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HomeMy WebLinkAboutRESOLUTION NO. 2015-37 Fairfax4l9915-21/SetSale/Auth20I5 POS SET DATE FOR SALE AND APPROVE OFFICIAL STATEMENT FOR SERIES 2015 BONDS 419915-21 Fairfax, Iowa April 28, 2015 The City Council of the City of Fairfax, Iowa, met on April 28, 2015, 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, Marc Magers, and Marianne Wainwright Absent: None. The City Clerk reported that Maggie Burger of Speer Financial, Inc. had prepared details related to the sale of$2,080,000 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. Council Member Beer introduced the following resolution and moved its adoption, seconded by Council Member Magers. After due consideration and discussion, 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. • • At the conclusion of the meeting and upon motion and vote, the City Council adjourned. Jason Rabe, Mayor Attest: Cynthia Stimson, City Clerk/Treasurer -1- DORSEY&WHITNEY LLP,ATTORNEYS,DBS MOINES,IOWA Fairfax4l9915-21/SetSale/Auth20I5 POS RESOLUTION NO. 2015-37 RESOLUTION SETTING DATE FOR SALE OF GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2015 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 Linn County, State of Iowa, proposes to enter into a general obligation essential corporate purpose loan agreement (the "Essential Purpose Loan Agreement") in a principal amount not to exceed $1,980,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the cost, to that extent, of acquiring a fire truck and an emergency warning siren system, and constructing street, sanitary and storm sewer, sewage treatment, water main and municipal trail system improvements, including projects located in the Fairfax Urban Renewal Area, and has set a date of meeting of the City Council at which a public hearing will be held on the proposal to enter into the Essential Purpose Loan Agreement; and WHEREAS, the City also proposes to enter into an urban renewal planning loan agreement (the "Urban Renewal Planning Loan Agreement") in a principal amount not to exceed $100,000, for the general corporate purpose of planning and designing the addition of property to the Fairfax Urban Renewal Area, and, in lieu of calling an election thereon, the City has caused a notice of such proposal to be published, including notice of the right to petition for an election, under the provisions of Section 384.26 of the Code of Iowa; and WHEREAS, it is necessary to set a date for the sale of $2,080,000 General Obligation Corporate Purpose Bonds, Series 2015 (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 12th day of May, 2015, 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 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 -2- DORSEY&WHITNEY LLP,ATTORNEYS,DBS MOINES,IOWA Fairfax4l9915-21/SetSale/Auth20I5 POS 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 SpeerAuction, 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 parties under the circumstances of this bond sale. 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 April 28, 2015. Jason Rabe, Mayor Attest: Cynthia Stimson, City Clerk/Treasurer -3- DORSEY&WHITNEY LLP,ATTORNEYS,DBS MOINES,IOWA Fairfax4l9915-21/SetSale/Auth20I5 POS STATE OF IOWA COUNTY OF LINN SS: CITY OF FAIRFAX I, 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 29th day of April, 2015. Cynthia Stimson, City Clerk/Treasurer -4- DORSEY&WHITNEY LLP,ATTORNEYS,DBS MOINES,IOWA April 23, 2015 Cynthia Stimson City Clerk/City Hall PO Box 337 Fairfax, Iowa 52228-0337 Re: General Obligation Corporate Purpose Bonds, Series 2015 Our File No. 419915-21 Dear Cynthia: We have prepared and enclose a resolution to be adopted by the Fairfax City Council on April 28 related to setting May 12 as the date for the sale of the City's General Obligation Corporate Purpose Bonds, Series 2015, and approving the preliminary official statement for the bond sale. The proceedings enclosed include the following items: 1. Resolution setting May 12, 2015 as the date for the sale of $2,080,000 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