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HomeMy WebLinkAbout2015-378-5/26/2015 ITEMS TO INCLUDE ON AGENDA CITY OF WATERLOO, IOWA $1,545,000 Taxable General Obligation Bonds, Series 2015B Resolution directing the advertisement for sale and approving electronic bidding procedures and Official Statement. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. ti May 26, 2015 The City Council of the City of Waterloo, State of Iowa, met in regular session, in the Council Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 5:30 P.M., on the above date. There were present Mayor Ernest G. Clark, in the chair, and the following named Council Members: David Jones Tom Lind Pat Morrissey, Ron Welper, and Quintin Hart Absent: Carolyn Cole and Steve Schmitt - 1 - Council Member Hart introduced the following Resolution entitled "RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $1,545,000 TAXABLE GENERAL OBLIGATION BONDS, SERIES 2015B, AND APPROVING ELECTRONIC BIDDING PROCEDURES AND OFFICIAL STATEMENT" and moved its adoption. Council Member Morissey seconded the Resolution to adopt. The roll was called and the vote was, AYES: Jones, Lind, Morrissey, Welper, and Hart NAYS: None Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO. 2015-378 DIRECTING THE ADVERTISEMENT FOR SALE OF $1,545,000 TAXABLE GENERAL OBLIGATION BONDS, SERIES 2015B, AND APPROVING ELECTRONIC BIDDING PROCEDURES AND OFFICIAL STATEMENT WHEREAS, the City is in need of funds to pay costs of reconstruction, renovation, remodeling, improvement, equipping and repairing of the Five Sullivan Brothers Center, general corporate purpose(s), and it is deemed necessary and advisable that Taxable General Obligation Urban Renewal Bonds, to the amount of not to exceed $700,000 be authorized for said purpose(s); and WHEREAS, the Issuer has a population of more than 5,000 but not more than 75,000, and the Bonds for these purposes do not exceed $700,000; and WHEREAS, pursuant to notice published as required by Section 384.26 (5) of said Code, the Council of the City has held public meeting and hearing upon the proposal to institute proceedings for the issuance of bonds for general corporate purpose(s) in the amounts as above set forth, and, no petition for referendum having been received, the Council is therefore now authorized to proceed with the issuance of said bonds for such purpose(s); and WHEREAS,the City is in need of funds to pay costs of reconstruction, renovation, remodeling, improvement, equipping and repairing of various City buildings and facilities, including projects at public market facilities, general corporate purpose(s), and it is deemed necessary and advisable that Taxable General Obligation Urban Renewal Bonds, to the amount of not to exceed $700,000 be authorized for said purpose(s); and - 2 - t WHEREAS, the Issuer has a population of more than 5,000 but not more than 75,000, and the Bonds for these purposes do not exceed $700,000; and WHEREAS,pursuant to notice published as required by Section 384.26 (5) of said Code, the Council of the City has held public meeting and hearing upon the proposal to institute proceedings for the issuance of bonds for general corporate purpose(s) in the amounts as above set forth, and, no petition for referendum having been received, the Council is therefore now authorized to proceed with the issuance of said bonds for such purpose(s); and WHEREAS,the Issuer is in need of funds to pay costs of aiding in the planning, undertaking and carrying out of urban renewal projects under the authority of Chapter 403 and the Urban Renewal Plans for the Downtown Waterloo Riverfront Urban Renewal and Redevelopment Area,the Logan Avenue Urban Renewal Area and Redevelopment Plan, the NE Industrial Area Development Plan, the Martin Road Development Plan, and the Rath Area Redevelopment Plan, such as those costs associated with land acquisitions, public infrastructure projects including streets, streetscape, and utility improvements, downtown acquisitions, demolition costs, and funding multi-family housing assistance, essential corporate purpose project(s), and it is deemed necessary and advisable that the City issue Taxable General Obligation Urban Renewal Bonds, for such purpose(s)to the amount of not to exceed $1,000,000 as authorized by Section 403.12 of the Code of Iowa; and WHEREAS, pursuant to notice published as required by Sections 384.24 (3)(q), 384.25, and 403.12 this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of said Bonds, and all objections, if any, to such Council action made by any resident or property owner of