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HomeMy WebLinkAbout2013-01-21-Resolutions 13-020_Bonds - Sewer Revenue CLN Series 2013A - Additional ActionRESOLUTION 13-020 RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $2,000,000 SEWER REVENUE CAPITAL LOAN NOTES,SERIES 2013A, APPROVING ELECTRONIC BIDDING PROCEDURES AND OFFICIAL STATEMENT WHEREAS,pursuant to notice published as required by law,this Council has held a public meeting and hearing upon the proposal to institute proceedings for the authorization of a Loan Agreement and the issuance of not to exceed $2,000,000 Sewer Revenue Capital Loan Notes,Series 2013A,for the purpose of paying costs of improvements and extensions to the Municipal Sewer System,including the Little Walnut Creek Regional Lift Station project,and has considered the extent of objections received from residents or property owners as to the proposal and,accordingly the following action is now considered to be in the best interests of the City and residents thereof;and WHEREAS,in conjunction with its Financial Advisor,Public Financial Management,Inc.,the City has caused a Preliminary Official Statement to be prepared outlining the details of the proposed sale of the Note. WHEREAS,the Council has received information from its Financial Advisor evaluating and recommending the procedure hereinafter described for electronic, facsimile and internet bidding to maintain the integrity and security of the competitive bidding process and to facilitate the delivery of bids by interested parties;and WHEREAS,the Council deems it in the best interests of the City and the residents thereof to receive bids to purchase such Notes by means of both sealed and electronic internet communication. NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WAUKEE,STATE OF IOWA: Section 1.That this Council does hereby institute proceedings and take additional action for the authorization of a Loan Agreement and issuance in the manner required by law of not to exceed $2,000,000 Sewer Revenue Capital Loan Notes,Series 2013A,for the foregoing purpose. Section 2.This Resolution shall serve as a declaration of official intent under Treasury Regulation 1.150-2 and shall be maintained on file as a public record of such intent.It is reasonably expected that the sewer utility fund moneys may be advanced from time to time for capital expenditures which are to be paid from the proceeds of the above loan agreement.The amounts so advanced shall be reimbursed from the proceeds of the Loan Agreement not later than eighteen months after the initial payment of the capital expenditures or eighteen months after the property is placed in service.Such advancements shall not exceed the loan amount authorized in this Resolution unless the same are for preliminary expenditures or unless another declaration of intention is adopted. Section 3.That the receipt of electronic bids by facsimile machine and through the Parity Competitive Bidding System described in the Preliminary Official Statement are hereby found and determined to provide reasonable security and to maintain the integrity ofthe competitive bidding process,and to facilitate the delivery of bids by interested parties in connection with the offering of the Notes. Section 4.That the preliminary Official Statement in the form presented to this meeting be and the same hereby is approved as to form and deemed final for purposes of Rule ISc2-12 of the Securities and Exchange Commission,subject to such revisions, corrections or modifications as the Mayor and City Clerk,upon the advice of bond counsel and the City's Financial Advisor,shall determine to be appropriate,and is authorized to be distributed in connection with the offering of the Notes for sale. PASSED AND APPROVED this 21st day of January,2013. ATTEST: ROLL CALL VOTE Shane Blanchard Dan Dutcher Casey L.Harvey Shelly Hughes Mike Watts AYE X X X X X NAY ABSENT ABSTAIN