HomeMy WebLinkAbout1998-06-15-Resolutions 98-27_Bonds - GO Public Safety Facility - Set PHRESOLUTION NO.98-27 ]Fixing the time and place for receiving and canvassing bids and considering and passing a
resolution for the award of $2,990,000 General Obligation Public Safety Building Bonds
and providing for the advertisement of such sale
WHEREAS,the City has heretofore proposed to contract indebtedness and issue General
Obligation Public Safety Building Bonds (the "Bonds")to provide funds to pay the cost,to that
amount,of acquiring real estate and constructing and equipping a public safety building,and has
called a special City election to vote on the question of issuing the Bonds,at which election the
proposition was adopted by a vote in favor equal to at least 60%of the total votes cast for and
against the proposition;and
WHEREAS,the City desires to offer the Bonds for public sale and to provide for the
advertisement of such sale;
NOW,THEREFORE,It Is Resolved by the Council of the City of Waukee,Iowa,as
follows:
Section 1.Sealed bids for the purchase of the Bonds shall be received and canvassed
on behalf of the City at 2:00 0'clock p.m.on the 6th day ofJuly,1998,at the City Hall,in the
City,and the City Council shall meet on the same date at 7:00 o'clock p.m.,at the Council 1
Chambers,City hall,in the City,for the purpose of considering such bids received and considering
and passing a resolution providing for the sale and issuance of the Bonds.
Section 2.The City Clerk is authorized and directed to publish notice of said sale,as
provided by Chapter 75 of the Code ofIowa,in substantially the following form:
NOTICE OF SALE
City of Waukee,Iowa
$2,990,000 General Obligation Public Safety Building Bonds
Sealed bids will be received on behalf of the City of Waukee,Dallas County,Iowa unti12:00
o'clock p.rn.on the 6th day of July,1998,at the City Hall,410 6th Street,Waukee,Iowa 50263,for
the purchase of$2,990,000 General Obligation Public Safety Building Bonds,of the City,at which
time such bids will be opened and canvassed.Thereafter such bids will be presented to the City
Council for consideration at its meeting to be held at 7:00 o'clock p.m.on the same date at the
Council Chambers,City Hall,Waukee,Iowa,at which time the Bonds will be sold to the best bidder
for cash.No open bids will be accepted.
The Bonds will be issued as fully registered bonds in denominations of $5,000 or any integral
multiple thereof,will be dated August 1,1998,will bear interest payable semi-annually on each June
1 and December 1 to maturity,commencing December 1,1998,and will mature on June 1 in the l
following years and amounts:J
Principal Principal
Year Amount Year Amount
2000 $75,000 2008 $230,000
2001 $100,000 2009 $235,000
2002 $145,000 2010 $240,000
2003 $150,000 2011 $245,000
2004 $165,000 2012 $250,000
2005 $195,000 2013 $260,000
2006 $210,000 2014 $270,000
2007 $220,000
The right is reserved to the City to call and redeem all of the said Bonds maturing in the years
2009 to 2014,inclusive,in whole or from time to time in part,in one or more units of $5,000,prior
to maturity (and within a maturity by lot),upon terms of par and accrued interest.
Bidders must specify a price of not less than $2,960,100,plus accrued interest.The legal
opinion of Dorsey &Whitney LLP,Attorneys,Des Moines,Iowa,will be furnished by the City.
A good faith deposit of $59,800 is required and may be forfeited to the City in the event the
successful bidder fails or refuses to take and pay for the Bonds.
The City reserves the right to reject any or all bids and to waive irregularities in any bid.
The Bonds are being issued pursuant to the provisions of Division III of Chapter 384 of the
Code ofIowa and will constitute general obligations of the City,payable from taxes levied upon all
the taxable property in the City without limitations as to rate or amount.
In order to permit bidders for the Bonds and other participating underwriters in the primary
offering of the Bonds to comply with paragraph (b)(5)of Rule 15c2-12 promulgated by the Securities
and Exchange Commission under the Securities Exchange Act of 1934 (the "Rule"),the Issuer will
covenant and agree,for the benefit of the registered holders and beneficial owners from time to time
of the outstanding Bonds,in the resolution awarding the sale and prescribing the terms of the Bonds
to provide certain specified information,if customarily prepared and publicly available,and notice of
the occurrence of certain events,if material.The City is the only "obligated person"with respect to
the Bonds within the meaning of the Rule and,giving effect to the issuance of the Bonds,there will
not be more than $10 million in principal amount of municipal securities outstanding on the date of
issuance ofthe Bonds as to which the City is an obligated person (excluding municipal securities
exempt from the Rule under paragraph (d)(1)thereof).A description of the undertaking is set forth
in the Official Statement.Failure of the City to enter into an undertaking substantially similar to that
described in the Official Statement would relieve the successful bidder of its obligation to purchase
the Bonds.
Bidders should be aware that the official terms of offering to be published in the Official
Statement for the Bonds contain additional bidding terms and information relative to the Bonds.In
the event of a variance between statements in this Notice of Sale (except with respect to the time and ]
place of the sale of the Bonds and the principal amount offered for sale)and said official terms of
offering,the provisions of the latter shall control.
By order of the City Council of Waukee,Iowa.
Greg Fetterman
City Clerk
Section 3.All resolutions or parts of resolutions in conflict herewith are hereby repealed
to the extent of such conflict.
Passed and approved June 15,1998
S.Fetterman,City Clerk
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