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Home My WebLink AboutRESOLUTION NO. 2010-39 Fairfax/419915-14/Sale MINUTES TO SELL BONDS 419915-14 Fairfax, Iowa August 10, 2010 The City Council of the City of Fairfax, Iowa, met on August 10, 2010, at 7:00 o’clock p.m., at the City Hall, in the City. The meeting was called to order by the Mayor, and the roll was called showing the following Council Members present and absent: Present: JoAnn Beer, Burnell Frieden, Marc Magers, Travis Otto, and Marianne Wainwright Absent: None. This being the time and place fixed by the Council for the consideration of bids for the purchase of the City’s $335,000 General Obligation Fire Truck and Refunding Bonds, Series 2010, 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 Frieden introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member Beer. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Beer, Frieden, Magers, Otto, and Wainwright Nays: None. Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -1- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax/419915-14/Sale RESOLUTION NO. 2010-39 AWARDING SALE OF $335,000 GENERAL OBLIGATION FIRE TRUCK AND REFUNDING BONDS WHEREAS, the City of Fairfax (the “City”), in the County of Linn, State of Iowa, pursuant to a resolution of the City adopted on March 11, 2003 (The “2003 Note Resolution”), previously issued its $465,000 General Obligation Corporate Purpose Notes (the “2003 Notes”), a portion of which remain outstanding; and WHEREAS, pursuant to the 2003 Note Resolution, the City reserved the right to call the 2003 Notes maturity in the years 2009 to 2013 (the “Callable 2003 Notes”), inclusive, on any date on or after June 1, 2008, for early redemption; and WHEREAS, pursuant to the provisions of Section 384.24A of the Code of Iowa, the City has heretofore proposed to contract indebtedness and enter into a loan agreement (the “Loan Agreement”) in a principal amount not to exceed $400,000, for the purpose of acquiring a fire truck and refunding the Callable 2003 Notes, and has published notice of the proposed action and has held a hearing thereon on July 13, 2010; and WHEREAS, pursuant to advertisement of sale, bids for the purchase of $335,000 General Obligation Fire Truck and Refunding Bonds, Series 2010 (the “Bonds”) 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 Bankers’ Bank of Madison, Wisconsin with Fairfax State Savings Bank of Fairfax, Iowa (the “Purchaser”), is the best, such bid proposing the lowest interest cost to the City; NOW, THEREFORE, It Is 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 $335,000 for the purpose 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 Bonds 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 Bonds 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. -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax/419915-14/Sale Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved August 10, 2010. Jason Rabe, Mayor Attest: Cynthia Stimson, City Clerk/Treasurer -3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax/419915-14/Sale Thereupon, it was moved by Council Member Frieden and seconded by Council Member Beer that further action with respect to the approval of the Loan Agreement and the issuance of the Bonds be deferred until August 24, 2010, at 7:00 o’clock p.m., at the Fairfax City Hall in the City. The Mayor put the question on the motion and the roll being called, the following named Council Members voted: Ayes: Beer, Frieden, Magers, Otto, and Wainwright Nays: None. Whereupon, the Mayor declared the motion adopted. Jason Rabe, Mayor Attest: Cynthia Stimson, City Clerk/Treasurer -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Fairfax/419915-14/Sale STATE OF IOWA COUNTY OF LINN SS: 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 $335,000 General Obligation Fire Truck and Refunding Bonds, Series 2010, 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. th WITNESS MY HAND this 11 day of August, 2010. Cynthia Stimson, City Clerk/Treasurer (Attach here a copy of the bid of the successful bidder.) -5- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA August 6, 2010 VIA EMAIL Cynthia Stimson City Clerk/City Hall PO Box 337 Fairfax, Iowa 52228 Re: $335,000 General Obligation Fire Truck and Refunding Bonds, Series 2010 Our File No. 419915-14 Dear Cynthia: We have prepared and attach the necessary proceedings to be used at the August 10, 2010 meeting to report the bids received and to adopt the resolution selling the General Obligation Fire Truck and Refunding Bonds (the “Bonds”) to the best bidder. The attached resolution must be completed with the name of the purchaser, and Maggie Burger of Speer Financial will tabulate the bid results and provide that name to you. The proceedings attached include the following items: 1. Resolution awarding the Bonds. 2. Minutes showing the adjournment of the meeting until a later date, for adoption of the issuance resolution. Please contact me after the meeting to let me know the date that the City Council will meet to adopt the issuance resolution. 3. Certificate attesting the transcript. On August 10, 2010, the Council should meet as scheduled to consider bids received for the purchase of the Bonds and, assuming that a satisfactory bid is received, adopt the resolution awarding the Bonds. 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. As these proceedings are completed, please return one fully executed copy to our office. If you have any questions, please contact me. Kind Regards, Amy Bjork Attachments cc: Maggie Burger