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Home My WebLink AboutRESOLUTION NO. 03-02-11-1 Fairfax/419915-6/2nd%LA Hrgs/Auth Sale MINUTES TO CONDUCT HEARINGS ON LOAN AGREEMENTS AND TO SET 1 J r; DATE FOR SALE OF NOTES 419915-6 (2nd V2 Erg/Sale) Fairfax, Iowa February 11,2003 The City Council of the City of Fairfax, Iowa, met on February 11, 2003, 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: ,1 Absent: The Council investigated and found that a notice of intention to institute proceedings to enter into a loan agreement in the principal amount of $390,000 for the essential corporate purposes of acquiring equipment for the fire department and refunding an outstanding General Obligation Fire Truck Note (the '""Essential Corporate Purpose Loan Agreement") had been dully 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 Clerk announced that no written objections had been previously filed, Whereupon, the Mayor called for any oral or written objections from any resident or property owner of the City and, there being none, the Mayor announced that the Council may authorize the Essential Corporate Purpose Loan Agreement. The Council next investigated and found that notice of the proposed action of the Council to enter into a loan agreement in the principal amount of $110,000 for the general corporate purposes of making repairs to the library and city, hall (the "General Corporate Purpose Loan Agreement")had been published according to law and as directed by the Council and,no petition having been filed asking that the question of entering into the General Corporate Purpose Loan Agreement be submitted to the registered voters of the City, the Mayor announced that the Council may authorize the General Corporate Purpose Loan Agreement. After due consideration .and discussion, Council Member introduced the resolution next hereinafter set out and moved its adaption, seconded by Council Member The Mayor put the question upon the adoption of said resolution;and the roll being called,the following Council Members voted: Ayes: r aS Nays: Y� -1- DOILSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Eanrl`ax/419915-512nd Vz LA Ilrgs/Auth Safe Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. At the conclusion of the meeting, and upon motion and vote, the Council adjourned. - Mayor Attest: V1 I city Cl rk -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fa ifax/419915-6/2nd%LA 14rgs/Ruth Sate RESOLUTION NO. Taking additional action to enter into a single Loan Agreement and fixing the date for the sale of General Obligation Corporate Purpose Notes to be issued in evidence of the City's obligation thereunder WHEREAS, pursuant to the provisions of Section 384.24A of the Code of Iowa, the City of Fairfax, in the County of Linn, State of Iowa (hereinafter referred to as the "City"), has heretofore proposed to contract indebtedness and enter into a loan agreement in the principal amount of $390,000 for the essential corporate purposes of acquiring equipment for the fire department and refunding an outstanding General Obligation Fire Track Note (the "Essential Corporate Purpose Loan Agreement"), has published notice of such proposed action and has held a hearing thereon; and WHEREAS, pursuant to the provision of Section 384.24A of the Code of Iowa, the City has also heretofore proposed to contract indebtedness and enter into a loan agreement in the principal amount of$110,000 for the general corporate purposes of making repairs to the library and city hall (the "General Corporate Purpose Loan Agreement") and, in lieu of calling an election upon the question of entering into the General Corporate Purpose Loan Agreement, has published notice of such proposed action and has held a hearing thereon, and no petition has been filed asking that the question of entering into the General Corporate Purpose Loan Agreement be submitted to the registered voters of the City; and WHEREAS, pursuant to Section 384,28 of the Code of Iowa, the City may include any number or combination of essential and general corporate purposes in a single financing, and the City deems it advisable and necessary at this time to provide for the sale of General Obligation Corporate Purpose Notes (the `Notes") in an amount not to exceed $500,000 to be issued in. evidence of the City's obligation under a single loan agreement; NOW, THEREFORE, Be It Resolved by the City Council of the City of