HomeMy WebLinkAbout2020-08-17-Resolution 2020-296_Bonds, GO Local Option Sales Tax, Additional ActionRESOLUTION 2020-296
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO
EXCEED $9,500,000 GENERAL OBLIGATION LOCAL
OPTION SALES TAX BONDS
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 issuance of not to
exceed $9,500,000 General Obligation Local Option Sales Tax Bonds, in order to provide funds
to pay the costs of construction, improvement, and equipping of the Triumph Park project, and
has considered the extent of objections received from residents or property owners as to the
proposed issuance of Bonds; and no petition was filed calling for a referendum thereon. 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 and issuance in the manner required by law of not to exceed $9,500,000
General Obligation Local Option Sales Tax Bonds, for the foregoing 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 Capital Projects fund moneys may be advanced from time to time
for capital expenditures which are to be paid from the proceeds of the above Bonds. The
amounts so advanced shall be reimbursed from the proceeds of the Bonds 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 171h day of August, 2020.
ATTEST:
City Clerk
- A6"4 T----
Mayor
RESULTS OF VOTE:
AYE
Anna Bergman
X
R. Charles Bottenberg
X
Chris Crone
X
Larry R. Lyon
X
Ben Sinclair
X
NAY ABSENT ABSTAIN