The URL can be used to link to this page

Home My WebLink About02/25/2003 Council Minutes AGENDA FAIRFAX CITY COUNCIL SPECIAL MEETING TUESDAY,FEBRUARY 25,2003 FAIRFAX CITY HALL—5:00 PM TENTATIVE AGENDA: DISCUSSION WITH POSSIBLE ACTION ON THE FOLLOWING AGENDA ITEMS: A. Cali to Order B. Approval of: I. Motion to approve Agenda C. Business 1. To receive and file recommendation from Spear Financial 2. Issuance of$465,000 General Obligation Notes. a. Consider Resolution 3. Library valuation for budget a. Consider Resolution 4. Continents on FY 2003/2004 Budget D. Discussion 1. Opportunity for Citizens not on the Agenda E. Adjourn CI'T'Y OF FAIRFAX SPECIAL COUNCIL MEETING TUESDAY,FEBRUARY 25,2003 Mayor Voss called the meeting to order at 5:05 PM Council members present:Frieden,Scott&Ekstrom Absent:Beer &Wainwright Also present:Larry Burger Motion Ekstrom god Frieden approval of Agenda Aye 3 MC Larry Burger of Speer Financial reported that there wcrc 4 bids received for the$465,000 GO Notes Series 2003 Bankers'Bank from Madison,WI was the lowest bid received at 3.2139%Larry recommended to the Council to award the bid to Bankers' Bank Motion Frieden Zoe Scott approve RESOLUTION 03-02-25-1 awarding$465,000 GO Notes to Bankers'Bank Madison,WI Roll Cali Vote Aye 3 MC Motion Frieden 2nd Scott further action with respect to the approval of the Loan Agreement&the issuance of the Notes be deferred until 3/11/03 at 7:00 PM at the City Hall Roll Call Vote Aye 3 MC Motion Scott.2"d Ekstrom approve RESOLUTION 03-02-25-2 Fairfax Public Library allocation$,80 per$1,000 . valuation effective FY 2003/2004 Budget Roll Call Vote Aye 3 MC Discussion on FY 20031 2004 Budget Motion Ekstrom 2❑d Frieden to adjourn meeting 5.23 PM Aye 3 MC Bill Voss,Mayor Mary Pacha,Clerk r a Faidhx/419915-6/2nd%Sale MINUTES TO SELL NOTES FOR YOUR RECORDS 419915-6 (2nd Vz Sale) Fairfax, Iowa February 25,2003 The City Council of the City of Fairfax, Iowa, met on February 25, 2003, at o'clock .�} m., at the +0m ,Fairfax, Iowa. The meeting was called to order by the Mayor, and the roll was called showing the following Council Members present and absent: Present. calf, i , Absent: )Ah11011)ViQbi- This being the time and place fixed by the Council for the consideration of bids for the purchase of the City's $465,000 General Obligation Corporate Purpose Notes, the Mayor announced that bids had been received and canvassed on behalf of'the City at the time and place fixed therefor. Whereupon, 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 (interest cast) (ATTACH BID TABULATION) _ - DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfaxf419915-6 12nd%Sale After due consideration and discussion, Council Mmber `�f n introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member -�C o fib°' . The Mayor put the question upon the adoption of said resolution, and the roll being called,the following Council Members voted: Nays: A)Aj6 Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-6/2nd'/2 Sale RESOLUTION NO.a,3 J); -r - Awarding$465,000 General Obligation Corporate Purpose Notes WHEREAS, pursuant to the provisions of Section 384. 