Fairfax, Iowa, as follows: Section 1. The Essential Corporate Purpose Loan Agreement and the General Corporate Purpose Loan Agreement referred to in the preamble hereof are hereby combined, and. it is hereby determined that the City shall enter into a single loan agreement (the "Loan Agreement") in a principal amount not to exceed$500,000 for all of the purposes set forth in the preamble hereof. Section 2. The 25tb day of February, 2003, at o'clock 62 in., at the 14a, " , Fairfax, Iowa, is hereby fixed as the time and place for receivin and canvassing bids for the purchase of the Notes, and this Council shall meet on said 5,00, ds rec date at q-99 o'clock p.m., at the City Hall, Fairfax, Iowa, for the purpose of considering such bieived and passing a resolution providing for the sale of the Notes. Section 3. The City Clerk,with the assistance of Dorsey& Whitney LLP, Attorneys„ as Bond Counsel, and Speer Financial, Inc., as Financial Consultants, is hereby authorized to take such action as shall be deemed necessary and appropriate to prepare a statement of -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-6/2nd%LA Ergs/Auth Sale information and solicitation for bids describing the Notes and providing for the terms and conditions of their sale. Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved February 11, 2003, 1V�ayor Attest: City Cl rk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-6/2nd%LA Hrgs/Auto 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 a true, correct and complete copy of all the corporate records in relation to the hearing on the Council's intention to enter into certain loan agreements and sell $500,000 General Obligation Corporate Purpose Notes evidencing the City's obligation thereunder and that the transcript hereto attached contains a true, correct and complete statement of all 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 petition was filed in my office asking that the question of entering into a loan agreement for the purposes of making repairs to the library and city hall be submitted to the registered voters of the City. sj- WITNESS Y HANDffiand the seal of the City hereto axed this day of M, 2003. City Cler (Seal) (Attach .here a copy of the bid of'the successful bidder.) -5- DORSE'Y&,WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA yB725.-103 10:49AM FROM-Bankers' Bank (Investments 608 829! 15589 T-533 P-0011001 F-163 OMS BM FORM City ofFairfax Fehry 25,2003 PO Box 337 Speer.Financ104 Inc. 525 Vanderbilt Street Phone(319)291-2077 Fairfax., 'LA 52228-0337 Fax 01 291-$628 M=b=of the City Council- ,For the$465,000 Gcncral ObUgatioa Corporate Purpose j crows(Tax Eft),Series 2003(thy"Notes„ of'the City of F41ax,Linn County,Iowa,(the"Cir//as described in the annexed Freliminaty Te=Shoat,which is expressly made a part hereof,we wdI Iay you$`��2, 9 0 bra (no leas than$460,350)plus a==d interest from Manch 1,2003 to the date of delivery. The Notes axe to bear interest at the following mspec ve XatLs(each a multiple of I12a or 1/8 of 11/a)ftar Notes of each dr..s jgn Tted maturity. IVIAT>t P.=S-JUNE I Intcrest Interest interest Ratr_ Rate Rate S55)000............20041 SO Vo $40,000............2007 .2,2 5- °lQ $50,000.............2011, S ` V 540,000....--......2005 j �S % 545,000...,........2008Z aa % $50,000...., ..2012, ��o °� $45 000............2009 3.00 /n o $40,04(]............2006 j, 0 % $50,000.. ., .......2013 $50,000....--......2010�.2 % The Notes are to be execrated and delivcred to us in accordance with the tis of this bid accompanied bythe approving legal opin ion of Dorsey&Whitney LLP,Iles M13irtes,Iowa. The aty is to pay far the legal opinion. The Purohaser ams to apply for C'USIF numbers and pay the fee charged by the CUSIP Service Buxom. PURCHASER INFORM ATION Nasse ��N.kers 19 C, Direct Tei otte Na, Dy "L ��+/ L Fax Number SSS 5 Address �0� n't1�cr�C +1 t ` {fid. Sigstarure city lL/yr.�I So H-- Email Add= 5tatclriip � 1 i' Tlae foregoing bid was accepted and the$465,000 General Obligatiart CQrpara#e Purpose Notes(Tax Exempt),Series 2003, sold by resohitimn of the City of Fairfax,,Iowa,an February 25,2003.' ATTEST. CITY OF FAIRFAX LIMN COM IOWA City Clerk Mayor NM PART OF THE 8 W^---- lPIIon d nr1 iYlfCle�r�rt�/ [" t} Moss lztorasr O -, _r. ,ED Less PremilDnVFlus Dtwunt $ rZ / ?2-3 D Net rrltcrest Cost $ I (0 7—".i. CIA Nci lntc=t Rsto 3 . Z TOTAL BOND YEARS 2726.25o P AVERAGE LnrE 5.$63 Yeas