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Home My WebLink About2004-09-13-Resolutions 04-207_Bonds - GO Fire Equipment Loan Agr - Additional ActionRESOLUTION NO.04-207 Resolution taking additional action in connection with a Loan Agreement and providing for the issuance of a $625,000 General Obligation Fire Equipment Loan Agreement Anticipation Note WHEREAS,pursuant to notice duly published and a hearing held thereon,the City Council of Waukee,Iowa,has proposed to enter into a loan agreement (the "Loan Agreement")pursuant to the provisions of Section 384.24A of the Code of Iowa for the purpose of acquiring a fire truck and equipment (collectively,the "Equipment");and WHEREAS,pursuant to the provisions of Section 76.13 of the Code ofIowa,the City has authority to issue anticipation notes in anticipation of the receipt of the proceeds from the Loan Agreement;and WHEREAS,in order to pay authorized costs in connection with the acquisition of the Equipment at this time it is necessary to issue a General Obligation Fire Equipment Loan Agreement Anticipation Note in the principal amount of $625,000 (the "Anticipation Note"); NOW,THEREFORE,Be It Resolved by the City Council ofthe City of Waukee, Iowa,as follows: Section 1.The Anticipation Note is hereby authorized to be issued to Charter Bank,Waukee,Iowa (the "Purchaser"),in anticipation of the receipt of and be payable from the proceeds of the Loan Agreement or from other sources to be received and expended in connection with the acquisition of the Equipment.The Anticipation Note shall be dated the date of delivery to the Purchaser,shall mature on February I,2006 and shall bear interest at the rate of 3.70%per annum payable at maturity,except as the provisions hereinafter set forth with respect to redemption prior to maturity may be or become applicable hereto.Interest shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. The Anticipation Note shall be executed on behalf of the City with the official manual or facsimile signature of the MayOI'and attested with the official manual or facsimile signature of the City Clerk and shall have the City's seal impressed or printed thereon and shall be a fully registered instrument without interest coupons.In case any officer whose signature or the facsimile of whose signature appears on the Anticipation Note shall cease to be such officer before the delivery of the Anticipation Note,such signature 01'such facsimile signature shall nevertheless be valid and sufficient for all purposes,the same as if such officer had remained in office until delivery. The City Clerk is hereby designated as the Registrar and Paying Agent for the Anticipation Note and may be hereinafter referred to as the "Registrar"or the "Paying Agent". Section 2.The City reserves the right to prepay the Anticipation Note in whole or in part on any date prior to maturity upon terms of par and accrued interest.All principal so prepaid shall cease to bear interest on the prepayment date. The Anticipation Note shall be fully registered as to both principal and interest in the name of the owner in the records of the City kept for such purpose,after which no transfer shall be valid unless made on said records by the City Clerk,and then only upon a written instrument of transfer satisfactory to the City,duly executed by the registered owner or the duly authorized attomey for such registered owner. The City shall maintain as confidential the record of identity of owners of the Anticipation Note,as provided by Section 22.7 of the Code ofIowa. Section 3.The Anticipation Note shall be in substantially the following form: UNITED STATES OF AMERICA STATE Ole IOWA COUNTY OF DALLAS CITY OF WAUKEE GENERAL OBLIGATION FIRE EQUIPMENT LOAN AGREEMENT ANTICIPATION NOTE No.1 $625,000 The City of Waukee,Iowa (the "City"),for value received,promises to pay to Charter Bank,Waukee,Iowa,its successors or assigns,the principal sum of Six Hundred Twenty-five Thousand Dollars ($625,000)on February I,2006,with interest limn the date hereof,at the rate of 3.70%per annum,payable at maturity,or upon prepayment of this instrument as hereinafter provided.Interest will be calculated on the basis of a 360- day year comprised of twelve 3D-day months. The principal of and interest on tills Anticipation Note are payable in lawful money of the United States of America upon presentation and surrender hereof at the office of the City Clerk of Waukee,Iowa (hereinafter referred to as the "Registrar"or the "Paying Agent"). This Anticipation Note is issued by the City for the purpose of paying costs of acquiring a fire truck and equipment (collectively,the "Equipment")and is issued under authority of Section 76.13 of the Code of Iowa in anticipation of the receipt of and payable from the proceeds (the "Loan Proceeds")of an authorized loan agreement (the "Loan Agreement")of the City or any other SOUl"Cesto be received and expended in connection with the acquisition of the Equipment. A sufficient portion of the Loan Proceeds anticipated to be received under the Loan Agreement has been appropriated to the payment of this Anticipation Note and may also be appropriated to the payment of other obligations issued to pay costs of acquiring the Equipment. The City reserves the right to prepay principal of tills Anticipation Note,in whole or in part,at any time prior to maturity upon terms of par and accrued interest to the date of such prepayment.All principal of tilis Anticipation Note so prepaid shall cease to bear interest on the prepayment date. TIllS Anticipation Note shall be fully registered as to both principal and interest in the name of the owner in the records of the City kept for such purpose,after which no transfer shall be valid unless made on said records by the City Clerk,and then only upon a written instnunent of transfer satisfactory to the City,duly executed by the registered owner or the duly authorized attomey for such registered owner. IN TESTIMONY WHEREOF,the City of Waukee,Iowa,by its City Council,has caused this Anticipation Note to be sealed with its official seal,to be executed by its Mayor and attested by the City Clerk,all as of September 14,2004. CITY OF WAUKEE,IOWA By (DO NOT SIGN) Mayor Attest: (DO NOT SIGN) City Clerk (Seal) ASSIGNMENT For valuable consideration,receipt of which IS hereby acknowledged,the undersigned assigns this Anticipation Note to (Please print or type name and address of Assignee) PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE and does hereby irrevocably appoint ,Attomey,to transfer this Anticipation Note on the books kept for registration thereof with full power of substitution. Dated: Signature guaranteed: NOTICE:The signature to this Assignment must correspond with the name of the registered owner as it appears on this Anticipation Note in every particular, without alteration or enlargement or any change whatever. Section 4.The Anticipation Note shall be executed as herein provided as soon after the adoption of this resolution as may be possible and thereupon shall be delivered to the Registrar for registration and delivery to the Purchaser,upon receipt of the loan proceeds,and all action heretofore taken in connection with the Loan Agreement and the Anticipation Note is hereby ratified and confirmed in all respects. Section 5.The loan proceeds (the "Loan Proceeds")anticipated to be received under the Loan Agreement are hereby appropriated to the payment of the Anticipation Note and may also be appropriated to the payment of other obligations issued to pay costs of acquiring the Equipment. Section 6.It is the intention of the City that interest on the Anticipation Note be and remain excluded from gross income for federal income tax purposes pursuant to the appropriate provisions of the Internal Revenue Code of 1986,as amended,and the Treasury Regulations in effect with respect thereto (all of the foregoing herein referred to as the "Internal Revenue Code").In furtherance thereof,the City covenants to comply with the provisions of the Internal Revenue Code as they may from time to time be in effect or amended and further covenants to comply with the applicable future laws, regulations,published rulings and court decisions as may be necessary to insure that thc interest on the Anticipation Note will remain exclnded from gross income for federal income tax purposes.Any and all of the officers of the City are hereby authorized and directed to take any and all actions as may be necessary to comply with the covenants herein contained. The City hereby designates the Anticipation Note as a "Qualified Tax Exempt Obligation"as that term is used in Section 265(b)(3)(B)of the Internal Revenue Code. Section 7.All resolutions or parts thereof in conflict herewith m·e hereby repealed to the extent of such conflict. Passed and approved September 13,2004. Attest: an,Mayor ROLL CALL VOTE Nicholas C.Gruber Donald L.Bailey,JI. Bill Peard JeffV.Mertz Darlene Stanton AYE X X X X X NAY ABSENT