the City were received and considered by the Council; and no petition having been filed, it is the decision of the Council that additional action be taken for the issuance of said Bonds for such purpose(s), and that such action is considered to be in the best interests of the City and the residents thereof, and WHEREAS, the City is in need of funds to pay costs of reconstruction, renovation and improvements to Riverfront Stadium, and Young Arena, general corporate purpose(s), and it is deemed necessary and advisable that Taxable General Obligation Urban Renewal Bonds, to the amount of not to exceed$700,000 be authorized for said purpose(s); and WHEREAS, the Issuer has a population of more than 5,000 but not more than 75,000, and the Bonds for these purposes do not exceed $700,000; and WHEREAS, pursuant to notice published as required by Section 384.26 (5) of said Code, the Council of the City has held public meeting and hearing upon the proposal to institute proceedings for the issuance of bonds for general corporate purpose(s) in the amounts as above set forth, and, no petition for referendum having been received, the Council is therefore now authorized to proceed with the issuance of said bonds for such purpose(s); and WHEREAS, pursuant to Section 384.28 of the Code of Iowa, it is hereby found and determined that the various general obligation bonds authorized as hereinabove described shall - 3 - M be combined for the purpose of issuance in a single issue of$1,545,000 Taxable General Obligation Bonds as hereinafter set forth. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, STATE OF IOWA: Section 1. That the receipt of electronic bids by facsimile machine and through the SpeerAuction Competitive Bidding System described in the Notice of Sale and Official Statement(only if approval of Official Statement included) are hereby found and determined to provide reasonable security and to maintain the integrity of the competitive bidding process, and to facilitate the delivery of bids by interested parties in connection with the offering at public sale. Section 2. That Taxable General Obligation Bonds, Series 2015B, of City of Waterloo, State of Iowa, in the amount of$1,545,000, to be issued as referred to in the preamble of this Resolution,to be dated the date of delivery,be offered for sale pursuant to the published advertisement. Section 3. That the preliminary Official Statement in the form presented to this meeting be and the same hereby is approved as to form and deemed final for purposes of Rule 15c2-12 of the Securities and Exchange Commission, subject to such revisions, corrections or modifications as the Mayor and City Clerk, upon the advice of bond counsel and the City's Municipal Advisor, shall determine to be appropriate, and is authorized to be distributed in connection with the offering of the Bonds for sale. Section 4. That the Clerk is hereby directed to publish notice of sale of the Bonds at least once, the last one of which shall be not less than four clear days nor more than twenty days before the date of the sale. Publication shall be made in the "Waterloo Courier", a legal newspaper, printed wholly in the English language, published within the county in which the Bonds are to be offered for sale or an adjacent county. The notice is given pursuant to Chapter 75 of the Code of Iowa, and shall state that this Council, on the 9th day of June, 2015, at 4:30 P.M., will hold a meeting to receive and act upon bids for said Bonds, which bids were previously received and opened by City Officials at 11:00 A.M. on said date. The notice shall be in substantially the following form: - 4 - NOTICE OF BOND SALE Time and Place of Sealed Bids: Bids for the sale of Bonds of the City of Waterloo, State of Iowa, hereafter described, must be received at the office of the City Clerk, City Hall, 715 Mulberry Street, Waterloo, Iowa(the "Issuer") before 10:30 A.M., as to Series 2015A and before 11:00 A.M., as to Series 2015B, on the 91h day of June, 2015. The bids will then be publicly opened and referred for action to the meeting of the City Council in conformity with the TERMS OF OFFERING. The Bonds: The Bonds to be offered are the following: GENERAL OBLIGATION BONDS, SERIES 2015A, in the amount of$12,455,000*, and TAXABLE GENERAL OBLIGATION BONDS, SERIES 2015B, in the amount of$1,545,000* to be dated the date of delivery (collectively the "Bonds") *Subject to principal adjustment pursuant to Official Terms of Offering. Manner of Bidding: Open bids will not be received. Bids will be received in any of the following methods: • Sealed Bidding: Sealed bids may be submitted and will be received at the office of the City Clerk at City Hall, 715 Mulberry Street, Waterloo, Iowa. • Electronic Internet Bidding: Electronic internet bids will be received at the office of the City Clerk at City Hall, 715 Mulberry Street, Waterloo, Iowa. The bids must be submitted through the SPEERAUCTION competitive bidding system. • Electronic Facsimile Bidding: Electronic facsimile bids will be received at the office of the City Clerk at City Hall, 715 Mulberry Street, Waterloo, Iowa (facsimile number: 319-291-4571) or the office of the Municipal Advisor, 531 Commercial Street, Suite 608, Waterloo, Iowa 50701 (facsimile number: 319- 291-8628). Electronic facsimile bids will be treated as sealed bids. Consideration of Bids: After the time for receipt of bids has passed, the close of sealed bids will be announced. Sealed bids will then be publicly opened and announced. Finally, electronic internet bids will be accessed and announced. Sale and Award: The sale and award of the Bonds will be held at the Council Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa at a meeting of the City Council on the above date at 5:30 P.M. Official Statement: The Issuer has issued an Official Statement of information pertaining to the Bonds to be offered, including a statement of the Terms of Offering and an Official Bid Form, which is incorporated by reference as a part of this notice. The Official Statement may be obtained by request addressed to the City Clerk, City Hall, 715 Mulberry Street, Waterloo, Iowa or the Issuer's Municipal Advisor, Speer Financial, 531 Commercial Street, Waterloo, Iowa, 50703, Telephone: 319-291-2077. Terms of Offering: All bids shall be in conformity with and the sale shall be in accord with the Terms of Offering as set forth in the Official Statement. Legal Opinion: The Bonds will be sold subject to the opinion of Ahlers & Cooney, P.C., Attorneys of Des Moines, Iowa, as to the legality and their opinion will be furnished together with the printed Bonds without cost to the purchaser and all bids will be so conditioned. Except to the extent necessary to issue their opinion as to the legality of the Bonds, the attorneys will not examine or review or express any opinion with respect to the accuracy or completeness of documents, materials or statements made or furnished in connection with the sale, issuance or marketing of the Bonds. Rights Reserved: The right is reserved to reject any or all bids, and to waive any irregularities as deemed to be in the best interests of the public. By order of the City Council of the City of Waterloo, State of Iowa. Suzy Sares, City Clerk, City of Waterloo, State o Iowa (End of Notice) l PASSED AND APPROVED this 26th day of May, 2015. Ernest G. Clark, Mayor ATTEST: Suzy Scharf , City Clerk i CERTIFICATE STATE OF IOWA ) ) SS COUNTY OF BLACK HAWK ) I, 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 corporate records of the City showing proceedings of the City 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 public hearing 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 (a copy of the face sheet of the agenda being attached hereto) 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 26th day of May 2015. uzy Sch res, City Clerk, City of Waterloo, State of Iowa (SEAL) CERTIFICATE STATE OF IOWA ) ) SS COUNTY OF BLACK HAWK ) I, the undersigned, do hereby certify that I am now and was at the times hereinafter mentioned,the duly qualified and acting City Clerk of the City of Waterloo, in the County of Black Hawk, State of Iowa, and that as such Clerk and by full authority from the Council of the City, I have caused a NOTICE OF BOND SALE ($1,545,000 Taxable General Obligation Bonds, Series 2015B) of which the clipping annexed to the publisher's affidavit hereto attached is in words and figures a correct and complete copy,to be published as required by law in the "Waterloo Courier", a legal newspaper published at least once weekly, printed wholly in the English language, published regularly and mailed through the post office of current entry for more than two years and which has had for more than two years a bona fide paid circulation recognized by the postal laws of the United States, and has a general circulation in the County, and that the Notice was published in all of the issues thereof published and circulated on the following date: June 1, 2015. WITNESS my official signature at Waterloo, Iowa,this 26th day of May 2015. Suzy Sch res, City Clerk, City of Waterloo, State of owa - r _. SEAL 01112538-1\11310-110 - _.