HomeMy WebLinkAbout2008-07-21-Resolutions 08-166_Bonds - GO CLN Series 2008 - Additional ActionRESOLUTION 08-166
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE AUTHORIZATION OF
A LOAN AGREEMENT AND THE ISSUANCE OF A NOT
TO EXCEED $140,000 GENERAL OBLIGATION
CAPITAL LOAN NOTE,SERIES 2008
WHEREAS,pursuant to notice published as required by law,this Council has held
a public meeting and hearing upon the proposal to institute proceedings for the
authorization of a Loan Agreement and the issuance of a not to exceed $140,000 General
Obligation Capital Loan Note,for the purpose of paying costs of acquisition of an
ambulance,and has considered the extent of objections received from residents or
property owners as to the proposal and,accordingly the following action is now
considered to be in the best interests of the City and residents thereof:
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WAUKEE,IOWA:
Section 1.That this Council does hereby institute proceedings and take additional
action for the authorization of a Loan Agreement and issuance in the manner required by
law of a not to exceed $140,000 General Obligation Capital Loan Note,to evidence the
obligation thereoffor the foregoing purpose.
Section 2.This Resolution shall serve as a declaration of official intent under
Treasury Regulation 1.150-2 and shall be maintained on file as a public record of such
intent.It is reasonably expected that the general fund moneys may be advanced from
time to time for capital expenditures which are to be paid from the proceeds of the above
loan agreement.The amounts so advanced shall be reimbursed from the proceeds of the
Loan Agreement not later than eighteen months after the initial payment of the capital
expenditures or eighteen months after the property is placed in service.Such
advancements shall not exceed the loan amount authorized in this Resolution unless the
same are for preliminary expenditures or unless another declaration of intention is
adopted.
PASSED AND APPROVED this 21st day ofJuly,2008.
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Attest:
.Kooistra,City Administrator/Clerk
ROLL CALL VOTE
Donald L.Bailey,Jr.
Casey L.Harvey
C.Isaiah McGee
Darlene Stanton
Mike Watts
AYE
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NAY
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ABSENT ABSTAIN