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HomeMy WebLinkAbout2010-04-19-Resolutions 10-93_Bonds - GO Series 2010B - Advertise SaleRESOLUTION #10-93 RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $1,745,000 GENERAL OBLIGATION BONDS, AND APPROVING ELECTRONIC BIDDING PROCEDURES WHEREAS,the City of Waukee,State ofIowa,is in need of funds to pay costs of acquisition,construction,improvement and equipping offacilities useful for sanitary sewer and water works,an 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$1,745,000 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 of Iowa,of a public meeting and hearing to be held on April19,2010,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 bidding 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 thereofto 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 the receipt of electronic bids by facsimile machine and through the Parity Competitive Bidding System described in the Notice of Sale and the Electronic Bidding Procedures attached hereto are hereby found and determined to provide reasonable security and to maintain the integrity of the competitive bidding process,and to facilitate the delivery of bids by interested parties in connection with the offering at public sale. 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 of Iowa,and shall state that this Council,on the 3rd day of May,2010,at II :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 PARITY® 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 financial 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 intemet bids will be accessed and announced. Sale and Award:The sale and award of the 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 f011h in the Official Statement. Legal Opinion:The Bonds will be sold subject to the opinion of Ahlers &Cooney, P.c.,Attomeys of Des Moines,Iowa,as to the legality and their opinion will be fumished 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 ally irregularities as deemed to be in the best interests of the public. By order ofthe City Council of the City of Waukee,State ofIowa. .k,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 AYE X X X X X ~m@r~'-'--LL--=----- NAY ABSENT ABSTAIN Electronic Bidding Procedures Electronic facsimile bids must be delivered according to the foIlowing procedures: I))A fax number and a telephone number wiII be provided to potential bidders in the Official TerIDS of Offering and in the Official Bid Form included in the Official Statement. 2)On or before the day bids are to be taken,potential bidders may fax signed Official Bid FOlIDS,without price or coupons,to the fax number included in the Official Statement. 3)Prior to the deadline for receiving bids: a.Bidders may fax a completed and signed Official Bid Form to the number provided in the Official Terms of Offering;or b.Bidders by fax or phone may provide the final price and coupons to be inserted in the previously provided signed Official Bid F orm;or c.The financial advisor may caIl potential bidders to request final price and coupons to be inserted in a previously provided signed Official Bid Form. The fmancial advisor wiII note the price and coupon on the signed Official Bid Form if taken by telephone.The name ofthe bidder representative from whom the price and coupon were taken and the time at which they were taken must be noted on the Official Bid Form. 4)The financial advisor wiII verify the TIC and conformance with Official Terms of Offering. 5)Final bids wiII be sealed,submitted,and publicly opened by the Board's designated representative. 6)Subsequent to the receipt of bids,the bidder submitting the best bid wiII be caIled by the financial advisor to verify that it submitted the bid,to verify the terms,and to request re offering rates. The telephone and fax lines at the offices of the City will be kept open to the extent possible for an hom prior to the sale deadline.The fmancial advisor must not share non-public bid information of one underwriter with another underwriter or with anyone not officially involved with the bidding process. lfthe fmancial advisor is also bidding its bid must be submitted by PARITY'and no information of any other bid wiII be transmitted to a trader or any other employee of the financial advisor. Verification of the underwriter submitting the best bid via PARITY'may be relied upon by virtue ofP ARITY =s'requirement of registration prior to submitting a bid.