HomeMy WebLinkAbout2023-07-24 Resolution 2023-322_Bonds, Stormwater Revenue Series 2023C, Advertise Sale-Approve Official StatementRESOLUTION 2023-322
RESOLUTION DIRECTING THE ADVERTISEMENT FOR
SALE OF $3,350,000 STORMWATER REVENUE BONDS,
SERIES 2023C, AND APPROVING ELECTRONIC BIDDING
PROCEDURES AND OFFICIAL STATEMENT
WHEREAS, the Issuer is in need of funds to pay costs of acquisition, construction,
reconstruction, extending, remodeling, improving, repairing and equipping all or part of the
Stormwater Management Utility, including those costs associated with the Little Walnut Creek
Regional Stormwater Wetlands project, and it is deemed necessary and advisable that
Stormwater Revenue Bonds, to the amount of not to exceed $3,000,000 be authorized for said
purpose(s); and
WHEREAS, pursuant to notice published as required by Section 384.84A 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 no petition requesting an election on the question
of issuing said Bonds was 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 acquisition, construction,
reconstruction, extending, remodeling, improving, repairing and equipping all or part of the
Stormwater Management Utility, including those costs associated with the NW Sunrise Project,
and it is deemed necessary and advisable that Stormwater Revenue Bonds, to the amount of not
to exceed $600,000 be authorized for said purpose(s); and
WHEREAS, pursuant to notice published as required by Section 384.84A 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, in conjunction with its Municipal Advisor, PFM Financial Advisors LLC,
the City has caused an 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 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:
-I-
Section 1. That the receipt of electronic bids through the Parity Competitive Bidding
System described in the Notice o1' 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 Stormwater Revenue Bonds, Series 2023C, of City of Waukee, State of
Iowa, in the amount of $3,350,000, to be issued as referred to in the preamble of this Resolution,
to be dated September 6, 2023, 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, disclosure 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 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 7`" day of August, 2023, 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 August 1, 2023)
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: 515-987-4522 (the
"Issuer") before 10:00 A.M., on the 7"' day of August, 2023. 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 202313, in the
amount of $38,305,000*, to be dated September 6, 2023
STORMWATER REVENUE BONDS, SERIES 2023C, in the
amount of $3,350,000*, to be dated September 6, 2023
(collectively the "Bonds")
*Subject to principal adjustment pursuant to official Terms of Offering.
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
and/or the City's Municipal Advisor, PFM Financial Advisors LLC, 801 Grand
Avenue, Suite 3300, Des Moines, Iowa. The bids must be submitted through the
PARITY® competitive bidding system.
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 Finance Director, City Hall, 230 West Hickman Road,
Waukee, Iowa 50263; Telephone: 515-987-7919 or the Issuer's Municipal Advisor, PFM
Financial Advisors LLC, 801 Grand Avenue, Suite 3300, Des Moines, Iowa, 50309, Telephone:
515-724-5724.
"Terms of Offering,: All bids shall be in conformity with and the sale shall be in
accordance 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, State of Iowa.
Rebecca D. Schuett
City Clerk, City of Waukee, State of Iowa
(End of Notice)
PASSED AND APPROVED this 24"' day of July, 2023.
Mayor
ATTEST:
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City Clerk
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RESULTS OF VOTE: AYE NAY ABSENT
Anna Bergman Pierce X
R. Charles Bottenberg X
Chris Crone X
Larry R. Lyon X
Ben Sinclair X
ABSTAIN