HomeMy WebLinkAbout2002-03-18-Resolutions 02-53_Bonds - GO Refunding Series 2002 - Set PHRESOLUTION NO.02-53
To fix a date of meeting at which it is proposed to take action to enter into
a Loan Agreement and sell $480,000 General Obligation Refunding
Bonds,Series 2002
WHEREAS,the City of Waukee,Iowa (the "City"),proposes to enter into a loan
agreements (the "Loan Agreement")in the principal amount of $480,000 pursuant to the
provisions of Section 384.24A of the Code of Iowa for the purpose of paying the cost,to
that amount,of refunding the City's outstanding General Obligation Corporate Purpose
Bonds,dated December 1,1994,and Sewer Revenue Notes,dated June 1,2000,and the
City desires to institute proceedings to enter into the Loan Agreement by causing a notice
of such proposal to be published,including notice of the right to petition for an election,
under the provisions of Section 384.26 of the Code of Iowa;and
WHEREAS,the City also deems it advisable and necessary at this time to provide
for the sale of General Obligation Refunding Bonds (the "Bonds")in the amount of
$480,000 to be issued in evidence of the City's obligation under the Loan Agreement;
NOW,THEREFORE,It Is Resolved by the Council of the City of Waukee,Iowa,
as follows:
Section 1.This Council shall meet on the 1st day of April,2002,at the
Council Chambers,City Hall in the City,at 7:00 o'clock p.m.,at which time and place
proceedings will be instituted and action taken to enter into the Loan Agreement.
Section 2.The City Administrator is hereby directed to give notice of the
proposed action to enter into the Loan Agreement setting forth the amount and purpose
thereof,the time when and place where the said meeting will be held,by publication at
least once not less than 10 and not more than 20 days prior to the date set for the hearing
in a legal newspaper published at least once weekly,and of general circulation in the
City.The notice shall be substantially as follows:
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NOTICE OF PROPOSED ACTION TO INSTITUTE
PROCEEDINGS TO ENTER INTO A LOAN AGREEMENT
(GENERAL OBLIGATION)
The City Council of the City of Waukee,Iowa,will meet on the 1"day of April,
2002,at the Council Chambers,City Hall in the City,at 7:00 o'clock p.m.,for the
purpose of institnting proceedings and taking action to enter into a Loan Agreement in
the amount of $480,000 for the purpose of paying the cost,to that extent,of refunding the
City's outstanding General Obligation Corporate Purpose Bonds,dated December 1,
1994,and Sewer Revenue Notes,dated June 1,2000.
The Loan Agreement is proposed to be entered into pursuant to authority
contained in Section 384.24A of the Code ofIowa and will constitnte a general obligation
ofthe City.
The maximum rate of interest which may be payable under the Loan Agreement
is 6%per annum.
At any time before the aforementioned date fixed for taking action to enter into
the Loan Agreement,a petition may be filed with the City Clerk of the City asking that
the question of entering into the Loan Agreement be submitted to the qualified electors of
the City,pursuant to the provisions of Section 384.26 ofthe Code ofIowa.
By order of the City Council and pursuant to Section 384.25 of the Code ofIowa.
Mark Arentsen
City Administrator
Section 3.The I"day of April,2002,at 1:00 o'clock p.m.,at the City Hall,
Waukee Iowa,is hereby fixed as the time and place for receiving and canvassing bids for
the purchase of the Bonds,and this Council shall meet on said date at 7:00 o'clock p.m.,
at the Council Chambers,City Hall,Waukee Iowa,for the purpose of considering such
bids received and passing a resolution providing for the sale and issuance of the Bonds.
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Section 4.The City Administrator is directed to proceed on behalf of the City,
with the assistance of Dorsey &Whitney LLP,Attorneys,as Bond Counsel,and Public
Financial Management,Inc.,as Financial Consultants,to prepare a statement of
information and solicitation for bids describing the Bonds and providing for the terms
and conditions oftheir sale.
Section 5.All resolutions or parts of resolutions in conflict herewith be and
the same are hereby repealed to the extent of such conflict.
Passed and approved March 18,2002.
Mark D.Leslie,Mayor
Attest:
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Mark J.Arent·e ,City Administrator/Ge&
ROLL CALL VOTE
Nicholas C.Gruber
Donald L.Bailey,Jr.
Bill Peard
Mike Watts
Wayne Johnson
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