HomeMy WebLinkAbout2023-05-15 H05B Bonds_Stormwater Revenue_NW Sunrise_Additional ActionAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: May 15, 2023
AGENDA ITEM:Consideration of approval of a resolution instituting proceedings to take
additional action [Not to Exceed $600,000 Stormwater Revenue Bonds
(NW Sunrise)]
FORMAT:Resolution
SYNOPSIS INCLUDING PRO & CON:
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: Not to exceed $600,000
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:
H5B
RESOLUTION 2023-
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO
EXCEED $600,000 STORMWATER REVENUE 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 $600,000 Stormwater Revenue Bonds, 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, and has considered the extent of objections received from residents
or property owners as to the proposed issuance of Bonds; and accordingly 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 the issuance in the manner required by law of not to exceed $600,000
Stormwater Revenue 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 stormwater fund 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 15th day of May, 2023.
Mayor
ATTEST:
City Clerk