HomeMy WebLinkAbout2001-07-02-Resolutions 01-115_Bonds - GO Urban Renewal Series 2001C - Set PHThe Bonds,when issued,will constitute general obligations of the City,payable
from taxes levied upon all taxable property in the City.I
RESOLUTION NO.01-115
)Fixing a date of meeting at which it is proposed to take action for the sale
and issuance of $2,000,000 General Obligation Urban Renewal Bonds,
Series 2001C and providing for the advertisement of such sale
WHEREAS,the City of Waukee,Iowa (the "City"),proposes to issue $2,000,000
General Obligation Urban Renewal Bonds,Series 2001C (the "Bonds"),pursuant to the
provisions of Chapter 403 of the Code of Iowa and Division III of Chapter 384 of the
Code of Iowa for the purpose of planning,undertaking and carrying out an urban renewal
project within the Waukee Urban Renewal Area,consisting of sidewalk,storm sewer,
sanitary sewer,paving and park improvements,and it is necessary to fix a date of
meeting of the Council at which it is proposed to take action for the issuance of the
Bonds and to give notice thereof as required by such law;
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.This Council shall meet on the 16th day of July 2001,at the City
Hall,in the City,at 7:00 o'clock p.m.,at which time and place proceedings will be
instituted and action taken for the issuance of the Bonds.
Section 2.The City Clerk is hereby directed to give notice ofthe proposed
action for the issuance of the Bonds setting forth the amount and purpose thereof,the
time when and place where the said meeting will be held,by publication at least once,
and not less than 4 nor more than 20 days before the meeting,in a legal newspaper
published at least once weekly,and of general circulation in the City.The notice shall be
in substantially the following form:
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS
FOR THE ISSUANCE OF $2,000,000 GENERAL OBLIGATION Urban
Renewal BONDS,SERIES 2001C
The City Council of the City of Waukee,Iowa,will meet on the 16th day of July,
2001,at the City Hall,in the City,at 7:00 o'clock p.m.,for the purpose of instituting
proceedings and taking action for the issuance of $2,000,000 General Obligation Urban
Renewal Bonds,Series 2001C,for the purpose of planning,undertaking and carrying out
an urban renewal proj ect within the Waukee Urban Renewal Area,consisting of
sidewalk,storm sewer,sanitary sewer,paving and park improvements.
At such time and place the Council shall receive oral or written objections from
any resident or property owner of the City.After receiving objections,the City may
determine to issue the Bonds,in which case,the decision will be [mal unless appealed to
the District Court within fifteen (15)days thereafter.
By order of the City Council and pursuant to Chapter 403 and Section 384.25 of
the Code ofIowa.
Mark Arentsen
City Clerk
Section 3.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 ofJuly 2001,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 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 ofthe Bonds.
Section 4.The City Clerk is authorized and directed to publish notice of said
sale,as provided by Chapter 75 ofthe Code ofIowa,in substantially the following form:
NOTICE OF SALE
City of Waukee,Iowa
$2,000,000 General Obligation Urban Renewal Bonds,
Series 2001C
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 Urban Renewal Bonds,Series 2001C,
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 Principal
Year Amount Year Amount
2003 $70,000 2010 $150,000
2004 $85,000 2011 $160,000
2005 $100,000 2012 $165,000
2006 $120,000 2013 $175,000
2007 $125,000 2014 $180,000
2008 $135,000 2015 $190,000
2009 $145,000 2016 $200,000
The light is reserved to the City to call and redeem all of the said Bonds maturing
in the years 2010 to 2016,inclnsive,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.
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Bidders must specify a price of not less than $1,978,000,plus accrued interest.
The legal opinion of Dorsey &Whitney LLP,Attorneys,Des Moines,Iowa,will be
fumished 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 Chapter 403 and
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.
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.
In order to permit bidders for the Bonds and other participating underwriters in
the primary offering ofthe 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 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 tile Rule.
Mark Arentsen
City Clerk I
By order of the City Council of Waukee,Iowa.
Section 5.All resolutions or parts of resolutions in conflict herewith are
hereby repealed to the extent of such conflict.
Passed and approved July 2,2001.
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Attest:
ROLL CALL VOTE AYE NAY ABSENT
Nicholas C.Gruber X
Marvin Berger X
Bill Peard X
Mike Watts X
Wayne Johnson X