HomeMy WebLinkAbout2009-04-06-Resolutions 09-78_Bonds - Sewer Special Assessment Series 2009 - Direct SaleRESOLUTION 09-78
RESOLUTION DIRECTING SALE OF $362,000 SEWER SPECIAL
ASSESSMENT IMPROVEMENT BONDS,SERIES 2009
WHEREAS,pursuant to notice as required by law,bids have been received at
public sale for the bonds described herein;and
WHEREAS,a review of the bids determined the lowest bid did not conform to the
parameters of the Terms of Offering;and
WHEREAS,the low bid provided substantial savings to the City over that of the
next bid;and
WHEREAS,pursuant to Iowa Code chapter 75,the City may reject all bids and
negotiate the sale of the Bonds on terms not less favorable than the most favorable bid
received at the advertised sale;and
WHEREAS,the City commenced negotiations for terms on a more favorable basis
than those submitted;and
WHEREAS,the terms of the bid negotiated pursuant to Iowa Code chapter 75 are
as follows:
Bidder:Kestrel,Inc.of3350 Ashworth Road,Waukee,Iowa 50263
Purchase Price:$362,000
True Interest Rate:3.689963%
True Interest Cost:$74,664.98
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WAUKEE,STATE OF IOWA:
Section 1.That all bids received in response to the advertised sale are hereby
rejected.
Section 2.That the negotiated bid for the bonds as above set out,on terms not less
favorable than the low bid received in response to the advertised sale,is hereby
determined to be in the best interest of the City,and the bonds are hereby awarded based
on the conformed bid.
Section 3.That the statement of information for bidders and the form of contract
for the sale of the bonds are hereby approved and the Mayor and Clerk are authorized to
execute the same on behalf ofthe City.
Section 4.That the notice of the sale of the bonds heretofore given and all acts of
the Clerk done in furtherance of the sale of the bonds are hereby ratified and approved.
PASSED AND APPROVED this 6th day of April,2009.
ATTEST:
ROLL CALL VOTE
Donald L.Bailey,Jr.
Casey L.Harvey
C.Isaiah McGee
Darlene Stanton
Mike Watts
AYE
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NAY ABSENT ABSTAIN