HomeMy WebLinkAbout2016-388-5/23/2016 Prepared by Kelley Felchle, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319) 291-4323.
RESOLUTION NO. 2016-388
RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF
$9,250,000 TAXABLE GENERAL OBLIGATION URBAN RENEWAL
BONDS, SERIES 2016C, AND APPROVING ELECTRONIC BIDDING
PROCEDURES AND OFFICIAL STATEMENT.
d
WHEREAS, the Issuer is in need of funds to pay costs of aiding in the planning,
undertaking and carrying out of urban renewal projects under the authority of Iowa Code Chapter
403 and the Downtown Waterloo Urban Renewal and Redevelopment Plan, as amended,
including funding an economic development grant in support of the Tech Works Campus project,
essential corporate urban renewal purpose project(s), and it is deemed necessary and advisable
that the City issue Taxable General Obligation Urban Renewal Bonds, for such purpose(s)to the
amount of not to exceed $9,750,000 as authorized by Sections 384.25 and 403.12 of the Code of
Iowa; and
WHEREAS,pursuant to notice published as required by Sections 384.25 and 403.12 this
Council has held a public meeting and hearing upon the proposal to institute proceedings for the
issuance of said Bonds, and all objections, if any,to such Council action made by any resident or
property owner of the City were received and considered by the Council; and no petition having
been filed, it is the decision of the Council that additional action be taken for the issuance of said
Bonds for such purpose(s), and that such action is considered to be in the best interests of the
City and the residents thereof; and
WHEREAS, in conjunction with its Municipal Advisor, Speer Financial, the City has
caused a Preliminary Official Statement to be prepared outlining the details of the proposed sale
of the Bonds; and
WHEREAS,the Council has received information from its Municipal 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. i
NOW, THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, STATE OF IOWA:
That the receipt of electronic bids by facsimile machine and through the SpeerAuction
Competitive Bidding System described in the Notice of Sale and Official Statement 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.
That Taxable General Obligation Urban Renewal Bonds, Series 2016C, of City of
Waterloo, State of Iowa, in the amount of$9,250,000,to be issued as referred to in the preamble
of this Resolution,to be dated June 29, 2016, be offered for sale pursuant to the published
advertisement.
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
Resolution No. 2016-388
Securities and Exchange Commission, subject to such revisions, corrections or modifications as
the Mayor and City Clerk, upon the advice of bond counsel and the City's Financial Advisor,
shall determine to be appropriate, and is authorized to be distributed in connection with the
offering of the Bonds for sale.
That the Clerk is hereby directed to publish notice of sale of the 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. The notice is given pursuant to Chapter 75 of the Code of Iowa,
and shall state that this Council, on the 7th day of June, 2016, at 4:30 P.M., will hold a meeting to
receive and act upon bids for said Bonds, which bids were previously received and opened by
City Officials at 11:30 A.M. on said date. The notice shall be in substantially the following
form:
Resolution No. 2016-388
NOTICE OF BOND SALE
Time and Place of Sealed Bids: Bids for the sale of Bonds of the City of Waterloo, State
of Iowa, hereafter described,must be received at the office of the City Clerk, City Hall, 715
Mulberry Street, Waterloo,Iowa(the "Issuer") in accordance with The Official Terms of
Offering, on the 7t'day of June, 2016. 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 2016A, in the
amount of$8,605,000*,to be dated June 29, 2016—Bids to be
received before 10:30 A.M., C.D.T.
TAXABLE GENERAL OBLIGATION BONDS, SERIES 2016B,
in the amount of$1,810,000*, to be dated June 29, 2016—Bids to
be received before 11:00 A.M., C.D.T.
TAXABLE GENERAL OBLIGATION URBAN RENEWAL
BONDS, SERIES 2016C, in the amount of$9,250,000*, to be
dated June 29, 2016—Bids to be received before 11:30 A.M.,
C.D.T.
(collectively the "Bonds")
*Subject to principal adjustment pursuant to official Terms of Offering.
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.
