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HomeMy WebLinkAboutRESOLUTION NO. 2012-36 Fairfax419915-18/Sale GO SALE OF GENERAL OBLIGATION FIRE • TRUCK AND REFUNDING BONDS 419915-18 Fairfax, Iowa May 22, 2012 The City Council of the City of Fairfax, Iowa, met on May 22, 2012, at 6:00 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: Beer, Frieden, Otto, Magers, and 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 General Obligation Fire Truck and Refunding Bonds, Series 2012, the City Clerk announced that bids had been received and canvassed on behalf of the City at the time and place fixed therefor. IIIIIWhereupon, 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 UMB Bank, n.a. 1.4410% 1010 Grand Kansas City, MO 64106 Bankers' Bank 1.5890% 7700 Mineral Point Road Madison, WI 53717 Northland Securities 1.6606% 45 S 7th Street, Ste. 2000 Minneapolis, MN 55402 Hutchison, Shockey, Erley & Co. 1.7632% 222 W Adams Chicago, IL After due consideration and discussion, Council Member Magers introduced the IIIresolution next hereinafter set out and moved its adoption, seconded by Council Member Beer. -1- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-18/Sale GO Ill 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, Magers, and Wainwright Nays: None. Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. • • -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-18/Sale GO • RESOLUTION NO. 2012-36 AWARDING SALE OF GENERAL OBLIGATION FIRE TRUCK AND REFUNDING BONDS, SERIES 2012 WHEREAS, the City of Fairfax (the "City"), in Linn County, State of Iowa, has heretofore 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 paying the costs, to that extent, of acquiring a fire truck and refunding the outstanding balance of the City's General Obligation Sewer Improvement Notes, Series 2004 (the "Series 2004 Notes") 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$590,000 General Obligation Fire Truck and Refunding Bonds, Series 2012 (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 City's financial advisor has determined that the bid of UMB Bank, n.a., Kansas City, Missouri, (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$590,000, for the purposes set forth in the preamble hereof. The Mayor and City Clerk are hereby authorized and directed to sign the Loan Agreement on behalf of the City, and the Loan Agreement is hereby approved. Section 2. The bid of the Purchaser referred to in the preamble is hereby accepted, and the Bonds are hereby awarded to the Purchaser at the price specified in such bid, together with accrued interest. Section 3. The form of agreement of sale (the "Sale Agreement") of the Bonds to the Purchaser is hereby approved, and the Mayor and City Clerk are hereby authorized to execute the Sale Agreement for and on behalf of the City. Section 4. Bankers Trust Company, Des Moines, Iowa, as Registrar and Paying Agent for the Series 2004 Notes, is hereby authorized to take all action necessary to call the outstanding balance of the Series 2004 Notes for redemption as of July 2, 2012 (the "Redemption Date"), and is further authorized and directed to give notice of such redemption by sending notice by electronic means to each of the registered owners of the outstanding balance of the Series 2004 Notes to be redeemed at the addresses shown on the City's registration books, not less than 30 days prior to the Redemption Date. -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-18/Sale GO • Section 5. All resolutions orarts thereof in conflict herewith are herebyrepealed to p the extent of such conflict. Passed and approved May 22, 2012. F Jaso abe, Mayor Attest: Cyn is Stimso$, City C erk/Treasurer Upon motion and vote, the meeting was adjourned. • Jason abe, Mayor Attest: Cyny is Stimson, City Clerk/Treasurer • -4- DORSEY&WHITNEY LLP, ATTORNEYS, DES MOINES,IOWA Fairfax419915-18/Sale GO STATE OF IOWA II/ 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 General Obligation Fire Truck and Refunding Bonds, Series 2012, 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 23rd day of May, 2012. Cyn is Stimson, City Clerk/Treasurer • (Attach here a copy of the bid of the successful bidder.) • -5- DORSEY&WHITNEY LLP, ATTORNEYS, DES MOINES,IOWA