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HomeMy WebLinkAbout2005-463-05.23.2005 L tte) (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Waterloo, Iowa. Date of Meeting: May 2 3 , 2005. 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 said meeting is as follows: $7,820,000 General Obligation Bonds, Series 2005A • Resolution directing the advertisement for sale and approving electronic bidding procedures and approving electronic bidding procedures. Such additional matters as are set forth on the additional 9 page(s) attached hereto. (number) This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of Iowa, and the local rules of said governmental body. • fjelt, " City C erk, 4-rloo, Iowa Nancy Ecker , CMC May 23 , 2005 The City Council of Waterloo, Iowa, met inRe gul a r session, in the Council Chambers, City Hall, Waterloo, Iowa, at 5 : 3 0 o'clock p .M., on the above date. There were present Mayor Tim Hurley , in the chair, and the following named Council Members: Kincaid, Cole , Greenwood, Clark, Schmitt , Gunderson, Welper Absent: None * * * * * * * -1- Council Member Cole introduced the following Resolution entitled "RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $7,820,000 GENERAL OBLIGATION BONDS, SERIES 2005A, 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: Kincaid, Cole , Greenwood, Clark, Schmitt , Gunderson, Welper NAYS: None Whereupon, the Mayor declared the resolution duly adopted as follows: Resolution No . 2005-463 RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $7,820,000 GENERAL OBLIGATION BONDS, SERIES 2005A, 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 improvements; the construction, reconstruction and repairing of street, sidewalk and intersection improvements; the acquisition, construction and installation of storm sewer and sanitary sewer improvements; the acquisition of vehicles and capital equipment for the Airport and Police, Fire Rescue and Street Departments; the acquisition, rehabilitation and demolition of abandoned, dilapidated or dangerous buildings; the rehabilitation and improvement of City parks and the acquisition, repair and replacement of facilities, equipment and improvements commonly found in City parks, including bikeway development and tennis court improvements; and the acquisition, improvement and installation of traffic control devices, fixtures and equipment, including early warning sirens and parking meters, essential corporate purpose projects, and it is deemed necessary and advisable that the City issue general obligation bonds for said purpose to the amount of not to exceed $3,500,000 as authorized by Section 384.25 of the City Code of Iowa; and -2- WHEREAS, pursuant to notice published as required by Section 384.25 this Council has held a public meeting and hearing on May 23, 2005, upon the proposal to institute proceedings for the issuance of the above described bonds, 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, and that such action is considered to be in the best interests of said City and the residents thereof; WHEREAS, the City of Waterloo, Iowa, 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 San Marnan Urban Renewal Area and the Logan Tax Increment Redevelopment Area, including incentive payments relating to the acquisition and private redevelopment of properties and the construction of streets and other public improvements within such areas, essential corporate purpose projects, and it is deemed necessary and advisable that the City issue general obligation bonds for said purpose to the amount of not to exceed $900,000 as authorized by Sections 384.24(3)(q) and 384.25 of the City Code of Iowa; and WHEREAS, pursuant to notice published as required by Sections 384.24(3)(q) and 384.25 this Council has held a public meeting and hearing on May 23, 2005, upon the proposal to institute proceedings for the issuance of the above described bonds, 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, and that such action is considered to be in the best interests of said City and the residents thereof; WHEREAS, the City of Waterloo, Iowa, also is in need of funds to pay costs of the reconstruction, remodeling, improvement and repairing of City buildings and facilities, including the Five Sullivan Brothers Center, Young Arena, Youth Pavilion, Center for the Arts, the roofs of various City buildings and facilities, the Police Department, Fire Station, Street Department and Public Library, general corporate purpose projects, and it is deemed necessary and advisable that the City issue general obligation bonds for said purpose to the amount of not to exceed $700,000, as authorized by Section 384.26 of the City Code of Iowa; and WHEREAS, said City has a population of more than 5,000 but not more than 75,000, and the amount of the said proposed bond issue is not more than $700,000; and -3- WHEREAS, pursuant to notice published as required by Section 384.26 of the City Code of Iowa, this Council has held a public meeting and hearing on May 23, 2005, upon the proposal to institute proceedings for the issuance of the above described bonds; 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 of said Code; and