HomeMy WebLinkAbout2012-671-06/25/2012 June 25, 2012
The City Council of the City of Waterloo, Iowa, met in regular session, in the
Council Chambers, City Hall, 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:
Cole, Getty, Jones, Schmitt, Welper, Hart
Absent: Greenwood
Council Member Getty introduced the following Resolution entitled
"RESOLUTION DIRECTING SALE OF GENERAL OBLIGATION BONDS,
TAXABLE SERIES 2012C," and moved its adoption. Council Member Schmitt
seconded the motion to adopt. The roll was called and the vote was,
AYES: Cole, Getty, Jones, Schmitt, Welper, Hart
NAYS: none
Whereupon, the Mayor declared the following Resolution duly adopted:
RESOLUTION NO. 2012- 671
RESOLUTION DIRECTING SALE OF GENERAL
OBLIGATION BONDS, TAXABLE SERIES 2012C
WHEREAS, pursuant to published notice as required by law, bids were solicited
for submission on June 18, 2012 for the public sale pursuant to Iowa Code chapter 75 for
the Series 2012C Bonds described herein; and
WHEREAS, no bids were received on said date; and
WHEREAS, pursuant to Iowa Code section 75.4, the Finance Director directed the
City's Financial Advisor, Speer Financial, to negotiate with bidders who had previously
expressed interest and had submitted bids on June 6, 2012 but for which published notice
in accordance with chapter 75 was insufficient. The terms of said negotiation, as required
by section 75.4, are such that the terms must not be less favorable to the public; and
WHEREAS, Speer Financial has negotiated the following terms:
GENERAL OBLIGATION BONDS, TAXABLE SERIES 2012C:
Bidder: Hutchinson, Shockey, Erley & Co. of Chicago, Illinois
the terms of said bid being:
Principal Amount: $5,205,000
Purchase Price: $5,259,014.70
True Interest Cost: $1,053,602.18*
*Said TIC is less than the lowest bid previously submitted to the City on June 6, 2012 for
which notice was insufficient. Accordingly, it is the recommendation of Speer Financial
that the above bid be awarded, as such are terms not less favorable to the public.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA:
Section 1. That the bid for the Taxable Series 2012C Bonds as above set out is
hereby determined to be the best and most favorable bid received and, said Taxable
Series 2012C Bonds are hereby awarded based on said bid in accordance with Iowa Code
section 75.4.
Section 2. That the statement of information for bond bidders and the form of
contract for the sale of said Taxable Series 2012C 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 Taxable Series 2012C Bonds
heretofore given and all acts of the Clerk, Finance Director, Bond Counsel and Financial
Advisor done in furtherance of the sale of said Taxable Series 2012C Bonds are hereby
ratified and approved.
PASSED AND APPROVED this 25th day of June, 2012.
Li— 7. afj
Ernest G. Clark, Mayor
ATTEST:
Schar s, City Clerk
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 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 (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 said Municipality hereto affixed this 25th day
of June, 2012.
Suzy Sch es, rty Clerk, Waterloo, Iowa
(SEAL)
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