HomeMy WebLinkAbout2001-07-02-Resolutions 01-116_Bonds - GO Library 2001B - Set PHRESOLUTION NO.01-116
Fixing the time and place for receiving and canvassing bids and
considering and passing a resolution for the award of $2,000,000 General
Obligation Library Bonds,Series 200lE,and providing for the
advertisement of such sale
WHEREAS,the City of Waukee,Iowa (the "City"),has heretofore proposed to
contract indebtedness and issue $2,000,000 General Obligation Library Bonds pursuant
to the provisions of Division III of Chapter 384 of the Code ofIowa for the purpose of
constructing,equipping and furnishing a new municipal library and has called a special
City election to vote on the question of issuing such 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 1:00 o'clock p.m.on the 16th day of July,2001,at the
City Hall,in Waukee,and the City Council shall meet on the same date at 7:00 o'clock
p.m.,at the City Hall,in Waukee,for the purpose of considering such bids received and
considering and passing a resolution providing for the sale and issuance of the Bonds.
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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
$2,000,000 General Obligation Library Bonds
Sealed bids will be received on behalf of the City of Waukee,Dallas County,
Iowa until 1:00 o'clock p.m.on the 16th day ofJuly 2001,at the City Hall,Waukee,Iowa,
for the purchase of $2,000,000 General Obligation Library 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 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 1,2001,will bear interest payable
semiannually on each June 1 and December 1 to maturity,commencing December 1,
2001,and will mature on June 1 in the following years and amounts:
Principal
AnlOunt
Principal
Amount
j
2003 $105,000 2010 $145,000
2004 $110,000 2011 $150,000
2005 $115,000 2012 $155,000
2006 $120,000 2013 $165,000
2007 $125,000 2014 $175,000
2008 $130,000 2015 $180,000
2009 $135,000 2016 $190,000
The right is reserved to the City to call and redeem all ofthe said Bonds maturing
in the years 2010 to 2016,inclusive,in whole or from time to time in part,in one or more
units of $5,000,on June 1,2009,or on any date thereafter 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 $1,980,000,plus accrued interest.
The legal opinion of Dorsey &Whitney LLP,Attomeys,Des Moines,Iowa,will be
furnished by the City.
A good faith deposit of $20,000 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 limitation 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 l5c2-l2
promulgated by the Securities and Exchange Commission under the Securities Exchange
Act of 1934 (the Rule),the City 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 annual
reports of specified information 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 for the purposes of disclosing information on an ongoing basis.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.The City is
currently compliant in all material respects with all undertakings previously entered into
by it under the Rule.
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.J
Mark Arentsen
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 July 2,2001.
Attest:
Mark J.Arentsen C ty Administrator/Clerk
ROLL CALL VOTE AYE NAY ABSENT ]
Nicholas C.Gruber
Marvin Berger
Bill Peard
Mike Watts
Wayne Johnson
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