HomeMy WebLinkAbout2018-04-16-Resolutions 18-157_Bonds - Water Revenue Series 2018B - Advertise SaleRESOLUTION 18-157
RESOLUTION DIRECTING THE ADVERTISEMENT FOR
SALE OF $3,410,000 WATER REVENUE BONDS,SERIES
2018B,AND APPROVING ELECTRONIC BIDDING
PROCEDURES AND OFFICIAL STATEMENT
WHEREAS,the Issuer is in need of funds to pay costs of improvements and extension to
the City*s municipal water utility,and it is deemed necessary and advisable that Water Revenue
Bonds,to the amount of not to exceed $4,000,000 be issued for said purpose(s);and
WHEREAS,pursuant to notice published as required by Section 384.83 of Iowa Code,
this Council has held a public meeting and hearing upon the proposal to institute proceedings for
the issuance of said Bonds,and the Council is therefore now authorized to proceed with the
issuance of said Bonds for such purpose(s);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 Water Revenue Bonds,Series 2018B,of City of Waukee,State of Iowa,
in the amount of $3,410,000,to be issued as referred to in the preamble of this Resolution,to be
dated June 19,2018,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 Municipal 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 a legal newspaper,printed wholly in the
English language,published within the city in which the Bonds are to be offered for sale or an
adjacent city.The notice is given pursuant to Chapter 75 of the Code of Iowa,and shall state
that this Council,on the 21"day of May,2018,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:
-2-
(To be published between May I-May 15,2018 (dates inclusive))
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 21"day of May,2018.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 2018A,in the
amount of $19,775,000*,to be dated June 19,2018
WATER REVENUE BONDS,SERIES 2018B,in the amount of
$3,410,000*,to be dated June 19,2018
SEWER REVENUE BONDS,SERIES 2018C,in the amount of
$3,565,000*,to be dated June 19,2018
(collectively 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:
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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
obtained by request addressed to the City Clerk,Council Chambers,City Hall,230 West
Hickman Road,Waukee,Iowa 50263;Telephone:515-978-7904 or the Issuer's
Municipal Advisor,PFM Financial Advisors LLC,801 Grand Avenue,Suite 3300,Des Moines,
Iowa,50309,Telephone:515-243-2600.
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accordance with the Terms of Offering as set forth in the Official Statement.
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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.
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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 16"'day of April,2018.
ATTEST:
yor
City Clerk
RESULTS OF VOTE:
Anna Bergman
R.Charles Bottenberg
Courtney Clarke
Shelly Hughes
Larry R.Lyon
AYE
X
X
X
X
NAY ABSENT ABSTAIN