Section 110-454; Res. 203-09; Awarding the bid for the sale of $13,030,000 Taxable Special Obligation Improvement Bonds (Build America Bonds/Direct Subsidy - Annual Appropriation Obligation) Series 2009A of the City of Columbia.


Council Bill No. R 203-09

     A RESOLUTION


awarding the bid for the sale of $13,030,000 Taxable Special Obligation Improvement Bonds (Build America Bonds/Direct Subsidy –  Annual Appropriation Obligation) Series 2009A of the City of Columbia.


BE IT RESOLVED BY THE COUNCIL OF THE CITY OF COLUMBIA, MISSOURI AS FOLLOWS:

     Section 1.  That the City of Columbia, Missouri (the “City”), has offered at competitive public sale $13,030,000 Taxable Special Obligation Improvement Bonds (Build America Bonds/Direct Subsidy –  Annual Appropriation Obligation) Series 2009A (the “Bonds”), and bids for the Bonds were received by the City, by 10:00 A.M., Central Daylight Time, on August 17, 2009, in the manner as provided in the Notice of Sale.

     Section 2.  That notice of said sale was given by mailing copies of the Notice of Sale and Preliminary Official Statement to investment banking firms and banks and other financial institutions located throughout the United States.  The Notice of Sale was also made available through an electronic bidding system.  Furthermore, information regarding the competitive sale of the City was made available through the competitive offerings calendar published prior to the date of sale in The Bond Buyer published in New York, New York.

     Section 3.  The Preliminary Official Statement and the Notice of Sale are hereby ratified, confirmed and adopted, and the Official Statement is hereby authorized and approved by supplementing, amending and completing the Preliminary Official Statement, with such changes and additions thereto as are necessary to conform to and describe the transaction.  The City hereby deems the information regarding the City contained in the Preliminary Official Statement to be “final” as of its date, except for the omission of such information as is permitted by Rule 15c2-12(b)(1).

     Section 4.  That pursuant to said Notice of Sale, Bids were submitted to the City for the purchase of the Bonds as summarized on Exhibit A attached hereto.  

     Section 5.  That the Finance Director of the City has determined that the bid submitted by Robert W. Baird was the best bid submitted for the Bonds, the best bid being determined based on the lowest true interest cost to the City, and has recommended to the City Council the acceptance of said bid.

     Section 6.  The bid of Robert W. Baird is accepted as the best bid submitted for the purchase of $13,030,000 Taxable Special Obligation Improvement Bonds (Build America Bonds/Direct Subsidy –  Annual Appropriation Obligation) Series 2009A of the City, and the officers of the City and the Finance Director are authorized to enter into a contract selling the Bonds to Robert W. Baird on the basis of said bid and the terms specified in the Notice of Sale.

     Section 7.  The principal of and interest on the Bonds shall be payable in lawful money of the United States of America at UMB Bank, St. Louis, Missouri, said bank being hereby designated as the City's paying agent for the payment of the principal of and interest on the Bonds.

     Section 8.  The Mayor, the City Manager, the City Clerk and the Director of Finance of the City are hereby authorized and directed to execute said Bonds and such other documents and take such other actions as may be necessary to effectuate said borrowing on behalf of the City, including without limitation complying with and carrying out all of the provisions of the Continuing Disclosure Certificate.  The City acknowledges that the City is the only “obligated person” with responsibility for continuing disclosure with respect to Rule 15c2-12 promulgated by the Securities and Exchange Commission.

     Section 9.  All actions taken by the staff, administration, and advisors to the City pertaining to the publication of the Notice of Sale and the sale of said Bonds are hereby ratified, confirmed, and adopted.

     Section 10.  That this Resolution shall be in full force and effect from and after its adoption by the City.

    ADOPTED this 17th day of August, 2009.