HomeMy WebLinkAbout2025-01-20 Resolution 2025-043_Bonds, Sewer Revenue CLN Series 2023A, Amend AgreementRESOLUTION 2025-043
RESOLUTION AMENDING THE ORIGINAL RESOLUTION,
APPROVED ON APRIL 3, 2023, SAID RESOLUTION APPROVING
AND AUTHORIZING A LOAN AND DISBURSEMENT
AGREEMENT WITH THE IOWA FINANCE AUTHORITY AND
AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF
SEWER REVENUE CAPITAL LOAN NOTES, SERIES 2023A, IN
ORDER TO PROVIDE FOR THE FUNDING OF A SPONSORED
PROJECT UNDER THE TERMS OF A NEW SERIES 2023A NOTE
TO BE ISSUED IN THE PRINCIPAL AMOUNT OF $14,129,000,
WHICH INCLUDES APPROVAL OF A SUPPLEMENTAL TAX
EXEMPTION CERTIFICATE
WHEREAS, the Issuer previously issued its Sewer Revenue Capital Loan Note, Series
2023A, dated April 28, 2023, in the amount of $$13,200,000 ("Original Note"), pursuant to a
Loan and Disbursement Agreement between Issuer and the Iowa Finance Authority, dated of like
date (the "Agreement"), for the purpose of defraying the costs of the Project (as defined in the
resolution authorizing issuance of the same (hereinafter the "Resolution")); and
WHEREAS, the Issuer has been approved by the Iowa Finance Authority and the
Department of Natural Resources for a "sponsored project" amendment to the Original Note for a
water restoration project described below ("Sponsored Project") to be funded under the terms of
a new Series 2023A Note in the principal amount of $14,129,000 and bearing interest at the rate
of 1.03% ("New Note"); and
WHEREAS, the Iowa Finance Authority has requested that the Original Note be
exchanged for the New Note, reflecting the additional amount allocated for the Project; and
WHEREAS, pursuant to notice published as required by law, this 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 Issuer 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 Issuer under said Loan and Disbursement
Agreement, for the purpose of acquisition, construction, reconstruction, extending, remodeling,
improving, repairing and equipping all or part of the Municipal Sewer System, 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 said proposal and, accordingly the
following action is now considered to be in the best interests of the City and residents thereof;
and
WHEREAS, a Sponsored Project Loan and Disbursement Agreement Amendment
(hereinafter the "Amendment") has been prepared to reflect said interest rate reduction and
additional loan amount, a copy of which is attached hereto as Exhibit A; and
WHEREAS, pursuant to IRS regulations adoption of the Amendment constitutes a
reissuance of the Note; and
WHEREAS, in the Prior Note Resolutions authorizing the issuance of the Outstanding
Obligations it is provided that Additional Obligations may be issued on a parity with the
Outstanding Obligations, for the costs of future extensions, additions, improvements or
replacements to the System or refunding outstanding obligations, provided that there has been
procured and placed on file with the City Clerk, a statement complying with the conditions and
limitations therein imposed upon the issuance of Parity Obligations; and
WHEREAS, a statement of PFM Financial Advisors LLC, an Independent Financial
Consultant not in the regular employ of Issuer, has been placed on file in the office of the City
Clerk, showing the conditions and limitations of the Prior Note Resolutions with regard to the
sufficiency of the Net Revenues of the System to permit the issuance of Additional Obligations
ranking on a parity with the Outstanding Obligations to have been met and satisfied as required.
NOW, THEREFORE, BE IT RESOLVED BY CITY COUNCIL OF THE CITY OF
WAUKEE, STATE OF IOWA:
Section 1. That the Resolution is hereby amended to reflect the interest rate reduction
to 1.03% per annum on the new principal amount of $14,129,000 from and after December 1,
2024 for the remainder of the life of the New Note.
Section 2. That the Amendment in substantially the form attached to this Resolution
and the New Note are hereby authorized to be executed and issued on behalf of the Issuer by the
Mayor and attested by the City Clerk. The New Note shall be exchanged for the Original Note.
Section 3. That the Supplemental Tax Certificate regarding the uses of proceeds and
the System is hereby approved. The Finance Director is authorized to execute the same.
Section 4. Except as amended herein, all of the other terms and conditions of the
Resolution and Agreement are in all respects ratified, confirmed and approved and shall remain
in full effect.
PASSED AND APPROVED this 201" day of January, 2025.
Mayor
ATTEST:
City Clerk
RESULTS OF VOTE: AYE NAY ABSENT ABSTAIN
R. Charles Bottenberg X
Chris Crone X
Rob Grove X
Anna Bergman Pierce X
Ben Sinclair X
EXHIBIT "A"
SPONSORED PROJECT LOAN & DISBURSEMENT AGREEMENT AMENDMENT
This Sponsored Project Loan and Disbursement Agreement Amendment is entered into
this 7 h day of February, 2025 by and between the City of Waukee, State of Iowa ("Issuer") and
Iowa Finance Authority ("IFA").
