HomeMy WebLinkAbout2002-11-21-Resolutions 02-184_Bonds - Private School Facility Revenue - Set PHRESOLUTION NO.02-184
A RESOLUTION REGARDlNG THE ISSUANCE OF NOT TO EXCEED
$9,500,000 IN AGGREGATE PRINCIPAL AMOUNT OF PRN ATE SCHOOL
FACILITY REVENUE BONDS (SAlNT FRANCIS OF ASSISI SCHOOL
CORPORATION PROJECT)OF THE CITY OF WAUKEE,IOWA,
DIRECTlNG PUBLICATION OF NOTICE OF lNTENTION TO ISSUE,
CALLlNG A PUBLIC HEARlNG ON THE PROPOSAL TO ISSUE SAID
BONDS
WHEREAS,the City of Waukee,Iowa (the "Issuer")is a municipal corporation
organized and existing under the Constitution and laws of the State ofIowa,and is
authorized and empowered by Chapter 419 of the Code ofIowa (the "Act")to issue
revenue bonds and loan the proceeds from the sale of said bonds to one or more parties to
be used to defray all or a portion of the cost of acquiring,constructing,improving and
equipping a "proj ect",as that term is defined in the Act,including land,buildings and
improvements suitable for use as a facility for an organization described in Section
50l(c)(3)of the Internal Revenue Code which is exempt from federal income tax under
Section 50l(a)ofthe Internal Revenue Code (a "Tax Exempt Organization")and to
refinance any existing indebtedness on a facility for a Tax Exempt Organization;and
WHEREAS,the Issuer has been requested by Saint Francis of Assisi School
Corporation,an Iowa nonprofit corporation (the "Borrower"),to authorize and issue its
Private School Facility Revenue Bonds pursuant to the provisions of the Act for the
purpose of defraying all or a portion of the cost of (i)acquisition ofland and construction
of an addition to the Borrower's existing elementary school,including a gymnasium,
classrooms,cafeteria,media center and music and art rooms,(ii)retiring existing
indebtedness,the proceeds of which were used to construct the existing school facility
(together the "Project"),all located at 7075 Ashworth Road,West Des Moines,Iowa
within 8 miles of the boundaries ofthe Issuer and (iii)paying related costs,including
costs of issuance of the Bonds;and
WHEREAS,the Issuer has determined that the amount necessary to defray the
cost ofthe Project,including necessary expenses incidental thereto,will require the
issuance by the Issuer of not to exceed $9,500,000 aggregate principal amount of its
Private School Facility Revenue Bonds (the "Bonds")pursuant to the provisions of the
Act,and it is proposed that the Issuer loan said amount to the Borrower under a Loan
Agreement between the Issuer and Borrower pursuant to which loan payments will be
made by the Borrower in amounts sufficient to pay the principal of,interest and premium,
if any,on said Bonds,as and when the same shall be due;and
WHEREAS,the Bonds,if issued,shall be limited obligations of the Issuer,and
shall not constitute nor give rise to a pecuniary liability of the Issuer or a charge against
its general credit or taxing powers,and the principal of,interest and premium,if any,on
the Bonds shall be payable solely out of the revenues derived from the Loan Agreement;
and
WHEREAS,before the Bonds may be issued,it is necessary to conduct a public
hearing on the proposal to issue the Bonds,all as required and provided by Section 419.9
of the Act and Section 147(f)of the Internal Revenue Code of 1986,as amended (the
"Code").
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NOW,THEREFORE,Be It and It Is Hereby Resolved by the City Council of the
Issuer as follows:
Section 1.A public hearing shall be conducted on December 16,2002,at
7:00 p.m.,before this City Council in the Council Chambers,City Hall,Waukee,Iowa,
on the proposal to issue not to exceed $9,500,000 aggregate principal amount of the
Issuer's Private School Facility Revenue Bonds (Saint Francis of Assisi School
Corporation Project)pursuant to the provisions of the Act,for the purpose of defraying
all or part of the cost of retiring existing indebtedness and completing the Proj ect,and all
local residents who appear at said hearing shall be given an opportunity to express their
views for or against the proposal to issue such Bonds;and at said hearing,or any
adjournment thereof,this Board shall adopt a Resolution determining whether or not to
proceed with the issuance of said Bonds.
Section 2.The City Clerk of the Issuer is hereby directed to publish one time,
not less than 15 days prior to the date fixed for said hearing,in a legal newspaper
published and having a general circulation within the Issuer,a Notice of Intention to issue
said Bonds in substantially the following form:1
NOTICE OF PUBLIC HEARING ON INTENTION TO ISSUE
PRN ATE SCHOOL FACILITY REVENUE BONDS
(SAINT FRANCIS OF ASSISI SCHOOL CORPORATION PROJECT)
Notice is hereby given that a public hearing will be conducted before the City Council of
the City of Waukee,Iowa (the "Issuer"),in the Council Chambers,City Hall,230
Highway 6,Waukee,Iowa,at 7:00 p.m.on December 16,2002,on the proposal to issue
not to exceed $9,500,000 aggregate principal amount ofthe Issuer's private school
facility revenue bonds (the "Bonds"),pursuant to the provisions of Chapter 419 of the
Code of Iowa,for the purpose ofloaning the proceeds thereofto Saint Francis of Assisi
School Corporation,a nonprofit corporation (the "Borrower"),to finance all or a portion
of the costs of (i)acquisition ofland and construction of an addition to the Borrower's
existing elementary school,including a gymnasium,classrooms,cafeteria,media center
and music and art rooms,(ii)retiring existing indebtedness,the proceeds of which were
used to constmct the existing school facility (together the "Project"),all located at 7075
Ashworth Road,West Des Moines,Iowa within 8 miles of the boundaries ofthe Issuer
and (iii)paying related costs,including costs of issuance ofthe Bonds.It is contemplated
that a Loan Agreement will be entered into between the Issuer and the Borrower,under
which the Issuer would loan to the Borrower the proceeds from the sale of the Bonds in
return for loan payments from the Borrower sufficient to pay the principal of,and interest
and premium,if any,on such Bonds as the same shall become due.
Such Bonds,if issued,and the interest thereon,will be payable solely out of the revenues
derived from the Loan Agreement and shall never constitute an indebtedness ofthe Issuer
within the meaning of any state constitutional provision or statutory limitation,and will
not constitute or give rise to pecuniary liability of the Issuer or a charge against its
general credit or its taxing powers.
All local residents who appear at the hearing shall be given an opportunity to express
their views for or against the proposal to issue the Bonds,and at the hearing,or any
adjournment thereof,the City Council of the Issuer shall adopt a resolution determining
whether or not to proceed with the issuance of the Bonds.
By Order of the City Council.
Mark J.Arentsen,City Administrator/Clerk
Section 3.Officials of the Issuer are hereby authorized to take such further
action as may be necessary to carry out the intent and purpose of this Resolution.
Section 4.All Resolutions and Orders or parts thereof,in conflict herewith
are,to the extent of such conflict,hereby repealed,and this Resolution shall be in full
force and effect immediately upon its adoption.
Adopted and approved November 21,2002.
City of Waukee,Iowa
(Seal)
Mark D.Leslie,Ma or
Attest:
ROLL CALL VOTE AYE NAY ABSENT
1NicholasC.Gruber X
Donald L.Bailey,JI.X
Bill Peard X
Mike Watts X
Wayne Johnson X