HomeMy WebLinkAboutRESOLUTION NO. 2012-25 Fairfax419915-18/2"''h HrgGO/Auth POS/SetSale
RESOLUTION NO. 2012-25
RESOLUTION TAKING ADDITIONAL ACTION TO ENTER INTO A
GENERAL OBLIGATION LOAN AGREEMENT, SETTING DATE FOR
SALE OF GENERAL OBLIGATION FIRE TRUCK AND REFUNDING
BONDS AND AUTHORIZING THE USE OF A PRELIMINARY
OFFICIAL STATEMENT IN CONNECTION WITH THE SALE OF THE
BONDS
WHEREAS, the City of Fairfax (the "City") previously issued its General Obligation
Sewer Improvement Notes, Series 2004, in the principal amount of$700,000 (the "Series 2004
Notes"); and
WHEREAS, in the resolution authorizing the issuance of the Series 2004 Notes, the City
reserved the right to call for redemption prior to maturity all principal of the Series 2004 Notes
maturing after June 1, 2012; and
WHEREAS, the City has proposed to enter into a General Obligation Loan Agreement
(the "Loan Agreement") in a principal amount not to exceed $650,000, pursuant to the provisions
of Section 384.24A of the Code of Iowa, for the purpose of acquiring a fire truck and refunding
the principal maturities of the Series 2004 Notes that mature after June 1, 2012, and has
published notice and held a hearing on the proposal to enter into the Loan Agreement; and
WHEREAS, the City proposes to offer for sale its General Obligation Fire Truck and
Refunding Bonds, Series 2012, in the principal amount of$590,000 (the "Bonds"); and
WHEREAS, a Preliminary Official Statement (the "Preliminary Official Statement") has
been prepared to facilitate the sale of the Bonds and it is now necessary to make provision for
the approval of the Preliminary Official Statement and to authorize its use by Speer Financial,
Inc.;
NOW, THEREFORE, It Is 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 in
the future, and determines that this resolution constitutes the "additional action" required by
Section 384.24A of the Code of Iowa.
Section 2. The 22"d day of May, 2012, at 11 o'clock a.m. at the City Hall is hereby
set as the deadline for submitting bids for the sale of the Bonds, and the City Council will meet
on the same date to review the bids received and to take action to award the sale of the Bonds.
Section 3. The use by Speer Financial, Inc. of the Preliminary Official Statement
relating to the Bonds, in substantially the form as has been presented to and considered by the
City Council, is hereby approved, and Speer Financial, Inc. is hereby authorized to prepare and
use a final Official Statement for the Bonds substantially in the form of the Preliminary Official
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Fairfax419915-18/2"` %2 HrgGO/Auth POS/SetSale
MINUTES TO HOLD HEARING ON
GENERAL OBLIGATION LOAN
AGREEMENT, SET DATE FOR SALE
AND APPROVE OFFICIAL STATEMENT
FOR BONDS
419915-18
Fairfax, Iowa
May 8, 2012
The City Council of the City of Fairfax, Iowa, met on May 8, 2012, 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 members of the City Council present and absent:
Present: JoAnn Beer, Bernie Frieden, Travis Otto, and Marianne Wainwright.
Absent: Marc Magers.
This being the time and place specified for taking action on the proposal to enter into a
general obligation loan agreement in a principal amount not to exceed $650,000, 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 being none, the Mayor closed the public hearing.
After due consideration and discussion, Council Member Otto introduced the following
resolution 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, Otto, and Wainwright
Nays: None
Whereupon, the Mayor declared the resolution duly adopted, as hereinafter set out.
At the conclusion of the meeting and upon motion and vote,the City Council adjourned.
Jason Roe, Mayor
Attest:
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Cynthi' Stimson, City Clerk/Treasurer
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