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Home My WebLink AboutRESOLUTION NO. 2020-84 Fairfax419915-31/BPASeries 2020BandC GO/Ca112013 APPROVE BOND PURCHASE AGREEMENT AND AUTHORIZE EARLY REDEMPTION OF OUTSTANDING BONDS 419915-31 Fairfax, Iowa October 13, 2020 The City Council of the City of Fairfax, Iowa, met on October 13, 2020, at 6:00 p.m., at the City Hall. The meeting was called to order by the Mayor, and the roll being called, the following named Council Members were present and absent: Present: Travis Otto Michael Daly, Katherine Pacha,Nicholas Volk, and Marianne Wainwright Absent: None. It was reported that the City had received a proposal from Bankers' Bank, Madison, Wisconsin, for the purchase of the City's General Obligation Annual Appropriation Urban Renewal Bonds, Series 2020B and General Obligation Refunding Bonds, Series 2020C. Council Member Daly introduced the resolution hereinafter next set out and moved that the resolution be adopted, seconded by Council Member Pacha. After due consideration, the Mayor put the question on the motion and the roll being called, the following named Council Members voted: Ayes: Otto, Daly, Pacha, Volk, and Wainwright Nays: None. The Mayor declared the resolution duly adopted, as hereinafter set out. -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOW Fairfax419915-31/BPASeries 2020BandC GO/Ca112013 RESOLUTION NO. 2020-84 Resolution approving Bond Purchase Agreement for General Obligation Annual Appropriation Urban Renewal Bonds, Series 2020B and General Obligation Refunding Bonds, Series 2020C and authorizing early redemption of outstanding bonds 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; repair, cleanup and replacement of property, buildings and public facilities that were damaged by a disaster and reimbursement of City funds already expended for this activity; and refunding the outstanding balance of the City's General Obligation Corporate Purpose and Refunding Bonds, Series 2013; and has published a notice and held a hearing thereon; and WHEREAS, the City Council has expressed its intent to enter into the Loan Agreement and has determined to issue General Obligation Annual Appropriation Urban Renewal Bonds, Series 2020B and General Obligation Refunding Bonds, Series 2020C (together, the"Series 2020 Bonds"); and WHEREAS, it has been proposed that the City enter into the Loan Agreement with Bankers' Bank, Madison, Wisconsin(the "Underwriter") and issue the Series 2020 Bonds; and WHEREAS, a Bond Purchase Agreement (the "Series 2020 Bond Purchase Agreement") has been prepared setting forth the terms of the Series 2020 Bonds and the understanding between the City and the Underwriter, and it is now necessary to make provision for the approval of the Series 2020 Bond Purchase Agreement; and WHEREAS, in the resolution authorizing the issuance of the City's General Obligation Corporate Purpose and Refunding Bonds, Series 2013, the City reserved the right to call for payment prior to maturity any or all of the Series 2013 Bonds maturing after June 1, 2020 (the "Callable Series 2013 Bonds"),and it is necessary to authorize the early redemption of the Callable Series 2013 Bonds; NOW,THEREFORE,Be It Resolved by the City Council of the City of Fairfax,as follows: Section 1. The Series 2020 Bond Purchase Agreement is hereby approved in substantially the form as presented to this Council. The Mayor and City Clerk are hereby authorized and directed to execute and deliver the Series 2020 Bond Purchase Agreement to the Underwriter. -2- DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOW Fairfax419915-31/BPASeries 2020BandC GO/CaI12013 Section 2. UMB Bank, n.a., West Des Moines, Iowa, as the City's Registrar and Paying Agent, is hereby authorized to take all action necessary to call the Callable Series 2013 Bonds for redemption as of November 16,2020(the"Redemption Date"),and is further authorized and directed to give notice of such redemption by sending notice to each of the registered owners of the Callable Series 2013 Bonds to be redeemed at the addresses shown on the City's registration books, not less than 30 days prior to the Redemption Date. Section 3 . All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. 5� Passed and approved October 13, 2020. urnell G. Frieden, Mayor Attest: Cynthia . Stimson, City Clerk/Treasurer On motion and vote, the meeting adjourned. c Burnell G. Frieden, Mayor Attest: e l� Cynt is K. Stimson, City Clerk/Treasurer ,, `�fi 4 µ,d x.d` ims -3- DORSEY &WHITNEY LLP,ATTORNEYS,DES MOINES,IOW Fairfax419915-31/BPASeries 2020BandC GO/Ca112013 STATE OF IOWA COUNTY OF LINN 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 the proceedings of the Council of the City relating to the approval of a bond purchase agreement for General Obligation Annual Appropriation Urban Renewal Bonds, Series 2020B and General Obligation Refunding Bonds, Series 2020C. I further certify that no appeal has been taken to the District Court from the decision of the City Council to enter into such loan agreement and issue such bonds. WITNESS MY HAND this 14th day of October, 2020. (�e4z�u&k&—&Z L4'1 Cyn is K. Stimson, City Clerk/Treasurer -4- DORSEY c&WHITNEY LLP,ATTORNEYS,DES MOINES,IOW