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Home My WebLink AboutRESOLUTION NO. 2024-44Fairfax / 419915-41/ Hrg, Set Sale & Auth POS, Speer Auction MINUTES TO HOLD HEARING ON ENTERING INTO A LOAN AGREEMENT, SET DATE FOR SALE OF BONDS AND AUTHORIZE OFFICIAL STATEMENT 419915-41 Fairfax, Iowa June 11, 2024 The City Council of the City of Fairfax, Iowa, met on June 1l, 2024, at 6:00 p.m., at the Fairfax City Hall at 300 80th Street Court, Fairfax, Iowa. The meeting was called to order by the Mayor, and the roll being called, the following named Council Members were present and absent: Present: Tom Nurre Mike Daly Dan Wozniak Nick Volk and Marianne Wainwri�ht Absent: None. This being the time and place specified for taking action on the proposal to enter into a General Obligation Loan Agreement in a principal amount not to exceed $700,000, the City Clerk announced that no written objections had been placed on iile. Whereupon, the Mayor called for any written or oral objections, and there being none, the Mayor closed the public hearing. After due consideration and discussion, Council Member Daly introduced the following resolution and moved its adoption, seconded by Council Member Volk. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Nurre Dalv Wozniak Volk, and Wainwri� Nays: None. Whereupon, the Mayor declared the resolution duly adopted, as hereinafter set out. -3- DORSEY & WHITNEY LLP, ATTORNEYS, LINN , IOWA FairfaY / 419915-41/ Hrg, Set Sale & Auth POS, Speer Auction At the conclusion of the meeting and, upon motion and vote, the City Council adjourned. � �y�`_ �'� Jo Ann Beer, Mayor Attest: ��.. y hia Stimson, City Clerk/Treasurer -4- DORS�Y & WHITNEY LLP, ATTORNEYS, LINN , IOWA Fairfax / 419915-41/ Hrg, Set Sale & Auth POS, Speer Auction RESOLUTION NO. 2024-44 RESOLUTION TAKING ADDITIONAL ACTION ON PROPOSAL TO ENTER INTO A GENERAL OBLIGATION LOAN AGREEMENT, SETTING THE DATE FOR SALE OF GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2024 AND AUTHORIZING THE USE OF A PRELIMINARY OFFICIAL STATEMENT IN CONNECTION THEREWITH WHEREAS, the City of Fairfax (the "City"), in Linn County, State of Iowa, heretofore proposed to enter into a General Obligation Loan Agreement (the "Loan Agreement"), pursuant to the provisions of Section 384.24A of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $700,000 for the purpose of paying the costs, to that extent, of (a) constructing street, water system, storm water drainage, sanitary sewer and sidewalk improvements; (b) acquiring and installing street lighting, signage and signalization improvements; and (c) constructing bridge improvements; and pursuant to law and duly published notice of the proposed action has held a hearing thereon on June 11, 2024; and WHEREAS, a Preliminary Official Statement (the "P.O.S.") has been prepared to facilitate the sale of the General Obligation Corporate Purpose Bonds, Series 2024 (the "Bonds") in evidence of the obligation of the City under the Loan Agreement; and WHEREAS, it is now necessary to make provision for the approval of the P.O.S. for the Bonds and to authorize its use by Speer Financial, Inc., as municipal advisor (the "Municipal Advisor") to the City; and WHEREAS, it is now necessary to set the date for the sale of the Bonds and to authorize the Municipal Advisor to carry out such sale; NOW, THEREFORE, Be It Resolved by the City Council of the City of Fairfax, Iowa, as follows: Section 1. The City Council hereby determines to enter into the Loan Agreement in the future and orders that the Bonds be issued at such time, in evidence thereof. The City Council further declares that this resolution constitutes the "additional action" required by Section 384.24A of the Code of Iowa. Section 2. The City Clerk is hereby authorized to take such action as shall be deemed necessary and appropriate, with the assistance of the Municipal Advisor, to prepare the P.O.S. describing the Bonds and providing for the terms and conditions of its sale, and all action heretofore taken in this regard is hereby ratified and approved. Section 3. The use by the Municipal Advisor of the P.O.S. relating to the Bonds in substantially the form as has been presented to and considered by the City is hereby approved, and the Municipal Advisor is hereby authorized to prepare and use a final Official Statement for the Bonds substantially in the form of the P.O.S. but with such changes therein as are required to conform the same to the terms of the Bonds and the resolution, when adopted, providing for the sale and issuance of the Bonds, and the City Clerk and the Mayor are hereby authorized and directed to execute a final -5- DORSEY & WHITNEY LLP, ATTORNEYS, LINN , IOWA Fairfa�c / 419915-41/ Hrg, Set Sale & Auth POS, Speer Auction Official Statement for the Bonds, if requested. The P.O.S. as of its date is deemed final by the City within the meaning of Rule 15(c)(2)-12 of the Securities and Exchange Commission. Section 4. Sealed bids for the purchase of the Bonds shall be received and canvassed on behalf of the City until 11:00 a.m., CDT on June 24, 2024, at the Office of the City Clerk at City Hall, in the City, and the City Council shall meet on the same date at the City Hall, Fairfax, Iowa, for the purpose of considering such bids received and considering and passing a resolution providing for the award of the Bonds, and the Municipal Advisor is hereby authorized and directed to disseminate the notice of said sale, in compliance with the Internal Revenue Service regulations governing "Issue Price" determinations, such notice to minimally contain information regarding Establishment of Issue Price set forth in the "Terms of Offering" attached to the P.O.S. and to be in such form as the Municipal Advisor may deem to be appropriate. Section 5. Pursuant to Section 75.14 of the Code of Iowa, the City Council hereby authorizes the Municipal Advisor to use electronic bidding procedures for the sale of the Bonds through Speer AuctionOO , and hereby finds and determines that the Speer AuctionOO competitive bidding system will provide reasonable security and maintain the integrity of the competitive bidding process and will facilitate the delivery of bids by interested parties under the circumstances of this bond sale. Section 6. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 7. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved June 1 l, 2024. �� /E' ��i„' �� ic- Jo Ann Beer, Mayor Attest: , /� >� �-- Cy thia Stimson, City Clerk/Treasurer 4qa 3" �, C >kk�� '4N �r � �, tl C, o.. v e S},)v . i -6- DORSEY & WHITNEY LLP, ATTORNEYS, LINN , IOWA FairfaY / 419915-41/ Hrg, Set Sale & Auth POS, Speer Auction ATTESTATION CERTIFICATE STATE OF IOWA LINN COUNTY SS: CITY OF FAIRFAX I, the undersigned, City Clerk of the City of Fairfax, do hereby certify that attached hereto is a true and correct copy of all of the proceedings of the City Council relating to a public hearing on a loan agreement, fixing a date for the sale of the General Obligation Corporate Purpose Bonds, Series 2024 and approving a preliminary official statement for the sale of the Bonds, as referred to therein. WITNESS MY HAND this 12th day of June, 2024. �, / l, Cynt a Stimson, City Clerk/Treasurer -7- DORSEY & WHITNEY LLP, ATTORNEYS, LINN , IOWA