• Electronic Facsimile Bidding: Electronic facsimile bids will be received at the
office of the City Clerk at City Hall, 715 Mulberry Street, Waterloo, Iowa
(facsimile number: (319) 291-4571) or the office of the City's Municipal Advisor,
Speer Financial, 531 Commercial Street, Suite 608, Waterloo, Iowa(facsimile
number: 319-291-8628). Electronic facsimile bids will be 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, 715 Mulberry Street, Waterloo, Iowa at a meeting of the City Council on the above
date at 4:30 P.M.
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, City Hall, 715 Mulberry Street, Waterloo, Iowa
i
Resolution No. 2016-388
or the Issuer's Municipal Advisor, Speer Financial, 531 Commercial Street, Waterloo, Iowa,
50703, Telephone: 319-291-2077.
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 s
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, State of Iowa.
Suzy Schares, City Clerk, City of Waterloo,
State of Iowa
(End of Notice)
Resolution No. 2016-388
PASSED AND ADOPTED this 23rd day of May, 2016.
—, Quentin Hart, Mayor
ATTEST:f
I
Suzy Scha s, CMC
City Clerk
E
P
Resolution No. 2016-388
ITEMS TO INCLUDE ON AGENDA
CITY OF WATERLOO, IOWA
$9,250,000 Taxable General Obligation Urban Renewal Bonds, Series 2016C
• Resolution directing the advertisement for sale and approving electronic bidding
procedures and Official Statement.
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
May 23, 2016
The City Council of the City of Waterloo, State of Iowa, met in regular session, in the
Council Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 5:30 P.M., on the above
date. There were present Mayor Quentin M. Hart, in the chair, and the following named Council
Members:
Jacobs, Morrissey, Lind, Amos, Schmitt, and Welper
Absent: None.
-1-
Council Member Schmitt introduced the following Resolution entitled "RESOLUTION
DIRECTING TFIE ADVERTISEMENT FOR SALE OF $9,250,000 TAXABLE GENERAL
OBLIGATION URBAN RENEWAL BONDS, SERIES 2016C, AND APPROVING
ELECTRONIC BIDDING PROCEDURES AND OFFICIAL STATEMENT" and moved its
adoption. Council Member Welper seconded the Resolution to adopt. The roll was called and
the vote was,
AYES: Six.
NAYS: None.
Whereupon, the Mayor declared the resolution duly adopted as follows:
RESOLUTION 2016-388 DIRECTING THE ADVERTISEMENT
FOR SALE OF $9,250,000 TAXABLE GENERAL
OBLIGATION URBAN RENEWAL BONDS, SERIES 2016C,
AND APPROVING ELECTRONIC BIDDING PROCEDURES
AND OFFICIAL STATEMENT
WHEREAS, the Issuer is in need of funds to pay costs of aiding in the planning,
undertaking and carrying out of urban renewal projects under the authority of Iowa Code Chapter
403 and the Downtown Waterloo Urban Renewal and Redevelopment Plan, as amended,
including funding an economic development grant in support of the Tech Works Campus project,
essential corporate urban renewal purpose project(s), and it is deemed necessary and advisable
that the City issue Taxable General Obligation Urban Renewal Bonds, for such purpose(s) to the
amount of not to exceed $9,750,000 as authorized by Sections 384.25 and 403.12 of the Code of
Iowa; and
WHEREAS, pursuant to notice published as required by Sections 384.25 and 403.12 this
Council has held a public meeting and hearing upon the proposal to institute proceedings for the
issuance of said Bonds, and all objections, if any, to such Council action made by any resident or
property owner of the City were received and considered by the Council; and no petition having
been filed, it is the decision of the Council that additional action be taken for the issuance of said
Bonds for such purpose(s), and that such action is considered to be in the best interests of the
City and the residents thereof; and
WHEREAS, in conjunction with its Municipal Advisor, Speer Financial, the City has
caused a Preliminary Official Statement to be prepared outlining the details of the proposed sale
of the Bonds; and
-2-
WHEREAS, the Council has received information from its Municipal Advisor evaluating
and recommending the procedure hereinafter described for electronic, facsimile and intemet
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, STATE OF 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 and Official
Statement are hereby found and dete,niined 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 Taxable General Obligation Urban Renewal Bonds, Series 2016C, of City
of Waterloo, State of Iowa, in the amount of $9,250,000, to be issued as referred to in the
preamble of this Resolution, to be dated June 29, 2016, be offered for sale pursuant to the
published advertisement.