4A of the Code of Iowa, the City of Fairfax, in the County of Linn, State of Iowa (hereinafter referred to as the "City") has heretofore proposed to contract indebtedness and enter into a loan agreement (the "Loan. Agreement") in the principal amount of $465,000, for the purpose of paying the cost, to that extent, of acquiring fire department equipment, refunding General Obligation Fire Truck Note and repairs to the library and city hall, 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$465,000 General Obligation Corporate Purpose Notes (the "Notes") 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 WHERE , upon final consideration of all bids, the bid of - 0 s C 6` (the "Lender' is the best, such bid proposing the lowe t interest cost to the City; NOW, THEREFORE, Be It 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 aforesaid bidder, as lender (the "Lender'), 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$465,000 for the purpose or 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 Lender referred to in the preamble is hereby accepted, and the Notes are hereby awarded to the Lender at the price specified in such bid, together with accrued interest. Section 3. The form of agreement of sale (the "Sale Agreement") of the Notes to the Lender is hereby approved, and the Mayor and City Clerk are hereby authorized to execute the Sale Agreement for and on bealfof the City. Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairf&1419915-6/2nd'/2 Sale Passed and approved February 25, 2003. Mayor fittest: City&rk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-6/2nd'/�Sale Thereupon, it was moved by Council Memberffidez, and seconded by Council Member '5C.c j, that further action with respect to the approval of the Loan Agreement and the issltance o the Notes be deferred until March 11, 2003, at •'�� o'clock �.m., at the � ' in the City. The Mayor put the question on the motion and the roll beinglealled, the following named Council Members voted: Ayes: ,0 Kf; 0 O Nays: Mofl Q. Whereupon, the Mayor declared the motion adopted. Mayor Attest: City ler -5- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fagy'ax/419915-6/2nd%2 Sale S'T'ATE OF IOWA COUNTY OF LINK SS: CITY OF FAIR-FAX I, the undersigned, City Clerk of the aforementioned City, 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 the aforesaid 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$465,000 General Obligation Corporate Purpose Notes of said City evidencing the City's obligation under a certain Loan Agreement and that the transcript hereto attached contains a tree, 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 and the seal of the City hereto affixed this day of Arun 2003. City (Seal) (Attach here a copy of the bid of the successful bidder.) -6- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA PEER FINANCIAL, INC. PUBLIC FINANCE CONSULTANTS SINCE 1954 KEVIN W.McCANNA DAVID F.PHIILLCPS LARRY P.BURGER DANIEL D.FORM BARBARA L.CHEVALIER PRESIDENT 50..VICEPRESIDENT VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT February 25, 2003 The Honorable William Voss, Mayor and Members of the City Council! CITY OF FAIRFAX :525 Vanderbilt Street ]PO Box 337 Fairfax, IA 52228-0337 Dear Mayor Voss and City Council Members: Bids were received today for the $465,000 General Obligation Corporate Purpose Notes, Series 2003. There were 4 bids received, which are listed at the bottom of this letter in accordance with the signed bids. Upon examination, it is our opinion that the bid of Bankers' Bank, Madison,.Wisconsin, i:s the best bid received, and it is further our opinion that the bid is favorable to the City and should be accepted. We therefore recommend that the Bonds be awarded. to that bidder at a price of $462,907.50, plus accrued interest,being at a net interest rate of3�.2139%. Net Account Managers Interest Rate Bankers' Bank, Madison,Wisconsin............................... . ............................ 3.2139% Gold Capital Management, Overland Park, Kansas ......................................... 3.2143% Ruan Securities, Des Moines, Iowa.................................................................. 3.3091% Bernardi Securities, Inc.., Chicago, IlIinois......................................................... 3.4469% Respectfully,submitted, SPEE INAICCIAL; 9Vi a ty rty Burger resident LPBfcn Enclosures SUITE 4100.ONE NORTH LASALLE STREET•CHICAGO,ILLINOIS 60602-(312)346-3700 FAX(312)346.8833 SUITE 608.531 COMMERCIAL STREET•WATERLOO,IOWA 50701-(319)291•2077•FAX(319)291-8628 C: PUBLIC FINANCE CONSULTANTS SINCE 1954 SPEER FINANCIAL, IN KEVIN W.McCANNA DAVID F.PHILLIPS LARRY P BURGER DANIEL D.FORBES BARBARA L.CHEVALIER P11-IDEN7 SR.VICE PHESI.EPSU VICE Y,,.,.EWr V#CE PRESIDEW VICE f%ESlD&rr Not Rated.' $465,000 CITY OF FAIRFAX Linn County, Iowa General Obligation Corporate Purpose Notes, Series 2003 Date of Sale: February 25, 2003 Average Life: 5.863 Years Bond Buyer Index: 4.740% (Based on NIC) Bidders* Price Maturities Rates Interest Bankers' Bank, Madison, Wisconsin 99.550% 2004 1.800% 3.2139% 2005 1.850% $87,6201 2006 1.900% 2007 2.250% 2,008 2.600°/a 20,019 3.000% 21010 3.200% 2011 3.400% 2012. 3.600% 20,13 3.800% Gold Capital management, Overland Park, Kansas 99.515% 2004-2005 1.700% 3.21428% 2,006 2.150% $87,629 20,07 2.350% 2008 2.650% 2004 3.000% 2010. 3.250% 2011 3.400% 2012 3.550% 2013 3.700% Ruan Securities, Corp., Des Moines, Iowa 99.000% 2004-2006 2.050% 3.3091'°10 Fairfax State Bank, Fairfax, Iowa 2:007 2.400% $90,2116 20018 2.700% 20,09 3.000% 20,10 3.200% 2011 3.400% 201'2 3.550% 2013 3.650% SUITE 4100•ONE NORTH LASALLE STREET CHICAGO,ILLINOIS 60602•(31213 6.3700-FAX(312)346-8833 SUITE 608-531 COMMERCIAL STREET•WATERLOO,IOWA 50701 •(319)29'1-2077•FAX(319)291-8628 SPEER FINANCIAL, INC. Page 2 Bidders*' Price Maturities Rates Interest Bernardi securities, Inc., Chicago, Illinois 99.000% . 2004 1.500% 3.4469% 2005-. 1.800% $93,971 210,06 2.000% 2007 2.400% 2008 . 2.800% 2009 3.100% 2,010 3.300% 2011 3.600% -2012 3.750% 2013 4.000% *Syndicate information is provided by the underwriter. The information contained in this report is the most current available. 8-25-03 10:49AM FROM-Bankers' Bank Investments 608 829 5589 T-533 P-0011001 F-163 OUTCTAL RID FORM. City of Fairfax Fehnutry 25,2003 PO Box 337 SpeerFinanciC4 Inc. 525 Vanderbilt Street Phone(319)291-2077 Fairfax., 1A 52228-0337 Fax(319) 2'91-5628 Members of the City Council: For the$465,000 General ObUgation Carpatatc,Purpose Notes(Tax Wit),Setics 2003(the"Notes')ofthe City of Fairfax,Linn CIYYa Iowa, the"9 `, as described than46D,3 plus a �cd in#crest from i,Z a to e a p tY �( V� Umlaly Teem Shea which is expressly will u$_�/d_2 f the date of delnvcry; The Notes arc to bear interest et the fallowing respective rates(each a multiple of ll2D or 118 of 1%)fvr'Notes of each desi;goated maturity. MATVR=S-AM 1 Interest Interest Interest Rate Rate Rate ' $55P00............2004 1,Sj l S401000............2007 Z Z S 0/ 540,044............2005 1 8S % $45,000............2008 2, % $s0,000.............2D12 M(00 fl/ $40,000............2046 