HomeMy WebLinkAbout2003-04-07-Resolutions 03-78_Bonds - GO Essential Corp Purpose - Additional ActionRESOLUTION NO.03-78 ITakingadditionalactiontoenterintoaGeneralObligationEssential
Corporate Purpose Loan Agreement and fixing a date for public hearing
on a General Obligation General Corporate Purpose Loan Agreement
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 (hereinafter referred to as the
"City")has heretofore proposed to contract indebtedness and 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 has published
notice of the proposed action and has held a hearing thereon;and
WHEREAS,pursuant to the provisions of Section 384.24A of the Code of Iowa,
the City has also proposed 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 ofp aying the cost,to that extent,0 fthe acquisition 0 fland for the
recreation field complex,and in lieu of calling an election therefor,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 of Iowa;
NOW,THEREFORE,It Is Resolved by the City Council of the City of Waukee,
Iowa,as follows:]
Section 1.The Council hereby determines to enter into the Essential
Corporate Purpose Loan Agreement in the future and declares that this resolution
constitutes the "additional action"required by Section 3 84.24A of the Code of Iowa.
Section 2.This Council shall meet on April 21,2003,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 General
Corporate Purpose Loan Agreement.
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:
I
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS
TO ENTER INTO A LOAN AGREEMENT AND B ORROW 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 21,2003,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 of the City.
The maximum rate of interest which may be payable under the General Corporate
Purpose Loan Agreement is 7%per annum.
At any time before the aforementioned date fixed for taking action to enter into
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 ofIowa.
By order ofthe City Council of the City of Waukee,Iowa.
Mark Arentsen
City Clerk
Section 4.All resolutions and orders or parts thereof in conflict with the
provisions of this resolution,to the extent of such conflict,are hereby repealed.
Section 5.This resolution shall be in full force and effect innnediately upon
its adoption and approval,as provided by law.
Passed and approved April 7,2003.
Attest:
ROLL CALL VOTE
Nicholas C.Gruber
Donald L.Bailey,Jr.
Bill Peard
Mike Watts
Council Seat Vacant
NAYAYE
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TOny~nnan,Mayor
ABSENT
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