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Home My WebLink About2024-05-20 I01I Reimbursement ResolutionAGENDA ITEM: CITY OF WAUKEE, IOWA CITY COUNCIL MEETING COMMUNICATION MEETING DATE: May 20, 2024 AGENDA ITEM:Consideration of approval of Resolution Declaring an Official Intent Under Treasury Regulation 1.150-2 to Issue Debt to Reimburse the City for Certain Original Expenditures Paid in Connection with Specified Projects FORMAT:Resolution SYNOPSIS INCLUDING PRO & CON: United States Treasury regulations require a governmental entity to declare, in advance, the intent to reimburse accounts when expenditures have been made for capital projects, prior to receipt of bond proceeds. Reimbursement to those accounts would then be made from future debt issued by the governmental entity. The attached Resolution has been prepared to comply with these regulations, and format has been reviewed by the City’s bonding attorney, Eric Boehlert with Ahlers & Cooney. FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: No direct fiscal impact COMMISSION/BOARD/COMMITTEE COMMENT: STAFF REVIEW AND COMMENT: This resolution will ensure the City has taken the necessary steps to reimburse project costs prior to receipt of bond proceeds. RECOMMENDATION: Approve the resolution. ATTACHMENTS: I. Proposed Resolution PREPARED BY:Linda Burkhart REVIEWED BY: PUBLIC NOTICE INFORMATION – NAME OF PUBLICATION: DATE OF PUBLICATION: I1I THE CITY OF WAUKEE, IOWA RESOLUTION 2024- RESOLUTION DECLARING AN OFFICIAL INTENT UNDER TREASURY REGULATION 1.150-2 TO ISSUE DEBT TO REIMBURSE THE CITY FOR CERTAIN ORIGINAL EXPENDITURES PAID IN CONNECTION WITH SPECIFIED PROJECTS IN THE NAME AND BY THE AUTHORITY OF THE CITY OF WAUKEE, IOWA WHEREAS, the City of Waukee, Iowa is a duly organized municipality within Dallas County; AND, WHEREAS, the City anticipates making cash expenditures for one or more capital improvement projects, generally described and attached hereto as Exhibit A, and hereinafter referred to as “Project”; AND, WHEREAS, the City reasonably expects to issue debt to reimburse the costs of a Project; AND, WHEREAS, the Council believes it is consistent with the City’s budgetary and financial circumstances to issue this declaration of official intent. NOW THEREFORE BE IT RESOLVED by the City of Council of the City of Waukee, Iowa: Section 1. That this Resolution be and does hereby serve as a declaration of official intent under Treasury Regulation 1.150-2. Section 2. That it is reasonably expected that capital expenditures will be made in respect of the foregoing Project, from time to time and in such amounts as this Council determines to be necessary or desirable under the circumstances then and there existing. Section 3. That the City reasonably expects to reimburse all or a portion of the foregoing expenditures with the proceeds of bonds, notes or other indebtedness to be issued or incurred by the City in the future. Section 4. That the total estimated costs of the Project, the maximum principal amount of the bonds, notes or other indebtedness to be issued for the foregoing Project and the estimated dates of completion of the Project are reasonably expected to be as follows: See Exhibit A attached *It is intended to seek grants and other contributions to reduce the amount of borrowing required for several of the attached projects. If such grants are not received, it is intended that the costs to be financed will be increased accordingly. Section 5. That the City reasonably expects to reimburse the above–mentioned Project costs not later than the later of eighteen months after the capital expenditures are paid or eighteen months after the property is placed in service. Section 6. That this Resolution be maintained by the City Clerk in an Official Intent File maintained in the office of the Clerk and available at all times for public inspection, subject to