Board of Supervisors Minutes
April 2, 2020
The Tama County Board of Supervisors met at 11:00 a.m. April 2, 2020 electronically via Zoom. During the COVID-19 crisis, all future meetings will be held this way until further notice. To participate/listen/watch the meeting, you may join through Zoom, Meeting ID: 883 806 335, by phone 1 253 215 8782 US or 1 301 715 8592 US. If you have something you want to put on the agenda for consideration, please call or email the Auditor’s office.
Present via Zoom: 1st District Supervisor, Larry Vest; 2nd District Supervisor, Kendall Jordan and 3rd District Supervisor, Dan Anderson, all via Zoom.
Also present electronically were Heidi Kuhl, Jeff Heil and Chip Schultz, Northland Securities to discuss the purchase of Series 2020A Bonds for the 911Radio Project.
Ms. Kuhl reported that the County had received a proposal from Northland Securities, Inc. for the purchase of the County’s General Obligation E911 Bonds, Series 2020A for the 911 radio project.
It is in the amount of $4,655,000 for 15 years with an overall interest rate of 2.3%. With the volatile market right now, that interest rate is very desirable.
Motion by Jordan, seconded by Vest to approve the following resolution:
RESOLUTION NO. 4-2-2020A
Resolution approving Bond Purchase Agreement for General Obligation E911 Bonds, Series 2020A
WHEREAS, the Board of Supervisors (the “Board”) of Tama County (the “County”), State of Iowa, has heretofore proposed to enter into a General Obligation Loan Agreement (the “Loan Agreement”) in a principal amount not to exceed $6,750,000, pursuant to the provisions of Section 331.402 of the Code of Iowa, for the purpose of financing the acquisition of emergency communication equipment, and has published notice and held a hearing on the proposal; and
WHEREAS, it has been proposed that the County enter into the Loan Agreement with Northland Securities, Inc., Minneapolis, MN (the “Underwriter”) and issue General Obligation E911 Bonds, Series 2020A in the principal amount of $4,655,000 (the “Bonds”) in evidence of its obligations under the Loan Agreement; and
WHEREAS, a certain Bond Purchase Agreement (the “Bond Purchase Agreement”) has been prepared setting forth the terms of the Bonds and the understanding between the County and the Underwriter, and it is now necessary to make provision for the approval of the Bond Purchase Agreement;
NOW, THEREFORE, Be It Resolved by the Board of Supervisors of Tama County, Iowa, as follows:
Section 1. The Bond Purchase Agreement is hereby approved in substantially the form as presented to this Board. The Chairperson and County Auditor are hereby authorized and directed to execute and deliver the Bond Purchase Agreement to the Underwriter.
Section 2. All resolutions and orders or parts thereof in conflict with the provisions of this resolution, to the extent of such conflict, are hereby repealed.
Section 3. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law.
Roll call vote: Vest, Aye. Jordan, Aye. Anderson, aye. Motion carried. Resolution passed and adopted this 2nd day of April, 2020. Dan Anderson, Chairman, Board of Supervisors. Laura Kopsa, County Auditor.
Chairman Anderson adjourned the meeting at 11:28 a.m.