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Home My WebLink About2006-05-15-Resolutions 06-93_Bonds - GO Urban Renewal Corp Purpose Series 2006B - Additional ActionRESOLUTION NO.06-93 IResolutiontakingadditionalactiononandcombiningGeneralObligationUrban Renewal Essential and General Corporate Purpose Bonds,fixing the time and place for the sale of a single issue of $4,950,000 General Obligation Urban Renewal Corporate Purpose Bonds,Series 2006B,and providing for the advertisement of such sale WHEREAS,pursuant to the provisions of Chapters 384 and 403 of the Code ofIowa,the City of Waukee,Iowa (the "City"),proposed the issuance of not to exceed $4,895,000 General Obligation Essential Corporate Purpose Bonds (the "Essential Corporate Purpose Bonds")for the purpose of planning,undertaking and carrying out urban renewal projects in the Waukee Urban Renewal Area (the "Urban Renewal Area"),consisting of the construction of street,storm sewer, sidewalk and landscaping improvements and installing street lighting and traffic signals,and has published notice of such proposal pursuant to Section 384.25 of the Code of Iowa and has held a hearing thereon;and WHEREAS,pursuant to the provisions of Chapters 384 and 403 of the Code of Iowa,the City also proposed the issuance of not to exceed $405,000 General Obligation Urban Renewal General Corporate Purpose Bonds (the "General Corporate Purpose Bonds")for the purpose of carrying out urban renewal projects in the Urban Renewal Area,consisting of refunding an outstanding Urban Renewal Development Agreement and constmcting bike trail improvements, and has published notice of such proposal,including notice of the right to petition for an election, pursuant to Section 384.26 of the Code of Iowa and has held a hearing thereon,and no petition has been filed with the City asking that the question of issuing the General Corporate Purpose Bonds be submitted to the registered voters of the City;and WHEREAS,pursuant to Section 384.28 of the Code of Iowa,the City may include in a single resolution any number or combination of essential and general corporate purposes and sell a single issue of bonds; NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Waukee, Iowa,as follows: Section I.The Essential Corporate Purpose Bonds and the General Corporate Purpose Bonds referred to in the preamble hereof are hereby combined and shall be sold as a single issue of General Obligation Corporate Purpose Bonds,Series 2006B,in the aggregate principal amount of$4,950,000 (the "Bonds"). Section 2.Sealed bids for the purchase of the Bonds shall be received and canvassed on behalf of the City at 1:00 o'clock p.m.on June 5,2006,at the office of the Interim City Administrator/Clerk,City Hall,Waukee,Iowa,and the City Council shall meet on the same date at 7:00 o'clock p.m.at the Council Chambers,City Hall,Waukee,Iowa,for the purpose of I considering such bids received and considering and passing a resolution providing for the award and issuance of the Bonds. 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 P ARITY®, and hereby finds and determines that the P ARITY®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 Interim City Administrator/Clerk is hereby authorized and directed to publish notice of said sale,as provided by Chapter 75 of the Code of Iowa,in substantially the following form: NOTICE OF SALE ICityofWaukee,Iowa $4,950,000 General Obligation Urban Renewal Corporate Purpose Bonds, Series 2006B Bids will be received on behalf of the City of Waukee,Iowa,until 1:00 o'clock p.m.on June 5,2006,for the purchase of $4,950,000 General Obligation Urban Renewal Corporate Purpose Bonds,Series 2006B,of the City. Any of the methods set forth below may be used,but no open bids will be accepted: Sealed Bidding:Sealed bids will be received at the office of the Interim City Administrator/Clerk,City Hall,Waukee,Iowa. Electronic Internet Bidding:Electronic internet bids will be received at the office of the Interim City Administrator/Clerk,City Hall,Waukee,Iowa,and must be submitted through PARITy@'. Electronic Facsimile Bidding:Electronic facsimile bids will be received at the office of the Interim City Administrator/Clerk,City Hall,Waukee,Iowa,and will be sealed and treated as sealed bids. After the deadline for receipt of bids has passed,sealed bids will be opened and announced,and electronic internet bids will be accessed and announced.All bids will be presented to the City Council for consideration at its meeting to be held at 7:00 o'clock p.m.on June 5,2006,at the Council Chambers,City Hall,Waukee,Iowa,at which time the Bonds will be sold to the best bidder for cash. The Bonds will be issued as fully registered bonds in denominations of $5,000 or any integral multiple thereof,will be dated July 12,2006,will bear interest payable semiannually on each June 1 and December 1 to maturity,commencing December 1,2006,and will mature on June 1 in the following years and amounts: Principal Principal Year Amount Year Amount 2007 $250,000 2014 $420,000 2008 $285,000 2015 $435,000 2009 $310,000 2016 $455,000 2010 $320,000 2017 $480,000 2011 $370,000 2018 $265,000 2012 $385,000 2019 $280,000 2013 $400,000 2020 $295,000 The right is reserved to the City to call and redeem all of the said Bonds maturing in the years 2015 to 2020,inclusive,in whole or from time to time in part,in one or more units of $5,000,on June 1,2014,or on any date thereafter prior to and in any order of maturity (and within a maturity by lot),upon terms of par and accrued interest. Bidders must specify a price of not less than $4,905,450,plus accrued interest.The legal opinion of Dorsey &Whitney LLP,Attomeys,Des Moines,Iowa,will be furnished by the City. A good faith deposit of $49,500 is required and may be forfeited to the City in the event the successful bidder fails or refuses to take and pay for the Bonds. The City reserves the right to reject any or all bids and to waive irregularities in any bid. The Bonds are being issued pursuant to the provisions of Chapters 384 and 403 of the Code ofIowa and will constitute general obligations of the City,payable from taxes levied upon all the taxable property in the City without limitation as to rate or amount. The Securities and Exchange Commission (the "SEC")has promulgated certain amendments to Rule 15c2-12 under the Securities Exchange Act of 1934 (17 C.F.R.§240.l5c2- 12)(the "Rule")that make it unlawful for an underwriter to participate in the primary offering of municipal securities in a principal amount of$l,OOO,OOOor more unless,before submitting a bid or entering into a purchase contract for such securities,it has reasonably determined that the issuer or an obligated person has undertaken in writing for the benefit of the holders of such securities to provide certain disclosure information to prescribed information repositories on a continuing basis so long as such securities are outstanding. On the date of issuance and delivery of the Bonds,the City will execute and deliver a Continuing Disclosure Certificate pursuant to which the City will undertake to comply with the Rule.The City will covenant and agree to comply with and carry out the provisions of the Continuing Disclosure Certificate.All of the officers of the City will be authorized and directed to take any and all actions as may be necessary to comply with the Rule and the Continuing Disclosure Certificate. Bidders should be aware that the official terms of offering to be published in the Official Statement for the Bonds contain additional bidding terms and information relative to the Bonds. In the event of a variance between statements in this Notice of Sale (except with respect to the time and place of the sale of the Bonds and the principal amount offered for sale)and said official terms of offering,the provisions of the latter shall control. By order of the City Council of Waukee,Iowa. John Gibson Interim City Administrator/Clerk Section 5.All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved May 15,2006. Attest: John?on,Interim City Administrator/Clerk ROLL CALL VOTE Donald L.Bailey,JI. Isaiah McGee Jeff Mertz Darlene Stanton Mike Watts AYE X X X X NAY ABSENT X