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November 24, 2004
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Meeting of the Board of Supervisors in their office on East Bridge St., Elkader.
Present: Walke, Meyer, and Gibbs
The second public hearing was held at 10:30 for the purpose of amending the Planning and Zoning Ordinance. At the opening of the hearing, Ron Kleinow presented a copy of state code section 335.8, in reference to notice of public hearings. Meyer moved to approve the proposed amendments, as published, and waive the third hearing. Gibbs seconded and all voted aye.
The Board of Supervisors of Clayton County, Iowa, met no November 24, 2004, at 1:25 o'clock p.m., at the Board of Supervisors office, Elkader, Iowa. The Chairperson presided and the roll was called showing the following Supervisors present and absent:
Present: Robert Walke, Neil Meyer, Larry Gibbs
Absent: none
Supervisor Larry Gibbs introduced the resolution next hereinafter set outo and moved its adoption, seconded by Supervisor Neil Meyer; and after due consideration thereof by the Board, the Chairperson put the question upon the adoption of said resolution, and the roll being called, the following named Supervisors voted:
Ayes: Robert Walke, Neil Myer, Larry Gibbs
Nays: none
Whereupon, the Chairperson declared the said resolution duly adopted, as hereinafter set out.
RESOLUTION #46-2004 Resolution fixing the time and place for receiving and canvassing bids and considering and passing a resolution for the award of $2,950,000 General Obligation County Jail Bonds and providing for the advertisement of such sale.
WHEREAS, Clayton County, Iowa (the "County") has heretofore proposed to contract indebtedness and issue $2,950,000 General Obligation County Jail Bonds, Series 2004 (the "Bonds"), to provide funds to pay the cost, to that amount, of constructing, furnishing and equipping anew County Jail, and has called a special County election on the question of issuing the Bonds, at which election the proposition was adopted by a vote in favor equal to at least 60% of the total votes cast for and against the proposition; and
WHEREAS, the County desires to offer the Bonds for public sale at this time and to provide for the advertisement of such sale;
NOW, THEREFORE, It Is Resolved, by the Board of Supervisors of Clayton County, Iowa, as follows:
Section 1. Sealed bids for the purchase of the Bonds shall be received and canvassed on behalf of the County at 2:00 o'clock p.m. on the 15th day of December, 2004, at the office of the County Auditor, Clayton County Courthouse, Elkader, Iowa, and the Board shall meet on the same date at 2:00 p.m., at the Board of Supervisors office, Elkader, Iowa, for the purpose of considering such bids received and considering and passing a resolution providing for the sale and issuance of the Bonds.
Section 2. Pursuant to Section 75.14 of the Code of Iowa, this Board 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 ill facilitate the delivery of bids by interested parties under the circumstances of the bonds sale.
Section 3. The County Auditor is authorized and directed to publish notice of said sale, as provided by Chapter 75 of the Code of Iowa, in substantially the following form:
NOTICE OF SALE
Clayton County, Iowa
$2,950,000 General Obligation County Jail Bonds,
Series 2004
Sealed bids will be received on behalf of Clayton County, Iowa until 2:00 o'clock p.m. on the 15th day of December, 2004, at the office of the County Auditor, Clayton County Courthouse, Elkader, Iowa, for the purchase of $2,950,000 General Obligation County Jail Bonds Series 2004, of the County, at which time such bids will be opened and canvassed. Thereafter such bids will be presented to the County Board of Supervisors for consideration at its meeting to be held at 2:00 o'clock p.m. on the same date at the Board of Supervisors Office, Elkader, Iowa, at which time the Bonds will be soled to the best bidder for cash. No open bids will be accepted.
The Bonds will be issued as fully registered bonds in denominations of $5,000 or any integral multiple thereof, will be dated January 1, 2005, will bear interest payable semiannually on each May 1 and November 1 to maturity, commencing November 1, 2005, and will mature on May 1 in the following years and amounts:
| Year | Principal Amount | Year | Principal Amount | |
| 2006 | $115,000 | 2014 | $205,000 | |
| 2007 | $160,000 | 2015 | $210,000 | |
| 2008 | $165,000 | 2016 | $220,000 | |
| 2009 | $170,000 | 2017 | $225,000 | |
| 2010 | $175,000 | 2018 | $235,000 | |
| 2011 | $185,000 | 2019 | $245,000 | |
| 2012 | $190,000 | 2020 | $255,000 | |
| 2013 | $195,000 |
The right is reserved to the County to call and redeem all of the Bonds maturing in the years 2012 to 2020, inclusive, in whole or form time to time in part, in one or more units of $5,000, on May 1, 2011, or any date thereafter prior to maturity (and within a maturity by lot), upon terms of par and accrued interest.
Bidders must specify a price of not less than $2,950,000 (100%), plus accrued interest. No bid calling for a discount will be accepted.
The legal opinion of Dorsey & Whitney LLP, Attorneys, Des Moines, Iowa, will be furnished by the County
A good faith deposit of $29,500 is required and may be forfeited to the County in the event the successful bidder fails or refuses to take and pay for the Bonds.
The Bonds are being issued pursuant to the provisions of Chapter 76 and Chapter 331 of the Code of Iowa and will constitute general obligations of the County, payable from taxes levied upon all the taxable property in the County without limitation as to rate or amount.
In order t permit bidders for the Bonds an other participating underwriters in the primary offering of the Bonds to comply with paragraph (b)(5) of Rule 15c2 12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934 (the "Rule"), the County will covenant and agree, for the benefit of the registered holder and beneficial owners from time to time of the the outstanding Bonds, in a Disclosure Certificate, to provide certain specified information, if customarily prepared and publicly available, and notice of the occurrence of certain events, if material. The County is the only "obligated person" with respect to the Bonds within the meaning of the Rule and, giving effect to the issuance of the Bonds, there will not be more than $10 million in principal amount of municipal securities outstanding on the date of issuance of the Bonds as to which the County is an obligated person (excluding municipal securities exempt from the Rule under paragraph (d)(1) thereof. A description of the undertaking is set forth in the Official Statement. Failure of the County to enter into an undertaking substantially similar to that described in the Official Statement would relieve the successful bidder of its obligation to purchase the Bonds. The County has complied in all material respects with any undertakings previously entered into by it under the Rule.
Bidders should be aware that the official terms of offering to be published in the Official Statement for the Bonds contain additional biding terms and information relative to the Bonds. In the event of a variance between statements in the Notice of Sale (except with respect to the time and place of the sale of the Bonds and the principal amount offered for sale) and said official terms of offering, the provisions of the latter shall control.
By order of the County Board of Supervisors of Clayton County, Iowa.
Section 4. All resolution s or parts of resolutions in conflict herewith area hereby repealed to the extent of such conflict.
Passed and approved November 24, 2004.
A motion was made by Neil Meyer and seconded by Larry Gibbs to allow Piper Jaffray & Co. to bid on the upcoming Clayton County Jail Bond issue.
Ayes: Robert Walke, Neil Meyer, Larry Gibbs
Nay: none
Chairman declared meeting adjourned.
Robert Walke, Chairman
Sandra J Coobs, Administrative Assistant
© 2007 Clayton County, Iowa