WHEREAS, the Issuer previously issued its Sewer Revenue Capital Loan Note, Series
2023A, dated April 28, 2023, in the amount of $13,200,000 ("Original Note"), pursuant to a
Loan and Disbursement Agreement between Issuer and the Iowa Finance Authority, dated of like
date (the "Agreement"), for the purpose of defraying the costs of the Project (as defined in the
resolution authorizing issuance of the same (hereinafter the "Resolution")); and
WHEREAS, the Issuer has been approved by the Iowa Finance Authority and the
Department of Natural Resources for a "sponsored project" amendment to the Original Note for a
water restoration project, described in the Amending Resolution ("Sponsored Project"), to be
funded under the terms of a new Series 2023A Note in the principal amount of $14,129,000
("New Note") and bearing interest at the rate of 1.03%; and
WHEREAS, the Iowa Finance Authority has requested that the Original Note be
exchanged for the New Note, reflecting the additional amount allocated for the Sponsored
Project.
NOW, THEREFORE, the parties agree as follows:
1. IFA hereby tenders the Original Note to the Issuer for cancellation, and accepts
delivery of the New Note of the Issuer in the principal amount of $14,129,000 and bearing
interest at the rate of 1.03%.
2. IFA hereby consents to the amendment of the Resolution authorizing the issuance
of the Original Note to reflect the increased principal amount of the New Note, the new interest
rate of 1.03%, and the additional purposes to which the proceeds shall be applied, and all other
conforming amendments that may be necessary to reflect the modified terms of payment.
3. The Original Note is hereby cancelled and from and after the date hereof the
parties shall be bound by the terms of the New Note, the principal and interest repayment
schedule being as shown on Exhibit A attached hereto.
4. The original Loan and Disbursement Agreement by and between Issuer and IFA
dated as of April 28, 2023 shall also be amended to reflect a principal amount of $14,129,000,
bearing a rate of interest of 1.03% from December 1, 2024, and incurring an additional Initiation
Fee of $4,645 (aggregate $70,645). All other terms and provisions set forth in the original Loan
and Disbursement Agreement, except as amended hereof, shall be ratified and confirmed.
CITY OF WAUKEE, STATE OF IOWA
m.
ATTEST:
City Clerk
Mayor
IOWA FINANCE AUTHORITY
EXHIBIT A
4899-7548-5965 v.I
Pre -Final Amortization Schedule
City of Waukee
Sewer Revenue Bond
CS-1921063-01 & WRR23-002
Estimated Draw Schedule
Loan Closing Date
Final Disbursement Date
Final Maturity Date
Loan Period in Years
Total Loaned Amount
0.5% Initiation Fee
Net Proceeds to Borrower
Annual Interest Rate
Total Interest
Servicing Fee Rate
Total Servicing Fees
Total Loan Costs
Apr 28, 2023
Initiation Fee - Apr 28, 2023
P & D Payoff - Apr 28, 2023
Draw # 1- Jul 28, 2023
Draw #2- Oct 20, 2023
Draw #3- Jan 5, 2024
Draw #4- Apr 5, 2024
Draw #5- Jul 12, 2024
Eff 12.1.24 Draw #6- Sep 27, 2024
Estimated Draw #7- Jan 17, 2025
SP Init Fee - Feb 7, 2025
Est SP Draw # 1- Feb 7, 2025
Est SP Draw #2- Ju1 6, 2025
Est SP Draw #3- Aug 1, 2025
Total Loaned Amount
Au 1, 2025
Jun 1, 2044
20
$ 13,200,000.00
66,000.00
$ 13,134,000.00
1.03%
$ 1,744,241.55
0.25%
$ 400,506.07
$ 2,210.747.62
16.273.747.62
66,000-00
3,793,671.65
4,437,304.80
1,593,477.58
1,437,147.10
1,161,812.79
596.454.27
114,131.81
4,645.00
323,690.04
300,332.48
300,332.48
14,129,000.00
0
SRF
STATE
REVOLVING FUND
Payment
Beginning
Servicing
Total Loan
Total Annual Debt
