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Home My WebLink About2022-03-21 H06 Reimbursement ResolutionAGENDA ITEM: CITY OF WAUKEE, IOWA CITY COUNCIL MEETING COMMUNICATION MEETING DATE: March 21, 2022 AGENDA ITEM:Consideration of approval of Resolution Declaring an Official Intent Under Treasury Regulation 1.150-2 to Issue Debt to Reimburse the City for Certain Original Expenditures Paid in Connection with Specified Projects FORMAT:Resolution SYNOPSIS INCLUDING PRO & CON: United States Treasury regulations require a governmental entity to declare, in advance, the intent to reimburse accounts when expenditures have been made for capital projects, prior to receipt of bond proceeds. Reimbursement to those accounts would then be made from future debt issued by the governmental entity. The attached Resolution has been prepared to comply with these regulations, and format has been reviewed by the City’s bonding attorney, Eric Boehlert with Ahlers & Cooney. FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: No direct fiscal impact COMMISSION/BOARD/COMMITTEE COMMENT: STAFF REVIEW AND COMMENT: This resolution will ensure the City has taken the necessary steps to reimburse project costs prior to receipt of bond proceeds. RECOMMENDATION: Approve the resolution. ATTACHMENTS: I. Proposed Resolution PREPARED BY:Linda Burkhart REVIEWED BY: PUBLIC NOTICE INFORMATION – NAME OF PUBLICATION: DATE OF PUBLICATION: H6 THE CITY OF WAUKEE, IOWA RESOLUTION 2022- RESOLUTION DECLARING AN OFFICIAL INTENT UNDER TREASURY REGULATION 1.150-2 TO ISSUE DEBT TO REIMBURSE THE CITY FOR CERTAIN ORIGINAL EXPENDITURES PAID IN CONNECTION WITH SPECIFIED PROJECTS IN THE NAME AND BY THE AUTHORITY OF THE CITY OF WAUKEE, IOWA WHEREAS, the City of Waukee, Iowa is a duly organized municipality within Dallas County; AND, WHEREAS, the City anticipates making cash expenditures for one or more capital improvement projects, generally described and attached hereto as Exhibit A, and hereinafter referred to as “Project”; AND, WHEREAS, the City reasonably expects to issue debt to reimburse the costs of a Project; AND, WHEREAS, the Council believes it is consistent with the City’s budgetary and financial circumstances to issue this declaration of official intent. NOW THEREFORE BE IT RESOLVED by the City of Council of the City of Waukee, Iowa: Section 1. That this Resolution be and does hereby serve as a declaration of official intent under Treasury Regulation1.150-2. Section 2. That it is reasonably expected that capital expenditures will be made in respect of the foregoing Project, from time to time and in such amounts as this Council determines to be necessary or desirable under the circumstances then and there existing. Section 3. That the City reasonably expects to reimburse all or a portion of the foregoing expenditures with the proceeds of bonds, notes or other indebtedness to be issued or incurred by the City in the future. Section 4. That the total estimated costs of the Project, the maximum principal amount of the bonds, notes or other indebtedness to be issued for the foregoing Project and the estimated dates of completion of the Project are reasonably expected to be as follows: See Exhibit A attached *It is intended to seek grants and other contributions to reduce the amount of borrowing required for several of the attached projects. If such grants are not received, it is intended that the costs to be financed will be increased accordingly. Section 5. That the City reasonably expects to reimburse the above–mentioned Project costs not later than the later of eighteen months after the capital expenditures are paid or eighteen months after the property is placed in service. Section 6. That this Resolution