HomeMy WebLinkAbout2017-04-03-Resolutions 17-169_Bonds - GO Series 2017A - Advertise SaleRESOLUTION 17-169
RESOLUTION DIRECTING THE ADVERTISEMENT FOR
SALE OF $13,940,000 GENERAL OBLIGATION BONDS,
SERIES 2017A,AND APPROVING ELECTRONIC BIDDING
PROCEDURES AND OFFICIAL STATEMENT
WHEREAS,the Issuer is in need of funds to pay costs of opening,widening,extending,
grading,and construction,reconstruction,repairing of street improvements,with related utility
work;the acquisition,installation,and repair of traffic control devices;construction
reconstruction and repair of trails,sidewalks and pedestrian underpasses and overpasses,and the
acquisition of real estate needed for any of the foregoing purposes;rehabilitation and
improvement of City parks already owned,including facilities,equipment and improvements
commonly found in City parks;and the acquisition of ambulances and ambulance equipment,
essential corporate purpose(s),and it is deemed necessary and advisable that General Obligation
Bonds,to the amount of not to exceed $5,500,00 be authorized for said purpose(s);and
WHEREAS,pursuant to notice published as required by Section 384.25 of the Code of
Iowa,this Council has held a public meeting and hearing upon the proposal to institute
proceedings for the issuance of the Bonds,and the Council is therefore now authorized to
proceed with the issuance of said Bonds for such purpose(s);and
WHEREAS,the City is in need of funds to pay costs of acquisition,construction and
equipping of new parks and recreation areas,including the new city dog park,general corporate
purpose(s),and it is deemed necessary and advisable that General Obligation Bonds,to the
amount of not to exceed $300,000 be authorized for said purpose(s);and
WHEREAS,the Issuer has a population of more than 5,000 but not more than 75,000,
and the Bonds for these purposes do not exceed $700,000;and
WHEREAS,pursuant to notice published as required by Section 384.26 of the Code of
Iowa,the Council of the City has held public meeting and hearing upon the proposal to institute
proceedings for the issuance of Bonds for general corporate purpose(s)in the amounts as above
set forth,and,no petition for referendum having been received,the Council is therefore now
authorized to proceed with the issuance of said Bonds for such purpose(s);and
WHEREAS,the Issuer 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 Iowa Code chapter
403 and the Urban Renewal Plans,as amended,for the Gateway Economic Development Urban
Renewal Area and the Autumn Ridge Residential Urban Renewal Area,including street,
streetscape,sewer,storm sewer and water utility improvements,and traffic signals for the Alice's
Road extension,expansion,and interchange improvements,with related site improvements;and
developer incentives related to improvements within the Kettlestone Master Plan,essential
corporate urban renewal purpose project(s),and it is deemed necessary and advisable that the
City issue General Obligation Bonds,for such purpose(s)to the amount of not to exceed
$9,000,000 as authorized by Sections 384.25 and 403.12 of the Code of Iowa;and
WHEREAS,pursuant to notice published as required by Sections 384.25 and 403.12 this
Council has held a public meeting and hearing upon the proposal to institute proceedings for the
issuance of said Bonds,and all objections,if any,to such Council action made by any resident or
property owner of the City were received and considered by the Council;and no petition having
been filed,it is the decision of the Council that additional action be taken for the issuance of said
Bonds for such purpose(s),and that such action is considered to be in the best interests of the
City and the residents thereof;and
WHEREAS,pursuant to Section 384.28 of the Code of Iowa,it is hereby found and
determined that the various general obligation bonds authorized as hereinabove described shall
be combined for the purpose of issuance in a single issue of $13,940,000 General Obligation
Bonds as hereinafter set forth;and
WHEREAS,in conjunction with its Municipal Advisor,PFM Financial Advisors LLC,
the City has caused a Preliminary Official Statement to be prepared outlining the details of the
proposed sale of the Bonds;and
WHEREAS,the Council has received information from its Municipal 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 and Official Statement 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 General Obligation Bonds,Series 2017A,of City of Waukee,State of
Iowa,in the amount of $13,940,000,to be issued as referred to in the preamble of this
Resolution,to be dated May 24,2017,be offered for sale pursuant to the published
advertisement.
Section 3.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 4.That the Clerk is hereby directed to publish notice of sale of the 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 "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.The notice is given pursuant to Chapter
75 of the Code of Iowa,and shall state that this Council,on the 17'"day of April,2017,at 5:30
P.M.,will hold a meeting to receive and act upon bids for said Bonds,which bids were
previously received and opened by City Officials at 10;00 A.M.on said date.The notice shall be
in substantially the following form:
(To be published on or before April 11,2017)
NOTICE OF BOND SALE
Time and Place of Sealed Bids:Bids for the sale of Bonds of the City of Waukee,State
of Iowa,hereafter described,must be received at the office of the City Clerk,Council Chambers,
City Hall,230 West Hickman Road,Waukee,Iowa 50263;Telephone:515-978-7904 (the
"Issuer")before 10:00 A.M.,on the 17"day of April,2017.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 2017A,in the
amount of $13,940,000*,to be dated May 24,2017 (the "Bonds")
*Subject to principal adjustment pursuant to official Terms of Offering.
Manner of Biddin:Open bids will not be received.Bids will be received in any of the
following methods:
~Sl dBiddi:S 4 dbid yb b tt d d illb d tth ffi
of the City Clerk at City Hall,230 West Hickman Road,Waukee,Iowa 50263.
~Electronic Internet Biddin;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 PARITY competitive bidding system.
~Electronic Facsimile Biddin: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 the City's Municipal Advisor,PFM
Financial Advisors LLC,Des Moines,Iowa (facsimile number:515-243-6994).
Electronic facsimile bids will be 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 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
Hickman Road,Waukee,Iowa 50263;Telephone:515-978-7904 or the Issuer's Municipal
Advisor,PFM Financial Advisors LLC,801 Grand Avemje,Suite 3300,Des Moines,Iowa,
50309,Telephone:515-243-2600.
T~fQff 6:Allbld RBlb I f .Ity 1th»dth I h lib
accordance with the Terms of Offering as set forth in the Official Statement.
C~IO I:Th B d 11th Id bj tt th pl»l fAhl &C y,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.
R~iht R d:Tll lgltl 'dt j I y Ilb'd,dt I y
irregularities as deemed to be in the best interests of the public.
By order of the City Council of the City of Waukee,State of Iowa.
Rebecca D.Schuett
City Clerk,City of Waukee,State of Iowa
(End of Notice)
PASSED AND APPROVED this 3'day of April,2017.
ayor
ATTEST:
City Clerk
ROLL CALL VOTE
Anna Bergman
R.Charles Bottenberg
Brian Harrison
Shelly Hughes
Larry R.Lyon
AYE
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NAY ABSENT ABSTAIN