HomeMy WebLinkAbout2003-08-04-Resolutions 03-162_IA Sewage Treatment Financing - Loan Disbursement Agr AmendmentRESOLUTION 03-162 )
THE CITY OF WAUKEE,IOWA
APPROVING AMENDMENTS TO LOAN AND DISBURSEMENT AGREEMENTS
WITH IOWA DEPARTMENT OF NATURAL RESOURCES AS PART OF THE
IOWA SEWAGE TREATMENT WORKS FINANCING PROGRAM
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF WAUKEE,IOWA
WHEREAS,the City of Waukee (the borrower),the Iowa Finance Authority,an agency and
public instrumentality of the State ofIowa,(the Lender),the Iowa Department of Natural
Resources (the Department)and Wells Fargo Bauk Iowa,National Association,(the Trustee)
are parties to one of three loans in connection with the City's participation in the Iowa
Sewage Treatment Works Financing Program and which are:
1.Project ill:CS192115 01,October 8,1998,$455,748.00,Sewer Revenue Bond,
Series 1998A
2.Project ill:CS 192115 01,October 8,1998,$945,252.00,Sewer Revenue Bond,
Series 1998B
3.Project ill:CSl92115 02,October 8,1998,$1,178,000.00,Sewer Revenue Bond,
Series 1998C;AND,
]WHEREAS,the Iowa Department of Natural Resources,the department,has requested the
City of Waukee adopt amendments to the Loan and Disbursement Agreements for the above
named Bonds;AND,
WHEREAS,attorney David D.Grossk1aus of Dorsey &Whitney LLP has reviewed the
amendments and has stated in his letter dated July 25,2003 that "The amendments provide
basic changes to reflect the redemption cannot occur prior to ten years from the date the
Agreement was entered into and provides for certain covenants to maintain insurance and
other financial information at various times during the term that the Bonds are outstanding";
AND,
WHEREAS,attorney David D.Grossk1aus of Dorsey &Whitney LLP has reviewed the
authorizing resolution and states in the same letter that "These provisions had been
previously provided for in the authorizing resolutions adopted by the City of Waukee when
the Bonds were issued and approved by the City Council."and were not part of the original
signed Loan and Disbursement Agreements;AND,
NOW THEREFORE BE IT RESOLVED by the City of Waukee City Council in session
this 4th day of August 2003 that it hereby approves amendments to Loan and Disbursement
Agreements with Iowa Department of Natural Resources as part of the Iowa Sewage
Treatment Works Financing Program.I
Attest:
ROLL CALL VOTE
Nicholas C.Gruber
Donald L.Bailey,Jr.
Bill Peard
Mike Watts
Darlene Stanton
AYE
X
X
X
X
X
NAY
Ton
ABSENT