The URL can be used to link to this page

Home My WebLink AboutRESOLUTION NO. RESOLUTION NO. 2020-83 Fairfax/419915-31/GO BondsSeries202013 and 2020C/POS HEARING AND APPROVE PRELIMINARY OFFICIAL STATEMENT FOR GENERAL OBLIGATION BONDS, SERIES 2020B AND SERIES 2020C 419915-31 Fairfax, Iowa September 22, 2020 The City Council of the City of Fairfax, Iowa, met on September 22, 2020, at 6:00 o'clock p.m. at the City Hall, for the purpose of conducting a public hearing on a loan agreement in a principal amount not to exceed $8,330,000. The Mayor presided and the roll being called the following members of the Council were present and absent: Present: Travis Otto, Mike Daly, Kate Pacha, Nick Volk, Marianne Wainwright Absent: None It was reported that notice of the intention of the Council to conduct a public hearing on a loan agreement had been published according to law and as directed by the Council and that this is the time and place at which the Council shall receive oral or written comments from any resident or property owner of the City. All written statements and evidence that had been filed were reported to the Council. The Mayor called for public comments, and the following named persons presented oral statements, or evidence; filed written statements; or presented other exhibits: Jo Ann Beer— Submitted a letter with comments There being no further comments or evidence offered, the Mayor announced the hearing closed. It was reported that a preliminary official statement (the"Preliminary Official Statement") had been prepared in connection with the sale of $4,575,000 General Obligation Annual Appropriation Urban Renewal Bonds, Series 2020B and $1,290,000 General Obligation Refunding Bonds, Series 2020C, and that it would be necessary for the Council to make provision for the approval of the Preliminary Official Statement and to authorize its use by Speer Financial, Inc., as municipal advisor to the City; -l- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES.IOWA Fairfax/419915-31/GO BondsSeries202013 and 2020C/POS Council Member Wainwright introduced the resolution hereinafter next set out and moved its adoption, seconded by Council Member Nick Volk; and after due consideration thereof by the City Council, the Mayor put the question upon the adoption of said resolution, and the roll being called, the following named Council Members voted: Ayes: Travis Otto, Mike Daly, Kate Pacha, Nick Volk, Marianne Wainwright Nays: None The Mayor-declared the resolution duly adopted, as hereinafter set out. • • At the conclusion of the meeting, and upon motion and vote, the City Council adjourned. Burnell G. Frieden, Mayor Attest: kt, Tina Rosekrans, Office Administrator � 9 yYkL -2- DORSE-Y&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-31/GO BondsSeries202013 and 2020C/POS RESOLUTION NO. 2020-83 Resolution determining to proceed with the issuance of General Obligation Bonds, Series 2020B and Series 2020C and approving Preliminary Official Statement WHEREAS, the City Council of the City of Fairfax, Iowa (the "City") has proposed to enter into a loan agreement (the "Loan Agreement") and to issue General Obligation Bonds, pursuant to the provisions of Chapter 384 of the Code of Iowa, for the purpose of paying the cost, to that extent, of undertaking certain essential corporate purpose projects in the Fairfax Urban Renewal Area consisting of the construction of street and highway improvements and repairs, including related drainage; bridge replacement; sanitary sewer and water main extensions; city park improvements and installation of street lighting, and refunding the outstanding balance of the City's General Obligation Corporate Purpose and Refunding Bonds, Series 2013; and WHEREAS, the City now proposes to issue $4,575,000 General Obligation Annual Appropriation Urban Renewal Bonds, Series 2020B and $1,290,000 General Obligation Refunding Bonds, Series 2020C (together, the "Bonds"); and WHEREAS, a preliminary official statement (the "Preliminary Official Statement") has been prepared in connection with the sale of the Bonds, and it is necessary to make provision for the approval of the Preliminary Official Statement and to authorize its use by Speer Financial, Inc., as municipal advisor to the City; NOW, THEREFORE, It Is 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 and to proceed with the issuance of the Bonds and declares that this resolution constitutes the "additional action" required by Sections 384.24A and 384.25 of the Code of Iowa. Section 2. The use by Speer Financial, Inc. of the Preliminary Official Statement related to the Bonds, in substantially the form as has been presented to and considered by the City Council, is hereby approved, and Speer Financial, Inc. is hereby authorized to prepare and use the final Official Statement for the Bonds, substantially in the form of the Preliminary Official Statement, but with such changes as are required to conform the same to the terms of the Bonds and the resolution that will be adopted to authorize the issuance of the Bonds, and the appropriate City officials are hereby authorized to execute the final Official Statement for the Bonds, if requested. The Preliminary Official Statement is deemed final by the City, as of its date, within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. Section 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved September 22, 2020. -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-31/GO BondsSerics202013 and 2020C/POS 19"urncll G. Frieden, Mayor Attest: C' 2("Ov",) ,) Tina Rose s, Office Administrator -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-31/GO BondsScrics202013 and 2020C/POS STATE OF IOWA COUNTY OF LINN SS: CITY OF FAIRFAX 1, the undersigned, City Clerk of the City of Fairfax, Iowa, do hereby certify that attached hereto is a true and correct copy of the proceedings of the City Council of the City relating to approving a Preliminary Official Statement for the issuance of General Obligation Bonds, Series 2020E and Series 2020C. WITNESS MY HAND this 22nd day of September, 2020. Tina Rosekrans, Office Administrator -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA September 16, 2020 Cynthia Stimson City Clerk/City Hall 300 80t1i Street Court/P.O. Box 337 Fairfax, IA 52228-0337 Re: General Obligation Bonds, Series 2020B and Series 2020C Our File No. 419915-31 Dear Cynthia: I have prepared proceedings for use by your City Council on September 22 to hold a public hearing on a loan agreement and to adopt a resolution to approve a Preliminary Official Statement related to the sale of the City's General Obligation Annual Appropriation Urban Renewal Bonds, Series 2020B and General Obligation Refunding Bonds, Series 2020C. We will appreciate receiving executed copies of these proceedings as soon as they are available. Please contact me if you have any questions. Sincerely, Robert E. Josten Cc by email: Maggie Burger Charlotte Nielsen