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HomeMy WebLinkAboutRESOLUTION NO. 01-05-08-3 Fairfax/419915-3/2nd%Itrg/Sale 419915-3 (2" 1/z Hrg & Sale - G.O.) Fairfax, Iowa May 8, 20011 The City Council of the City of Fairfax,Iowa,met on May 8:,2001,at 7:00 o'clock p.m.,at the City Hall, Fairfax,Iowa. The meeting was called to order by the Mayor,and the roll was called showing the following Council Members present and absent: Present: Y r C L) C J~SCAT, Absent S, eu The Council investigated and found that a notice of intention to institute proceedings to enter into a loan agreement had been duly published as provided by law and that this is the time and place at which the Council shall receive oral or written objections from any resident or property owner of the City. The City Clerk announced that no written obj ections had been placed on file. Whereupon, the Mayor called for any written or oral objections,and there being none,the Mayor announced that the Council may authorize the loan agreement in the amount as published. This also being the time and place fixed by the Council for the consideration of bids for the purchase of General Obligation Corporate Purpose Notes to be issued in evidence of the City's obligation under such loan agreement, the Mayor announced 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 Bidder Final Bid (interest cost) (ATTACH BID TABULATI(l!N) - 1 - DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA E'aiTfax/419915-3/2nd'/z Hrg/S ale After due consideration and discussion, Council Member � introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Merrtber4C(2 _ . The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: e a tt` A Nays: ] Whereupon,the Mayor declared the resolution duly adopted as hereinafter set out. -2_ DORSEY wl11TNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-3/2nd'/2 Hrg/Sale RESOLUTION NO.01- '- Taking additional action to enter into a Loan Agreement and awarding $1,155,000 General Obligation Corporate Notes WHEREAS,pursuant to the provisions of Section 384.2A of the Code of Iowa,the City of Fairfax, Iowa(the "City"),has heretofore proposed to contract indebtedness and enter into a loan agreement(the"Loan Agreement"")in the principal amount of$1,185,000 to provide funds to pay the cost,to that extent,of financing sanitary sewer and water improvements,including the refunding of Warrants previously issued by the City to pay costs in connection therewith,and has published notice of the proposed action and has held a hearing thereon,and the Council may now authorize the Loan Agreement in an amount not exceeding the amount as published,; and WHEREAS,pursuant to advertisement of sale,bids for the purchase of$1,185,000 General Obligation Corporate Purpose Notes (the "Notes")to be issued in evidence of the City's obligation under the Loan Agreement were received and canvassed on behalf of the City and the substance of such bids noted in the minutes; and WIJEREAS, upon final consideration of all bids, the bid of OW -�C flet � ( , is ihe best, such bid proposing he lowest interest cost to the City, NOW, THEREFORE, Be It Resolved by the City Council of the City of Fairfax, Iowa, as follows: Section 1, The City shall enter into the Loan Agreement with the aforesaid bidder, as lender(the "Lender"),in substantially the form as will be placed on file with the Council,providing for a loan to the City in the principal amount of$1,185,000, for the purpose or purposes set forth in the preamble hereof. The Mayor and City Clerk are hereby authorized and directed to sign the Loan Agreement on behalf of the City, and the Loan Agreement is hereby approved,. Section 2. The bid of the Lender referred to in the preamble is hereby accepted,and the Notes are hereby awarded to the Lender at the price specified in such bid, together with accrued interest, and the Notes are hereby authorized to be issued. Section 3. The form of agreement of sale (the "Sale Agreement") of the Notes to the Lender is hereby approved, and the Mayor and City Clerk are hereby authorized to execute the Sale Agreement for and on behalf of the City, -3 - DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-3/2nd'/2 HgVSalc Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved May S,2001. Mayor Attest: City Clerk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA FafrTax/419915-3/2nd'/�I3rg/Sale Thereupon,it was moved by Council Member and seconded by Council Memberthat fiHrther action with respect to the approval of the ]loan Agreement and the issuance of the Notes be deferred until the cVL day of May,200 1,at o'clock .m., at the !'fil in the City. The Mayor put the question on the motion and the roll being ialled, the following named Council Members voted: Ayes: .-) fn Jki _ Y �. &c)ff Nays: . i� -- Whereupon,the Mayor declared the motion adopted andthe meeting adj ourned to the aforesaid time and place. Mayor Attest: City Cle -S - DORSEY WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/41991 5-3/2nd%z Hrg/Sale STATE OF IOWA COUNTY OF LINN SS: CITY OF FAIRFAX I,the undersigned,City Clerk of the aforementioned City,do hereby certify that as such City Clerk I have in my possession or have access to the complete corporate records of the City and of its Council and officers and that I have carefully compared the transcript hereto attached with the aforesaid corporate records and that the transcript hereto attached is atrue,correct and complete copy of all the corporate records in relation to the authorization of a certain Loan Agreement and the sale of$1,185,000 General Obligation Corporate Purpose Notes,Series 2001,of said City evidencing,the City's obligation under the Loan Agreement and that the transcript hereto attached contains a true, correct and complete statement of the measures adopted and proceedings,acts and things had,done and performed up to the present time with respect thereto. I further certify that no appeal has been taken to the District Court from the decision of the City Council to enter into the Loan Agreement,to issue the Notes or to levy taxes to pay the principal of and interest on the Notes. WITNESS MY HAND and the seal of the City hereto affixed this day of May,2001. y ity derv/ ('Seal) (Attach here a copy of the bid of the successful bidder.) -6- DORSE'Y&WIETNEY LLP,ATTORNEYS,DES MOINES,IOWA