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HomeMy WebLinkAbout1986-04-15 ResolutionIt Posted: 4/11/86 @ 2:00 p.m. djd Removed: 4/16/86 @ 9:30 a.m. djd ORIGINAL (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The Finance Director of Iowa City, Iowa. Date of Meeting: April 15, 1986 Time of Meeting: 2:00 P.M. Place of Meeting: Counncil Chambers, Civic Center, Iowa City, o PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned Finance Director will meet at the date, time and place above set out. The tentative agenda for said meeting is as follows: - Opening of sealed bids for $1,575,000 Parking System Revenue Bonds Such additional matters are set dforth on the addi- tional 1 pages(s) (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. cit Clerk, Iowa City, Iowa �IAru C_,, fknwalrr, jb n, SmIL 6 AIllxr•.'.'1 pY un 4(0..2, NOTICE OF BOND SALE Time and Place of Sale: Sealed bids will be received at the office of the Finance Director, Civic Center, Iowa City, Iowa, until 2:00 o'clock P.M. on the 15th day of April, 1986, for the bonds herein- after described. At the hour above named, all sealed bids which have been received will be referred to the Finance Director for action by her at a public meeting then to be held in the Council Chambers. Sealed bids will be received until the Finance Director declares the time for the filing of sealed bids to be closed. The sealed bids will be opened and the bonds will then be sold by the Finance Director, subject to approval by the City Council at its meeting to be held at 6:30 o'clock P.M. on said date in the Council Chambers, Civic Center, to the best and most favor- able bidder for cash. The Bonds. The bonds to be offered are theTo7owing: PARKING SYSTEM REVENUE BONDS, in the principal amount'of $1,575,000, to be datedMay 1, 1986, in the denomination of $5,000 or multiples thereof, and to mature as follows: Principal Maturity Amount July 1st $ 65,000 1987 $ 65,000 1988 $ 70,000 1989 $ 75,000 1990 $ 80,000 1991 $ 85,000 1992 $ 95,000 1993 $100,000 1994 $105,000 1995 $115,000 1996 $125,000 1997 $130,000 1998 $145,000 1999 $155,000 2000 $165,000 2001 Optional Redemption: All of said bonds due after July 1, 1992, will be subject to call prior to maturity in whole or from time to time in part, in inverse order of maturity and within a maturity by lot on said date or on any interest payment date thereafter at the G4 ,z =1� r - option of the Issuer, upon terms of par plus accrued interest to date of call, plus a premium expressed as a percent- age, as follows: Redemption Date Price July 1, 1992 and 102.0% January 1, 1993 July 1, 1993 and 101.5% January 1, 1994 July 1, 1994 and 101.0% January 1, 1995 July 1, 1995 and 100.5% January 1, 1996 July 1, 1996 and 100.0% thereafter Interest: Interest on said bonds will be payable on January 1, 1987, and semi-annually on the 1st day of July and January thereafter. Principal and interest will be payable at the office of the City Controller. Lien: The obligation of the revenue bonds and the outstanding $3,795,000 Parking System Revenue Bonds dated November 1, 1985, will constitute a lien on the net earnings of the Munici- pal Parking Facilities System. Parity Bonds: The City reserves the right and privilege to issue additional revenue bonds from time to time payable from the same source, ranking on a parity with the bonds herein author- ized, and the outstanding Parking System Revenue Bonds dated November 1, 1985 in order to pay the cost of future extensions and improvements to said Municipal Parking Facilities System, but that before any such bonds ranking on a parity are issued, there will have been procured a statement of an inde- pendent Certified Public Accountant, not a regular employee of the City, reciting the opinion, based upon neces- sary investigations, that the net revenues of the Municipal Parking Facilities System, for the preceding fiscal year (with permitted adjust- ments) were equal to at least 1.25 times the maximum amount that will be required in any fiscal year prior to the longest maturity of any of the then outstanding bonds for both principal of PZ 0i and interest on all bonds then out- standing which are payable from the net earnings of the System and the bonds then proposed to be issued. Reistration: The above bonds will be issue n registered form as to principal and interest. The Issuer has designated the City Controller of Iowa City, Iowa, as the initial registrar. Payments will be made by check mailed to the address of the owner of the bond as of the record date as shown by the records of the Registrar. Payment of principal will be made upon surrender of the Bond. The Issuer will furnish at its expense to each named owner one bond for each annual maturity. Addi- tional bonds in lesser denominations will be furnished if an owner so requests. Not more than fifteen (15) days after the bond sale date the purchaser shall notify the Registrar of the names and tax identification numbers of