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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.