Loading...
HomeMy WebLinkAbout2009-12-07-Resolutions 09-244_Bonds - Golf Course Revenue CLN - Set PHRESOLUTION 09-244 RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF A NOT TO EXCEED $815,000 GOLF COURSE REVENUE CAPITAL LOAN,OF THE CITY OF WAUKEE,STATE OF IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS,it is deemed necessary and advisable that the City of Waukee,State of Iowa,should provide for the authorization of a Loan Agreement and the issuance of a Golf Course Revenue Capital Loan Note,in the amount of not to exceed $815,000,as authorized by Sections 384.24A,384.82,and 384.83,Code ofIowa,as amended,for the purpose of providing funds to pay costs as hereinafter described;and WHEREAS,the Loan Agreement and Note shall be payable solely and only out of the net earnings of the Municipal Golf Course and shall be a first lien on the future net earnings of the Municipal Golf Course;and shall not be general obligations of the City or payable in any manner by taxation and the City shall be in no manner liable by reason of the failure of the net revenues to be sufficient for the payment of the Loan Agreement and Note;and WHEREAS,before a Loan Agreement may be authorized and a Golf Course Revenue Capital Loan Note issued to evidence the obligation of the City thereunder,it is necessary to comply with the provisions of the City Code ofIowa,as amended,and to publish a notice of the proposal and of the time and place of the meeting at which the Council proposes to take action for the authorization of the Loan Agreement and Note and to receive oral and/or written objections from any resident or property owner of the City to such action. NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WAUKEE,STATE OF IOWA: Section 1.That this Council meet in the Council Chambers,City Hall,230 W. Hickman Rd,Waukee,Iowa 50263,at 7:00 o'clock P.M.,on the 21st day of December, 2009,for the purpose of taking action on the matter of the authorization of a Loan Agreement and the issuance of a not to exceed $815,000 Golf Course Revenue Capital Loan Notes,to evidence the obligations of the City thereunder,the proceeds of which will be used to provide funds to pay the costs of adjusting,extending and refunding existing Golf Course Revenue indebtedness including the outstanding portion of the $925,000 Golf Course Revenue Note,Series 2005. Section 2.The Clerk is authorized and directed to proceed on behalf of the City with the negotiation of terms of a Loan Agreement and the issuance of a Golf Course Revenue Capital Loan Note,to a principal amount of not to exceed $815,000,to select a date for the final approval thereof,to cause to be prepared such notice and sale information as may appear appropriate,to publish and distribute the same on behalf of the City and this Council and otherwise to take all action necessary to permit the completion of a loan on a basis favorable to the City and acceptable to the Council. Section 3.That the Clerk is hereby directed to cause at least one publication to be made of a notice of the meeting,in a legal newspaper,printed wholly in the English language,published at least once weekly,and having general circulation in the City.The publication to be not less than four clear days nor more than twenty days before the date of the public meeting on the issuance of the Note. Section 4.The notice of the proposed action shall be in substantially the following form: NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF WAUKEE,STATE OF IOWA,ON THE MATTER OF THE PROPOSED AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF A NOT TO EXCEED $815,000 GOLF COURSE REVENUE CAPITAL LOAN NOTE,AND THE PUBLIC HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF PUBLIC NOTICE is hereby given that the City Council of the City of Waukee, State ofIowa,will hold a public hearing on the 21st day of December,2009,at 7:00 o'clock P.M.,in the Council Chambers,City Hall,230 W.Hickman Rd,Waukee,Iowa 50263,at which meeting the Council proposes to take additional action for the authorization of a Loan Agreement and the issuance of a not to exceed $815,000 Golf Course Revenue Capital Loan Note,in order to provide funds to pay the costs of adjusting,extending and refunding existing Golf Course Revenue indebtedness including the outstanding portion of the $925,000 Golf Course Revenue Note,Series 2005.The Note will not constitute general obligations or be payable in any manner by taxation,but will be payable from and secured by the net revenues of the Municipal Golf Course. At the above meeting the Council shall receive oral or written objections from any resident or property owner of the City,to the above action.After all objections have been received and considered,the Council will at this meeting or at any adjournment thereof, take additional action for the authorization of a Loan Agreement and the issuance of Note or will abandon the proposal to issue the Note. This Notice is given by order of the City Council ofthe City of Waukee,State of Iowa,as provided by Sections 384.24A and 384.83 of the City Code ofIowa,as amended. Dated this 7th day of December,2009. Jeffrey L.Kooistra City Clerk,City of Waukee,State ofIowa (End of Notice) PASSED AND APPROVED this 7th day of December,2009. ATTEST: ROLL CALL VOTE Donald L.Bailey,Ir. Casey L.Harvey C.Isaiah McGee Darlene Stanton Mike Watts AYE X X X X NAY ABSENT X ABSTAIN