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HomeMy WebLinkAboutRESOLUTION NO. 2014-26 Fairfax419915-20/SetSale/Auth POS ,SET DATE FOR SALE AND APPROVE OFFICIAL STATEMENT FOR BONDS 419915-20 Fairfax, Iowa February 25, 2014 The City Council of the, City of Fairfax, Iowa, met on February 25, 2014, at 6:00 o'clock p.m., at the City Hall, Fairfax, Iowa, The meeting was called to order by the Mayor, and the toll was called, showing the following members of the City Council present and absent: Present: JoAnn Beer, Travis Otto, and Marc Magers Absent: Bernie Frieden and Marianne Wainwri The City Clerk reported that Maggie Burger of Speer Financial, Inc. had prepared details related to the sale of$1,330,000, General Obligation Corporate Purpose 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. After due consideration and discussion, Council, Member Beer introduced the following resolution and moved its adoption, seconded by Council Member Otto. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Beer, Otto, and Magers. 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 Rape,Mayor Attest: CynffiiStimson, City Clerk/Treasurer -1- DORSI Y&W14ITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-20/SetSatc/Auth POS RESOLUTION NO. 2014-26 RESOLUTION SETTING DATE FOR SALE OF GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2014 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") 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 has published notices and held hearings on the proposals; and WHEREAS, the City previously issued $2,485,000 General Obligation Corporate Purpose and Refunding Bonds, Series 2013, and it is necessary to set a date for the sale of $1,330,000 General Obligation Corporate Purpose Bonds, Series 2014 (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 11th day of March, 2014, is hereby set as date for the sale of the Bonds, and the City Council will ineet on that date to review the bids received and to take action to award the sale of the Bonds. Section 2. 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 15(c)(2)-12 of the Securities and Exchange Commission. Section 3. 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 15peerAuction, and hereby finds and determines that the SpeerAuction 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 pat-ties tinder the circumstances of this bond sale. -2- DORSEY WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-20/SetSale/Auth POS Section 4. 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 February 25, 2014. Jason Rabe, "Mayor Attest: t 0 Ali" 1V j, 0 Lr) Cyn#iia Stimson, City Clerk/Treasurer DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax419915-20/SetSale/Auth POS STATE OF IOWA COUNTY OF LINN SS: CITY OF FAIRFAX 1, the undersigned, City Clerk 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 26th day of February, 2014. Cy4ihia Stimson, City Clerk/Treasurer / -4- DORSEY$c WHITNEY LLP,ATTORNEYS,DES MORgBS,IOWA February 19, 2014 Cynthia Stimson City Clerk/City Hall PO Box 337 Fairfax, Iowa 52228-0337 Re: General, Obligation Corporate Purpose Bonds, Series 2014 Our File No. 419915-20 Dear Cynthia: We have prepared and enclose a resolution to be adopted by the Fairfax City Council on February 25 related to setting March 11 as the date for the sale of the City's General Obligation Corporate Purpose Bonds, Series 2014, and approving the preliminary official statement for the bond sale. The proceedings enclosed include the following items: 1. Resolution setting March 11, 2014, as the date for the sale of$1,330,000 General Obligation Corporate Purpose 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