The URL can be used to link to this page

Home My WebLink AboutRESOLUTION NO. 2023-53Fairfax / 419915-36/Set Sale & Auth POS, Speer Auction MINUTES TO SET DATE FOR SALE OF BONDS AND AUTHORIZE OFFICIAL STATEMENT 419915-36 Fairfax, Iowa May 9, 2023 The City Council of the City of Fairfax, Iowa, met on May 9, 2023, at 6:00 o'clock p.m., at the Fairfax City Hall, 300 80th St Ct, 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 Kate Pacha, and Marianne Wainwri�ht Absent: Nick Volk. This being the time and place specifed for taking action to set a sale date and approve a preliminary ofiicial statement for General Obligation Corporate Purpose Bonds, Series 2023, Council Member Daly introduced the following resolution and moved its adoption, seconded by Council Member Pacha. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Nurre, Dal_y, Pacha, and Wainwri�ht Nays: None. Whereupon, the Mayor declared the resolution duly adopted, as hereinafter set out. -3- DORSEY & WHITNEY LLP, ATTORNEYS, LINN , IOWA Fairfa�c / 419915-36/Set Sale & Auth POS, Speer Auction At the conclusion of the meeting and, upon motion and vote, the City Council adjourned. �--� /�' .��JUJv' N�JG/ � Jo Ann Beer, Mayor Attest: � � .. �` � � �� - ';; ;"f y thia Stimson, City Clerk/Treasurer -4- DORSEY & WHITNEY LLP, ATTORNEYS, LINN , IOWA Fairfax / 419915-36/Set Sale & Auth POS, Speer Auction RESOLUTION NO. 20023-53 RESOLUTION SETTING THE DATE FOR SALE OF GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2023 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 $1,350,000 for the purpose of paying the costs, to that extent, of constructing bridge and water tower improvements;; and pursuant to law and duly published notice of the proposed action has held a hearing thereon on April 11, 2023; 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 2023 (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 l. 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 2. 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 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 3. Sealed bids for the purchase of the Bonds shall be received and canvassed on behalf of the City until 11:00 a.m. on May 23, 2023, at the 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 -5- DORSEY & WHITNEY LLP, ATTORNEYS, LINN , IOWA Fairf� / 419915-36/Set Sale & Auth POS, Speer Auction "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 4. 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 5. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 6. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved May 9, 2023. � �U,�... ,� �.�.a� Jo Ann Beer, Mayor Attest: � ��t 1.�--��-� C nthia Stimson, City Clerk/Treasurer C4 yz i „ . . .. . . . �:. < x t `Y�te [i -6- DORSEY & WHITNEY LLP, ATTORNEYS, LINN , IOWA Fairfax / 419915-36/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 fixing a date for the sale of the General Obligation Corporate Purpose Bonds, Series 2023 and approving a preliminary official statement for the sale of the Bonds, as referred to therein. WITNESS MY HAND this l Oth day of May, 2023. ,� , , � _..,� Cy thia Stimson, City Clerk/Treasurer -7- DORSEY & WHITNEY LLP, ATTORNEYS, LINN , IOWA