registered owners to be shown at the initial delivery of the bonds, showing principal amounts for each annual maturity. Otherwise the bonds will be registered in the name of the bidder or in the name of the first participant listed in the bid. Bid Securit • All bids shall be accom- panie y a certified check or a cashier's check drawn upon a solvent bank doing business in the United States, in favor of the City, in the amount of $31,500. The good faith check of the successful bidder will be deposited at the time of award and deducted from the purchase 'price at the time of closing. If the bidder to whom the bonds are awarded withdraws its bid or fails to complete the purchase in accor- dance with the terms hereof, the Issuer shall have the right in its sole discre- tion to elect to treat the bid security either as liquidated damages or as a credit against the Issuer's claim for actual damages occasioned thereby. Checks of unsuccessful bidders will be returned promptly. Form of Bids: All bids shall be uncon- ditiona' 1 except as provided in this no- tice, for an entire issue of bonds for a price not less than 98 percent of par, plus accrued interest, and shall specify the rate or rates of interest in confor- mity to the limitations of the following paragraph. Bids must be submitted on or "07, r- in substantial compliance with the offi- cial bid form provided by the Issuer. The bonds will be awarded to the bidder offer- ing the lowest interest cost, which will be determined by aggregating any permissi- ble discount, if any, with the interest payable by the Issuer over the life of the bonds in accordance with the terms of each bid presented, and deducting therefrom the premium, if any, stipulated in said pro- posal. Rates of Interest: The rates of inter- est specitiea in the bidder's proposal must conform to the limitations following: 1. All bonds of each annual maturity must bear the same interest rate. 2. Rates of interest bid must be in multiples of one-eighth or one -twenti- eth of one percent. 3. Each rate of interest specified for bonds of any annual maturity shall not be less than a rate of interest speci- fied for any earlier maturity. Delivery: The bonds will be delivered, wit o�expense to the purchaser at any mutually acceptable bank and trust company anywhere in the continental United States, against full payment in immediately avail- able cash or federal funds. The bonds are expected to be delivered within thirty days after the sale. Should delivery be delayed beyond sixty days from date of sale for any reason except failure of performance by the purchaser, the pur- chaser may withdraw his bid and thereafter his interest in and liability for the bonds will cease. (When the bonds are ready for delivery, the Issuer may give the successful bidder five working days notice of the delivery date and the Issuer will expect payment in full on that date, otherwise reserving the right at its option to determine that the bidder has failed to comply with the offer of pur- chase.) CUSIP Numbers: It is anticipated that CUSIP numbers will be printed on the bonds. In no event will the Issuer be responsible for or Bond Counsel review or express any opinion of the correctness of such numbers, and incorrect numbers on said bonds shall not be cause for the purchaser to refuse to accept delivery of said bonds. (Oz, -I —Alt t- Qualified Tax Exempt Obligations: These Bonds are "essential function bonds." The Issuer does not expect to issue more than ten million dollars of bonds this year. Thus, the Bonds are expected to be "quali- fied tax exempt obligations" when held by an Iowa Bank and therefore may be treated as if acquired before January 1, 1986. Le al 0 inion: aid bonds will be sold subjec o e opinion of Ahlers, Cooney, Dorweiler, Haynie, Smith & Allbee, Attor- neys of Des Moines, Iowa, as to the legal- ity 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. The opinion will be printed on the back of the bonds. The successful bidder will also be furnished, without cost, with a separate opinion of bond counsel with respect to the effect of certain pending federal tax legislation, if enacted, applicable to the bonds. Rights Reserved: The right is reserved to reject a 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 Iowa City, Iowa. �0y Cit Clerk of the City of Iowa City, Iowa �0y Posted: 4/11/86 @ 2:00 p.m. djd Removed: 4/16/86 @ 9:30 a.m djd (This Notice to be posted) NOTICE, AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Iowa City, Iowa. Date of Meeting: April 15, 1986 Time of Meeting: 6:30 o'clock p.m. Place of Meeting: Council Chambers, Civic Center, Iowa City, 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: $1,575,000 Parking System Revenue Bonds - Resolution to approve the action of the Finance Director in the sale of said bonds. Such additional matters as are set forth on the addi- tional 1 pages(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. � zo Cit �C erk, Iowa CAity, Iowa