1, ° 9� 4 ,ODD.... .......20093-00 � , .............2013 % $50,000....._......2010.x.2.3 ° The Notes are to be executed and deliver to us in accordance with the terns of this bid accompanied by the approving legal opinion of I)orsey&Whitney UP,Des J jointer Iowa. The City is to pay for the legal opinion. The Puresh=r agues to apply for CUSIP umbers and pay the fee charged by the CUSIP Service Bureau, PURCHASER INFORMATION Name _ &Z,,.L�ers' ZZ P% Direet Telephoae No, $Y bf_1A v - Fax N.ber SS� Address 77?0� �'11 ^�( h��– f�o(, Signature city Email Address. smclzip VJ 1 1'' The faregoing bid was accepted and tbz W5,000 General ObligadtaA Cordate Purpose Notes(Tax Exempt),Series 2003, sold by resolution of the City of Fairfax,Iowa,on 1!ebnmry 25,2003. ATTEST; CITY OF FAIRFAX LINN COUNTY„IOWA city Clerk Mayor NOT PART OF THE BI latron a net interrst Gross larar r £ d S EIZ 9..�o Less}'[EITni1C1 This.Mwount $ Z ? w D - Net rntarast Cost �j (0 , oq Nc[TnkTV3t Rstc TOTAL B ONO'YEARS 2 726.250 AVE' 1GB L1FE 5.863 Y= RESOLUTION 0 3-0 , FAIRFAX PUBLIC LIBRARY WHEREAS,the City of Fairfax currently budgets $21,500 for the Fairfax Public Library; and, WHEREAS, during the Special Council Meeting on February 18, 2003 there was discussion on changing from the flat dollar amount allocation to budgeting eighty cents($.80)per $1,000 valuation effective for the FY 200312004; and, NOW THEREFORE BE IT RESOLVED,by the City Council of Fairfax, Iowa that the Mayor and the City Cleric are hereby authorized and directed to execute said Resolution. Passed and approved this 1--X 51& day of c 7i C.i . , 2003. AYES NAY f�] ABSENT �.A l() fi Bill—Voss,Mayor a or ----- ATTEST: Mary Pa 'a, ty Cleric STATE OF IOWA County of Linn SS. t�1r OF FAIRFAX SPE IAI tOUNC►L MEETING TOMMY,FEBRUARY 2S 2003 pr WV 11oss;,ca11,00111e meeting to bHer at 5.05 P.M.Couklf 7pbers W66nt Frieden Scott a.Ekstro Altslarnt.8eer 8 Walmr.10M P,leo nreaenr Larry afAg Agenda EltMC: rna I Joe Hladky, being duly sworn on oath, do state that I am 1 rlederl agprsrvel pt tgenda Rva;3 M LarxY d urser'o1 sfseer F1a�aod4l reported teat there ere4bl sr�, l ed ort $$465,006 olupte5 the ublisher of THE GAZETTE a daily newspaper of Series 2p03 aa*ors'bank from Madlsan,V!t p e y news p pa p was the lowest bts1 received at 3.2339%Larry r!c.Q MMendadtothec 0110 awar&%e:oid general circulation in Linn County, Ilowa. The notice, a 16 Bankers' Dank Mptwn Fried0 2nd U01 appr;aYe E L -ta 03 a��2s-t aw rdi 9 printed copy of which is attached, was inserted and '31)6.5,000 G[a W6p to Bankars Bank Madison WI Intlat pole eye M Mohpn Frleaen published in THE GAZETTE newspaper in the issue{s} of 2nd Seott JU l r 4tea a�tsan VuMh respect to fhe approval4f"tie L.oan:Weeinenf_&the Issu an6 it the_'Notes the t Oferred until 311110,3 st 7:01}Pnn ei flue C11v Hall Roll Call.Vote 4ye:3 SAG lliiol¢on Sept!2nd Ekstrom apPrOVO RESOLD .s TION D9422 Fatrfa POttlic LlerarY ally March L 20 03 . cation E:flO.per 5 W PAa:valuation;effective Py , nit.Co{109 B d�,. ,2,00 Call 4 5u Rye MC The reasonable fee for publishing said notice is $ 14.29 i„1Sscusstpn rrn F?Y.2{Ifl3J 2009 Budget Mo1lpn Ekstrom 2t�t Frieden to adlourn meeting 3:23 PM Rye 3 MC Sill Voss,Mayor Mary Pasha,Mark Signed and sworn to before me on March 1 1 20 03 , by Joe Hladky. Nota Public in an r the State of Iowa Received payment for above from 1 20 GAZETTE COMMUNICATIONS, INC. By BRUARY 1fi,