HomeMy WebLinkAbout2012-04-16-Resolutions 12-83_Bonds - GO Series 2012A - Advertise SaleRESOLUTION 12-83
RESOLUTION DIRECTING THE ADVERTISEMENT
FOR SALE OF $2,735,000 GENERAL OBLIGATION
REFUNDING BONDS,SERIES 2012A,AND APPROVING
ELECTRONIC BIDDING PROCEDURES AND OFFICIAL
STATEMENT
WHEREAS,the City of Waukee,State ofIowa,is in need of funds to pay costs of
refunding General Obligation Bonds,Series 2003,Series 2004A and Series 2004C;and
sidewalk improvements,an essential corporate purpose project,and it is deemed
necessary and advisable that the City issue General Obligation Bonds for such purpose to
the amount of not to exceed $2,250,000 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 16,2012,upon the proposal to institute proceedings for the issuance of the Bonds
for the aforesaid essential corporate purpose 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 City of Waukee,State of Iowa,is in need of funds to pay costs of
trailhead,fiber optic and public building improvements,general corporate purpose
projects,and it is deemed necessary and advisable that the City issue General Obligation
Bonds for such purpose to the amount of not to exceed $650,000,as authorized by
Section 384.26 of the City Code ofIowa;and
WHEREAS,the City has a population of more than 5,000 but not more than
75,000,and the amount of the proposed bond issue is not more than $700,000.00;and
WHEREAS,pursuant to notice published as required by Section 384.26(5),this
Council has held a public meeting and hearing on April 16,2012,upon the proposal to
institute proceedings for the issuance of not to exceed $650,000 General Obligation
Refunding Bonds,and no petition was filed in the manner provided by Section 362.4 of
the City Code of Iowa;and it is the decision of the Council that additional action be taken
for the issuance of not to exceed $650,000 General Obligation Bonds for such purpose,
and that such action is considered to be in the best interests of the City and the residents
thereof;
WHEREAS,pursuant to Section 384.28 of the City Code of Iowa,it is deemed
appropriate that the various General Obligation Bonds,be combined for purposes of
issuance and sale in a single issue of$2,735,000 General Obligation Bonds,Series
2012A,for corporate purposes,as set forth herein;and
WHEREAS,in conjunction with its Financial Advisor,Public Financial
Management,Inc.,the City has caused a Preliminary Official Statement to be prepared
outlining the details of the proposed sale ofthe Bond.
WHEREAS,the Council has received information from its Financial Advisor
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 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 preliminary Official Statement in the form presented to this
meeting be and the same hereby is approved as to form and deemed final for purposes of
Rule 15c2-12 of the Securities and Exchange Commission,subject to such revisions,
corrections or modifications as the Mayor and City Clerk,upon the advice of bond
counsel and the City's Financial Advisor,shall determine to be appropriate,and is
authorized to be distributed in connection with the offering of the Bonds for sale.
Section 3.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
7'11 day of May,2012,at 5:30 o'clock P.M.,will hold a meeting to act upon bids for said
bonds,which bids were previously received and opened by City Officials at 10:00 o'clock
A.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,
Series 20l2A and General Obligation Refunding Bonds,Series 20l2B,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 10:00 o'clock A.M.,on the ih day of May,2012.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 20l2A,in the amount of
$2,735,000*,to be dated June 7,2012;and
GENERAL OBLIGATION REFUNDING BONDS,SERIES 20l2B,in the
amount of $4,365,000*,to be dated June 14,2012 (collectively,the
"Bonds").
*The City reserves the right to increase or decrease the aggregate principal
amount of each issue by an amount necessary to effectuate the refunding of
the Series 2003,Series 2004A and Series 2004C issues (for Series 20l2A),
and the Series 2007 A Bonds (for Series 20l2B).Any change will be in
increments of $5,000 and may be made in any maturity.The aggregate
principal amount of both Series of Bonds will not exceed $7,550,000.The
purchase price will be adjusted proportionately to reflect any change in·.Issue SIze.
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 (facsimile number:515-987-1845);or at the office of the
City's Financial Advisor,Public Financial Management,801 Grand
Avenue,Suite 3300,Des Moines,Iowa,50309 (facsimile number: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 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 5:30 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 Advisor,Public Financial Management,Inc.,801
Grand Avenue,Suite 3300,Des Moines,Iowa,50309;Telephone:515-243-2600.
Terms of Offering:All bids shall be in conformity with and the sale shall be in
accord with the Tenus 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,State ofIowa.
City Clerk,City of Waukee,State ofIowa
(End of Notice)
PASSED AND APPROVED this 16th day of April,2012.
ATTEST:
City
ROLL CALL VOTE
Shane Blanchard
Dan Dutcher
Casey L.Harvey
Shelly Hughes
Mike Watts
AYE
X
X
X
X
X
NAY ABSENT ABSTAIN