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Home My WebLink About03-31-2008 Council Meeting CITY OF FAIRFAX SPECIAL COUNCIL MEETING MARCH 31, 2008 A special meeting of the Fairfax City Council was held Monday, March 31, 2008, at Fairfax City Hall at 6:00 PM. Mayor Voss presided. Council members present: Beer, Frieden, Magers, Rabe, Wainwright. Absent: None, Others present: Larry Burger, Maggie Burger, Dave Yancedk. Beer moved to approve the agenda, seconded by Wainwright. Roll call vote: Ayes: Beer, Frieden,Magers, Rabe, Wainwright. Nays: None. Motion carried. Wainwright introduced the fallowing Resolution and moved its adoption, seconded by Frieden. Roll call vote: Ayes: Beer, Frieden, Magers, Rabe, Wainwright. Nays: None. Motion carried. Whereupon the Mayor declared the following duly adopted: Resolution 2008-23 entitled, "AWARDING $780,000 GENERAL OBLIGATION REFUNDING NOTES." Passed and approved this 31"day of March, 200 8. Wainwright introduced the following Resolution and moved its adoption, seconded by Magers. Roll call vote: Ayes: Beer, Frieden, Magers, Rabe, Wainwright. Nays; None. Motion carried. Whereupon the Mayor declared the following duly adopted: Resolution 2008-24 entitled, "A RESOLUTION WAIVING THE CITY OF FAIRFAX'S RIGHT TO REVIEW FINAL PLAT OF STRANG FIRST ADDITION TO LINN COUNTY,IOWA." Passed and approved this 31St day of March, 2008. Frieden moved to approve 'Stark Enterprises building permit, seconded by Beer. Roll call vote; Ayes: Beer, Frieden„ Magers, Rabe, Wainwright. Nays:None. Motion carried. Magers moved to approve Jester Apparel sign permit, seconded by Frieden. Roll call vote: Ayes: Beer, Frieden, Magers, Rabe, Wainwright. Nays: None. Motion carried. Magers moved to approve Advanced Technology Solutions sign permit, seconded by Frieden. Roll call vote: Ayes: Beer, Frieden, Magers, Rabe, Wainwright. Nays: None. Motion carried. Wainwright moved to approve CRL Lawn Care weed controlproposal, seconded by Magers. Roll call vote: Ayes: Beer, Frieden, Magers, Rabe, Wainwright. Nays: None. Motion carried. Clerk discussed her design of the City website and was advised to go ahead with publishing to the internet. Mayor discussed need for repairs to the library roof, There being no further business before the Council, Mayor Voss adjourned at 6:27 PK MAYOR: Bill Voss ATTEST: Vickie Kindl, City Clerk Disclaimer: The foregoing minutes are not official until approved by Council. Fairfax/419915-11/2nd''/2 Sale Only MINUTES TO SELL NOTES 419915-11 2nd 112 Sale} FOR YOUR RECORP11-S Fairfax Iowa March 31,2008 The City Council of the City of Fairfax, Iowa, met on March 31, 2008, at � o'clock A-1-.in., at the 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: - 1 Absent: This being the time and place fixed by the Council for the consideration of bids for the purchase of the City's $780,000, General Obligation Refunding Notes, Series 2008B, 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 cost) (ATTACH BID TABULATION) After due consideration and discussion, Council Member �.k�t.�+�1 L lu introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member czi-A� The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes; - N Nays:' . Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -1- DORSEY&'4 WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA PUBLIC FINANCE CONSULTANTS SINCE 1954 SPEER FINANCIAL � INC. KEVIN W.McCANNA DAVID F.PHILLIPS LARRY P.BURGER DANIEL D.FORBES BARBARA L.CHEVALIER P,APHALIATA MCKENZIE PRESIDENT SR.VICE PRESIDENT VICE PRESIDENT VICE PRESIDE�'N'lT VICE PRESIDENT VICE PREM DENT March 31, 2008 The Honorable William Voss, Mayor and Members of the City Council City of Fairfax 525 Vanderbilt Street Fairfax, Iowa 52228 Dear Mayor Voss and City Council Members: Bids were received today for the $780,000 General Obligation Refunding Notes, Series 2008B, There were 7 bids received, which are listed at the bottom of this letter. Upon examination, it is our opinion that the bid of Bankers' Bank, Madison, Wisconsin with Fairfax State Savings Bank., Fairfax, Iowa, is 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 Dotes be awarded to that bidder at a price of $776,880.00, plus accrued interest, being at a true interest rate of 3.4542%. True Account Manama Interest Rate Bankers' Bank, Madison, Wisconsin ........................................................... 3.4542%0 UMB Bank, n.a., Kansas City, Missouri........................................................... 3.6254% Ruan Securities, Des Moines,Iowa.................................................................. 3.6406% Northland Securities, Minneapolis, Minnesota................................................. 3.733'9°1 Apple River State Bank, Apple River, Illinois.............. 3.9143%0 Bernardi Securities, Inc., Chicago, Illinois ....................................................... 3.9424% Regions Bank, Waterloo, Iowa.................................... ............................... 3.9880% Respectfully submitted, SPEER.FTNANCIAI , INS a Burger Vi resident LPBlmb Enclosures SUITE 4100+ONE NORTH LASALLE STREET CHICAGO,ILLINOIS 60642^(312)346-3700 FAX(312)346-8833 SUITE 608-531 COMMERCIAL STREET.WATERLOO,IOWA 50701•(319)291-2077•FAX(319)291-8628 Fairfax/419915-11/2nd% Sale Only RESOLUTION NO, Awarding $780,000 General Obligation Refunding Notes WHEREAS,pursuant to the provisions of Section 384.24A of the Code of Iowa, the City of Fairfax (the "City"), in the County of Linn, State of Iowa has heretofore proposed to contract indebtedness and enter into a loan agreement (the "Loan Agreement") in the principal amount of $780,000, for the purpose of paying the cost, to that extent, of refunding the City's outstanding General Obligation Corporate Purpose Notes, Series 2001, 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$780,000 General Obligation Refunding Notes (thee "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 WHEREAS, upon final consideration of all bids, the bid of tF � -ti (the "Purchaser"), is the best, su6h bid proposing the lowest interest cost to the City; NOW, THEREFORE, Be It Resolved by the City Council of the City of Fairfax, Iowa, as follows: Section I. The City shall enter into the Loan Agreement with the aforesaid bidden as Purchaser (the "Purchaser"), in substantially the form as will beplaced on file with the Council, providing for a loan to the City in the principal amount of$780,000 for the purpose or purposes set forth in the preamble hereof. Section 2. The bid of the Purchaser referred to in the preamble is hereby accepted, and the Notes are hereby awarded to the Purchaser at the price specified in such bid, together with accrued interest. Section 3. The form of agreement of sale (the "Sake Agreement") of the Notes to the Purchaser is hereby approved, and the Mayor and City Clerk are hereby authorized to execute the Sale Agreement for and on behalf of the City, -2- DORSEY&WHITNEY LLP,ATTORNEYS,DESMOINES,IOWA Fairfax/419915-11/2nd% Sale Only Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved March 31, 2008. Mayor Attest: pity Aeric i -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA I I Fairfax/419915-11/2nd 