HomeMy WebLinkAbout2010-05-03-Resolutions 10-134_Bonds - URR Series 2010C - Accept Proposal to PurchaseRESOLUTION NO.10-134
RESOLUTION DIRECTING THE ACCEPTANCE OF A
PROPOSAL TO PURCHASE $1,590,000 URBAN
RENEWAL REVENUE BONDS,SERlES 201 OC
WHEREAS,the City of Waukee,sometimes hereinafter referred to as the City,is
a municipal corporation duly incorporated,organized and existing under and by virtue of
the Constitution and laws of the State ofIowa;and
WHEREAS,it is deemed necessary that the City should enter into a Loan
Agreement and borrow the amount of $1,590,000 as authorized by 403.9,Code of Iowa
as amended;and
WHEREAS,proposals have been requested and received from financial
institutions offering to enter into such Loan Agreement;and
WHEREAS,after a review of all the proposals received,it has been determined
that the best and most favorable proposal is that of Hutchinson,Shockey,Erley &Co.,of
Chicago,IL,and
WHEREAS,it is the intention of this City Council to enter into a LOID Agreement
in accordance with said proposal dated May 3,2010:
NOW THEREFORE,BE IT RESOLVED,BY THE CITY COUNCIL OF THE
CITY OF WAUKEE,STATE OF IOWA:
Section 1.That this City Council does hereby accept the attached proposal of
Hutchinson,Shockey,Erley &Co.,of Chicago,IL,and takes additional action to permit
the entering into of a Loan Agreement.
Section 2.The Mayor and City Clerk are authorized and directed to proceed on
behalf of the City to enter into such Loan Agreement,to negotiate the final terms of a
Loan Agreement to take all action necessary to permit the entering into of a Loan
Agreement on a basis favorable to the City and acceptable to the Purchaser,and to
proceed to meet the conditions of this accepted proposal.
PASSED AND APPROVED this 3rd day of May,2010.
ROLL CALL VOTE
Shane Blanchard
Dan Dutcher
Casey L.Harvey
Darlene Stanton
Mike Watts
AYE
X
X
X
X
X
NAY ABSENT ABSTAIN
(Attach Copy of Terms of Proposal)
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For the aggregate principal amount of $1 ,590,000,00,we will pay you $1,578,870,00,plus accrued interest from the date of issue to
the date of delivery,The Bonds are to bear interest at the following raters):
Maturity Date Amount $Coupon %
06/01/2011 120M 2,0000
06/01/2012 125M 2,0000
06/01/2013 130M 2,5000
06/01/2014 135M 3,0000
06/01/2015 135M 3,0000
06101/2016 140M 3,0000
06/01/2017 145M 3,2000
06/01/2018 155M 3.4000
06/01/2019 160M 3,6000
06/01/2020 170M 3,8000
06/01/2021 175M 3,9000
rest Cost:)$34
Hutchinson,Shockey,Erley &Co.-Chicago,IL's Bid
Waukee
$1,590,000 Urban Renewal Revenue Bonds,Series 2010C
Totallnte 4,817,76
Discount:$11,130,00
Net Interest Cost:$355,947,76
TIC:3,510128
Time Last Bid Received On:05/03/2010 10:55:53 CDST
This proposal is made subject to all of the terms and conditions of the Official Bid Form,the Official Notice of Sale,and the
Preliminary Official Statement,all of which are made a part hereof.
Bidder:Hutchinson,Shockey,Erley &Co.,Chicago,IL
Contact:Jim VanMetre
Title:
Telephone:312-443-1550
Fax:443--72-25
-'"
Issuer Name:City of WaukeeIdt Company Name:
Accepted By:Accepted By:
Date:O'S/O"J:>/~W Date: