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HomeMy WebLinkAbout2008-02-25-Resolutions 08-40_Bonds - GO Series 2008B - Direct SaleRESOLUTION 08-40 RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $1,275,000 GENERAL OBLIGATION BONDS,SERIES 2008B WHEREAS,the City of Waukee,Iowa,is in need of funds to pay costs of improvements and extensions to the City Sanitary Sewer Utility including the South Fork and Walnut Ridge Sanitary Sewer Improvements,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$1,275,000 as authorized by Section 384.25 of the City Code of Iowa;and WHEREAS,pursuant to notice published as required by Section 384.25 this Council has held a public meeting and hearing on August 20,2007,upon the proposal to institute proceedings for the issuance of not to exceed $2,700,000 general obligation 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 it is the decision of the Council that additional action be taken for the issuance of$1,275,000 general obligation bonds,and that such action is considered to be in the best interests of the City and the residents thereof; NOW,THEREFORE,BE IT RESOL VED BY THE CITY COUNCIL OF THE CITY OF WAUKEE,IOWA: Section 1.That the bonds hereinafter described be offered at public sale,pursuant to advertisement as required by law. Section 2.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 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 ofIowa,and shall state that this Council,on the 10th day of March,2008,at 7:00 o'clock P.M.,will hold a meeting to receive and act upon bids for the bonds.The notice to be in substantially the following form: -1- NOTICE OF BOND SALE Time and Place of Sealed Bids:Sealed bids for the sale of 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 1:00 o'clock P.M.,on the 10th day of March,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. Sale and Award:The sale and award of the bonds will be held at the Council Chambers,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. The Bonds:The bonds to be offered are the following: GENERAL OBLIGATION BONDS,SERIES 2008B,in the amount of $1,275,000,to be dated April 8,2008 (the "Bonds"). 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,Waukee City Hall,230 Highway 6,Waukee,Iowa 50263. ] •Electronic Facsimile Bidding:Electronic facsimile bids will be received at the office of 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. 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. 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,230 Highway 6,Waukee,Iowa 50263,Telephone No.515-987-4522;or the City's Financial 1 Consultant,Public Financial Management,Inc.,2600 Grand Avenue,Suite 214,Terrace Place,Des Moines,Iowa 50312,Telephone:515-243-2660.. -2- 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 ofthe public. By order of the City Council ofthe City of Waukee,Iowa. Jeffrey L.Kooistra City Clerk of the City of Waukee,Iowa (End of Notice) -3- PASSED AND APPROVED this 25th day of February 2008. Attest: Ci ty i'-'~"1JNI ROLL CALL VOTE Donald L.Bailey,Jr. Casey L.Harvey C.Isaiah McGee Darlene Stanton Mike Watts AYE X X X NAY ABSENT X X -4- ABSTAIN J I