1/a Sale Only Thereupon, it was move by Council Member i ^,t� and seconded by Council Member that further action with respect to the approval of the Loan Agreement and the is f the Notes be deferred until April S, 2008, at o'clock C.m., at the x`h in the City. The Mayor put the question on the motion and the roll being called, the following named Council Members voted: Ayes: tUkA Nays: E Whereupon,the Mayor declared the motion adopted. Mayor Attest: r City Clerk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-11/2nd 1/2 Sale Only STATE OF IOWA COUNTY OF LINN S S: CITY OF FAIRFAX I, the undersigned, City Clerk of the City of Fairfax, do hereby certify that as such C'''ity 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 $780,000 General Obligation Refunding Notes of said City evidencing the City's obligation under a certain Loan Agreement and that the transcript hereto attached.contains a true, 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. WIT SS MY HAND and the seal of the City hereto affixed this �I day of 2008. i City Clerk. (Seal) Attach here a copy of the hid of the successful bidder.) _5_ DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA i 03-31-'08 10:47 FROM-Banl,,ers Bank 6038295589 T-145 F021/001 F-764 R -EVISE OFFICIAL BID FORM City of Fail-fax March 31, 2008 525 Vanderbilt Street Speer FinQWWI, AC Fairfax, LA 52228 Facsi?nde (319) 291-8628 embers of the City Council: For the $780,000 General Obligation Refunding Notes (Tax Sxtmpt), Series 200913 (tile "Notes") of the City of Fairfax, Lhin County, Iowa, (tile "City") as described in the annexed Preliminary Term Sheet, which is expressly made a part hereof, we will pay you $ r7 7 (no less than $772,200)plus accrued interest from April 1, 2008 to the date of delivery. The Notes are to bear interest at the; following respeotivt rates! (each rate a midtiple of 1/8 or 11100 of 1%) for Notes of each designated maturity, NILATUMTYES - JUNE I Interest hiteyest Interest Rate Rate Rate 85,000 .—......2009 Z.'74 % $100,000..........2.014 % $ ...-2010 2,9-- % 95,000..........2013 3•Z S- % $105,000.....,....2015 % 95,000..........2011 3,oz % $110,000..---..--•2016 -r7,-1 11/0 *Arty oDnsecutive maturities may he qggregaiediW6 no more titan four fero;notes af1he option Df the bidder, iio which case the manelatory redernpdonproviSi6ns shall be On the sao?e schedule its above. Alaturides Terris Maturity 2Vatwities Term Maiwio,_ Maturities Term Maturity kJalurilies Term Maturity_ The Notes are to be executed acid delivered to us in accordance with the terms of this bid accompanied by the approving legal opinion of Dorsey & Whitney LLP, nes Moines, lo-wa, The City is to pay for the legal opinion. Tht, Purchaser agrees to apply for CUSIP ri-ornbers; and pay the fee charged by the CUSIP Service Bureau. JJs ties4 PURCRASER INFORMATION Name S Y— Direct Telophonc No. J'2 By Srj w, e V 1- e— rax Address eb I si&platwe City I f Email Address sulte/zij) The foregoing bid was accepted and the $780,000 General Obligation Refunding Notes (Tax Exempt)!, Se-ries 200&B, sold by resolution of the City of Fairfax, Linn County, on Match 31, 2008, CITY OF' FAIRFAX ATTES-T: J,rN-N COUNTY, IOWA City Clerk Mayor -----NOT PART OF THE BID---- (Calculation oftrue interest cost) Gross Interest $ 1 -Z-7, ] q 5. Less prernilim/Plus Dircount $ '1, 1 zo- Trut Interest Cost 13o, 2,(o 5. aU True Interest RaLt L4 2- Total BonrJ "ears 3.770.Oa Avtrage Life 1 4,833 yews -j i RESOLUTION NO. 2008-24 A RESOLUTION WAIVING THE CITY OF FAIRFA 'S DIGHT TO REVIEW FINAL PLAT OF STRANG FIRST ADDITION