HomeMy WebLinkAbout2005-02-01-Resolutions 05-21_Bonds - GO Golf Course Loan Agr - Set PHRESOLUTION NO.05-21
)Resolution to fix a date for a public hearing on a Golf Course Revenue
Loan Agreement in the principal amount of $950,000 and a General
Obligation Golf Course Loan Agreement in the principal amount of
$700,000
WHEREAS,the City of Waukee,Iowa (the "City")proposes to purchase the
privately-owned Sugar Creek Golf Course (the "Golf Course")and to operate the Golf
Course as a city enterprise;and
WHEREAS,the City proposes to enter into a loan agreement (the "Golf Course
Revenne Loan Agreement")in the principal amount of $950,000,pursuant to the
provisions of Section 384.24A of the Code of Iowa,for the purpose of paying the cost,to
that extent,of acquiring the Golf Course,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 Golf Course Revenue
Loan Agreement and to give notice thereof as required by such law;and
WHEREAS,the City also proposes to enter into a loan agreement (the "General
Obligation Golf Course Loan Agreement")in the principal amount of $700,000,pursuant
to the provisions of Section 384.24A of the Code of Iowa for the general corporate
purpose of paying the cost,to that extent,of acquiring the Golf Course,and the City
desires to institute proceedings to enter into the General Obligation Golf Course Loan
Agreement for such general corporate purpose 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 ofthe Code ofIowa;J
NOW,THEREFORE,Be It Resolved by the City Council of the City of Waukee,
Iowa,as follows:
Section 1.The City Council hereby determines that,once acquired,the Golf
Course will be operated as a municipal golf course,which is hereby declared to be a City
Enterprise as that term is defined in Chapter 384 of the Code ofIowa.
Section 2.This Council shall meet on the 14th day of February 2005,at the
Council Chambers,City Hall,Waukee,Iowa,at 7:00 o'clock p.m.,at which time and
place hearings will be held and proceedings will be instituted and action taken to enter
into the Golf Course Revenue Loan Agreement and the General Obligation Golf Course
Loan Agreement (together,the "Loan Agreements").
Section 3.The Deputy City Clerk is hereby directed to give notice of the
proposed action on the Golf Course Revenue 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:I
NOTICE OF PROPOSED ACTION TO lNSTITUTE PROCEEDINGS
TO ENTER lNTO A LOAN AGREEMENT AND BORROW MONEY
IN THE PRINCIPAL AMOUNT OF $950,000
(GOLF COURSE REVENUE)
The City Council of the City of Waukee,Iowa,will meet on the 14th day of
February,2005,at the Council Chambers,City Hall,Waukee,Iowa,at 7:00 o'clock p.m.,
for the purpose of instituting proceedings and taking action to enter into a loan agreement
(the "Golf Course Revenue Loan Agreement")and borrow money in the principal
amount of $950,000 for the purpose of paying the cost,to that extent,of acquiring a golf
course (the "Golf Course").
The Golf Course Revenue Loan Agreement will not constitute a general
obligation of the City,nor will it be payable in any manner by taxation,but together with
any additional obligations of the City as may be hereafter issued and outstanding from
time to time ranking on a parity therewith,will be payable solely and only from the net
revenues of the Golf Course.
The Golf Course Revenue Loan Agreement is proposed to be entered into
pursuant to authority contained in Section 384.24A of the Code ofIowa.
At the aforementioned time and place,oral or written objections may be filed or
made to the proposal to enter into the Golf Course Revenue Loan Agreement.After
receiving objections,the Council may determine to enter into the Golf Course Revenue
Loan Agreement,in which case,the decision will be final unless appealed to the District
Court within fifteen (15)days thereafter.
By order of the City Council of the City of Waukee,Iowa.
Mark Arentsen
City Administrator/Clerk
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS
TO ENTER INTO A LOAN AGREEMENT AND BORROW MONEY
IN THE PRINCIPAL AMOUNT OF $700,000
(GENERAL OBLIGATION)
I
The City Council of the City of Waukee,Iowa,will meet on the 14th day of
February,2005,at the Council Chambers,City Hall,Waukee,Iowa,at 7:00 o'clock p.m.,
for the purpose of instituting proceedings and taking action to enter into a loan agreement
(the "General Obligation Loan Agreement")and bOlTOWmoney in the principal amount
of $700,000 for the purpose of paying the cost,to that extent,of acquiring a golf course,
The General Obligation 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
Obligation Loan Agreement is 7%per annum.
Pursuant to the provisions of Section 384.26 of the Code of Iowa,at any time
before the date fixed for taking action to enter into the General Obligation Loan
Agreement,a petition may be filed with the City Clerk asking that the question of
entering into the General Obligation Loan Agreement be submitted to the registered
voters of the City.
By order of the City Council of the City of Waukee,Iowa.1
Mark Arentsen
City Administrator/Clerk
Section 4.All resolutions or parts of resolutions in conflict herewith are
hereby repealed to the extent of such conflict.
Passed and approved February 1,2005.
I D~
Tonyili~-,M""'-aLy-'o'-'r --------
Attest:
cu.._£~
Catherine A.'Paardekooper,epUtY
Clerk
ROLL CALL VOTE
Nicholas C.Gruber
Donald L.Bailey,Jf.
Bill Peard
Jeff V.Mertz
Darlene Stanton
AYE
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NAY ABSENT
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