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HomeMy WebLinkAbout2012-510-05/29/2012 (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Waterloo, Iowa. Date of Meeting: May 29, 2012. Time of Meeting: 5:30 o'clock P.M. Place of Meeting: Council Chambers, City Hall, Waterloo, Iowa. PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental body will meet at the date, time and place above set out. The tentative agenda for the meeting is as follows: $8,040,000 General Obligation Bonds, Series 2012A $5,470,000 General Obligation Refunding Bonds, Series 2012B $5,205,000 General Obligation Bonds, Taxable Series 2012C • Resolution directing the advertisement for sale and approving electronic bidding procedures and approving the distribution of a Preliminary Official Statement. Such additional matters as are set forth on the additional 11 page(s) attached hereto. This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of Iowa, and the local rules of the governmental body. � �I1 Suzy Sc es, City Clerk, Waterloo, Iowa May 29, 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 o'clock 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, Greenwood, Schmitt, Welper, Hart Absent: none * * * * * * * 1 Council Member Greenwood introduced the following Resolution entitled "RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $8,040,000GENERAL OBLIGATION BONDS, SERIES 2012A, $5,470,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2012B, $5,205,000 GENERAL OBLIGATION BONDS, TAXABLE SERIES 2012C, AND APPROVING ELECTRONIC BIDDING PROCEDURES" and moved its adoption. Council Member Schmitt seconded the Resolution to adopt. The roll was called and the vote was, AYES: Cole, Getty, Jones, Greenwood, Schmitt, Welper, Hart NAYS: none Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO. 2012-510 RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $8,040,000 GENERAL OBLIGATION BONDS, SERIES 2012A, $5,470,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2012B, $5,205,000 GENERAL OBLIGATION BONDS, TAXABLE SERIES 2012C, AND APPROVING ELECTRONIC BIDDING PROCEDURES WHEREAS, the City of Waterloo, Iowa is in need of funds to pay costs of the acquisition, construction and improvement of real and personal property useful for the protection of property from floods or high waters, including flood control, storm water and drainage improvements; the construction, reconstruction and repairing of street, sidewalk and intersection improvements; the acquisition, construction and installation of storm sewer and sanitary sewer improvements, including treatment plant effluent disinfection and other waste management facilities and improvements; the acquisition, construction, improvement and repair of bridges; the acquisition of vehicles and equipment for the Police, Fire Rescue and Street Departments; the rehabilitation and improvement of City parks and the acquisition, repair and replacement of facilities, equipment and improvements commonly found in City parks, including sports facilities, boating center, tennis, dog park and bikeway improvements; the acquisition, improvement and installation of traffic control devices, signage, fixtures, equipment and improvements, including but not limited to traffic signal, traffic safety and street light improvements; the acquisition and demolition of dangerous or dilapidated buildings, structures or properties; and the acquisition, equipping and improving of the automated 2 GIS/GPS mapping system, essential corporate purpose projects, and it is deemed necessary and advisable that the City issue general obligation bonds for said purposes as authorized by Section 384.25 of the City Code of Iowa; and WHEREAS, pursuant to notice published as required by Section 384.25, this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of not to exceed $8,600,000 in principal amount of general obligation bonds for the above described purposes, and all objections, if any, to such Council action made by any resident or property owner of said City were received and considered by the Council; and it is the decision of the Council that additional action be taken for the issuance of said bonds for such purposes, and that such action is considered to be in the best interests of said City and the residents thereof; WHEREAS, the City also is in need of funds to pay costs of aiding in the planning, undertaking and carrying out of urban renewal project activities under Chapter 403 of the Code of Iowa, as amended, and the Urban Renewal Plans for the Downtown Waterloo Riverfront Urban Renewal and Redevelopment Area, including costs associated with the downtown development plan, and demolition costs, essential corporate purpose projects, and it is deemed necessary and advisable that the City issue general obligation bonds for said purposes as authorized by Section 403.12 of the Code of Iowa; WHEREAS, pursuant to notice published as required by Section 403.12, this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of not to exceed $120,000 in principal amount of general obligation bonds for the above described purposes; and no petition was filed in the manner provided by Section 362.4 of the City Code of Iowa, pursuant to the provisions of Sections 403.12, 384.24(3)(q) and 384.25, and all objections, if any, to such Council action made by any resident or property owner of said City were received and considered by the Council; WHEREAS, the City also is in need of funds to pay costs of the acquisition of vehicles for the building inspection, maintenance, engineering and leisure services departments; acquisition of off-road maintenance equipment for the parks, golf course, and downtown departments; and acquisition of radio communication equipment for public works, general corporate purpose project, and it is deemed necessary and advisable that the City