HomeMy Public PortalAboutResolution 2011-18, A Resolution Directing The Acceptance Of A Proposal to Purchase $2,000,000 General Obligation Capital Loan Notes, Series 2011April 5, 2011
The City Council of the City of Riverdale, State of Iowa, met in
iQ session, in the Council Chambers, City Hall, 110 Manor Drive,
Rive ale, Iowa, at '~ o'clock ~ .M., on the above date. There were present
Mayor ~ ~; U;,~ , in the chair, and the following named Council Members:
'"~.~~ Lt I~Re.:~1
Absent: Cane ~~;1 C,~~,n ~n
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Council Member introduced the following Resolution entitled
"RESOLUTION DIREC NG THE ACCEPTANCE OF A PROPOSAL TO
PURCHASE~`~E,~,~ GENERAL OBLIGATION CAPITAL LOAN NOTES,
SERIES 2011" and moved that it be adopted. Council Member ~1;~
seconded the motion to adopt, and the roll being called thereon, the vote was as follows:
AYES: ~o~,r ~'
NAYS
Whereupon, the Mayor declared the Resolution duly adopted as follows:
RESOLUTION NO. ~ t ~ - 1
RESOLUTION DIRECTING THE ACCEPTANCE OF A
PROPOSAL TO PURCHASE $ GENERAL
OBLIGATION CAPITAL LOAN NO ET S, SERIES 2011
WHEREAS, the City of Riverdale, sometimes hereinafter referred to as the City,
is a municipal corporation duly incorporated, organized and existing under and by virtue
of the Constitution and laws of the State of Iowa; and
WHEREAS, the City is in need of funds to pay costs of essential corporate
purpose projects, and General Obligation Capital Loan Notes be issued for the
construction, reconstruction, rehabilitation and renovation of street, water, sewer, storm
sewer, including acquisition ofright-of--way, and the equipping of the fire department
(the "Project"); and
WHEREAS, the notice of intention of the City to take action for the issuance of
not to exceed $2,500,000 General Obligation Capital Loan Notes has heretofore been
duly published and no objections to such proposed action have been filed and the City
desires to proceed with the issuance of the Notes; and
WHEREAS, it is deemed necessary that the City should enter into a Loan
Agreement and borrow the amount of $~i~rj.d~p as authorized by 384.24.
384.24A, and 384.25, Code of Iowa as amended; and
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WHEREAS, a proposal has been received from Piper Jaffray & Co. of
Des Moines, Iowa; and
WHEREAS, it is the intention of this City Council to enter into a Loan Agreement
in accordance with said proposal dated ~~~ i ~ , 2011:
'T
NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE
CITY OF RIVERDALE, STATE OF IOWA:
Section 1. That this City Council does hereby accept the attached proposal of
Piper Jaffray & Co. of Des Moines, Iowa, and takes additional action to permit the
entering into of a Loan Agreement.
Section 2. The Mayor and City Clerk are authorized and directed to proceed on
behalf of the City to enter into such Loan Agreement, to negotiate the final terms of a
Loan Agreement to take all action necessary to permit the entering into of a Loan
Agreement on a basis favorable to the City and acceptable to the Purchaser, and to
proceed to meet the conditions of this accepted proposal.
PASSED AND APPROVED this 5`h day of April, 2011.
a or
ATTEST:
G
City Clerk
(Attach Copy of Terms of Proposal)
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CERTIFICATE
STATE OF IOWA )
SS
COUNTY OF SCOTT )
I, the undersigned City Clerk of the City of Riverdale, 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 the City hereto affixed this $ day of
2011.
9 ~ C , • / C
City Clerk, City of Riverdale, State of Iowa
(SEAL)
# 687722.1/22647.001
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(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body: The City Council of the City of Riverdale, State of Iowa.
Date of Meeting: April 5, 2011.
Time of Meeting: ~ o'clock ~ .M.
Place of Meeting: Council Chambers, City Hall, 110 Manor Drive, Riverdale,
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:
Not to Exceed $2,500,000 General Obligation Capital Loan Notes, Series 2011.
• Resolution Directing the Acceptance of a Proposal to Purchase General Obligation
Capital Loan Notes, Series 2011.
Such additional matters as are set forth on the additional page(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 the governmental body.
City Clerk, City of Riverdale, State of Iowa