HomeMy WebLinkAboutRESOLUTION NO. 2009-10 Fairfax/419915-12/2nd 1/2 Sale
�y u� y MINUTES TO SELL NOTES
,a.�. a
419915-12
Fairfax, Iowa
February 24„ 2009
The City Council of the City of Fairfax, Iowa, met loin February 24, 2009, at
o'clock
.m., at the C.: ' , 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: `aL L
Absent: I [z u
This being the time and place fixed by the Council for the consideration of bids for the
purchase of the City's $790,000 General Obligation Corporate Purpose Notes, Series 2009, 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)
After due consideration and discussion, Council Member 4KA
introduced the res lution next hereinafter set out and moved its adoption, seconded by Couulcil
Member j ' :. The Mayor put the question upon the adoption of said
resolution, and the roll being called, the following Council Members voted:
t
Ayes: ' ;:� " _u"r _ i�Jy!
Nays: I
Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfax/419915-12/2nd%Sale
RESOLUTION NO. Xfl
Awarding$790,000 General Obligation Corporate Purpose Notes, Series 2009
WHEREAS, pursuant to the provisions of Section 384.24A of the Code of Iowa, the City
of Fairfax (the "City"), in the County of Linn, State of Iowa has heretofore proposed to contract
indebtedness and enter into a loan agreement (the "Loan Agreement") in a principal amount not
to exceed $1,000,000, for the purpose of paying the cost, to that extent, of constructing street,
water, storm sewer and drainage improvements, and has published notice of the proposed action
and has held a hearing thereon on October 14, 2008; and
WHEREAS, the City subsequently determined that it would be necessary to enter into the
Loan Agreement in the amount of only$790,000; and
WHEREAS, pursuant to advertisement of sale, bids for the purchase of$790,000 General
Obligation Corporate Purpose Notes, Series 2009 (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
WHEREAS, upon final consideration of all bids, the bid of A -ILL
(the "Purchaser"), is the best, such bid proposing 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 Purchaser 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$790,000 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 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.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairk°ax/419915-12/2nd 11/a Sale
Passed and approved Febmary 24, 2009.
Mayor
Attest:
City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfax/419915-12/2nd%z Sale
Thereupon, it was moved by Council Member �,�- ( �, ; ;, �� and seconded
by Council Member ( ;, that further action Ah respect to the issuance
of the Notes be „dpferred until March 10, 2009, at o'clock m., at the
in the City. The Mayor put the question on the motion and the roll being
calle , the following named Council Members voted:
� �
Ayes: tl ���� ���,� °-� -�-- . ��' ._�f-2
Nays: ;
Whereupon, the Mayor declared the motion adopted.
Mayor
Attest:
City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfax/419915-12/2nd V.Sale
STATE OF IOWA
COUNTY OF LINN S S:
CITY OF FAIRFAX
I, the undersigned, City Clerk of the City of Fairfax, 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
those 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$790,000 General Obligation Corporate
Purpose Notes, Series 2009, of the 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 had, done and performed up to the
present time with respect thereto.
WITNESS MY HAND this Aqday of r-"e ,
2009.
City Clerk
(Attach here a copy of the bid of the successful bidder.)
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DORSEY& WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA