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HomeMy WebLinkAbout2007-08-20-Resolutions 07-161_Bonds - GO Series 2007A - Advertise SaleRESOLUTION 07-161 RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $6,650,000 GENERAL OBLIGATION BONDS,SERIES 2007 A (URBAN RENEWAL) WHEREAS,the City of Waukee,Iowa,is in need of funds to pay costs of costs of aiding in the planning,undertaking and carrying out of urban renewal projects under the authority of Iowa Code Chapter 403,including the construction,reconstruction and repairing of street improvements,storm sewer improvements,sidewalk improvements, landscaping improvements,installation of street lighting and traffic signals,bike trail improvements and pedestrian underpass improvements,and acquisition of land within the Waukee Urban Renewal Area,an essential corporate purpose project,and it is deemed necessary and advisable that the City issue general obligation bonds for the purpose to the amount of $6,650,000 as authorized by Sections 403.12,384.24(3)(q),and 384.25 of the Code ofIowa;and WHEREAS,pursuant to notice published as required by Sections 384.24(3)(q), 384.25,384.26 and 403.12 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 $7,000,000 general obligation bonds,and no petition was filed in the manner provided by Sections 384.26 and 362.4 of the City Code ofIowa;and it is the decision of the Council that additional action be taken for the issuance of $6,650,000 general obligation bonds, and that such action is considered to be in the best interest of the City and the residents thereof. NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WAUKEE,IOWA: Section 1.That the City 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 ofthe Code ofIowa,and shall state that this Council,on the l Oth day of September,2007,at 7:00 o'clock P.M.,will hold a meeting to act upon bids for the bonds,which bids were previously received and opened by City Officials at 1:00 o'clock P.M.on such date.The notice shall be in substantially the form attached hereto as Exhibit A: -1- EXHIBIT A NOTICE OF BOND SALE Time and Place of Sealed Bids:Bids for the sale of General Obligation Bonds, Series 2007A 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 September,2007.The bids will then be publicly opened and referred for action to the meeting of the City Council in conformity with the TERMS OF OFFERINGS. The Bonds:The bonds to be offered are the following: GENERAL OBLIGATION BONDS,SERIES 2007A (URBAN RENEWAL)in the amount of $6,650,000,to be dated October 10,2007 (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,City Hall,230 Highway 6,Waukee,Iowa,50263 •Electronic Facsimile Bidding:Electronic facsimile bids will be received at the office of the City Clerk,City Hall,230 Highway 6,Waukee,Iowa, Telephone Facsimile No.(515)987-1845.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. Finally,electronic internet bids will be accessed and announced. Sale and Award:The sale and award of the bonds will be held at 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. 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 Offerings and Official Bid Forms,which is incorporated by reference as a part of this notice.The Official Statement may be obtained by request addressed to the City Clerk,City Hall,230 Highway 6,Waukee,Iowa,50263 or Jenny Blankenship,Public Financial Management, 2600 Grand Avenue,Suite 214,Terrace Place,Des Moines,Iowa,50312. -2- Terms of Offering:All bids shall be in conformity with and the sales shall be in accord with the Terms of Offerings 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,Iowa. City Clerk of the City of Waukee,Iowa (End of Notice) -3- PASSED AND APPROVED this 20th day of August,2007. ~~~ayorPro Tern ATTEST: Ci YNJL"'J"A ROLL CALL VOTE Donald L.Bailey,Jr. Isaiah McGee Jeff Mertz Darlene Stanton Mike Watts AYE X NAY ABSENT X X X X A-