MINUTES TO RECEIVE BIDS AND SELL BONDS
435926-32
Monticello, Iowa
April 15, 2019
The City Council of the Monticello, Iowa, met on April 15, 2019, at 6:00 o’clock p.m., at the Renaissance Center, 220 E First Street, Monticello, Iowa.
The meeting was called to order by the Mayor, and the roll was called showing the following Council Members present and absent:
Present: Dave Goedken, Brenda Hanken, Rob Paulson, Chirs Lux and Candy Langerman
Absent: Tom Yeoman.
This being the time and place fixed by the City Council for the consideration of bids for the purchase of the City’s General Obligation Corporate Purpose Bonds, Series 2019 the Mayor announced that bids had been received and canvassed on behalf of the City at the time and place fixed therefore.
Whereupon, such bids were placed on file, and the substance of such bids was noted in the minutes, as follows:
Name and Address of Bidder Final
Bid
(interest cost)
(ATTACH BID TABULATION)
After due consideration and discussion, Council Member Goedken introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member Lux. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted:
Ayes: Goedken, Lux, Hanken, Paulson, Langerman
Nays: None.
Whereupon, the Mayor declared the resolution duly
adopted as hereinafter set out.
RESOLUTION NO. 19-56
Resolution Awarding General Obligation Corporate Purpose Bonds, Series 2019
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 the City Council has made provision for the approval of the P.O.S. and has authorized its preparation and use by PFM Financial Advisors LLC, as municipal financial advisor (the “Financial Advisor”) to the City; and
WHEREAS, pursuant to advertisement of sale, bids for the purchase of the Bonds were received and canvassed on behalf of the City and the substance of such bids noted in the minutes; and
WHEREAS, upon final consideration of all bids, the bid of Bankers Bank, Madison, Wisconsin with Citizens State Bank, Monticello, Iowa (the “Purchaser”), is the best, such bid proposing the lowest interest cost to the City for the Bonds;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Monticello, Iowa, as follows:
Section 1. The bid of the Purchaser referred to in the preamble is hereby accepted, and the Bonds are hereby awarded to the Purchaser at the price specified in such bid, together with accrued interest, if any.
Section 2. The form of agreement of sale/official bid form (the “Sale Agreement”) of the Bonds to the Purchaser is hereby approved, and the Mayor and City Clerk are hereby authorized to execute the Sale Agreement for and on behalf of the City.
Section 3. The City shall enter into the Loan Agreement with the Purchaser in substantially the form as will be placed on file with the City Council, providing for a loan to the City in the principal amount of $2,500,000 for the purpose or purposes set forth in the preamble hereof.
Section 4. Further action with respect to the approval of the Loan Agreement and the issuance of the Bonds is hereby adjourned to the City Council meeting to be held on May 6, 2019.
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 15, 2019.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, City Clerk
• • • •
Upon motion and vote, the meeting was 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 as such City Clerk I have in my possession or have access to the complete corporate records of the City and of its City Council and officers and that I have carefully compared the transcript hereto attached with those corporate records and that the transcript hereto attached is a true, correct and complete copy of all the corporate records in relation to the sale of General Obligation Corporate Purpose Bonds, Series 2019 of the City evidencing the City’s obligation under a certain Loan Agreement and that the transcript hereto attached contains a true, correct and complete statement of all the measures adopted and proceedings, acts and things had, done and performed up to the present time with respect thereto.
WITNESS MY HAND this ____ day of ________________, 2019.
Sally Hinrichsen, City Clerk
(Attach here a
copy of the bid of the successful bidder.)
April 11, 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 to be used at the April 15th City Council meeting to report the bids received and to adopt the resolution approving the sale of General Obligation Corporate Purpose Bonds, Series 2019 (the “Bonds”) to the best bidder.
The attached resolution must be completed with the name of the purchaser of the Bonds. PFM Financial Advisors LLC will tabulate the bid results and provide that name to you.
The proceedings attached include the following items:
1. Resolution awarding the sale of the Bonds and providing for the adjournment of action on the Loan Agreement to May 6, 2019 for adoption of the issuance resolution.
2. Attestation Certificate with respect to the validity of the transcript.
As these proceedings are completed, please return one fully executed copy to our office.
If you have any questions, please contact Cheryl Ritter or me.
Best regards,
John P. Danos
Attachments
cc: Doug Herman
Susanne Gerlach
Matthew
Stoffel
Diana Van Vleet