p.m., at the City Hall Chambers, Ames Iowa, for the purpose of considering such bids received and considering and passing a resolution providing for the award of the Bonds, and the Municipal Advisor is hereby authorized and directed to disseminate the notice of said sale, in compliance with the Internal Revenue Service regulations governing "Issue Price" determinations, such notice to minimally contain information regarding Establishment of Issue Price set forth in the "Terms of Offering" attached to the P.O.S. and to be in such form as the Municipal Advisor may deem to be appropriate. i Section 4. 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. -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-68/Auth POS,Set Sale GO CP LA Section 5. Further action with respect to the sale and issuance of the bonds is hereby adjourned to the City Council meeting scheduled for November 8, 2022. Section 6. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 7. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved October 25, 2022. ` Mayor Attest, City erk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA i Ames/419370-68/Auth POS,Set Sale GO CP LA I ATTESTATION CERTIFICATE STATE OF IOWA i STORY COUNTY 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 all of the proceedings of the City Council relating to the fixing of a date for the sale of General Obligation Corporate Purpose Bonds, Series 2022A and approving a preliminary official statement for the sale of the Bonds, as referred to herein. WITNESS MY HAND this. day of (/ , 2022. City 6erk -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA