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Home My WebLink AboutRESOLUTION NO. 2005-33 Fairfax/419915-8/2nd V.Hrg/Sale MINUTES TO CONDUCT HEARING ON LOAN AGREEMENT AND SELL NOTES 419915-8 (2nd Hxg/Sale) Fairfax, Iowa September 13, 2005 The City Counc'1 of the City of Fairfax, Iowa, met on September 13, 2005, at o'clock ,m., at the ,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: o4 FAj Absent: This being the time and place specified for taking action on the proposal to enter into a loan agreement, the City Clerk announced that no written objections had been placed on file. Whereupon, the Mayor called for any written or oral objections, and there were none. Whereupon, the Mayor declared the hearing closed. This also being the time and place fixed by the Council for the consideration of bids for the purchase of the City's $650,000 General Obligation Sewer Improvement 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) Name Pereelntaze Bankers' Bank, Madison.,, Wisconsin 3.542 % Bernardi Securities, Inc.:, Chicago, Illinois 3.8618 % Northland Securities, Inc., Minneapolis, Minnesota 3.9697 % Ruan Securities Corp., Des Moines, Iowa 3.7743 % UMB Bank, n.a., Kansas City,Missouri 3.680351 % Midwest One Barak,Waterloo, Iowa 4.7479 % -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA ]F'airfax/419915-8/2nd%Hrg/Sale After due consideration and discussion, Council Member introduced the 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 b4 ca led, the following Council Members voted: AycC: 1i10jqjjL" I&f Nays: Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-8/2nd%Hrg/Sale RESOLUTIONNO. � Taking additional action to enter into a Loan Agreement and to award General Obligation Sewer Improvement Notes 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 (the "Loan Agreement") in the principal amount of $650,000, for the purpose of paying the cost, to that extent, of constructing improvements and extensions to the Municipal Sanitary Sewer System, 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 $650,000 General Obligation Sewer Improvement 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 (aids noted in the minutes; and WHEREAS,upon final consideration of all bids,the bid of — (the"Purchaser"),is the best, such bid proposing the lowest interest cosh to the City; � Wr NOW, THEREFORE, Be It 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 issue the Notes in the future and declares that this resolution constitutes the "additional action" required by Sections 384.24A of the Code of Iowa. Section 2. The bid of the Purchaser referred to in the preamble is hereby accepted, and the Notes are hereby awarded to the Purchaser at the price specified in such bid, together with accrued interest. Section 3. The form of agreement of sale (the "Sale Agreement") of the Notes to the Purchaser 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. Passed and approved September 13, 2005. -- Mayor Att e City Clerk _3_ DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-8/2nd'/z Wg/Sale Thereupon, it was moved by Cour it Member and seconded by Council Member that further action with respect to the approval of the Loan Agreement and the issute'if of the N tes be deferred until e P 005, at o'clock m., at the in the Ci The Mayor put the question on the mot&and the roll being ca ed, the following named Council Members voted;. Aye . Nays: g Whereupon, the Mayor declared the.motion adopted. Mayor Attest: �ZL YA1,V City Clerk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/4199I5-8/2nd%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 a true, correct and complete copy of all the corporate records in relation to the hearing on the City Council's intention to enter into a certain Loan Agreement and the sale of$650,000 General Obligation Sewer Improvement Notes of said City 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. tL WITNES MY HAND, and the seal of the City hereto affixed this /J day of 2�ra005. City Clerk (Seal) (Attach here a copy of the bid of the successful bidder.) -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA T .