it is the decision of the Council that additional action be taken for the issuance of said bonds and that such action is considered to be in the best interests of said City and the residents thereof; WHEREAS, the City of Waterloo, Iowa, also is in need of funds to pay costs of the reconstruction, remodeling, repair and improvement of Downtown parking garages and the Central Garage facilities; the acquisition of hardware and software and related computer replacement program expenditures; the acquisition of capital equipment and vehicles for various City departments and operations; the reconstruction and improvement of City golf courses; and the reconstruction, renovation and improvement of the Riverfront Stadium, swimming pools and sports facilities, general corporate purpose projects, and it is deemed necessary and advisable that the City issue general obligation bonds for said purpose to the amount of not to exceed $695,000, as authorized by Section 384.26 of the City Code of Iowa; and WHEREAS, said City has a population of more than 5,000 but not more than 75,000, and the amount of the said proposed bond issue is not more than $700,000; and WHEREAS, pursuant to notice published as required by Section 384.26 of the City Code of Iowa, this Council has held a public meeting and hearing on May 23, 2005, upon the proposal to institute proceedings for the issuance of the above described bonds; 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 of said Code; and it is the decision of the Council that additional action be taken for the issuance of said bonds and that such action is considered to be in the best interests of said City and the residents thereof; WHEREAS, the City of Waterloo, Iowa, also is in need of funds to pay costs of refunding and refinancing of outstanding City indebtedness, consisting of the General Obligation Bonds, Series 1997, dated June 1, 1997, an essential corporate purpose project, and it is deemed necessary and advisable that the City issue general obligation bonds for said purpose to the amount of not to exceed $2,900,000 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 on May 23, 2005, upon the proposal to institute proceedings for the issuance of the above described bonds, and all objections, if -4- 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, 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 certain of the general obligation bonds hereinabove described be combined for purposes of issuance and sale in a single issue of corporate purpose bonds (the "Bonds") as hereinafter set forth. WHEREAS, the Council has received information from its Financial Consultant 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 in the Notice of 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 at public sale. Section 2. That 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 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. Said notice is given pursuant to Chapter 75 of the Code of Iowa, and shall state that this Council, on the 9th day of June, 2005, 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 11:00 o'clock A.M. on said date. The notice shall be in substantially the following form: -5- NOTICE OF BOND SALE Time and Place of Sealed Bids: Bids for the sale of General Obligation Bonds, Series 2005A, of the City of Waterloo, Iowa, will be received at the office of the City Clerk, City Hall, 715 Mulberry Street, in the City of Waterloo, Iowa (the "Issuer") at 11:00 o'clock A.M., on the 9th day of June, 2005. 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 2005A, in the amount of$7,820,000, to be dated June 1, 2005 (the "Bonds"). 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, Waterloo, Iowa • Electronic Internet Bidding: Electronic internet bids will be received at the office of the City Clerk, 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, Waterloo, Iowa (facsimile number: 319/291- 4571). Electronic facsimile bids will be sealed and 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 at a meeting of the City Council on the above date at 4:30 o'clock P.M. -6- 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, 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: Said 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. Far2J-- City Clerk of t ity of Waterloo, Iowa Nancy Eckert , CMC (End of Notice) -7- PASSED AND APPROVED this 2 3 r d day of May , 2005. - -- 4 Mayor Tim Hurley ATTEST: Clerk Nancy .Q' ert , CMC -8- CIG-3 9/91 CERTIFICATE STATE OF IOWA ) ) SS COUNTY OF BLACK HAWK ) I, the undersigned City Clerk of Waterloo, Iowa, do hereby certify that attached is a true and complete copy of the portion of the corporate records of said Municipality showing proceedings of the Council, and the same is a true and complete copy of the action taken by said Council with respect to said 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 said 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 said 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 said 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 2 5 th day of May , 2005. 7;j\IA—)— r\\ ^ s City Clerk, W -rloo, Iowa Nancy Ecke t , CMC SEAL DCORN E LL\453 692.1\W P\11310072 -9-