be maintained by the City Clerk in an Official Intent File maintained in the office of the Clerk and available at all times for public inspection, subject to such revisions as may be necessary. PASSED AND APPROVED this 21st day of March, 2022. ____________________________ Courtney Clarke, Mayor Attest: ___________________________________ Rebecca D. Schuett, City Clerk RESULTS OF VOTE: AYE NAY ABSENT ABSTAIN Anna Bergman Pierce R. Charles Bottenberg Chris Crone Larry R. Lyon Ben Sinclair Estimated Amount to Estimated Date Project Advancing Fund Project Cost Borrow of Completion Stratford Crossing Park Capital Project 3,000,000$ 3,000,000$ Winter 2024 Vineyard Property - Phase I Capital Project 1,000,000$ 1,000,000$ Winter 2024 Waukee Schools Trails Capital Project 450,000$ 450,000$ Winter 2024 Spring Crest Park Capital Project 4,000,000$ 4,000,000$ Winter 2025 Painted Woods West Park Capital Project 1,000,000$ 1,000,000$ Winter 2025 Prairie Rose Greenway Trail Capital Project 1,000,000$ 1,000,000$ Winter 2025 Kettlestone Greenway Trail - Phase III Capital Project 1,200,000$ 1,200,000$ Winter 2025 Public Safety Building & Equipment Capital Project 30,000,000$ 30,000,000$ Fall 2025 Traffic Signals - Hickman and Waco/Brick Capital Project 750,000$ 750,000$ Spring 2023 Traffic Signals - NW Douglas and NW 10th/N Warrior Capital Project 1,250,000$ 1,250,000$ Spring 2023 Traffic Signals - Grand Prairie and SE Tallgrass Capital Project 550,000$ 550,000$ Spring 2023 Traffic Signals - SE Ashworth and SE Parkview Dr Capital Project 500,000$ 500,000$ Winter 2023 NW Meredith Overlay Capital Project 1,500,000$ 1,500,000$ Winter 2023 Public Works Site Expansion Capital Project 6,500,000$ 6,500,000$ Winter 2023 Public Works 2nd Floor Finish Capital Project 600,000$ 600,000$ Winter 2022 NE Douglas Pkwy Extenstion Capital Project 2,200,000$ 2,200,000$ Winter 2024 NW 6th St Culvert Capital Project 800,000$ 800,000$ Winter 2022 Univeristy Ave Extension - Warrior Ln to 10th St Capital Project 48,000,000$ 48,000,000$ Winter 2025 Warrior Ln Improvements - Phase IIA Capital Project 3,300,000$ 3,300,000$ Winter 2025 T Ave Improvements Capital Project 21,500,000$ 21,500,000$ Winter 2025 Entrance Signs - 2023-2025 Capital Project 450,000$ 450,000$ Annually Developer Lane Additions - 2023-2025 Capital Project 1,500,000$ 1,500,000$ Annually Kettlestone Trail Development - 2023-2025 Capital Project 300,000$ 300,000$ Annually Kettlestone Street Light Reimbursement - 2023-2025 Capital Project 300,000$ 300,000$ Annually Little Walnut Creek North Trunk Sewer - Phase V Sewer 1,500,000$ 1,500,000$ Summer 2023 NE Outfall Sewer Sewer 10,300,000$ 10,300,000$ Spring 2024 West Area Trunk Sewer - Phase II Sewer 3,100,000$ 3,100,000$ Spring 2024 Sunset Ridge West Sewer Extension Sewer 1,000,000$ 1,000,000$ Winter 2024 Lift Station #2 Rehabilitation Sewer 2,100,000$ 2,100,000$ Summer 2023 Lift Station #4 Rehabilitation Sewer 600,000$ 600,000$ Winter 2025 Lift Station #6 Rehabilitation Sewer 700,000$ 700,000$ Winter 2025 Elevated Water Storage Tank Water 7,600,000$ 7,600,000$ Winter 2025 ASR Well Water 1,000,000$ 1,000,000$ Winter 2024 Transite Water Main Replacement - Phase III Water 800,000$ 800,000$ Winter 2023 Transite Water Main Replacement - Phase IV Water 800,000$ 800,000$ Winter 2024 10" Gas Main Project Gas 2,600,000$ 2,600,000$ Winter 2024 6" Gas Main Project Gas 2,000,000$ 2,000,000$ Winter 2025 NW Sunrise Culver Crossing Storm Water 450,000$ 450,000$ Winter 2023 Little Walnut Creek Storm Water Wetlands Storm Water 2,500,000$ 2,500,000$ Spring 2024 Sugar Creek Watershed Improvements - Phase I Storm Water 1,500,000$ 1,500,000$ Winter 2025 Exhibit "A" Reimbursement Resolution - March 21, 2022 Resolution #2022-