HomeMy WebLinkAbout2010-04-19-Resolutions 10-95_Bonds - URR Series 2010C - Electronic BiddingRESOLUTION #10-95
RESOLUTION APPROVING ELECTRONIC BIDDING PROCEDURES
WHEREAS,it is deemed necessary and advisable that the City of Waukee,State of
Iowa,should issue its Urban Renewal Revenue Bonds to the amount of not to exceed
$1,650,000,as authorized by Section 403.9 of the City Code ofIowa,for the purpose of
providing funds to pay costs of aiding in the planning,undertaking and carrying out of an
urban renewal project,including the construction and equipping of a public works facility,
with related site improvements,and
WHEREAS,pursuant to notice published as required by Section 403.9 of the City
Code ofIowa,public meeting and hearing was held on April 19,2010,upon the proposal to
institute proceedings for the issuance of the above described bonds,and all objections,if
any,to such action made by any resident or property owner of the City were received and
considered;and,it is the decision ofthis governing body that additional action be taken for
the issuance of the bonds,and that such action is considered to be in the best interests of the
City and the residents thereof
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
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 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 me 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 proceed on behalf of the City with the
sale of the Bonds,to select a date for the sale,prepare and distribute such information as
may be appropriate and to otherwise take all actions necessary to permit the sale on a basis
favorable to the City and acceptable to the Council.
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
Mayor Pro Tem
NAY ABSENT ABSTAIN
Electronic Bidding Procedures
Electronic facsimile bids must be delivered according to the following procedures:
I))A fax number and a telephone number will be provided to potential bidders in the Official
Terms of Offering and in the Official Bid FODn included in the Official Statement.
2)On or before the day bids are to be taken,potential bidders may fax signed Official Bid
Forms,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 Tenus 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 Form;or
c.The financial advisor may call potential bidders to request final price and coupons to
be inserted in a previously provided signed Official Bid Form.
The financial advisor will 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 fmancial advisor will verify the TIC and conformance with Official Terms of Offering.
5)Final bids will 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 will be called by the
fmancial 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 hour 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.
If the financial advisor is also bidding its bid must be submitted by PARITY?and no
information of any other bid will 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 of PARTTY~s?requirement of registration prior to submitting a bid.