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Home My WebLink About2008-11-03-Resolutions 08-241_Bonds - GO Urban Renewal Series 2008C - Direct SaleRESOLUTION 08-241 RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $2,200,000 GENERAL OBLIGATION BONDS,SERIES 2008C (URBAN RENEWAL),AND APPROVING ELECTRONIC BIDDING PROCEDURES WHEREAS,the City of Waukee,Iowa,is in need of funds to pay costs of aiding in the planning,undertaking and carrying out of urban renewal projects under the authority of 403,including WRA Outfall #1,treatment plant,South Area Extension and a recreational bike trail,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 $2,200,000 as authorized by Section 384.25 of the City Code ofIowa;and WHEREAS,pursuant to notice published as required by Section 384.26,this Council has held a public meeting and hearing on November 3,2008 ,upon the proposal to institute proceedings for the issuance of not to exceed $2,400,000 general obligation bonds,and no petition was filed in the manner provided by Section 362.4 of the City Code ofIowa;and it is the decision of the Council that additional action be taken for the issuance of $2,200,000 general obligation 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 ofthe 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,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 City 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 -1- than twenty days before the date of the sale.Publication shall be made in "The Des Moines Register",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 17th day of November,2008,at 7:00 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 of the City of Waukee,Iowa,will be received at the office of the City Clerk,in the City of Waukee,Iowa (the "Issuer")at 10:00 o'clock A.M.,on the 17th day of November,2008. 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 2008 C (URBAN RENEWAL),in the amount of $2,200,000,to be dated December 15,2008 (the "Bonds"). Manner of Bidding:Open bids will not be received.Bids will be received in any ofthe following methods: •Sealed Bidding:Sealed bids may be submitted and will be received at the office of the City Clerk,Waukee City Hall,230 Highway 6,Waukee,Iowa, 50263. •Electronic Intemet Bidding:Electronic intemet bids will be received at the office of the City Clerk,Waukee City Hall,230 Highway 6,Waukee,Iowa. The bids must be submitted through the P ARITYD competitive bidding system. •Electronic Facsimile Bidding:Electronic facsimile bids will be received at the office of the City Clerk,Waukee City Hall,230 Highway 6,Waukee, Iowa.Facsimile No.515-987-1845,or at the office of the City's Financial Consultant,Public Financial Management,Inc.,2600 Grand Avenue,Suite 214,Terrace Place,Des Moines,Iowa.Facsimile No.515-243-6994. Electronic facsimile bids will be sealed and treated as sealed bids. -2- 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 annonnced. Finally,electronic internet bids will be accessed and announced. Sale and Award:The sale and award of the bonds will be held at the City Hall, 230 Highway 6,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,Waukee City Hall,230 Highway 6,Waukee,Iowa 50263,Telephone No.515-987-4522,or at the office of the City's Financial Consultant,Public Financial Management,Inc.,2600 Grand Avenue,Suite 214,Terrace Place,Des Moines,Iowa 50312,Telephone No.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 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,Iowa. Jeffrey L.Kooistra City Clerk of the City of Waukee,Iowa (End of Notice) -3- PASSED AND APPROVED this 3rd day of November,2008. Attest: ROLL CALL VOTE Donald L.Bailey,Jr. Casey L.Harvey C.Isaiah McGee Darlene Stanton Mike Watts AYE X X X X NAY ABSENT X -4- ABSTAIN