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HomeMy WebLinkAbout2010-04-19-Resolutions 10-91_Bonds - GO Series 2010A - Advertise SaleRESOLUTION#10-91 RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $1,435,000 GENERAL OBLIGATION BONDS, AND APPROVING ELECTRONIC BIDDING PROCEDURES WHEREAS,the City of Waukee,State ofIowa,is in need of funds to pay costs of construction,reconstruction and repair of municipal street improvements;and undertaking a project jointly with the WRA for improvements to the treatment plant, essential corporate purpose projects,and it is deemed necessary and advisable that the City issue General Obligation Bonds for such purpose to the amount of $1,435,000 as authorized by Section 384.25 of the City Code ofIowa;and WHEREAS,this Council has ordered that notice be published as required by Section 384.25 of the City Code ofIowa,of a public meeting and hearing to be held on April 19,2010,upon the proposal to institute proceedings for the issuance of the Bonds for the aforesaid essential corporate purposes and it is deemed necessary that the bonds be advertised for public sale to be held following the hearing in the event that this Council shall determine to proceed with the issuance of the Bonds. WHEREAS,the Council has received information from its Financial Consultant evaluating and recommending the procedure hereinafter described for electronic, facsimile and internet bidcling to maintain the integrity and security of the competitive bidding process and to facilitate the delivery of bids by interested parties;and WHEREAS,the Council deems it in the best interests of the City and the residents thereof to receive bids to purchase such Bonds by means of both sealed and electronic internet communication. NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WAUKEE,STATE OF IOWA: Section 1.That this Council does hereby institute proceedings and take additional action for the sale and issuance in the mauner required by law of$1,435,000 General Obligation Bonds,for the foregoing essential corporate purposes. Section 2.That the Clerk is hereby directed to publish notice of sale of said bonds at least once,the last one of which shall be not less than four clear days nor more than twenty days before the date of the sale.Publication shall be made in "The Dallas County News",a legal newspaper,printed wholly in the English language,published within the county in which the bonds are to be offered for sale or an adjacent county.Said notice is given pursuant to Chapter 75 of the Code ofIowa,and shall state that this Council,on the 3rd day of May,2010,at 11 :00 o'clock A.M.,will hold a meeting to act upon bids for said bonds,which bids were previously received and opened by City Officials at 7:00 o'clock P.M.on said date.The notice shall be in substantially the following form: NOTICE OF BOND SALE Time and Place of Sealed Bids:Bids for the sale of General Obligation Bonds,of the City of Waukee,State ofIowa,will be received at the office of the City Clerk, Council Chambers,City Hall,230 West Hickman Road,Waukee,Iowa 50263; Telephone:515-987-4522 (the "Issuer")at 11 :00 o'clock A.M.,on the 3rd day of May, 2010.The bids will then be publicly opened and referred for action to the meeting of the City Council in conformity with the TERMS OF OFFERING. The Bonds:The bonds to be offered are the following: GENERAL OBLIGATION BONDS,SERIES 2010A,in the amount of $1,435,000,to be dated June 2,2010;and GENERAL OBLIGATION BONDS,SERIES 201OB,in the amount of $1,745,000,to be dated June 2,2010 (the "Bonds"). Manner of Bidding:Open bids will not be received.Bids will be received in any of the following methods: •Sealed Bidding:Sealed bids may be submitted and will be received at the office of the City Clerk at City Hall,230 West Hickman Road,Waukee, Iowa 50263. •Electronic Internet Bidding:Electronic internet bids will be received at the office of the City Clerk at City Hall,230 West Hickman Road,Waukee, Iowa 50263.The bids must be submitted through the P ARITY® competitive bidding system. •Electronic Facsimile Bidding:Electronic facsimile bids will be received at the office of the City Clerk at City Hall,230 West Hickman Road,Waukee, Iowa 50263 (Fax:515-987-1845),or at the office of the City's fmancial advisor,Public Financial Management,Inc.,2600 Grand Avenue, Suite 214,Terrace Place,Des Moines Iowa 50312 (Fax:515-243-6994). Electronic facsimile bids will be sealed and treated as sealed bids. Consideration of Bids:After the time for receipt of bids has passed,the close of sealed bids will be announced.Sealed bids will then be publicly opened and announced. Finally,electronic internet bids will be accessed and announced, Sale and Award:The sale and award ofthe Bonds will be held at the Council Chambers,City Hall,230 West Hickman Road,Waukee,Iowa at a meeting of the City Council on the above date at 7:00 o'clock P.M. Official Statement:The Issuer has issued an Official Statement of information pertaining to the Bonds to be offered,including a statement of the Terms of Offering and an Official Bid Form,which is incorporated by reference as a part of this notice.The Official Statement may be obtained by request addressed to the City Clerk,Council Chambers,City Hall,230 West Hickman Road,Waukee,Iowa 50263;Telephone: 515-987-4522 or the Issuer's Financial Consultant,Jenny Blankenship,Public Financial Management,2600 Grand Avenue,Suite 214,Des Moines,Iowa 50312, Telephone:515-243-2600. Terms of Offering:All bids shall be in conformity with and the sale shall be in accord with the Terms of Offering as set forth in the Official Statement. Legal Opinion:The Bonds will be sold subject to the opinion of Ahlers &Cooney, P.C.,Attorneys of Des Moines,Iowa,as to the legality and their opinion will be furnished together with the printed bonds without cost to the purchaser and all bids will be so conditioned.Except to the extent necessary to issue their opinion as to the legality of the Bonds,the attorneys will not examine or review or express any opinion with respect to the accuracy or completeness of documents,materials or statements made or furnished in connection with the sale,issuance or marketing of the bonds. Rights Reserved:The right is reserved to reject any or all bids,and to waive any irregularities as deemed to be in the best interests of the public. By order of the City Council of the City of Waukee,Stat erk,City of Waukee,State ofIowa (End of Notice) PASSED AND APPROVED this 19th day of April,2010. ATTEST: ROLL CALL VOTE Shane Blanchard Dan Dutcher Casey L.Harvey Darlene Stanton Mike Watts yor Pro Tent AYE X X X X X NAY ABSENT ABSTAIN