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Home My WebLink AboutRESOLUTION NO. 2022-54Fairfax / 419915-35/ Hrg, Set Sale <X Auth POS, Spcer Auctiou MINUTES TO HOLD HEARING ON ENTERING INTO A LOAN AGREEMENT, SET DATE FOR SALE OF BONDS AND AUTHORIZE OFFICIAL STATEMENT 419915-35 Fairfax, Iowa May 24, 2022 The City Council of the City of Fairfax, Iowa, inet on May 24, 2022, at 6:00 o'clock p.m., at the Fairfax City Hall, 300 80t�' St. Ct., Fairfax, Iowa. The ineeting was called to order by the Mayor, and the ro11 being called, the following nained Council Members were present and absent: Present: Daly, Pacha, Nurre, Volk and Wainwright Absent: None This being the tiine and place specified for taking action on the proposal to enter into a General Obligation Cotporate Purpose Loan Agreement in a principal ainount not to exceed $2,400,000, the Deputy City Clerk/Ti•easurer announced that no written objections had been placed on file. Whereupon, the Mayor called for any written oi• oral objections. JoAnn Beer asked about the projected interest rate. 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 Meinber Wainwright. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Daly, Pacha, Nurre, Volk, Wainwright Nays: None Whereupon, the Mayor declared the resolution duly adopted, as hereinafter set out. -1- DORSEY & WHITNEY LLP, ATTORNEYS, LINN , IOWA PairfaY / 419915-35/ Hrg, Set Sale & Audi POS, Spc�r Auction At the conclusion of the meeting and, upon �notion and vote, tl�e City Council adjourned. $ut71e11 G. Frieden, Mayor Attest: _ _ � fi, 6\S� �a' �-�'��',e--�a�� Tina Rosekrans, Deputy City Clerk/Treasurer -2- DORSEY & WHITNEY LLP, ATTORNEYS, L1NN , IOWA Fairfax / 419915-35/ Hrg, Sct Sale & Auth POS, S��cer Auction RESOLUTION NO. 2022-54 RESOLUTION TAKING ADDITIONAL ACTION ON PROPOSAL TO ENT�R INTO A GENERAL OBLIGATION CORPORATE PURPOSE LOAN AGREEMENT, SETTING THE DATE FOR SALE OF GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2022 AND AUTHORIZING THE USE Or A PRELIMINARY OFFICIAL STATEMENT IN CONNECTION THEREWITH WHEREAS, the City of Fairfax (the "City"), in Linn County, State of Iowa, heretofore ps•oposed to enter into a loan agree�nent (the "Loan Agree�nent") and to borrow inoney thereundei- in a principal amount not to exceed $2,400,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the costs, to that extent, of (a) planning, designing and constructing street, sanitary sewer systein, storm water drainage systein, water utility system and pedestrian trail/sidewalk iinproveinents; and (b) acquiring and installing street lighting, signage and signalization improvements; and pursuant to law and duly published notice of the pi•oposed action has held a hearing thereon on May 24, 2022; and WHEREAS, a Preliminary Official Stateinent (the "P.O.S.") has been prepared to facilitate the sale of the General Obligation Corporate Purpose Bonds, Series 2022 (the `Bonds") in evidence of the obligation of the City under the Loan Agreement; and WHEREAS, it is now necessary to �nake provision for the approval of the P.O.S. for the Bonds and to authorize its use by Speer ,Financial, Inc., as inuilicipal 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 cany 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 detennines 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 sha11 be deeined necessary and appropriate, with the assistance of the Municipal Advisor, to prepare the P.O.S. describing the Bonds and providing for the terins 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 Bouds in substantially the fonn 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 requii-ed to conform the saine to the terins 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 -3- DORSEY & WHITNEY LLP, ATTORNEYS, I.iNN , IOWA Fairiax / 419915-35/ Hrg, Set Sale & Autl� POS, Speer Auction Official Statement for the Bonds, if requested. The P.O.S. as of its date is deeined final by the City within the meaning of Rule 15(c)(2)-12 of the Securities a�1d Excllange Com�nission. 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. on June 14, 2022, at the Office of the City Clerk at City Ha11, ii7 the City, and the City Council shall meet on the same date at tl�e 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 disseininate the notice of said sale, in coinpliance with the Intei-�Zal Revenue Service regulations governing "Issue Price" deterininations, such notice to miniinally contain information regarding Establishinent 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 foi• the sale of the Bonds through Speer Auction0, and hereby finds and determines that the Speer Auction R competitive bidding systein will provide reasonable security and inaintain the integrity of the competitive bidding process and will facilitate the delivezy of bids by interested parties under the circumstances of this bond sale. Section 6. All resolutioizs 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 May 24, 2022. ,,...---� � � �-� �� ,� ��=� Burnell G. Frieden, Mayor Attest: �0 ' �> 5 .IL�_G�.�_f�.ti% Tina Rosek �s, Deputy City Clerk/Treasurer -4- DORSEY & WHITNEY LLP, ATTORNEYS, LINN , IOWA Fairfax / 419915-35/ Hrg, Sct Sale & Auth POS, Specr Aiiction ATTESTATION CERTIFICATE STATE OF IOWA LINN COUNTY SS: CITY OP FAIRFAX I, the undersigned, Deputy City Clerk/Treasurer 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 hearit7g on a loan agreelnent, fixing a date for the sale of the General Obligation Corporate Purpose Bonds, Series 2022 and appi•oving a preliininary official statement for the sale of the Bonds, as referred to therein. WITNESS MY HAND this 31st day of May, 2022. .., ) <,: t i�. � �:� L��.c�/ Tii1a Rosekrans, Deputy City Clerk/Ti•easurer -5- DORSEY & WH]TNEY LLP, ATTORNEYS, LINN , IOWA