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Home My WebLink About2017-377-5/17/2017 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703, 319-291-4323. RESOLUTION NO. 2017-377 RESOLUTION DIRECTING SALE OF $3,600,000 (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) TAXABLE GENERAL OBLIGATION BONDS, SERIES 2017B WHEREAS, bids have been received for the Bonds described as follows and the best bid received (with permitted adjustments, if any) is determined to be the following: $3,600,000 (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) TAXABLE GENERAL OBLIGATION BONDS, SERIES 2017B Bidder: Northland Securities, Inc. of Minneapolis, Minnesota The terms of award: Final Par Amount as adjusted: $3,600,000 Purchase Price as adjusted: 3,573,651.50 True Interest Rate: 2.9826% Net Interest Cost: $904,354 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, STATE OF IOWA: Section 1. That the bid for the Bonds as above set out is hereby determined to be the best and most favorable bid received and,the Bonds are hereby awarded as described above. Section 2. That the statement of information for Bond bidders and the form of contract for the sale of the Bonds are hereby approved and the Mayor and Clerk are authorized to execute the same on behalf of the City. Section 3. That the notice of the sale of the Bonds heretofore given and all acts of the Clerk done in furtherance of the sale of the Bonds are hereby ratified and approved. PASSED AND APPROVED this 17th day of May 2017. Quentin Hart, Mayor ATTEST: } Kelley Fele City Clerk Resolution No. 2017-377 ITEMS TO INCLUDE ON AGENDA CITY OF WATERLOO,IOWA $3,600,000 (Subject to Adjustment per Terms of Offering) Taxable General Obligation Bonds, Series 2017B Receipt of bids. Resolution directing sale. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. May 17, 2017 The Chief Financial Officer of the City of Waterloo, State of Iowa, or her designee, along with the City's Municipal Advisor, met in the Council Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 11:00 A.M., on the above date,to open sealed bids received, access electronic bids and to refer the sale of the Bonds to the best and most favorable bidder for cash, subject to approval by the City Council at 4:30 PM. on the above date. The following persons were present: Michelle Weidner, Chief Financial Officer; and Larry Burger, Vice President of Speer Financial, Inc., Maggie Burger, Vice President of Speer Financial, Inc., and Kelley Felchle, City Clerk. - 1 - This being the time and place for the opening of bids for the sale of$3,600,000 (Subject to Adjustment per Terms of Offering) Taxable General Obligation Bonds, Series 201713,the meeting was opened for the receipt of bids for the Bonds. The following actions were taken: 1. No sealed bids were filed. 2. Electronic bids received were accessed and announced as follows: Northland Securities, Inc., Minneapolis, Minnesota Robert W. Baird& Co., Milwaukee, Wisconsin Piper Jaffray, Chicago, Illinois BOK Financial Securities, In., Menomonee Falls, Wisconsin (See Attached Exhibit"B") 3. The best bid was determined to be as follows: Northland Securities, Inc.,Minneapolis,Minnesota True Interest Rate (as-bid): 2.9826% Net Interest Cost(as-bid): $904,354 In consultation with Speer Financial,the City's Municipal Advisor,the City considered the adjustment of the aggregate principal amount of the Bonds and each scheduled maturity thereof in accordance with the Terms of Offering and the following actions were taken: Final Par Amount as adjusted: $3,600,000 Purchase Price as adjusted: $3,573,651.50 All bids were then referred to the Council for action. - 2 - May 17, 2017 The City Council of the City of Waterloo, State of Iowa, met in Special session, in the Council Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 4:30 P.M., on the above date. There were present Mayor Quentin Hart, in the chair, and the following named Council Members: Morrissey, Powers, Amos, Schmitt, and Welper Absent: Jacobs and Lind Vacant: None - 3 - Council Member Morrissey introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF $3,600,000 (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) TAXABLE GENERAL OBLIGATION BONDS, SERIES 2017B," and moved its adoption. Council Member Powers seconded the motion to adopt. The roll was called and the vote was, AYES: Powers, Amos, Schmitt, Welper and Morrissey NAYS: None Whereupon, the Mayor declared the following Resolution duly adopted: RESOLUTION DIRECTING SALE OF $3,600,000 (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) TAXABLE GENERAL OBLIGATION BONDS, SERIES 2017B WHEREAS, bids have been received for the Bonds described as follows and the best bid received(with permitted adjustments, if any) is determined to be the following: $3,600,000 (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) TAXABLE GENERAL OBLIGATION BONDS, SERIES 2017B Bidder:Northland Securities, Inc. of Minneapolis, Minnesota The terms of award: Final Par Amount as adjusted: $3,600,000 Purchase Price as adjusted: $ 3,573,651.50 True Interest Rate: 2.9826% Net Interest Cost: $904,354 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, STATE OF IOWA: Section 1. That the bid for the Bonds as above set out is hereby determined to be the best and most favorable bid received and, the Bonds are hereby awarded as described above. Section 2. That the statement of information for Bond bidders and the form of contract for the sale of the Bonds are hereby approved and the Mayor and Clerk are authorized to execute the same on behalf of the City. - 4 - Section 3. That the notice of the sale of the Bonds heretofore given and all acts of the Clerk done in furtherance of the sale of the Bonds are hereby ratified and approved. PASSED AND APPROVED this 17th day of May, 2017. Quentin Hart, Mayor Kelley Fe le, City Clerk - 5 - CERTIFICATE STATE OF IOWA ) ) SS COUNTY OF BLACK HAWK ) 1,the undersigned City Clerk of the City of Waterloo, State of Iowa, do hereby certify that attached is a true and complete copy of the portion of the records of the City showing proceedings of the Council, and the same is a true and complete copy of the action taken by the Council with respect to the matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council pursuant to the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective City offices as indicated therein,that no Council vacancy existed except as may be stated in the proceedings, and that no controversy or litigation is pending,prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of the Council hereto affixed this 17th day of May, 2017. 'Kelley Fel e, City Clerk, City of a erloo, State of Io a b r i (SEAL)