HomeMy WebLinkAbout2023-04-03 I03C GO LOSST Bonds_Additional ActionAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: April 3, 2023
AGENDA ITEM:Consideration of approval of a resolution instituting proceedings to take
additional action [Not to Exceed $25,000,000 General Obligation Local
Option Sales Tax Bonds]
FORMAT:Resolution
SYNOPSIS INCLUDING PRO & CON:
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: Not to exceed $25,000,000
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Proposed Resolution
PREPARED BY:Becky Schuett
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
I3C
RESOLUTION 2023-
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO
EXCEED $25,000,000 GENERAL OBLIGATION LOCAL
OPTION SALES TAX BONDS
WHEREAS, pursuant to notice published as required by law, the City Council has held a
public meeting and hearing upon the proposal to institute proceedings for the issuance of not to
exceed $25,000,000 General Obligation Local Option Sales Tax Bonds, in order to provide funds
to pay the costs of construction, improvement, and equipping of a public safety facility,
including fire and police services, with all necessary utilities, public improvements, and related
site improvements, and to acquire real estate therefore, and for parks and trail improvements, and
has considered the extent of objections received from residents or property owners as to the
proposed issuance of Bonds; and no petition was filed calling for a referendum thereon. The
following action is now considered to be in the best interests of the City and residents thereof.
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 and issuance in the manner required by law of not to exceed $25,000,000
General Obligation Local Option Sales Tax Bonds, for the foregoing purposes.
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 general fund of local option sales tax moneys may be advanced
from time to time for capital expenditures which are to be paid from the proceeds of the above
Bonds. The amounts so advanced shall be reimbursed from the proceeds of the Bonds 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 amount
authorized in this Resolution unless the same are for preliminary expenditures or unless another
declaration of intention is adopted.
PASSED AND APPROVED this 3rd day of April, 2023.
Mayor
ATTEST:
City Clerk