HomeMy WebLinkAbout2025-01-20 H03 NTE $929,000 Sewer Revenue CLN_Additional ActionAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: January 20, 2025
AGENDA ITEM:Consideration of approval of a resolution instituting proceedings to take
additional action [Not to exceed $929,000 Sewer Revenue Capital Loan
Notes]
FORMAT:Resolution
SYNOPSIS INCLUDING PRO & CON:
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: Not to exceed $929,000
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:
H3
RESOLUTION 2025-
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE AUTHORIZATION OF A
LOAN AND DISBURSEMENT AGREEMENT AND THE
ISSUANCE OF NOT TO EXCEED $929,000 SEWER
REVENUE 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 and Disbursement Agreement by and between the City and the Iowa Finance Authority and
the issuance to the Iowa Finance Authority of not to exceed $929,000 Sewer Revenue Capital
Loan Notes, to evidence the obligations of the City under the said Loan and Disbursement
Agreement, in order to provide funds to pay the costs of acquisition, construction, reconstruction,
extending, remodeling, improving, repairing and equipping all or part of the Municipal Sewer
Utility, including those costs associated with the Little Walnut Creek Sponsored Project, and has
considered the extent of objections received from residents or property owners as to the proposed
issuance of Notes; 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 of a Loan and Disbursement Agreement by and between the City and the
Iowa Finance Authority and the issuance to the Iowa Finance Authority in the manner required
by law of not to exceed $929,000 Sewer Revenue Capital Loan Notes, for the foregoing
purposes.
Section 2.That this Council does hereby consent to the terms and conditions of the SRF
Loan Program, which terms and conditions and the disclosures provided with respect thereto are
hereby acknowledged, accepted and approved.
Section 3.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 sewer 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.
Section 4.That the Clerk, with the assistance of bond counsel, is hereby authorized and
directed to proceed with the preparation of such documents and proceedings as shall be
necessary to authorize the City’s participation in the SRF Loan Program, to select a suitable date
for final Council authorization of the required Loan and Disbursement Agreement and issuance
of the Note to evidence the City’s obligations thereunder, and to take such other actions as the
Council shall deem necessary to permit the completion of a loan on a basis favorable to the City
and acceptable to this Council.
PASSED AND APPROVED this 20th day of January, 2025.
Mayor
ATTEST:
City Clerk