HomeMy WebLinkAbout2003-03-17-Resolutions 03-58_Bonds - Essential Corp Purpose Loan Agr - Set PHRESOLUTION NO.03-58
To fix a date for public hearings on loan agreements
WHEREAS,pursuant to the provisions of Section 384.24A of the Code of Iowa,
the City of Waukee,in the County of Dallas,State ofIowa (the "City"),proposes to enter
into a loan agreement (the "Essential Corporate Purpose Loan Agreement")in a principal
amount not to exceed $2,195,000 for the essential corporate purpose of paying the cost,
to that extent,of constructing certain street,sidewalk and sanitary sewer improvements,
and it is necessary to fix a date of meeting of the Council at which it is proposed to take
action to enter into the Essential Corporate Purpose Loan Agreement and to give notice
thereof as required by such law;and
WHEREAS,pursuant to the provisions of Section 384.24A of the Code of Iowa,
the City also proposes to enter into a loan agreement (the "General Corporate Purpose
Loan Agreement")in a principal amount not to exceed $280,000 for the general corporate
purpose of paying the cost,to that extent,of the acquisition ofland for the recreation field
complex,and in lieu of calling an election therefore,the City desires to institute
proceedings to enter into the General Corporate Purpose 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 ofIowa;
NOW,THEREFORE,Be It Resolved by the City Council of the City of Waukee,
Iowa,as follows:
Section 1.This Council shall meet on April 7,2003,at the Council
Chambers,City Hall,in the City,at 7:00 o'clock p.m.,at which time and place a hearing
will be held and proceedings will be instituted and action taken to enter into the Essential
Corporate Purpose Loan Agreement and the General Corporate Purpose Loan
Agreement.
Section 2.The City Clerk is hereby directed to give notice of the proposed
action on the Essential Corporate Purpose 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 and not less than 4 nor more than 20 days before the meeting,in
a legal newspaper which has a general circulation in the City.The notice shall be in
substantially the following form:
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS
TO ENTER INTO A LOAN A GREEMENT AND BORROW MONEY
IN A PRINCIPAL AMOUNT NOT TO EXCEED $2,195,000
(GENERAL OBLIGATION)
The City Council of the City of Waukee,Iowa,will meet on April 7,2003,at the
Council Chambers,City Hall,in the City,at 7:00 o'clock p.m.,for the purpose of
instituting proceedings and taking action to enter into a loan agreement (the "Essential
Corporate Purpose Loan Agreement")and borrow money in a principal amount not to
Section 3.The City Clerk is hereby directed to give notice of the proposed
action on the General Corporate Purpose 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 and not less than 10 nor more than 20 days before the meeting,
in a legal newspaper which has a general circulation in the City.The notice shall be in
substantially the following form:J
exceed $2,195,000 for the purpose of paying the cost,to that extent,of constructing
certain street,sidewalk and sanitary sewer improvements.ITheEssentialCorporatePurposeLoanAgreementisproposedtobeenteredinto
pursuant to authority contained in Section 384.24A of the Code of Iowa and will
constitute a general obligation ofthe City.
At the aforementioned time and place,oral or written objections may be filed or
made to the proposal to enter into the Essential Corporate Purpose Loan Agreement.
After receiving objections,the City may determine to enter into the Essential Corporate
Purpose Loan Agreement,in which case,the decision will be final unless appealed to the
District Court within fifteen (IS)days thereafter.
By order of the City Council of the City of Waukee,Iowa.
Mark Arentsen
City Clerk
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS
TO ENTER INTO A LOAN A GREEMENT AND BORROW MONEY
IN A PRINCIPAL AMOUNT NOT TO EXCEED $280,000
(GENERAL OBLIGATION)
The City Council of the City of Waukee,Iowa,will meet on April 7,2003,at the
Council Chambers,City Hall,in the City,at 7:00 o'clock p.m.,for the purpose of
instituting proceedings and taking action to enter into a loan agreement (the "General
Corporate Purpose Loan Agreement")and borrow money in a principal amount not to
exceed $280,000 for the purpose of paying the cost,to that extent,of the acquisition of
land for the recreation field complex.
The General Corporate Purpose Loan Agreement is proposed to be entered into
pursuant to authority contained in Section 384.24A of the Code of Iowa and will
constitute a general obligation ofthe City.
The maximum rate of interest which may be payable under the General Corporate
Purpose Loan Agreement is 7%per annum,lAtanytimebeforetheaforementioneddatefixedfortakingactiontoenterinto
the General Corporate Purpose Loan Agreement,a petition may be filed with the City
Clerk of the City asking that the question of entering into the General Corporate Purpose
Loan Agreement be submitted to the registered voters of the City,pursuant to the
provisions of Section 384.26 of the Code of Iowa.
By order of the City Council of the City of Waukee,Iowa.
Mark Arentsen
City Clerk
Section 4.All resolutions or parts of resolutions m conflict herewith are
hereby repealed to the extent of such conflict.
Passed and approved March 17,2003.
Attest:
Mark J.Arentsen,it
Administrator/Clet
ROLL CALL VOTE
Nicholas C.Gruber
Donald L.Bailey,JI.
Bill Peard
Mike Watts
Wayne Johnson
AYE
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NAY ABSENT