HomeMy WebLinkAbout2023-11-20 Resolution 2023-485_Bonds, GO CLN, Additional ActionRESOLUTION 2023-485
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO
EXCEED $7,500,000 GENERAL OBLIGATION CAPITAL
LOAN NOTES
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 authorization of a
Loan Agreement and the issuance of not to exceed $7,500,000 General Obligation Capital Loan
Notes, for the essential corporate purposes, in order 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, and has considered the extent of objections received
from residents or property owners as to the proposed issuance of Notes; and 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 $7,500,000
General Obligation Capital Loan Notes, for the foregoing essential corporate 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 moneys may be advanced from time to time for capital
expenditures which are to be paid from the proceeds of the above Notes. The amounts so
advanced shall be reimbursed from the proceeds of the Notes 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 20'' day of November, 2023.
Mayor
ATTEST:
11�
City Clerk
RESULTS OF VOTE:
AYE
Anna Bergman Pierce
X
R. Charles Bottenberg
X
Chris Crone
X
Larry R. Lyon
X
Ben Sinclair
NAY ABSENT
X
ABSTAIN