issue general obligation bonds for said purposes as authorized by Section 384.26 of the City Code of Iowa; WHEREAS, pursuant to notice published as required by Section 384.26, this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of not to exceed $590,000 in principal amount of general obligation bonds for the above described purposes; and no petition was filed in the manner provided by Section 362.4 of the City Code of Iowa, pursuant to the provisions of Section 384.26, and all objections, if any, to such Council action made by any resident or property owner 3 of said City were received and considered by the Council; and it is the decision of the Council that additional action be taken for the issuance of said bonds for such purposes, and that such action is considered to be in the best interests of said City and the residents thereof; WHEREAS, the City also is in need of funds to pay costs of the reconstruction, renovation, remodeling, improvement, equipping and repairing of various City buildings and facilities, including Police Training Center and Station improvements, Public Library, Council Chambers, Five Sullivan Brothers Center, Downtown Parking Garages, the Center for the Arts, Youth Pavillion, and ADA compliance improvements, general corporate purpose project, and it is deemed necessary and advisable that the City issue general obligation bonds for said purposes as authorized by Section 384.26 of the City Code of Iowa; WHEREAS, pursuant to notice published as required by Section 384.26, this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of not to exceed $655,000 in principal amount of general obligation bonds for the above described purposes; and no petition was filed in the manner provided by Section 362.4 of the City Code of Iowa, pursuant to the provisions of Section 384.26, and all objections, if any, to such Council action made by any resident or property owner of said City were received and considered by the Council; and it is the decision of the Council that additional action be taken for the issuance of said bonds for such purposes, and that such action is considered to be in the best interests of said City and the residents thereof; WHEREAS, the City also is in need of funds to pay costs of the reconstruction, renovation and improvements to the Young Arena, Riverfront Stadium, and the Public Market Facility; computer upgrades; parking meter improvements; swimming pool renovations; the improvement of City golf courses; and development and equipping a site for City use of natural gas as fuel for City vehicles, general corporate purpose project, and it is deemed necessary and advisable that the City issue general obligation bonds for said purposes as authorized by Section 384.26 of the City Code of Iowa; WHEREAS,pursuant to notice published as required by Section 384.26, this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of not to exceed $630,000 in principal amount of general obligation bonds for the above described purposes; and no petition was filed in the manner provided by Section 362.4 of the City Code of Iowa, pursuant to the provisions of Section 384.26, and all objections, if any, to such Council action made by any resident or property owner of said City were received and considered by the Council; and it is the decision of the Council that additional action be taken for the issuance of said bonds for such purposes, and that such action is considered to be in the best interests of said City and the residents thereof; 4 WHEREAS, the City also is in need of funds to pay costs of refunding outstanding general obligation indebtedness of the City, consisting of the General Obligation Bonds, Series 2003A, dated June 15, 2003, General Obligation Bonds, Series 2005A, dated June 1, 2005, and General Obligation Bonds, Series 2005B, dated June 1, 2005, essential corporate purpose projects, and it is deemed necessary and advisable that the City issue general obligation bonds for said purposes as authorized by Section 384.25 of the City Code of Iowa; and WHEREAS,pursuant to notice published as required by Section 384.25, this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of not to exceed $6,950,000 in principal amount of general obligation bonds for the above described purposes, and all objections, if any, to such Council action made by any resident or property owner of said City were received and considered by the Council; and it is the decision of the Council that additional action be taken for the issuance of said bonds for such purposes, and that such action is considered to be in the best interests of said City and the residents thereof; WHEREAS, the City also is in need of funds to pay costs of remediation, replacement and improvement of property, buildings, equipment, and public facilities that have been damaged by a disaster as deemed in Section 29C.2 and that are located in an area that the President of the United States has declared a major disaster(FEMA-DR- 1763), including the relocated Public Works building/Central Garage Facilities Centralization project, essential corporate purpose projects, and it is deemed necessary and advisable that the City issue general obligation bonds for said purposes as authorized by Section 384.25 of the City Code of Iowa; and WHEREAS, pursuant to notice published as required by Section 384.25, this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of not to exceed $750,000 in principal amount of general obligation bonds for the above described purposes, and all objections, if any, to such Council action made by any resident or property owner of said City were received and considered by the Council; and it is the decision of the Council that additional action be taken for the issuance of said bonds for such purposes, and that such action is considered to be in the best