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HomeMy WebLinkAbout2014-435-06/04/2014 (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of the City of Waterloo, State of Iowa. Date of Meeting: June 4, 2014. Time of Meeting: 10:30 A.M. (City Officials) 4:30 P.M. (City Council) Place of Meeting: Council Chambers, City Hall, 715 Mulberry Street, 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: $10,065,000 (Subject to Adjustment per Terms of Offering) General Obligation Bonds, Series 2014A. • Receipt of bids. (City Officials) • Resolution directing sale. (City Council) Such additional matters as are set forth on the additional 6 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. Cam.► �C��-� Suzy Schares CMC City Clerk June 4, 2014 The City Clerk of the City of Waterloo, State of Iowa,met at City Hall, 715 Mulberry Street, Waterloo, Iowa, at 10:30 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 P.M. on the above date. The following persons were present: Larry Burger,Michelle Weidner, Suzy Schares - 1 - This being the time and place for the opening of bids for the sale of$10,065,000 (Subject to Adjustment per Terms of Offering) General Obligation Bonds, Series 2014A,the meeting was opened for the receipt of bids for the bonds. The following actions were taken: 1. Sealed bids were filed and listed in the minutes while unopened, as follows: Name &Address of Bidders: none 2. The City Clerk then declared the time for filing of sealed bids to be closed and that the sealed bids be opened. The sealed bids were opened and announced. 3. Electronic bids received were accessed and announced as follows: Name &Address of Bidders: 1. Robert W. Baird &Co., Milwaukee, Wisconsin 2. FIN Financial Capital Markets, Shelby, Tennessee 3. Hutchinson, Shockey, Erley &Co., Chicago, Illinois 4. J.P. Morgan,New York,New York 4. The best bid was determined to be as follows: Name&Address of Bidder: Robert W. Baird& Co., Milwaukee, Wisconsin True Interest Rate (as-bid): 2.4896% Net Interest Cost (as-bid): $1,715,711.72 In consultation with its Financial Advisor,the City considered adjustment of the aggregate principal amount, and each scheduled maturity thereof, in accordance with the Terms of Offering, and the following actions were taken: Final Par Amount(as adjusted): $10,065,000.00 Final Purchase Price (as adjusted): $10,213,666.45 All bids were then referred to the Council for action in accordance with the Notice of Sale. -2 - June 4, 2014 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 Ernest G. Clark, in the chair, and the following named Council Members: Cole, Jones, Lind, Morrissey, Welper, Hart Absent: Schmitt * * * * * * * - 3 - Council Member Hart introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF $10,065,000 (SUBJECT TO ADJUSTMENT PER PERMS OF OFFERING) GENERAL OBLIGATION BONDS, SERIES 2014A," and moved its adoption. Council Member Welper seconded the motion to adopt. The roll was called and the vote was, AYES: Cole, Jones, Lind, Morrissey, Welper, Hart NAYS: none Whereupon,the Mayor declared the following Resolution duly adopted: RESOLUTION NO. 2014-435 RESOLUTION DIRECTING SALE OF $10,065,000 (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) GENERAL OBLIGATION BONDS, SERIES 2014A WHEREAS,pursuant to notice as required by law, bids have been received at public sale for the bonds described as follows and the best bid received is determined to be the following: $10,065,000 (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) GENERAL OBLIGATION BONDS, SERIES 2014A: Bidder: Robert W. Baird&Co. of Milwaukee, Wisconsin the terms of said bid being: Final Par Amount(as adjusted): $10,065,000.00 Purchase Price (as adjusted): $10,213,666.45 True Interest Rate: 2.4896% Net Interest Cost: $1,715,711.72 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, said bonds are hereby awarded based on said bid. - 4 - Section 2. That the statement of information for bond bidders and the form of contract for the sale of said 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 said bonds are hereby ratified and approved. PASSED AND ADOPTED this 4th day of June, 2014. efaJ rnest G. Clark, Mayor ATTEST: Suzy Schare , CMC City Clerk - 5 - 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 City hereto affixed this 4th day of June, 2014. Suzy Scharer CMC City Clerk (SEAL) 01022928-1\11310-101