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HomeMy WebLinkAbout2013-443D-5 /28/2013Governmental Body: Date of Meeting: Time of Meeting: (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING The City Council of the City of Waterloo, State of Iowa. May 28, 2013. 5:30 o'clock P.M. 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: $1,435,000* Taxable General Obligation Refunding Bonds, Series 2013D. Resolution directing the advertisement for sale and approving electronic bidding procedures and Official Statement. Such additional matters as are set forth on the additional 9 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. Suzy Sch es, City Clerk May 28, 2013 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 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 -1- Council Member Hart introduced the following Resolution entitled "RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $1,435,000* TAXABLE GENERAL OBLIGATION REFUNDING BONDS, SERIES 2013D, AND APPROVING ELECTRONIC BIDDING PROCEDURES AND OFFICIAL STATEMENT" and moved its adoption. Council Member Greenwood 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. 2013-443D RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $1,435,000* TAXABLE GENERAL OBLIGATION REFUNDING BONDS, SERIES 2013D, AND APPROVING ELECTRONIC BIDDING PROCEDURES AND OFFICIAL STATEMENT WHEREAS, the City of Waterloo, State of Iowa, is in need of funds to pay costs of the refunding of outstanding City indebtedness, including the General Obligation Bonds, Series 2006B, an essential corporate purpose project, and it is deemed necessary and advisable that the City issue General Obligation Bonds for such purpose 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 28, 2013, upon the proposal to institute proceedings for the issuance of the not to exceed $14,750,000 General Obligation 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 it is the decision of the Council that additional action be taken for the issuance of $1,435,000 General Obligation Bonds for said purpose, 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 Financial Advisor, Speer Financial, the City has caused a Preliminary Official Statement to be prepared outlining the details of the proposed sale of the Bond. -2- WHEREAS, the Council has received information from its Financial 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. 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 Preliminary 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. 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 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 3. That the 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 "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 11th day of June, 2013, 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 12:00 o'clock P.M. on said date. The notice shall be in substantially the following form: -3- NOTICE OF BOND SALE Time and Place of Sealed Bids: Bids for the sale of General Obligation Bonds, Series 2013A, Taxable General Obligation Bonds, Series 2013B, General Obligation Refunding Bonds, Series 2013C and Taxable General Obligation Refunding Bonds, Series 2013D of the City of Waterloo, State of Iowa, will be received at the office of the City Clerk, City Hall, 715 Mulberry Street, Waterloo, Iowa (the "Issuer") in conformance with the TERMS OF OFFERING. Bids for the series 2013A Bonds must be received before 10:30 A.M., on the 1 lth day of June, 2013. Bids for Series 2013B Bonds must be received before 11 o'clock A.M., on the I lth day of June, 2013. Bids for Series 2013C must be received before 11:30 A.M., on the 11th day of June, 2013. Bids for Series 2013D must be received before 12 o'clock P.M., on the 1 lth day of June, 2013. The bids for each series 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 2013A, in the amount of $5,835,000*, to be dated June 27, 2013 (the "2013A Bonds") • TAXABLE GENERAL OBLIGATION BONDS, SERIES 2013B, in the amount of $6,565,000*, to be dated June 27, 2013 (the "2013B Bonds") • GENERAL OBLIGATION REFUNDING BONDS, SERIES 2013C, in the amount of $4,285,000*, to be dated June 27, 2013 (the "2013C Bonds") • TAXABLE GENERAL OBLIGATION REFUNDING BONDS, SERIES 2013D, in the amount of $1,435,000*, to be dated June 27, 2013 (the "2013D Bonds") (Collectively, the "Bonds") * Preliminary, subject to change. The City reserves the right to adjust the principal amount of the Bonds as necessary to complete the Projects or effectuate the refunding, respectively. Adjustments will be in increments of $5,000 and may be made in any maturities. In the event of adjustment, the purchase price of the Bonds will be adjusted proportionately allowing the same dollar amount of gross spread per $1,000 Bond. 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 at the office of the Issuer's Financial Advisor, Speer Financial, 531 Commercial Street, Waterloo, Iowa, 50703; Telephone: 319-291-2077 (facsimile number: 319-291-8628). 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, 715 Mulberry Street, Waterloo, Iowa at a meeting of the City Council on the above date at 4:30 o'clock 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 or the Issuer's Financial 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 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 Schar s, City Clerk (End of Notice) PASSED AND APPROVED this 28h day of May, 2013. Ernest G. Clark, Mayor ATTEST: Swzy Schare , City Clerk 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 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 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 said Municipality hereto affixed this 28ffi day of May, 2013. --y tx'_Zz'� Suzy Schare , City Clerk (SEAL)