� - v� Sp-t3-0S Iut2Bh�l PRG44ank�ets �srtk: w�n,��staents BQB 820 55" �-fdE P,001/001 �-i�2 t 1lFittik�k;3ZS' i� �104oltliiB s OFnCIALBMM i s RM I City of Frdrfaxc soptMber l3,2005 PO Box 53-1,S25 V tkibilt St 5)7ccr Atum cial..gym. ZA 52 31 33? Phone(3100)291-2077 Fax 0319)291. 28 antbrms of the City Couunc-A, Forthe$650,00G=saal Oblig%don Sanhuy S4e'EdPW ImFovammiNous(Ttx pt),Serks200(tht"NoW"")of s City ofl�t�Linn County,lowk(the"CiV y a dcstrt'laad rn�t axwatcd�i�y'Tom Shr,4 rv�h is tz�ly atadc it Ian bmg wg gill ley you S + 57J"'� . (no lass tm$643 5010 plus acaued Sit crest froom C3tMbc'r j 2005 toft dea ofdelMi)t. TheNot"am;Iob rittt sti Itwfollou b*msp=tivv rMS(v hrnto MM116ploof IA or VI 00 of lNa)W Nous of'rat h 64g ted t%r#. list �tere5t '', Rite yry/y Me @ n/9 }� ry�yj { }y /� qqy p p ii 13,WY..........r 2009 �!1 V_.!*ll ei PV��MQ....tir..w.f.�V i� J" �'". ��P"AI� S 1C X000...........2014 S90,000...........2015_3 `�'�_' 75'000.....r,...2Dl0�-20*A 3 95,000............2013,.J'50 The Nolan we to b6mmtcd and dftcrod to us in umdar.c wfth tho tars oftWs btd a=aapaa O by the approvittg 1094 ropttion st'Daesey&°PVltI%cY LL?,leas Motus,low#. The City is to pq fortbc 10&4 apiniort. The Purohow Maes to apply fir CUSCO Vt=bM Wd pq tht t6 ohargcd by thr COIF Sm vkc amat. rho Pumbastr is 3?tn`Cbttsittgtito bonds for its wo, i gowumt aod notwith aview w traell fAe Uondss n1 lCt 1 'ckp .cte Na. Dy xS TaCr2 Fwcl+Tombex - q. '� Addrrss ra&L,Tb,tZ. $traurvo ' City' EoD Addm" 11`k�"t"'lcrob.,iccm0*0- tSti� 111e foregolag bid was w4ople4 artd tho 5650,000 t3*aml Mltga>S= Sanit&TY Sevtat T=PrOvOmml No ( ax p :.' " by ttolt ov of rlot City of l=44m,lovak on Sopt=W 13,200 Of FAMAX A t 'N CJt,TIV7"'Y,.fMA Mayor �»•�—NttT Put,'T BP'1'ldE 55� teutatic*.e�`v�lntr►wsc� Le �m RSI . -4 RRS i�3 4 AVMIAUE LM 61M y4m i DORSEY cA'i 11 y c< bel I—I l 1 fel l Y II 11 &'° September 9, 2005 Connie Frame City Clerk/City Hall 525 Vanderbilt Street Fairfax, Iowa 52228-0337 Re: Fairfax, Iowa $650,000 Loan agreement - General Obligation Sewer Improvement Notes Our File No. 4119915-8 Dear Connie: We have prepared and enclose the necessary proceedings for the September 13, 2005 meeting to carry out the hearing on the captioned Loan Agreement and adopt the resolution awarding the captioned Notes. You will note that the: enclosed resolution must be completed with the name of the purchaser. It is our understanding that Larry Burger of Speer Financial will tabulate the bid results on September 13, 2005 and report them to you and to us.. The proceedings enclosed are as follows: 1. Minutes of the meeting to provide for the hearing, followed by the resolution taping additional action in connection,with the Loan Agreement and awarding the Notes. 2. Minutes showing the adjournment of the meeting to another meeting date for adoption of the issuance resolution. Please fill in the date when one has been selected. 3. Certificate attesting the transcript. On September 13, 2005, the City Council should meet as scheduled to hold a hearing on its intention to enter into the Loan Agreement and consider bids received for the purchase of'the DORSEY & WHITNEY LLP • ATTORNEYS AT LAW ° WWW,D0RSEY.00M •T 515.283.111000 F 515.283,1060 801 GRAND ^ SUITE 3900 • DES MOINES, IOWA 50309-2790 USA cANAOA UUF4L3PU AMA i Page 2 Notes and, assuming that a satisfactory bid is received, adopt the resolution awarding the Notes. 'The minutes as drawn assume that no objections will be filed or made. The City Council may then proceed with the adoption of the enclosed resolution. I I All Council Members present should vote on the adoption of the resolution, and the vote of each Council Member should be called and recorded by name.. I As these proceedings are completed, please return one fully executed copy to our office. i We will mail you the necessary additional proceedings to approve the Loan Agreement and provide for the issuance of the Notes in time for the next City Council meeting. Please notify us when a date for that meeting has been selected Please call Bob Josten or me with questions. Very truly yours, Danos JPD Enclosures cc, Larry Burger DORSEY&WHITNEY LLP