HomeMy WebLinkAboutRESOLUTION NO. 2017-47 Fairfax419915-26/HrngSetSale/Auth2017 POS
SET DATE FOR SALE AND APPROVE
OFFICIAL STATEMENT FOR SERIES
2017 BONDS
419915-26
Fairfax, Iowa
May 9, 2017
The City Council of the City of Fairfax, Iowa, met on May 9, 2017, 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, Mike Daly, Joe Kell, Nick Volk, and Marianne Wainwright
Absent: None.
This being the time and place specified for holding a hearing on the proposal to enter into
a general obligation loan agreement, 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.
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.
Council Member Beer introduced the following resolution and moved its adoption,
seconded by Council Member Daly. 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, Daly, Kell, Volk, and Wainwright
Nays: None
Whereupon, the Mayor declared the resolution duly adopted, as hereinafter set out.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfax419915-26/HrngSetSale/Auth2017 POS
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At the conclusion of the meeting and upon motion and vote, the City Council adkourned.
Burnell G. Frieden, Mayor
Attest:
G �
Cyn is K. Stimson, City Clerk/Treasurer
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfax419915-26/HrngSetSale/Auth2017 POS
RESOLUTION NO. 47
RESOLUTION SETTING DATE FOR SALE OF $955,000 GENERAL
OBLIGATION CORPORATE PURPOSE AND REFUNDING BONDS,
SERIES 2017 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, has proposed
to enter into a general obligation loan agreement (the "Loan Agreement") in a principal amount
not to exceed $1,000,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for
the purpose of paying the cost,to that extent, of constructing street and waterworks improvements,
planning for projects located in the Fairfax Urban Renewal Area, and refunding the outstanding
balance of the City's General Obligation Corporate Purpose Notes, Series 2009, and has published
notice and has held a public hearing on the proposal to enter into the Loan Agreement; and
WHEREAS, it is necessary to set a date for the sale of $955,000 General Obligation
Corporate Purpose and Refunding Bonds, Series 2017 (the "Bonds"), to be issued pursuant to the
Loan Agreement; 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 30th day of May, 2017, 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 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. All resolutions and orders or parts thereof in conflict with the provisions of
this resolution, to the extent of such conflict, are hereby repealed.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfax419915-26/HrngSetSale/Auth2017 POS
Section 4. This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
Passed and approved May 9, 2017.
Burnell G. Frieden, Mayor
Attest:
C nthia K. Stimson, City Clerk/Treasurer
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfax419915-26/HrngSetSale/Auth2017 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 10"' day of May, 2017.
Cy `hia K. Stimson, City Clerk/Treasurer
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
May 3, 2017
Cynthia Stimson
City Clerk/City Hall
PO Box 337
Fairfax, Iowa 52228-0337
Re: General Obligation Corporate Purpose and Refunding Bonds, Series 2017
Our File No. 419915-26
Dear Cynthia:
We have prepared and enclose a resolution to be adopted by the Fairfax City Council on
May 9 related to setting the date for the sale of the City's $955,000 General Obligation Corporate
Purpose and Refunding Bonds, Series 2017, and approving the preliminary official statement for
the bond sale.
The proceedings enclosed include the following items:
1. Minutes of the meeting covering the hearing on the loan agreement, followed by
the Resolution setting the date for the sale of$955,000 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