MINUTES TO SET DATE FOR SALE OF BONDS AND AUTHORIZE OFFICIAL STATEMENT FOR BONDS
435926-32
Monticello, Iowa
April 1, 2019
The City Council of the City of Monticello, Iowa, met on April 1, 2019, at 6:00 o’clock p.m. at the Monticello Renaissance Center, 220 E 1st Street, Monticello, Iowa.
The meeting was called to order by the Mayor, and the roll being called, the following named Council Members were present and absent:
Present: Dave Goedken, Brenda Hanken, Rob Paulson, Chris Lux and Tom Yeoman
Absent: None.
After due consideration and discussion, Council Member Goedken introduced the following resolution and moved its adoption, seconded by Council Member Hanken. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted:
Ayes: Goedken, Hanken, Paulson, Lux and Yeoman
Nays: None.
The Mayor declared the resolution duly adopted, as
hereinafter set out.
RESOLUTION NO. 19-50
WHEREAS, the City of Monticello (the “City”), in Jones County, State of Iowa, pursuant to the provisions of Section 384.24A of the Code of Iowa, heretofore proposed to enter into a loan agreement (the “Loan Agreement”) and to borrow money thereunder in a principal amount not to exceed $2,700,000 for the purpose of paying the costs, to that extent, of constructing street, water system, sanitary sewer system, sidewalk and storm water drainage improvements and installing street lighting, signage and signalization, and pursuant to law and duly published notice of the proposed action has held a hearing thereon on February 18, 2019; and
WHEREAS, a Preliminary Official Statement (the “P.O.S.”) has been prepared to facilitate the sale of General Obligation Corporate Purpose Bonds, Series 2019 (the “Bonds”) to be issued in evidence of the obligation of the City under the Loan Agreement, and it is now necessary to make provision for the approval of the P.O.S. and to authorize its use by PFM Financial Advisors LLC, as municipal financial advisor (the “Financial Advisor”) to the City; and
WHEREAS, it is now necessary to set the date for the sale of the Bonds and to make provision for the advertisement thereof;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Monticello, Iowa, as follows:
Section 1. The City Clerk is hereby authorized to take such action as shall be deemed necessary and appropriate, with the assistance of the Financial Advisor, to prepare the P.O.S. describing the Bonds and providing for the terms and conditions of their sale, and all action heretofore taken in this regard is hereby ratified and approved.
Section 2. The use by the Financial Advisor of the P.O.S. in substantially the form as has been presented to and considered by the City Council is hereby approved, and the Financial Advisor is hereby authorized to prepare and use a final Official Statement for the Bonds substantially in the form of the P.O.S. but with such changes therein as are required to conform the same to the terms of the Bonds and the resolution, when adopted, providing for the sale and issuance of the Bonds, and the City Clerk is hereby authorized and directed to execute a final Official Statement for the Bonds, if requested by the Financial Advisor. The P.O.S. as of its date is deemed final by the City within the meaning of Rule 15(c)(2)-12 of the Securities and Exchange Commission.
Section 3. Sealed bids for the purchase of the Bonds shall be submitted, as set forth in the P.O.S., received and canvassed on behalf of the City until 10:30 a.m. on April 15, 2019, at the office of the City Clerk, at the City Hall, in the City, and the City Council shall meet on the same date at 6:00 o’clock p.m., at the Monticello Renaissance Center, 220 E 1st Street, Monticello, Iowa, for the purpose of considering such bids received and considering and passing a resolution providing for the award of the Bonds, and the Financial Advisor is hereby authorized and directed to disseminate the notice of said sale, in compliance with the Internal Revenue Service regulations governing “Issue Price” determinations, such notice to minimally contain information regarding Establishment of Issue Price set forth in the “Terms of Offering” attached to the P.O.S. and to be in such form as the Financial Advisor may deem to be appropriate.
Section 4. Pursuant to Section 75.14 of the Code of Iowa, the City Council hereby authorizes the use of electronic bidding procedures for the sale of the Bonds through PARITY®, and hereby finds and determines that the PARITY® competitive bidding system will provide reasonable security and maintain the integrity of the competitive bidding process and will facilitate the delivery of bids by interested parties under the circumstances of this bond sale.
Section 5. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict.
Section 6. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law.
Passed and approved April 1, 2019.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, City Clerk
• • • •
On motion and vote, the meeting adjourned.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, City Clerk
ATTESTATION CERTIFICATE
STATE OF IOWA
JONES COUNTY SS:
CITY OF Monticello
I, the undersigned, City Clerk of the City of Monticello, do hereby certify that attached hereto is a true and correct copy of all of the proceedings of the City Council relating to the fixing of a date for the sale of General Obligation Corporate Purpose Bonds, Series 2019 and approving a preliminary official statement for the sale of the Bonds, as referred to herein.
WITNESS MY HAND this ________ day of ______________, 2019.
Sally Hinrichsen, City Clerk
March 25, 2019
Via Email
Sally Hinrichsen
City Clerk/City Hall
Monticello, Iowa
Re: General
Obligation Corporate Purpose Bonds, Series 2019
Our File No. 435926-32
Dear Sally:
We have prepared and attach the necessary proceedings reflecting action to be taken at the April 1, 2019 meeting to set April 15, 2019 as the date for the sale of General Obligation Corporate Purpose Bonds, Series 2019 (the “Bonds”) and to authorize the use of a preliminary official statement (the “P.O.S.”) in connection therewith.
The proceedings attached include the following items:
- Minutes of the meeting, followed by the resolution providing for the authorization of the P.O.S., setting the date for the sale of the Bonds, and authorizing distribution of a Notice of Sale.
- Attestation Certificate with respect to the validity of the transcript.
Prior to the adoption of the resolution, you and the City Council should review the proposed P.O.S., which PFM Financial Advisors LLC is preparing, carefully for accuracy and to ensure that there are no important facts being left out of the document that might bear on potential risks to bond holders. It should be noted that, while we will review and comment on the portions of the document that are pertinent to our role as bond counsel, we have not been engaged as disclosure counsel, and we will not engage in a full due diligence process to investigate the accuracy of financial data or any bond holder risks that are unknown to us, nor will we be providing any legal opinions with respect to the documents offering the Bonds for sale. We are available to do this additional work as the City’s disclosure counsel if requested.
As soon as possible after the City Council meeting, please return one fully executed copy of all of the completed pages in these proceedings. If you have any questions, please contact Cheryl Ritter or me.
Best regards,
John P. Danos
Attachments
cc: Doug Herman
Susanne Gerlach
Matthew Stoffel