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Home My WebLink AboutRESOLUTION NO. 2022-55Fairt:ix /4 1 99 1 5-3 5i Salc Only GO CP LA MINUTES TO RECEIVE BIDS AND SF,LL BONDS 419915-35 Fairfax, Iowa June 14, 2022 The City Council of the Fairfax, Iowa, inet on June 14, 2022, at 6:00 o'clock p.n7. at the Fairfax City Hall, 300 80`�' Street Court, Fairfax, Iowa. The ineeting was called to order by the Mayor, and the roll was called showing the following Council Meinbers present and absent: Present: Tom Nui-�-e Milce Daly Kate Pacha Nick Volk ai�d Marianne Wainwri�ht Absent: None. This being the time and place fixed by the City Council foi• the consideration of bids for the purchase of the City's General Obligation Corporate Purpose Bonds, Series 2022, the Mayor amlounced that bids had been received and canvassed on behalf of the City at the time and place fixed therefor. Whereupon, such bids were placed on file, and the substance of such bids was noted in the minutes, as follows: Name and Address of Sidder Northland Securities, Inc., Minneapolis, Minnesota Bankers' Bank, Madison, Wisconsin ............................ D.A. Davidson & Co., Denver, Colorado ..................... UMB Bank, n.a., Kansas City, Missouri ...................... Final Bid (interest cost) ,. .................. 3.3981 % .................... 3.4050% ................... 3.8593% ................... 4.0010% After due consideration and discussiol�, Council Mei�ber Daly introduced the i•esolution next hereinafter set out and lnoved its adoption, seconded by Council Meinber Pacha. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Metnbers voted: Ayes: Nurre Daly Pacha, Volk, and Wainwi•i�ht Nays: None. Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -1- DORSEY & WHITNEY LLP, ATTORNEYS, D�S MOINES, IOWA Fairfax /4I9915-35/ Sale Only GO CP LA RESOLUTION NO. 2022-55 RESOLUTION AWARDING GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2022 WHEREAS, the City of Fairfax (the "City"), in Linn County, State of Iowa, heretofore proposed to enter into a loan agreement (the "Loan Agreemcnt") and to borrow money thereunder in a principal ainount not to exceed $2,400,000, pursuant to the pr•ovisions of Sectioi7 384.24A of the Code of Iowa, for the purpose of payii�g the costs, to that extent, of (a) plailning, designing and constructing street, sanitaiy sewer system, storin water di•ainage system, water utility systeln and pedestrian trail/sidewalk improvemeilts; and (b) acquiring and installing street lighting, signage and signalization iinproveinents; a31d pursuant to law and duly published notice of the proposed action has held a hearing thereon on May 24, 2022; and WHEREAS, a Preliminary Official Statement (the "P.O.S.") has been prepared to facilitate the sale of General Obligation Coiporate Puipose Bonds, Series 2022 (the `Bonds") in evideilce of the obligation of the City under the Loan Agreeinent, and the City has inade provisioi7 for the approval of the P.O.S. and has authorized its use by Speer Financial, Inc., as municipal advisor to the City; and WHEREAS, pursuant to advertisement of sale, bids for the purchase of the Bonds were received and canvassed on behalf of the City and the substance of such bids noted in the rninutes; and WHEREAS, upon final consideration of all bids, the bid of Northland Securities, Inc., Minneapolis, Miimesota (the "Purchaser"), is the best, such bid proposing the lowest interest cost to the City for the Bonds; NOW, THEREFORE, Be It Resolved by the City Council of tl�e City of Fairfax, Iowa, as follows: Section 1. The bid of the Purchaser referred to in the preamble is hereby accepted, and the Bonds are hereby awarded to the Purchaser at the price specified in such bid. Section 2. The form of agreement of sale/official bid form (the "Sale AgreemenY') of the Bonds to the Purchaser is hereby approved, and the Mayor and City Clerk are hereby authorized to execute the Sale Agreeinent for and on behalf of the City. Section 3. Further action with respect to the approval of the Loan Agreeinent and the issuance of the Bonds is hereby adjourned to the City Council meeting to be held on June 28, 2022. Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. -2- DORSEY & WHITNLY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax /419915-35/ Sale Only GO CP LA Section 5. Tl�is resolution shall be in fii11 force and effect irnmediately upon its adoption and approval, as provided by law. Passed and approved June 14, 2022 .---�� -�. � C�--�..�r�ro (t�--�--� � � '" Burnell G. Frieden, Mayor Attest: '�� i �_ Cy thia K. Stilnson, City Clerlc/Treasurer ... Upoi1 motion and vote, the meeting was ad�ourned. � 1 -�� > urnell G. Frieden, Mayor Attest: ,^ / q,� Cyn ia K. Stimson, City Clerk/Treasurer e �- �. �k��:� ..�.: ` a r� ,� . .°` � � pn� YA . . �� y � il .� /, t S �i} .. ��, .. � � � " �.�. � t -�`� Y�i ♦��tr ��; ' 4��v,�, . rs'p"`'�'. -3- DORSEY & WHITNEY LLP, ATTORN�YS, DES MOIN�S, IOWA Fairtax /419915-35/ S�le Only GO CP LA ATTESTATION CERTITICATE STATE OF IOWA LINN COUNTY SS: CITY OF FAIRFAX I, the undersigned, City Clerlc of the City of Fairfax, do hei•eby certify that as such City Clerk I have in iny possessioi7 or have access to tlle coinplete colporate records of the City and of its City Coiincil and officers and that I have carefully compared the transcript hereto attached with those corporate records and that the transcript hereto attached is a true, coi7ect and coinplete copy of all the coiporate records in relation to the sale of General Obligation Cor�oi-ate Purpose Bonds, Series 2022 of the City evidencing tl�e City's obligation under a certain Loan Agreement and that the transci•ipt hereto attached contains a tnle, correct and complete stateinent of all the measures adopted and proceedings, acts and things had, done and perfolmed up to the present time with respect thereto. WITNESS MY HAND this 15t�' day of June, 2022. � � c� 1,.�I �- Cynt� ia Stimson, City Clerk/Treasurer (Attach here a copy of the bid of the successful bidder.) -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOIN�S, IOWA $2,300,000 ` City of Fairfax, Linn County, Iowa Ueneral Obligation Cor�orate Puipose Bonds, Scries 2022 13est AON I3idder: Best AON TIC: Nortl�land Securities 3.398172 °Io Serial/ Principal Sinker/ Due Amount � Term Coul�m� Jun 1, 2024 $185,000 Sinker 2.700% Jui� 1, 2025 $190,000 Sinker 2.700°l0 Jtm 1, 2026 $195,000 Sinker 2.700°Io Jun 1, 2027 �195,000 Sinker 2.700°Ir, Jtui l, 2028 $200,000 Term 2.700°Io Jun l, 2029 $205,000 Sinker 3.SOO�Io Jtln 1, 2030 $215,000 Sii�ker 3.500�/0 Jun l, 2031 $220,000 Sinker 3.500°Io Jun 1, 2032 $225,000 Sinker 3.500% Jun 1, 2033 $230,000 Sinker 3.SOOU/o Jun 1, 2034 $240,000 'I'erm 3.SOOU/� Purchase Price: $2,286,139.20 Spread: None �ntered Time 5ub�nitted: June 14, 2022 �t I I :50:37 AM EDT S�eerAuction Interest Cost Calculations (for infonllational �ur oses onl ) Issue Size �2,300,000 Gross Interest $544,499.00 lus Discount/(Less Premimn) 13,860.80 Total Interest Cost $558,359.80 True Interest Rate 3.398172°Io Total 13ond Years I 6,421.67 Average Life 7.140 Yeais Fit-m: Nortliland Securities "Preliminary, subject to change The foregoing bid as stiibmitted or as revised post sale, if appropriate, was accepted and the Securities sold by action of this Board, and receipt is l�ereby acknowledged of the good faitl� Deposit, if any, which is being held in accordance with the tei•ms of the annexed Official Notice of Sale. Signature: rmr