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HomeMy WebLinkAbout2010-413-5 /24/2010r � 4 (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Waterloo, Iowa. Date of Meeting: May 24 , 2010. 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: $9,165,000 General Obligation Bonds, Series 2010A $4,820,000 General Obligation Refunding Bonds, Series 2010B $2,335,000 General Obligation Bonds, Taxable Series 2010C X Resolution directing the advertisement for sale and approving electronic bidding procedures. Such additional matters as are set forth on the additional 11 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. A Ji ACtX-0_� uzy cliares, City Clerk, Waterloo, Iowa May 24 52010 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 Ernest G. Clark , in the chair, and the following named Council Members: Cole, Getty, Jones, Greenwood, Schmitt, Welper, Hart Absent: none 2 Council Member Cole introduced the following Resolution entitled "RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $9,165,000 GENERAL OBLIGATION BONDS, SERIES 2010A, $4,820,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2010B, AND $2,335,000 GENERAL OBLIGATION BONDS TAXABLE SERIES 2010C, AND APPROVING ELECTRONIC BIDDING PROCEDURES" and moved its adoption. Council Member Hart 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. 2010-413 RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $9,165,000 GENERAL OBLIGATION BONDS, SERIES 2010A, $4,820,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2010B, AND $2,335,000 GENERAL OBLIGATION BONDS TAXABLE SERIES 2010C, 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, tributary 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 treatment system improvements; 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 bikeway maintenance, sports facilities and boating center improvements, and the acquisition of off-road maintenance equipment; the acquisition, improvement and installation of traffic control devices, signage, fixtures and equipment, including but not limited to traffic signal, traffic safety and street light improvements; and the acquisition, equipping and 3 improving of the automated GISIGPS mapping system, essential corporate purpose projects, and it is deemed necessary and advisable that the City issue general obligation bonds for said purposes to the amount of not to exceed $7,091,000 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 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 refunding and refinancing of certain outstanding City indebtedness, consisting of the General Obligation Bonds, Series 2002A, dated June 1, 2002, 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 $4,900,000 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 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 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 Rath Tax Increment Redevelopment Area, the Logan Plaza Area, the Northeast Industrial Park, and the Downtown Waterloo Riverfront Urban Renewal and Redevelopment Area, including costs associated with the downtown development plan, demolition costs, and the acquisition of properties and clearance and preparation of the same for public and private redevelopment, and the 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 purpose to the amount of not to exceed $2,092,000 as authorized by Section 384.24(3)(q) of the City Code of Iowa; and 9 WHEREAS, pursuant to notice published as required by Section 384.24(3)(q) this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of the above described bonds, and no petitions were received calling for an election thereon, 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, renovation and improvement of Riverfront Stadium, Young Arena, the Center for the Arts and Youth Pavillion, 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 $621,000, as authorized by Section 384.26 of the City Code of Iowa; and WHEREAS, pursuant to notice published as required by Section 384.26(5) this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of the above described bonds, and no petitions were received calling for an election thereon, 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 acquisition of capital equipment, office equipment and vehicles for various City departments, operations and buildings, 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 $665,000, as authorized by Section 384.26 of the City Code of Iowa; and WHEREAS, pursuant to notice published as required by Section 384.26(5) this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of the above described bonds, and no petitions were received calling for an election thereon, 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, 5 WHEREAS, the City of Waterloo, Iowa also is in need of funds to pay costs of the reconstruction, remodeling, improvement, equipping and repairing of various City buildings and facilities, including the Five Sullivan Brothers Center, Downtown Parking Garages, Fire Stations, Public Library, and swimming pools renovations, 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 $640,000, as authorized by Section 384.26 of the City Code of Iowa; and WHEREAS, pursuant to notice published as required by Section 384.26(5) this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of the above described bonds, and no petitions were received calling for an election thereon, 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 improvement of City golf courses; the renovation and improvement of the Center for the Arts; and the acquisition and installation of radio frequency ID conversion for the 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 $391,000, as authorized by Section 384.26 of the City Code of Iowa; and WHEREAS, pursuant to notice published as required by Section 384.26(5) this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of the above described bonds, and no petitions were received calling for an election thereon, 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, pursuant to Section 384.28 of the City Code of Iowa, it is deemed appropriate that the general obligation bonds hereinabove described be combined for purposes of issuance and sale in three separate series 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, C 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 sealed bids and facsimile and electronic internet transmission. 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 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. 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. In each case, 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 3rd day of June, 2010, at 4:00 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 on said date. The notice shall be in substantially the following form: 7 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, in the City of Waterloo, Iowa (the "Issuer"), at the respective times described below, on the 3rd day of June, 2010. 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 2010A, in the amount of $9,165,000, to be dated the date of delivery (the "Series 2010A Bonds"). GENERAL OBLIGATION REFUNDING BONDS, SERIES 2010B, in the amount of $4,820,000, to be dated the date of delivery (the "Series 2010B Bonds"). GENERAL OBLIGATION BONDS, TAXABLE SERIES 2010C, in the amount of $2,335,000, to be dated the date of delivery (the "Taxable Series 2010C Bonds"). (hereinafter, the Series 2010A Bonds, the Series 2010B Bonds, and the Taxable Series 2010C 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 2010A Bonds and Series 2010B 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, City Hall, 715 Mulberry Street, Waterloo, Iowa. 91 • 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 or 319/291-8628). Electronic facsimile bids will be sealed and treated as sealed bids. Consideration of Bids: On June 3, 2010, bids shall be received for the Series 2010A Bonds until 10:30 o'clock A.M., for the Series 2010B Bonds until 11:00 o'clock A.M., and for the Taxable Series 2010C Bonds until 11:30 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 to be held on the above date at 4:00 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 applicable Terms of Offering as set forth in the Official Statement. To allow the Issuer to evaluate the possible savings to be achieved by issuing the Series 2010A Bonds as "Build America Bonds" under section 54AA of the Internal Revenue Code and regulations thereunder, the Issuer requests, but does not require, that bidders submit two bids for the Series 2010A Bonds, one bid with a rate schedule specifying rates assuming that the Series 2010A Bonds are issued as tax exempt obligations, and one bid specifying rates assuming that the Series 2010A Bonds are issued as taxable obligations. Each bid for taxable Series 2010A Bonds must specify the expected reoffering price for each maturity, and each such offering price may not exceed the par amount of the D maturity by more than .25% multiplied by the number of complete years to the earlier of the maturity date or the first optional redemption date for the maturity. 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. Suzy ch es, City Clerk, Waterloo, Iowa (End of Notice) 10 Section 3. 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. PASSED AND APPROVED this 20' day of May , 2010. ATTEST: Suzy Schar s, City Clerk eA Zeest. Clark, Mayor 11 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 26th day of May , 2010. SEAL 1656750.1 JMSWord\11310.086 Suzy Sch es, City Clerk, Waterloo, Iowa 12