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The City Manager advised the Mayor and members of the City <br /> Council that the City's General Obligation Bond <br /> and Grant Anticipation Project Notes, dated June 15, 1986, <br /> mature on June 1, 1987, and that action must be taken on or <br /> before the maturity date to either retire the same or to <br /> replace them with a new Project Note Issue. The Manager <br /> further stated that this matter has been discussed with the <br /> City's Financial Consultant, Bond Counsel, and Attorney, and it <br /> was their opinion since the City is not as of this date ready <br /> to pursue permanent bond financing for various reasons, action <br /> should be taken immediately to replace said outstanding Project <br /> Notes, Series 1986, with a new Project Note Issue, Series 1987, <br /> in order to provide funds to pay off the Series 1986 Note Issue <br /> on June 1, 1987. The Manager stated a proposal to purchase <br /> said Project Note Issue, Series 1987, has been received from <br /> Mr. Rex Ramsay representing the investment banking firm of <br /> Piper, Jaffray Hopwood Incorporated, dated May 7, 1987, a <br /> copy of proposal was included in the Council packet for <br /> tonight's s meeting. After discussion of said proposal by the <br /> y,pr a d iCououp n 1 and <br /> in ed the prt, Council Re Member ly�t <br /> pA,lip,� a tit esen foil ing ion and <br /> moved its adoption. Council Member a ii i v <br /> seconded the motion to adopt. The roll was called and the vote <br /> was: <br /> AYES: b: f 4 #/J, Jiitiij/ib, <br /> J /�J' C n Hie <br /> NAYS: Q/1? 01 A <br /> Whereupon, the Mayor declared the following Resolution duly <br /> adopted: <br /> 1 -y� <br /> .iity ket\ 11.0 rr <br /> RESOLUTION ACCEPTING THE PROPOSAL OF PIPER, <br /> JAFFRAY HOPWOOD INCORPORATED, REGARDING <br /> THE SALE AND DELIVERY OF $1,280,000.00 <br /> GENERAL OBLIGATION BOND AND GRANT <br /> ANTICIPATION PROJECT NOTES, SERIES 1987 <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CLIVE, <br /> IOWA: <br /> Section 1. That the proposal of the investment banking <br /> firm of Piper, Jaffray Hopwood Incorporated of Des Moines, <br /> 2 <br /> L Alen Gooney, Doiweilet Haynie Smith amee lawyers, Des Manes, Iowa <br />