HomeMy WebLinkAbout2023-04-10 D01A_04 Bond_Stormwater Revenue (NW Sunrise)_Set PHAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: April 10, 2023
AGENDA ITEM:Consideration of approval of a resolution fixing date for a meeting on the
proposition to issue Not to Exceed $600,000 Stormwater Revenue Bonds
(NW Sunrise)
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: The proposed bond proceeds will be used to provide
funds to pay the costs of acquisition, construction, reconstruction,
extending, remodeling, improving, repairing and equipping all or part of
the Stormwater Management Utility, including those costs associated
with the NW Sunrise Project.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: Not to exceed $600,000
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Approve the resolution setting the public hearing date for May 15,
2023.
ATTACHMENTS: I. Proposed Resolution
PREPARED BY:Becky Schuett
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
D1A4
RESOLUTION 2023-
RESOLUTION FIXING DATE FOR A MEETING ON THE
PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED
$600,000 STORMWATER REVENUE BONDS OF THE CITY
OF WAUKEE, STATE OF IOWA, AND PROVIDING FOR
PUBLICATION OF NOTICE THEREOF
WHEREAS, it is deemed necessary and advisable that the City of Waukee, State of Iowa
should issue Stormwater Revenue Bonds, in the amount of not to exceed $600,000, as authorized
by Section 384.84A, Code of Iowa, as amended, for the purpose of providing funds to pay costs as
hereinafter described; and
WHEREAS, the population of the City is between 5,000 and 75,000 and the project costs
for the SW Sunrise Project by the Bonds do not exceed $1,500,000; and
WHEREAS, the Bonds shall be payable solely and only out of the Net Revenues of the
Stormwater Management Utility and shall be a first lien on the future Net Revenues of the Utility;
and shall not be general obligations of the City or payable in any manner by taxation and the City
shall be in no manner liable by reason of the failure of the Net Revenues to be sufficient for the
payment of the Bonds; and
WHEREAS, before said Bonds may be issued, it is necessary to comply with the
provisions of the Code of Iowa, as amended, and to publish a notice of the proposal and of the time
and place of the meeting at which the Council proposes to take action for the authorization of the
Bonds, and to receive oral and/or written objections from any resident or property owner of the
City to such action.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WAUKEE, IOWA:
Section 1. That this Council meet in the Council Chambers, City Hall, 230 W. Hickman Road,
Waukee, Iowa, at 5:30 P.M., on the 15th day of May, 2023, for the purpose of taking action on the
matter of the issuance of not to exceed $600,000 Stormwater Revenue Bonds, the proceeds of
which will be used to provide funds to pay the costs of acquisition, construction, reconstruction,
extending, remodeling, improving, repairing and equipping all or part of the Stormwater
Management Utility, including those costs associated with the NW Sunrise Project.
Section 2. That the Clerk is hereby directed to cause at least one publication of a notice of
said meeting, in a legal newspaper, printed wholly in the English language, published at least once
weekly, and having general circulation in said City the publication to be not less than thirty (30)
clear days before the date of said public meeting on the issuance of the Bonds.
Section 3. The form notice of the proposed action in substantially the following form is
hereby ratified and approved:
(To be published on or before April 12, 2023)
NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF
WAUKEE, IOWA ON THE MATTER OF THE PROPOSED
ISSUANCE OF NOT TO EXCEED $600,000 STORMWATER
REVENUE BONDS, AND THE PUBLIC HEARING ON THE
ISSUANCE THEREOF
PUBLIC NOTICE is hereby given that the Council of the City of Waukee, Iowa, will hold a public
hearing on the 15th day of May, 2023, at 5:30 P.M., in the Council Chambers, City Hall, 230 W. Hickman
Road, Waukee, Iowa, at which meeting the Council proposes to take additional action for the authorization
of a Loan Agreement and the issuance of not to exceed $600,000 Stormwater Revenue Bonds, at a rate not
exceeding 9%, to evidence the obligations of the City under said Loan Agreement, in order to provide funds
to pay the costs of acquisition, construction, reconstruction, extending, remodeling, improving, repairing
and equipping all or part of the Stormwater Management Utility, including those costs associated with the
NW Sunrise Project. The Bonds will not constitute general obligations or be payable in any manner by
taxation, but will be payable from and secured by the Net Revenues of the Stormwater Management Utility.
Pursuant to Chapter 100 of the City of Waukee Code of Ordinance, Stormwater Management Utility service
charges are imposed upon and collected from the owners or occupants of all lots, parcels of real estate and
buildings that discharge stormwater or surface or subsurface waters, directly or indirectly to the City
stormwater drainage system within the corporate limits of the City. Effective July 1, 2022, flat rates will
be charged for each class of property as follows: Undeveloped ($0.00/month), and Residential
($6.50/month). Commercial/Industrial parcels are charged $6.50 per "equivalent residential unit" (ERU).
ERU's are the average impervious area of residential developed property per dwelling unit located within
the city as periodically determined and established by the City to be two thousand nine hundred seventy
three (2,973) square feet of impervious surface area. The number of ERU on each property shall be
calculated by the Engineering Department based on the most recent aerial photograph available to the city
of Waukee and/or impervious surface data from an approved Site Plan for the property. The above rates
are invoiced as of the last day of the month and billed on the customers combined service account through
the City's Utility Billing Department. Bills shall be due and payable by the twentieth (20th) of the month
following the end of each monthly billing cycle, with late payment penalties, liens, and discontinuation of
service as outlined in Chapter 100 of the City of Waukee Code of Ordinance. Rates and billing procedures
may be adjusted by the City from time to time. Stormwater fees remaining unpaid and delinquent shall
constitute a lien upon the premises served and shall be certified by the Clerk to the County Treasurer for
collection in the same manner as property taxes.
At the above meeting the Council shall receive oral or written objections from any resident or
property owner of the City, to the above action. After all objections have been received and considered,
the Council will at this meeting or at any adjournment thereof, take additional action for the issuance of
Bonds or will abandon the proposal to issue the Bonds.
This Notice is given by order of the Council of Waukee, Iowa, as provided by Section 384.84A of
the Code of Iowa, as amended.
Dated this 10th day of April, 2023.
Rebecca D. Schuett
City Clerk of Waukee, Iowa
(End of Notice)
PASSED AND APPROVED this 10th day of April, 2023.
Mayor
ATTEST:
City Clerk