TO LINN COUNTY,IOWA WHEREAS, Chapter 354 of the State Code provides authority for the City of Fairfax to review subdivisions within two miles of its corporate boundary; and WHEREAS, Strang First Addition is located in Linn County within two miles of the City of Fairfax; and WHEREAS, The City Engineer, Hall & Hall Engineers, Inc., has reviewed said plat and recommends the City of Fairfax waive its right to review the Final Plat of Strang First Addition to Linn County, Iowa, subject to the condition that 40 feet of 1/2 street right of way for Southview Road be dedicated as a part of the final plat. BE IT RESOLVED,. By the City Council of the City of Fairfax, Iowa, that the right to review the Final Flat of Strang First Addition to Linn County, Iowa, is hereby waived. NOW, THEREFORE, BE IT FURTHER RESOLVED, By the Fairfax City Council of the City of Fairfax, Iowa, that the Mayor and City Clerk are hereby authorized and directed to execute said.Resolution. Passed and approved this 31St day of March, X008. AYES: Beer, Frieden, Magers, Rabe, Wainwright NAYS: None ABSENT: None Bill Voss, Mayor �l rfd LMA"NO Vickie Kin 1, City Clerk STATE OF IOWA Counties of Linn and Johnson ss. I, Dave Storey, do state that I am the publisher of THE GAZETTE, a daily newspaper of general j circulation in Linn and Johnson Counties, in Iowa. The notice, a printed copy of which is attached, was inserted and published in THE GAZETTE newspaper in the issue(s) of 4/9/08 The reasonable fee for publishing said notice is $27.67 CITY OFF 4iRt 71X SPECIAL OU:NCIL iV4EETING MARCH 31,2001) A special rmeting of the Fairfax City Council was held Mon- daYp fuMarch'3T,tads,:at Fairfax City Hall a1 6;00.:PM,Mayor W ss hres.iited. Co thcllmetnBers. Present .Beer, Frleden, Magers<Rabe,Wainy+iight,Absent None;O)hers Preserll:Lar-' rY 13�Arger,Mag9ie Burger,pave;Yanecek. Beer moved to apPrave the a9e3da,seconded by WatnwrlghL RCc AYes,5 Nays;0,MC, Msa&nwrtgh#introduced the follavying Resolution and mold Its adaplloas, seconded by Frieden_:RC; Anes;5. Nays: D. MC, til?Imereuppti:ahe ly4aymrdeclared the iallowing.duly adopted:Re-' solullan'2d1R8-23 entltted, "4WAROING;5780,000 GE.NERAL'` caBLIGATt{}N REFIJNAING ,N.DTES." Passed and approved; WOW day of March;2008. Wainwrlobt introduced the following Resolutlon and mated Its. This instrument was acknowledged by Dave Storey adoption, seconded by Magwr ,':RC Ayes; 5, NaYs::0, MC.. 4Nhereupon the Mayor declared the tollowin§.duly adopta&Re- solution 4/11/08 2008-2d enlitled, 'A ,RESOLU.TION WAIVING THE CITY OF FAIRFAX,s.RIGHT TO REVIEWIFINAL PLAT OF'4 STRAND F)R5T AQOITION TO LINN COUNTY,IOWA. Pas-# sed and approved this 31st day of March,200$, Frleden moved to approve Stark Enlerprises budding permilt, secondad by Beer.RC:Aves.5.Nays 0 MC,- Magers moved to approve Jester Apparel 5tdn permit,, seconded by Frieder.RC Avss:5 Nays 0 MC *'aqb s moved to aPPrava Adyahced TeCltnala9y of Itns sig�in pars it seconded:hY Fr3eden RC AYas:S Nays:0,MC, Not bhc in and for the State of Iowa 1 taNn�vctght moved io approve tRL LeWn'-'ware weed'.control_ RroPosai,seconded by Masers.RC Ates S;Mays:d,MC,': .Clerk tiiscusse¢her design of;lhe Clly+tiebslte and spas ad- lilsed fo go afiead witfi'publishtng to the Internet. Mayor discussed n.aed for repairs tm the liol'ary roof. There tieing no further business.before the Council,'Mayor Voss ad9ournea a1.6:27,PM, M4 Y41R$tit Voss A.7 ickie Klndl;C1ty Clerk ��lAr tdisdal mer;The foregoing minutes are not 0tiicial unill approved Y� .10Dy NOLTE byCuaunciL; ( C f4�ll � lli(' � UiMBEHR 744, '0 SIOMI EXPIRES:g