GGA r April 15, 1966 The City Council of Iowa City, Iowa, met in special session, in the Council Chambers, Civic Center, Iowa City, Iowa, at 6:30 o'clock P.M., on the above date. There were present Mayor Ambrisco in the chair, and the following named Council Members: Ambrisco Baker Courtney Dickson McDonald, Strait Zuber. Absent: None -1- ALlrn. GxxxT. Ib�xrvlrt INne $1 0. A Alibi •% U...... I1� nMrxy. Inx. r McDonald introduced the following Resolution entitled "RESOLUTION TO APPROVE THE ACTION OF THE FINANCE DIRECTOR IN THE SALE OF $1,575,000 PARKINGSYSTEM REVENUE BONDS," and moved its adoption. Zuber seconded the motion to adopt. The roll was called and the vote was, AYES: Courtney, Dickson, McDonald, Strait, NAYS: Zuber, Ambrisco. Baker Whereupon, the Mayor declared the following Resolution duly adopted: 86-109 RESOLUTION TO APPROVE THE ACTION OF THE FINANCE DIRECTOR IN THE SALE OF $1,575,000 PARKING SYSTEM REVENUE BONDS WHEREAS, pursuant to notice as required by law, bids have been received at public sale for the bonds described as follows and the best bid received was determined by the Finance Director and said bonds were awarded as follows: $1,575,000 PARKING SYSTEM REVENUE BONDS: Bidder: Clayton Brown & Associates of Chicago the terms of said bid being: Price - $12543,500-00 Net Interest Cost - $1,168,688.31 Net Interest Rate - 7.8422% NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA: -2- Allen, Cm -1 M-,,, JN , %-1h A AIIMr. I+pen. IAS I � r bi Section 1. That the bid for the bonds as above set out was determined by the Finance Director to be the best and most favorable bid received and, said action by said Finance Director is hereby ratified and confirmed. Section 2. That the statement of information for bond bidders and the form of contract for the sale of said bonds are hereby approved and the Mayor and City Clerk are authorized to execute the same on behalf of the City. Section 3. That the notices of the sale of the bonds heretofore given and all acts of the Finance Director done in furtherance of the sale of said bonds are hereby ratified and approved. PASSED AND APPROVED, this 15th day of April , 1986. Mayor ATTEST: City Clerk -3- Alm Cwrcy I jr, IYM,. S 11, 6 AIR, I� ., ❑r NNw ' lw.a � G A CIG -3 4-85 CERTIFICATE STATE OF IOWA ) SS COUNTY OF JOHNSON I, the undersigned City Clerk of Iowa City, 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 myl5hand and dd toe 5e l of said Municipality 86hereto affixed this Y SEAL le"'/ Cit Clerk, Iowa City, Iowa AIJrn. C._,, (A,x J,, Ilulnr. S 11, A Alllxx•. W.11.11 IL+k— / 402_ April 15, 1986 The Finance Director of Iowa City, Iowa, met in the Council Chamber in the Civic Center, Iowa City, Iowa, at 2:00 o'clock p.m., on the above date, to open sealed bids received and to refer the sale of the bonds to the best and most favorable bidder for cash, subject to approval by the City Council at its meeting to be held tonight. The following persons were present at said meeting: Wayne Burggraaff, Darrel Courtney David Dirks, Marian K. Karr, Kevin O'Malley Rosemary Vitosh 66A it This being the time and place for the opening of said bids for the sale of $1,575,000 Parking System Revenue Bonds, the meeting was thrown open for the receipt of bids for said bonds. Sealed bids were filed and listed in the minutes while unopened, as follows: Name & Address of Bidders: See attached list. Whereupon, the Finance Director opened the sealed bids was as follows: received, and the best sealed bid Name & Address of Bidder: Cla ton Brown 6 Associates Net Interest Rate: 7.8422% Net Interest Cost: $1,168,688.31 — Thereafter the undersigned has awarded the sale of the bonds to said bidder in accordance Cwith Csaiduncbid on said issue, subject to approval by `�• l. Fv Finance Di ctor - 2- AFlrn. Clxmw, IAnm�In 1Y,me, {e Ih A Alper, InxWn. IHx Mneme. I.M. /0 / J EVENSEN DODGE, INC. FINANCIAL CON5UL T ANTS TABULATION OF BIDS $1,575,000 Parking System Revenue Bonds City of Iowa City, Iowa Dated: May 1, 1986 Due: July 1, 1987/01 Bond Years: 14,902.500 Average Life: 9.46 Splits: 15 Price: Not less than $1,543,500.00 SALE DATE: Tuesday, April 15, 1986 Moody's - Baal BBI - 7.25% BIDDERS ADDRESS YEAR RATE YIELD CLAYTON BROWN & ASSOCIATES Chicago CHILES, HEIDER & CO. Chicago Aid Securities Des Moines Hutchinson, Shockey, Erley &Co. Chicago Piper, Jaffray & Hopwood, Inc. Minneapolis Cronin, Inc. Minneapolis First Mid America Chicago The Illinois Company, Inc. Chicago JOHN NUVEEN & CO., INC. Chicago DAIN BOSWORTH INCORPORATED Minneapolis SECURITIES CORPORATION OF IOWA Cedar Rapids 36D0 IDS Towel, Minneapolis Minnesota 55402 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 5.50 6.00 6.25 6.50 6.70 6.90 7.10 7.30 7.50 7.60 7.70 7.80 7.90 8.00 8.00 6.90 6.90 6.90 6.90 6.90 6.90 7.00 7.20 7.40 7.60 7.80 7.90 8.00 8.00 8.00 PRICE $1,543,500.00 NIC $1,168,688.31 NIR 7.8422% PRICE $1,543,500.00 NIC $1,176,961.67 NIR 7.8977% 612/338.3535 800/328.8200 800/328.8100 Minnesota �(QP2-