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 Mayor and City Clerk, upon the advice of bond counsel and the City's Financial Advisor,
shall determine to be appropriate, and is authorized to be distributed in connection with the
offering of the Bonds for sale.
Section 4. That the Clerk is hereby directed to publish notice of sale of the 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. The notice is given pursuant to Chapter
75 of the Code of Iowa, and shall state that this Council, on the 7t" day of June, 2016, at 4:30
P.M., will hold a meeting to receive and act upon bids for said Bonds, which bids were
previously received and opened by City Officials at 11:30 A.M. on said date. The notice shall be
in substantially the following form:
-3-
(To be published on or before June 2, 2016)
NOTICE OF BOND SALE
Time and Place of Sealed Bids: Bids for the sale of Bonds of the City of Waterloo, State
of Iowa, hereafter described, must be received at the office of the City Clerk, City Hall, 715
Mulberry Street, Waterloo, Iowa (the "Issuer") in accordance with The Official Terms of
Offering, on the 7th day of June, 2016. 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 2016A, in the
amount of $8,605,000*, to be dated June 29, 2016 — Bids to be
received before 10:30 A.M., C.D.T.
TAXABLE GENERAL OBLIGATION BONDS, SERIES 2016B,
in the amount of $1,810,000*, to be dated June 29, 2016 — Bids to
be received before 11:00 A.M., C.D.T.
TAXABLE GENERAL OBLIGATION URBAN RENEWAL
BONDS, SERIES 2016C, in the amount of $9,250,000*, to be
dated June 29, 2016 — Bids to be received before 11:30 A.M.,
C.D.T.
(collectively the "Bonds")
*Subject to principal adjustment pursuant to official Terms of Offering.
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 interne 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.
Electronic Facsimile Bidding. Electronic facsimile bids will be received at the
office of the City Clerk at City Hall, 715 Mulberry Street, Waterloo, Iowa
(facsimile number: (319) 291-4571) or the office of the City's Municipal Advisor,
Speer Financial, 531 Commercial Street, Suite 608, Waterloo, Iowa (facsimile
number: 319-291-8628). Electronic facsimile bids will be treated as sealed bids.
4
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, 715 Mulberry Street, Waterloo, Iowa at a meeting of the City Council on the above
date at 4:30 P.M.
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
Fo m, which is incorporated by reference as a part of this notice. The Official Statement may be
obtained by request addressed to the City Clerk, City Hall, 715 Mulberry Street, Waterloo, Iowa
or the Issuer's Municipal Advisor, Speer Financial, 531 Commercial Street, Waterloo, Iowa,
50703, Telephone: 319-291-2077.
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 Milers & 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, State of Iowa.
Suzy Schares, City Clerk, City of Waterloo,
State of Iowa
(End of Notice)
5
PASSED AND APPROVED this 23rd day of May, 2016.
Quentin M. Hart, Mayor
ATTEST:
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 records of the City showing
proceedings of the 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 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 Council hereto affixed this 23rd day of May, 2016.
Suzy Sch. es, City Clerk, City of Waterloo,
State of I . a
(SEAL)
CERTIFICATE
STATE OF IOWA
) SS
COUNTY OF BLACK HAWK
I, the undersigned, do hereby certify that I am now and was at the times hereinafter
mentioned, the duly qualified and acting Clerk of the City of Waterloo, in the County of Black
Hawk, State of Iowa, and that as such Clerk and by full authority from the Council of the City, I
have caused a
NOTICE OF BOND SALE
($9,250,000 Taxable General Obligation Urban Renewal Bonds, Series 2016C)
of which the clipping annexed to the publisher's affidavit hereto attached is in words and figures
a correct and complete copy, to be published as required by law in the "Waterloo Courier", a
legal newspaper published at least once weekly, printed wholly in the English language,
published regularly and mailed through the post office of current entry for more than two years
and which has had for more than two years a bona fide paid circulation recognized by the postal
laws of the United States, and has a general circulation in the County, and that the Notice was
published in all of the issues thereof published and circulated on the following date:
May 31, 2016.
WITNESS my official signature this 31st day of May, 2016.
Suzy Scha es, City Clerk, City of Waterloo,
State of Io a
(SEAL)
01238607-1111310-111