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Home My WebLink AboutRESOLUTION NO. 03-02-25-1 Fairfax/419915-6/2nd%Sale MINUTES TO SELL NOTES � 419915-6 (2nd 1, Sale) Fairfax,Idea February 25,2003 The City Count of th City of Fairfax, Iowa, met can. February 25, 2003, at o'clock m., at the �i , 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: Xro r an orr-1 Absent: h-4- This being the time and place fixed by the Council for the consideration of bids for the purchase of the City's $465,000 General Obligation Corporate Purpose Notes, 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 TABULATION) -l- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairffax/41991 S-Wnd'/z Sale After due consideration and discussion, Council Member ` introduced t resolution next hereinafter set out and moved its adoption,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: rble-1.4 .5'k-ou Nays: Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -a- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-6/2nd'/z Sale RESOLUTION NO. Awarding$465,000 General Obligation.Corporate Purpose Notes WHEREAS, pursuant to the previsions of Section 384.2:4A 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 (the "Loan Agreement") in the principal amount of $465,000, for the purpose of paying the cost, to that extent, of acquiring fire department equipment, refunding General Obligation Fire Truck Note and repairs to the library and city hall, and has published notice of the proposed action and has held a hearing thereon; and WHEREAS,pursuant to advertisement of sale,bids for the purchase of$465,000 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 WHE S, u-pon final consideration of all bids, the bid of ' (2 s-o S C (the "Lender") i the best, such bid propos ng the 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$465,000 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. Section 3. The form of agreement of sale (the "Sale Agreement") of the Nates 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. Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-6/2nd%Sale Passed and approved February 25, 2003. Mayor Attest: -N�j City Cl rk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-6/2nd%,Sale Thereupon, it wg moved by Council Member and seconded by Council Member [ ) that further action with respect to the approval of t-ie Loam Agreement and the issuance o the Notes be deferred until March 11, 2003, at o'clock E m., at the in the City. The Mayor put the question on the motion and the roll being balled, the following named Council Members voted: Ayes: 9 ff a-ad ) Nays: Whereupon, the Mayor declared the motion adopted. Mayor ,Attest: City C erk -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA F'ay¢fax/419915-6/2nd'/z Sale STATE OF IOWA COUNTY OF LINK SS: CITY OF FAIRFAX 1, 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 sale of$465,000 General Obligation Corporate Purpose Notes of said. City evidencing the City's obligation under a certain Loan Agreement and that the transcript hereto attached contains a true, correct and complete statement of all the measures adopted and proceedings, acts and things head, done and performed up to the present time with respect thereto.. WITNESS MY HAND and the seal of the City hereto affixed this day of 52003. City Cler (Seal) (Attach here a copy of the bid of the successful bidder.) -6- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA PUBLIC FINANCE CON$IILPANTS SINCE 1954 SPEED FINANCIAL, INC. 11 KEVIN W.IAXANNA DAVID F.PHILLIPS LARRY P.BURGER DANIEL D.FORBES BARBARA L CHEVALIER PRESIDENT SR,VICE PRESIDENT VICE PRESIDENT 'VICE PRESIDENT VICE PRESIDENT February 25, 2003 The Honorable William Vass, Mayor and Members of the City Council CITY OF FAIRFAX 525 Vanderbilt Street 1''O Box 337 Fairfax, IA 52228-0337 Dear Mayor Voss and City Council Members: Bids were received today for the $465,000 General Obligation Corporate Purpose Notes, Series 2003. There were 4 bids received, which are listed at the bottom of this letter in accordance with the signed bids. Upon examination, it is our opinion that the bid of Bankers' Bank, Madison, Wisconsin, is the best bid received, and it is further our opinion that the bid is favorable to the City and should be accepted. We therefore recommend that the Bonds be awarded to that bidder at a price of $462,907.50, plus accrued interest, being at a net interest rate of3.2139%. Net Account Managers Interest Rate Bankers' Bank, Madison,Wisconsin...........................,................................. 