such revisions as may be necessary. PASSED AND APPROVED this 20th day of May 2024. ____________________________ Courtney Clarke, Mayor Attest: ___________________________________ Rebecca D. Schuett, City Clerk RESULTS OF VOTE: AYE NAY ABSENT ABSTAIN R. Charles Bottenberg Chris Crone Rob Grove Anna Bergman Pierce Ben Sinclair Estimated Amount to Estimated Date Project Advancing Fund Project Cost Borrow of Completion Spring Crest Park Capital Project 2,000,000$ 2,000,000$ Winter 2025 Painted Woods West Park Capital Project 3,000,000$ 3,000,000$ Winter 2025 Aquatics Center Capital Project 30,000,000$ 30,000,000$ Spring 2027 Prairie Rose Greenway Trail Capital Project 1,600,000$ 1,600,000$ Winter 2025 Kettlestone Greenway Trail - Phase III Capital Project 1,200,000$ 1,200,000$ Winter 2026 Hickman Rd / Warrior Lane Pedestrian Overpass Capital Project 2,500,000$ 2,500,000$ Winter 2027 Public Safety Building & Equipment Capital Project 60,000,000$ 60,000,000$ Fall 2025 Ladder Truck Capital Project 1,600,000$ 1,600,000$ Summer 2027 Old Public Safety Building Refurbish Capital Project 3,000,000$ 3,000,000$ Spring 2026 Traffic Signals - Kettlestone Area Capital Project 850,000$ 850,000$ Winter 2024 Traffic Signals - Hickman / 161st / SE Legacy Point Capital Project 650,000$ 650,000$ Winter 2024 Traffic Signals - SE LA Grant / SE Esker Ridge Drive Capital Project 150,000$ 150,000$ Winter 2026 Traffic Signals - Hickman FYA Convers/Safe Routes Sch Capital Project 1,100,000$ 1,100,000$ Spring 2025 Ute Ave Overlay Capital Project 600,000$ 600,000$ Spring 2025 SE Archer Extension Capital Project 1,000,000$ 1,000,000$ Spring 2025 Univeristy Ave Extension - Warrior Ln to 10th St Capital Project 77,000,000$ 77,000,000$ Winter 2029 N Warrior / Little Walnut Creek Culvert Capital Project 6,250,000$ 6,250,000$ Winter 2027 NE Alice's Rd Widening - Phase VI Capital Project 7,560,000$ 7,560,000$ Winter 2026 NW 10th Street Overlay Capital Project 900,000$ 900,000$ Winter 2025 U Place Culvert Capital Project 605,000$ 605,000$ Spring 2025 11th & 17th Street Culverts Capital Project 1,155,000$ 1,155,000$ Spring 2025 Downtown Street Improvements Capital Project 1,000,000$ 1,000,000$ Summer 2026 NW 10th Street - Phase II Capital Project 11,750,000$ 11,750,000$ Spring 2028 NE Alice's Rd Widening - Phase VII Capital Project 1,875,000$ 1,875,000$ Summer 2027 Corene Acres Improvements - Phase I Capital Project 4,915,000$ 4,915,000$ Winter 2026 Entrance Signs - 2025-2027 Capital Project 450,000$ 450,000$ Annually Developer Lane Additions - 2025-2027 Capital Project 1,050,000$ 1,050,000$ Annually Kettlestone Trail Development - 2025-2027 Capital Project 300,000$ 300,000$ Annually Kettlestone Street Light Reimbursement - 2025-2027 Capital Project 300,000$ 300,000$ Annually West Area Trunk Sewer - Phase III Sewer 1,750,000$ 1,750,000$ Fall 2025 Bluestem Trunk Sewer - Phase II Sewer 2,010,000$ 2,010,000$ Spring 2025 Lift Station #4 Rehabilitation Sewer 680,000$ 680,000$ Winter 2025 Lift Station #6 Rehabilitation Sewer 760,000$ 760,000$ Winter 2025 Corene Acres Improvements - Phase I Sewer 650,000$ 650,000$ Summer 2027 Elevated Water Storage Tank Water 9,350,000$ 9,350,000$ Winter 2025 Transite Water Main Replacement - Phase IV Water 1,000,000$ 1,000,000$ Winter 2025 Little Walnut Creek Drive Watermain Improvement Water 710,000$ 710,000$ Winter 2026 Corene Acres Improvements - Phase I Water 850,000$ 850,000$ Winter 2026 Boone Drive Booster Station Rehab Water 600,000$ 600,000$ Winter 2026 CIWW Saylorville Expansion Water 8,800,000$ 8,800,000$ Fall 2026 Sugar Creek Lane Water Main Installation Water 500,000$ 500,000$ Summer 2027 Little Walnut Creek Storm Water Wetlands Storm Water 2,520,000$ 2,520,000$ Winter 2024 Sugar Creek Watershed Improvements - Phase I Storm Water 1,500,000$ 1,500,000$ Winter 2026 Exhibit "A" Reimbursement Resolution - May 20, 2024 Resolution #2024-