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Home My WebLink AboutRESOLUTION NO. 2013-42 Fairfax419915-19/Hmg8etSale/Auth POS HEARINGS, SET DATE FOR SALE AND APPROVE OFFICIAL STATEMENT FOR BONDS 419915-19 Fairfax, Iowa July 23, 2013 The City Council of the City of Fairfax, Iowa, met on July 23, 2013, at 6:00 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, and Travis Otto Absent: Marc Magets and Marianne Wainwright This being the time and place specified for holding a hearing on the proposal to enter into a loan agreement for the purposes of constructing street, street lighting, sanitary sewer, storm sewer, drainage and water main improvements, including projects located in the Fairfax Urban Renewal Area, and, of refunding the outstanding balances of certain general obligation notes, the City Clerk reported that no written objections had been placed on file. Whereupon, the Mayor called for any written or oral comments, and, there being none, the Mayor closed the public hearing. This also being the time-and place specified for holding a hearing on a proposal to enter into a loan agreement for the purpose of constructing improvements to the municipal trail system, located within the Fairfax Urban Renewal Area, the City Clerk reported that no written objections had been placed on file and no petition had been filed asking that the question of entering into this loan agreement be submitted to the registered voters of the City. Whereupon, the Mayor called for any written or oral comments, and, there being none, the Mayor closed the public bearing. The City Clerk reported that Maggie Burger of Speer Financial, Inc. had prepared details related to the sale of General Obligation Corporate Purpose and Refunding Bonds by the City, and that it was necessary for the Council to review those details and set the date for the sale of such bonds. DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-19/Hmg8etSalelAuth POS After due consideration and discussion, Council Member Otto introduced the following resolution and moved its adoption, seconded by, Council Member Frieden. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Beer, Frieden, and Ott 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 Rabe,Mayor Attest: Cyntia'Stimson, City Clerk/Treasurer -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-19/HrngSatSale/Ruth POS RESOLUTION NO. 2013-42 Resolution approving loan agreements in principal amount not to exceed $4,050,000 for essential corporate purposes, trail improvements and refunding, setting date for sale of General Obligation 'Corporate Purpose and Refunding Bonds, Series 2013 and authorizing the use of a preliminary official statement in connection with the sale of the Bonds WHEREAS, the City of Fairfax (the "City"), in the County of Linn State of Iowa, has proposed. to enter into General Obligation. Loan Agreements (the "Loan Agreements") in a principal amount not to exceed $4,050,000 pursuant to the provisions of Section,384.24A of the Code of Iowa, for the purpose of paying the costs, to that extent, of constructing street, street lighting, sanitary sewer, storm sewer, drainage, water main and trail improvements, including projects located in the Fairfax Urban Renewal Area, and of refunding the outstanding balances of the City's General Obligation Notes, Series 2005 and 2008B, and has published notices and held hearings on the proposals; and WHEREAS, it is necessary to set a date for the sale of $2,485,000 General Obligation Corporate Purpose and Refunding Bonds, Series 2013 (the `Bonds"),to be issued pursuant to the Loan Agreements; and WHEREAS, a preliminary official statement (the "Preliminary Official Statement") has been prepared related to 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 Council hereby expresses its intention to enter into the Loan Agreements, and the Council hereby declares that this resolution constitutes the additional action. required by Chapter 384 of the Code of Iowa. Section 2. The 13th day of August, 2013, is hereby set as date for the sale of the Bonds, and the City Council will meet on that date to review the bids received, and to tape 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 Statement, but with such changes therein as are required to conform the same to the terms of the Bonds and, when adopted, the resolution authorizing the issuance of the Bonds, and the City Clerk is hereby authorized and directed to execute a final Official Statement for the Bonds, if requested. The Preliminary Official Statement as of its date is deemed final by the City within the meaning of Rule 1,5(c)(2)-12 of the Securities and.Exchange Commission. -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-19/HmgSetSale/Auth POS Section 4. Pursuant to Section 75.14 of the Code of Iowa, the City Council hereby authorizes the use of electronic bidding procedures for the sale of the Bonds through. SpeerAuction, and hereby finds and determines that the SpcerAuction competitive bidding system will provide reasonable security and maintain the integrity of the competitive bidding process and will facilitate the delivery of bids by interested parties under the circumstances of this bond sale. Section 5. All resolutions and orders or parts thereof in conflict with the provisions of this resolution, to the extent of such conflict, are hereby repealed. Section 5. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved.July 23,2013. Jr Jason Abe, Mayor Attest: tit Cynt is Stimson, City Clerk/Treasurer }r ' , -4- DORSITY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA I"airfax419915-191HrngSet8ale/Ruch POS STATE OF IOWA COUNTY OF LINN SS: CITY OF FAIRFAX I, the undersigned, City Cleric of the City of Fairfax, do hereby certify that attached hereto is a true and correct copy of the proceedings of the City Council relating to setting a date for the sale of bonds and the approval of an official statement, as referred to herein. WITNESS MY HAND this day of 2013. lrlson, City Clerk/Treasurer Cyn a Sti -5- DORSEY WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA July 17, 2013 Cynthia Stimson City Clerk/City Hall PC Box 337 Fairfax, Iowa 52228-0337 Re: General Obligation Corporate Purpose and Refunding Bonds Oyu•File leo.. 419915-19 Dear Cynthia: We have prepared and enclose proceedings and a resolution to be adopted by the Fairfax City Council on July 23 related to holding hearings on general obligation loan agreements and setting August 13 as the date for the sale of the City's General Obligation Corporate Purpose and Refunding Bonds, Series 2013. The proceedings enclosed include the following items; 1. Minutes covering the hearings on, the Loan Agreements, followed by the resolution expressing Council intent to enter into the Loan Agreements and setting August 13, 2413, as the date for the sale of $2,485,000 General Obligation Corporate Purpose and Refunding Bonds and authorizing the use of a preliminary official statement in connection with the marketing of the Bonds. 2. Certificate attesting transcript. As these proceedings are completed, please return one fully executed copy to our office. If you have any questions,please contact me. Very truly yours, Robert E. Josten cc by email: Maggie Burger