interests of said City and the residents thereof; WHEREAS, pursuant to Section 384.28 of the City Code of Iowa, it is deemed appropriate that the various general obligation bonds hereinabove described be combined for purposes of issuance and sale into corporate purpose bonds (hereinafter, the "Bonds") as hereinafter set forth and that the City issue three series of Bonds for tax purposes to the extent outlined herein; and 5 WHEREAS, a preliminary form of Official Statement has been prepared for the purpose of offering the Bonds for sale to the public; and WHEREAS, it is appropriate that the form of the preliminary Official Statement be approved and deemed fmal and, upon completion of the same, that the preliminary Official Statement be used in connection with the offering of the Bonds for sale to the public; and WHEREAS, the Council has received information from its Financial Advisor evaluating and recommending the procedure hereinafter described for electronic, facsimile and internet bidding to maintain the integrity and security of the competitive bidding process and to facilitate the delivery of bids by interested parties; and WHEREAS, the Council deems it in the best interests of the City and the residents thereof to receive bids to purchase such Bonds by means of both sealed and electronic internet communication. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA: Section 1. That the receipt of electronic bids by facsimile machine and through the SpeerAuction competitive bidding system described herein and in the Notice of Bond Sale 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 of the Bonds at public sale. Section 2. The Chief Financial Officer, with the assistance of the Financial Advisor, be and is hereby authorized to prepare a preliminary Official Statement for Bond bidders, and that upon completion thereof, the Mayor be and is hereby authorized to deem the same final for purposes of SEC Rule 15c2-12, and cause the same to be distributed in connection with the offering of the Bonds for sale. Section 3. The City Clerk is hereby directed to publish notice of sale of said 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 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. Said notice is given pursuant to Chapter 75 of the Code of Iowa, and shall state that this Council, on the 5th day of June, 2012, at 4:30 o'clock P.M., will hold a meeting to act upon bids for said bonds, which bids were previously received and opened by City Officials at 10:00 o'clock A.M., 10:30 o'clock A.M. and 11:00 o'clock A.M. respectively on said date. The notice shall be in substantially the following form: 6 NOTICE OF BOND SALE Time and Place of Sealed Bids: Bids for the sale of General Obligation Bonds of the City of Waterloo, Iowa, will be received at the office of the City Clerk, City Hall, 715 Mulberry Street, Waterloo, Iowa (the "Issuer") at 10:00 o'clock A.M., 10:30 o'clock A.M. and 11:00 o'clock A.M. respectively, on the 5th day of June, 2012. 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 2012A, in the amount of $8,040,000, to be dated the date of delivery (the "Series 2012A Bonds") GENERAL OBLIGATION REFUNDING BONDS, SERIES 2012B, in the amount of$5,470,000, to be dated the date of delivery(the "Series 2012B Bonds") GENERAL OBLIGATION BONDS, TAXABLE SERIES 2012C, in the amount of$5,205,000, to be dated the date of delivery (the "Taxable Series 2012C Bonds") (hereinafter, the Series 2012A Bonds, the Series 2012B Bonds and the Taxable Series 2012C Bonds, may be referred to collectively as the "Bonds"). Adjustment of Principal Amount. The Issuer reserves the right to increase or decrease the aggregate principal amount of the Series 2012B Bonds at the time of sale, as described in the Terms of Offering. Any such change will be in increments of$5,000, and may be made in any of the maturities. The purchase price will be adjusted proportionately to reflect any change in issue size. 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(www.SpeerAuction.com). • Electronic Facsimile Bidding: Electronic facsimile bids will be received at the office of the City Clerk, City Hall, 715 Mulberry Street, Waterloo, Iowa (facsimile number: (319) 291-4571) or office of City's Financial Advisor, Speer Financial, Inc., 531 Commercial Street, Suite 608, Waterloo, Iowa 50701, (facsimile: (319) 291-8628). Electronic facsimile bids will be sealed and treated as sealed bids. Consideration of Bids: On June 5, 2012, bids shall be received for the Series 2012A Bonds until 10:00 o'clock A.M., for the Series 2012B Bonds until 10:30 o'clock A.M. and the Taxable Series 2012C Bonds until 11:00 o'clock A.M. In each case, 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 at a meeting of the City Council on the above date at 4:30 o'clock P.M. Official Statement: The Issuer has issued an Official Statement of information pertaining to the Bonds to be offered, including statements of the Terms of Offering and Official Bid Forms for each series, which is incorporated by reference as a part of this notice. The Official Statement may be obtained by request addressed to the City Clerk, 715 Mulberry Street, Waterloo, Iowa 50703 (telephone: (319) 291-4323) or the financial advisor for the Issuer, Speer Financial, Inc., 531 Commercial Street, Suite 608, Waterloo, Iowa 50701 (telephone: (319) 291-2077) and Suite 4100, One North LaSalle Street, Chicago, IL 60602 (telephone: (312) 346-3700). 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, Iowa. Suzy Schaies, City Clerk, Waterloo, Iowa (End of Notice) PASSED AND APPROVED this 29th day of May, 2012. 4 U 1 Ernest G. Clark, Mayor AT PEST: Suzy Schares,1City Clerk CER Ilk ICATE 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 29th day of May, 2012. Suzy Sch es, ity Clerk, Waterloo, Iowa (SEAL) 00869638-1\11310-095