HomeMy WebLinkAbout2023-11-20 I01H WRA 2023 Senior Bond Issuance CertificateAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: November 20, 2023
AGENDA ITEM:Consideration of approval of a resolution approving Supplement to 2023
Senior Bond Issuance Certificate of WRA Participating Community
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: March 20, 2023 the WRA certificates indicated they
intended to issue debt in the amount of $94,250,000 over the next two
calendar years, 2023 and 2024. The WRA board is asking for participating
communities to have Council approval expanding the scope of the certificate
for the $10,000,000 bid contingencies to include WRA Site Acquisition,
Demolition and Clearing Project estimated at $9,000,000; there being no
impact on the previously approved aggregate amount of $94,250,000
previously approved.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT: City staff recommends approval of the attached resolution
and directs the Finance Director to execute and return the Supplement to 2023
Senior Bond Issuance Certificate.
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Proposed Resolution
II. PFM Memo
PREPARED BY:Linda Burkhart
REVIEWED BY:
I1H
THE CITY OF WAUKEE, IOWA
RESOLUTION 2023-
A RESOLUTION APPROVING SUPPLEMENT TO 2023 SENIOR BOND ISSUANCE
CERTIFICATE OF DES MOINES METROPOLITAN WASTEWATER
RECLAMATION AUTHORITY PARTICIPATING COMMUNITY
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF WAUKEE, IOWA
WHEREAS, the City of Waukee, Dallas County, State of Iowa, is a duly organized Municipal
Organization; AND,
WHEREAS, the City of Waukee, Iowa is a member of the Des Moines Metropolitan
Wastewater Reclamation Authority (WRA), and is in compliance with the provisions of the
WRA Agreement; AND,
WHEREAS, the WRA identified projects for which not more than $94,250,000 of WRA Bonds
are anticipated to be issued in calendar years 2023 and 2024, memorialized in the 2023 Senior
Bond Issuance Certificate approved by all Participating Communities around July 2023, with
correlating allocations of debt service to Participating Communities; AND,
WHEREAS, the 2023 Senior Bond Issuance Certificate included $10,000,000 of bid
contingency for projects enumerated therein; AND,
WHEREAS, WRA is contemplating a new project for land acquisition, demolition and clearing
project for a new WRA Site, in an estimated amount of $9,000,000; AND,
WHEREAS, the WRA requires Participating Communities to approve proposed indebtedness
prior to issuance, and has suggested utilizing $9,000,000 of the original $10,000,000 bid
contingency for the new WRA Site Acquisition, Demolition and Clearing Project.
NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF
WAUKEE, IOWA:
Section 1. That the City Council of the City of Waukee, Iowa, hereby approves
expanding the scope of the $10,000,000 bid contingency previously identified within the 2023
Senior Bond Issuance Certificate of WRA Participating Community to include the WRA Site
Acquisition, Demolition and Clearing Project in the estimated amount of $9,000,000 (bid
contingency reduced to $1,000,000), there being no impact on the previously approved aggregate
amount of $94,250,000 proposed issuance by the WRA and approved by all Participating
Communities, nor a modification to the previously approved allocation of debt service for each
of the Participating Communities.
Section 2. That a copy of this Resolution shall be filed with the WRA confirming the City
Council of the City of Waukee, Iowa’s action herein, and supplementing the 2023 Senior Bond
Issuance Certificate.
PASSED AND APPROVED this 20th day of November, 2023.
____________________________
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
I, City Clerk of said City of Waukee, Iowa hereby certify that at a meeting of the City
Council of the City of Waukee, Iowa, held on the above date, among other proceedings the
above was adopted.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my seal the day
and year first above written.
_____________________________
Rebecca D. Schuett, City Clerk, City of Waukee, Iowa
November 7, 2023
Memorandum
To: WRA Participating Communities
From: Matthew Stoffel, PFM Financial Advisors LLC (“PFM”)
CC: Scott Hutchens and Roxane Vaughan, Operating Contractor
Eric Boehlert, Ahlers & Cooney P.C.
Re: 2023 Senior Bond Issuance Certificates–Resolution Approving Supplement
Background
The Senior Bond Issuance Certificates of WRA Participating Community
(“Certificates”) are required as part of the Second Amended and Restated 28E
Agreement (“Agreement” or “28E”). The Certificates are the mechanism that gives
the WRA the authority to issue debt on behalf of the Participating Communities.
From March through June 2023, the WRA Participating Communities authorized
additional borrowing authority for $94,250,000 for upcoming capital projects vis the
2023 Senior Bond Issuance Certificates. The 2023 Senior Bond Issuance Certificate
included $10,000,000 of bid contingency for projects enumerated therein.
WRA is contemplating a new project for land acquisition, demolition and clearing
project for a new WRA Site, in an estimated amount of $9,000,000.
The WRA requires Participating Communities to approve proposed indebtedness
prior to issuance and has suggested utilizing $9,000,000 of the original $10,000,000
bid contingency for the new WRA Site Acquisition, Demolition and Clearing Project.
Supporting Document
1. A Resolution Approving Supplement to 2023 Senior Bond Issuance Certificate
of Des Moines Metropolitan Waste Water Reclamation Authority Participating
Community.
Next Steps
1. Approve by resolution of your governing body.
Please return electronic copies of documents to Matthew Stoffel by
December 31, 2023.
Questions can be directed to Roxane Vaughan and/or Matthew Stoffel
Roxane Vaughan 515-323-8008 rjvaughan@dmgov.org
Matthew Stoffel 515-724-5737 stoffelm@pfm.com