Ending
Date
Balance
Principal
Interest
Fee
Payment
Service
Balance
Jun 1, 2023
66,000.00
105.88
15.13
121.01
121.01
66,000.00
Dec 1, 2023
8.296 976.45
32,104.29
4,586.33
36,690.62
8,296,976.45
Jun 1, 2024
11,327,601.13
87,820.04
12,545.72
100,365.76
137,056.38
11,327,601.13
Dec 1, 2024
13,085,868.19
108,822.45
15,546.06
124,368.51
13,085,868.19
Jun 1, 2025
13,528,335.04
-- 590,000.00
68,900.71
16,723.47
675,624.18
799,992.69
12,938,335.04
Dec 1, 2025
13,539,000.00
68.909.53
16,725.61
85,635.14
13,539.000.00
Jun 1, 2026
13,539,000.00
635.000.00
69.725.85
16.923.75
721,649.60
807,284.74
12,904,000.00
Dec 1, 2026
12,904,000.00
66,455.60
16,130.00
82,585.60
12,904,000.00
Jun 1, 2027
12,904.000.00
642,000.00
66,455.60
16,130.00_
724,565.60
807,171.20
12,262,000.00
Dec 1,2027
12,262,000.00
63,149.30
15,327.50
78,476.80
12,262,000.00
Jun 1, 2028
12,262,000.00
651,000.00
63,149.30
15,327.50
729,476.80
807,963.60
11,611,000.00
Dec 1, 2028
11,611.000.00
59,796.65
14,513.75
74,310.40
11,611,000.00
Jun 1, 2029
11,611,000.00
659.000.00
59,796.65
14,513.75
733,310.40
807,620.80
10,952,000.00
Dec 1, 2029
10,952,000.00
56,402.80
13,690.00
70,092.80
10.952,000.00
Jun 1 2030
10,952,000.00
667,000.00
56,402.80
13,690.00
737,092.80 _
807,185.60
10,285,000.00
Dec 1, 2030
10,285,000.00
52,967.75
12,856.25
65,824.00
10,285,000.00
Jun 1, 2031
10,285,000.00 -
676,000.00
52,967.75
12,856.25
741,824.00
807,648.00
9,609,000.Do
Dec 1, 2031
9,609,000.00
49,486.35
12,011.25
61,497.60
9,609,000.00
Jun 1, 2032
9,609,000.00
685,000.00
49,486.35
12,011.25
746,497.60
807,995.20
8,924,000.00
Dec 1, 2032
8,924,000.00
45,958.60
11,155.00
57,113.60
8.924,000.00
Jun 1, 2033
8,924.000.00
693,000.00
45,958.60
11,155.00
750,113.60
807,227.20
8,231,000.00
Dec 1, 2033
8,231,000.00
42,389.65
10,288.75
52,678.40
8,231,000.00
Jun 1, 2034
8,231,000.00
702,000.00
42,389.65
10,288.75
754,678.40
807,356.80
7,529,000.00
Dec 1, 2034
7,529,000.00
38.774.35
9,411.25
48,185.60
7.529,000.00
Jun 1, 2035
7,529,000.00
711,000.00
38,774.35
9,411.25
759,185.60
807,371.20
6,818,000.00
Dec 1, 2035
6,818,000.00
35.112.70
8,522.50
43,635.20
6,818,000.00
Jun 1, 2036
6,818,000.00
719,000.00
35,112.70
8,522.50
762,635.20
806,270.40
6,099,000.00
Dec 1, 2036
6,099,000.00
31,409.85
7,623.75
39,033.60
6,099,000.00
Jun 1, 2037
6,099,000.00
729,000.00
31,409.85
7,623.75
768,033.60
807.067.20
5,370,000.00
Dec 1, 2037
5,370,000.00
27,655.50
6,712.50
34,368.00
5,370,000.00
-Jun 1,-2038
5,370,000.00
738,000.00
27,655.50
6,712.50
772,368.00
_ 80_6,736.00
4,632,000.00
Dec 1, 2038
4,632,000.00
23,854.80
5,790.00
29,644.80
4,632,000.00
Jun 1, 2039
4,632,000.00
748,000.00
23.854.80
5,790.00
777,644.80
807,289.60
3,884,000.00
Dec 1, 2039
3,884,000.00
20,002.60
4,855.00
24,857.60
3,884,000.00
Jun 1, 2040
3,884,000.00
757,000.00
20,002.60
4,855.00
781,857.60
806,715.20
3,127,000.00
Dec1,2040
3,127,000.00
16,104.05
3,908.75
20,012.80
3,127,000.00
Jun 1, 2041
3,127,000.00
767,000.00
16,104.05 _
3,908.75
787,_012.80
807,0_2.5.60
2,3_60,000.00
Dec 1, 2041
2,360,000.00
12,154.00
2,950.00
15,104.00
2,360,000.00
Jun 1, 2042
2,360,000.00
777,000.00
12,154.00
2,950.00
792,104.00
807,208.00
1,583,000.00
Dec 1, 2042
1,583,000.00
8,152.45
1,978.75
10,131.20
1,583,000.00
Jun 1, 2043
1,583,000.00
787,000.00
8,152.45
1,978.75
797,131.20
807,262.40
796,000.00
Dec 1, 2043
796,000.00
4,099.40
995.00
5,094.40
796,000.00
Jun 1, 2044
796.000.00
796,000.00
4,099.40
995.00
801,094.40
806,188.80
0.00
INVESTING IN IOWA'S WATER
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