3.2139% Gold Capital Management, Overland Park, Kansas ......................................... 3.2143% Ruan Securities, Des Moines, Iowa....................... ......................................... 3.3091° Bernardi Securities, Inc., Chicago, Illinois ....................................................... 3.4469%,, Respectfully submitted, SPEE FIN arty Burger Vi resident LPB(cn Enclosures SUITE 4100.ONE NORTH LASAILLE STREET•CHICAGO,ILLINOIS 66602.(312,)346-3700•FAX(312)346-8833 SUITE 608-531 COMMERCIAL STREET-WATERLOO,IOWA 50701 •(319)291-2077•FAX(319)291.8628 PUBLIC FINANCE CONSULTANTS SINCE l9sa SPEER FINANCIAL, INC. KEVIN W.McCANNA DAVID F.PHILLIPS LARRY P.BURGER DANIEL D.FORM BARBARA L.CHEVALIER P11'vSipENF SR.VICE PRESIDENT - VICE PRESIDENT "CE PRESIDENT V" PRESIDEKr Not Rated $465,000 CITY OF FAIRFAX Linn County, Iowa General Obligation Corporate Purpose Notes, Series 2003 Date of Sale: February 25, 20013 Average Life: 5.863 Years Bond Buyer Index: 4.740% (Based on NIC) Bidders* Price Maturities Rates Interest Bankers' Bank, Madison, Wisconsin 99.550% 2004 1.800% 3.2139%- 21005 1.850% $8'7,620 210'06 1.900% 2007 2.250% 2008 2.600% 210109 3.000% 2010 3.200% 2011 3.400% 2012 3.600% 21013 3.800% Gold Capital management, Overland Park,Kansas 99.515% 2004-2005 1.700% 3.21428% 210106 2.150% $87,,.1629 2007 2.350% 2,008 2.650% 2009 3.000% 2101.0 3.250% 2011 3.400% 2012 3.550% 2013. 3.700% Ruan Securities, Corp., Des Maines, Iowa 99.000% 2004-2006 2.050% 3.310'91% Fairfax State Bank, Fairfax, Iowa 20'017 2,400% $90,216 20108 2.700% 2.0019 3.000% 20,1.0 3.200% 20111 3.400% .2012 3.550% 2013 3.650% SUITE 4100.ONE NORTH LASAILLE STREET•CHICAGO,ILLINOIS 60602 (312)346.3700*FAX(312)346-8833 SUITE 608.531 COMMERCIAL STREET•WATERLOO,IOWA 50701•(319)2911-21077•FAX(319)291-8628 SPEER FINANCIAL, INC. Page 2 Bidders* Price Maturities Rates Interest Bernardi Securities, Inc., Chicago, Illinois 99.000% 2004 1.500% 3.4469% 2005 1.800% $9' 3,971 2006 2.000% 2007 2.400% 2008 2.800% 2009. 3.100% 2010 3.300% 2011 - 3.600% 2012 3.750% 21013 4.000% *Syndicate information is provided by the underwriter. The information contained in this report is the most current available. g-25-03 10:49AM FR0V-Bankars' Bank linvestments 608 8291 !5589 T-533 P.001/001 F-163 OMCIAL BID FORM City of Fairfax February 25,2003 .'O Box,337 SpeerF aatacia Inc 525 Vanderbilt Street Phone(3159)291 2077 Fairfax, IA. 5222$-0337 Fax(319)291-8628 Members of the City Council: For the W5,000 General 06ligaticm Cmrporate hjWse Notes(Tax Faempt),Series 2003(the"Nates')ofthe City of Fairfax,Liar County,Iowa,(the"City')as described in the annexed Frelftnfi=y Te=- ' Sheet,which is expressly made a part hereof,we gilt pay you$ A16:z 967,50 (no less tim$460,350)plus a==d interest from March 1,2003 to the date of dchveay: The Notes arc to bear interest at tette following respective rates(each a mWtipie of 1/20 or 1/8 of 1%)fear Notes of each d i;gr aced maturity, MATC1RIt" 9-JUNE 1 InkreSt Interest Merest Rate Rate Rate ,ono............2004 I SJ f4 S401000............2007.z,z s „ Q io �Q $s0,o0a.............2a1� S.y- 540,000............2005 1,8S arc $45,000.,..........2008 z,(60 0% $50)000.............2012 9 $'4c0,000............2006 Q % $43,000............2009 3.00 `ly. �5�,0�L.............2013 % $50,000.,........•.2010-S-2-13 % The Nates are to be executed and delivered to us in accordance with the tm=of tens bid accornp anied by the approving legal opinion of Dorsey&Whitney LLP,Des!-Moines,Iowa. The City is to payfor the legal opinion. The Purchaser a,gr=to Tkpp1y for CUSA'numbers and pay the fee charged by the CUSfP Service Bur i. P!MCHASER INFORMATION Name __ �n�ers Dim Telmhoae No. Dy Fax Number SSS Address city _ /✓yad'l So kr _ Email Addre StatcJip l 9j3 1-7 11_� The foregoing bid ww accepted and tete W$,000 General Obligation Ccarporate Purpose Notos(Tax Exempt), Series 2003, soldby resolution ofthe City of Fairfax.Iowa,on Fehru,aty 25,2003. ATTEST:. CITY OF F1JRFAX IANN COUNTY,,IOWA City Clerk Mayor NM PART OF TM 13]D--- o orf nut►rar Citoss fuLorast O Jr Les5 Pcemiur[l/I'ltlsDLwount $ pp rz // 2.S`D Nee fntcrwt Cost $ Nct frlkmt Rztc 31 'Z M 'Ila Tot' L BO 2,726.25U AVERAGE LjiFE 5.$53 Ytars