HomeMy WebLinkAbout2023-11-20 G02 Loan Agreement, Iowa DOT_PHAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: November 20, 2023
AGENDA ITEM:On the authorization of a Loan Agreement and the issuance of Notes to
evidence the obligation of the City thereunder
FORMAT:Public Hearing
SYNOPSIS INCLUDING PRO & CON: Authorize a Loan Agreement and the issuance of
General Obligation Loan Notes to pay the Iowa DOT for the Grand
Prairie Interchange project over the next 10 years. This agreement is for
principal only, as the DOT agreed to a no interest agreement.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: Not to exceed $7,500,000
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Hold the public hearing
ATTACHMENTS: I. Notice of Public Hearing
PREPARED BY:Linda Burkhart
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION: Dallas County News
DATE OF PUBLICATION: November 9, 2023
G2
(To be published on or before: November 14, 2023)
NOTICE OF MEETING OF THE CITY COUNCIL OF THE
CITY OF WAUKEE, STATE OF IOWA, ON THE MATTER OF
THE PROPOSED AUTHORIZATION OF A LOAN
AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED
$7,500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES
OF THE CITY (FOR ESSENTIAL CORPORATE PURPOSES),
AND THE HEARING ON THE ISSUANCE THEREOF
PUBLIC NOTICE is hereby given that the City Council of the City of Waukee, State of
Iowa, will hold a public hearing on the 20th day of November, 2023, at 5:30 P.M., in the Council
Chambers, City Hall, 230 West 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 $7,500,000 General Obligation Capital Loan Notes, for essential corporate
purposes, to provide funds to pay the costs of undertaking a joint and cooperative project with
other governmental bodies, including acquisition, construction, ownership or control of any real
or personal property, including the 105th Street/Alices Road interchange project amongst the
Department of Transportation, and the Cities of Waukee and West Des Moines. Principal and
interest on the proposed Loan Agreement will be payable from the Debt Service Fund.
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 the meeting or at any adjournment thereof, take
additional action for the authorization of a Loan Agreement and the issuance of the Notes to
evidence the obligation of the City thereunder or will abandon the proposal to issue said Notes.
This notice is given by order of the City Council of the City of Waukee, State of Iowa, as
provided by Sections 384.24A and 384.25 of the Code of Iowa.
Dated this 6th day of November, 2023.
Rebecca D. Schuett
City Clerk, City of Waukee, State of Iowa
(End of Notice)