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HomeMy WebLinkAbout2004-414-06.28.2004 (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Waterloo, Iowa. Date of Meeting: June 28 , 2004. 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: $11,640,000 Sewer Revenue Refunding Bonds, Series 2004A $9,595,000 Sewer Revenue Refunding Bonds, Taxable Series 2004B • 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 8 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. fc,J„zt- City Clerk, 4erloo, Iowa Nancy Ecke t , CMC June 28 , 2004 The City Council 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 Tim Hurley , in the chair, and the following named Council Members: Kincaid, Greenwood, Clark, Schmitt , Gunderson, Welper Absent: Cole * * * * * * * * -1- Council Member Clark introduced the following Resolution entitled "RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $11,640,000 SEWER REVENUE REFUNDING BONDS, SERIES 2004A, AND $9,595,000 SEWER REVENUE REFUNDING BONDS, TAXABLE SERIES 2004B, 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, Greenwood, Clark, Schmitt, Gunderson, Welper Absent : Cole NAYS: Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO. 2004-414 RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $11,640,000 SEWER REVENUE REFUNDING BONDS, SERIES 2004A, AND $9,595,000 SEWER REVENUE REFUNDING BONDS, TAXABLE SERIES 2004B, AND APPROVING ELECTRONIC BIDDING PROCEDURES WHEREAS, the City of Waterloo, Iowa, is in need of funds to pay costs of refunding and refinancing of certain outstanding sewer revenue bonds of the City, including (i) the Sewer Revenue Refunding Bonds, Series 1994C, dated October 1, 1994, (ii) the Taxable Sewer Revenue Bonds, Series 1995, dated June 1, 1995, (iii) the Taxable Sewer Revenue Bonds, Series 1996A, dated June 1, 1996, (iv) the Sewer Revenue Refunding Bonds, Series 1996B, dated June 1, 1996 and (v) the Sewer Revenue Bonds, Series 1997A, dated June 1, 1997, and it is deemed necessary and advisable that the City issue sewer revenue bonds for said purpose to the amount of not to exceed $19,900,000 as authorized by Section 384.83 of the City Code of Iowa; and WHEREAS, pursuant to notice published as required by Section 384.83 of said Code, this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of said Bonds, and the Council is therefore now authorized to proceed with the issuance of said Bonds; and -2- WHEREAS, the City of Waterloo, Iowa, also is in need of funds to pay costs of refunding and refinancing of certain outstanding sewer revenue bonds of the City, including the (i) Sewer Revenue Bonds, Series 1991A, dated December 1, 1991 and (ii) Sewer Revenue Bonds, Series 1998B, dated June 1, 1998, and it is deemed necessary and advisable that the City issue sewer revenue bonds for said purpose to the amount of not to exceed $3,900,000 as authorized by Section 384.83 of the City Code of Iowa; and WHEREAS, notice has been ordered published as required by Section 384.83 of the City Code of Iowa, of a public meeting and hearing upon the proposal to institute proceedings for the issuance of the above described bonds and to hear all objections, if any, made by any resident or property owner to the issuance thereof; and it is deemed necessary that all of the aforementioned bonds (together, the "Bonds") be advertised for public sale to be held at a special meeting to be called following said meeting in the event the Council shall decide to proceed with the issuance of these additional bonds at the public meeting and hearing thereon; and 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 final 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 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 Bond Sale are hereby found and determined to provide reasonable security and to maintain the integrity -3- 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 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 Chief Financial Officer, upon the advice of bond counsel and the City's financial consultant, shall determine to be appropriate, and is authorized to be distributed in connection with the offering of the Bonds for sale. Section 3. That the Clerk be and is hereby directed to publish a notice of sale of said Bonds at least once, 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 shall be given pursuant to Chapter 75 of the Code of Iowa, and shall state that this Council, on the 8th day of July, 2004, at 4 :00 o'clock P .M., will hold a meeting to receive and act upon bids for said Bonds; said notice to be in substantially the following form: -4- NOTICE OF BOND SALE Time and Place of Sealed Bids: Sealed bids for the sale of Bonds of the City of Waterloo, Iowa hereinafter described will be received at the office of the City Clerk, City Hall, in the City of Waterloo, Iowa (the "Issuer") on the 8th day of July, 2004 until 11:00 A.M. (in the case of the Series 2004A Bonds described below) and 11:30 A.M. (in the case of the Taxable Series 2004B Bonds described below). The bids will then be publicly opened and referred for action to the meeting of the City Council as stated below. Manner of Bidding: Open bids will not be received. Bids for each series of Bonds 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, City Hall, 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. • Electronic Facsimile Bidding: Electronic facsimile bids will be received at the office of the City Clerk, Waterloo, Iowa (fax 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 :00 o'clock P.M. The Bonds: The Bonds to be offered are the following: SEWER REVENUE REFUNDING BONDS, SERIES 2004A, in the amount of$11,640,000, to be dated August 1, 2004 (the "Series 2004A Bonds"). SEWER REVENUE REFUNDING BONDS, TAXABLE SERIES 2004B, in the amount of$9,595,000, to be dated August 1, 2004 (the "Taxable Series 2004B Bonds"). -5- (both such series being referred to herein as the "Bonds"). Principal Adjustment. The Issuer reserves the right to increase or decrease the principal amounts of the Series 2004A Bonds and/or the Taxable Series 2004B Bonds by an amount not to exceed $1,300,000 and $1,250,000, respectively. Any such change shall be made in increments of$5,000 and may be made in any of the maturities. The purchase price will be adjusted to reflect any change in issue size. 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 Official Bid Forms, 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. City Clerk of City of Waterloo, Iowa (End of Notice) -6- Passed and approved this 28th day of June , 2004 n—.71:10.t Mayor Tim Hurley ATTEST: City Clerk N cy Eckert , CMC -7- • 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 30th day of June , 2004. C City Clerk, W t rloo, Iowa Nancy Eckert SEAL DCORNELL\417381\11310060 -8-