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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. I -1- Attest: .Kooistra,City Administrator/Clerk ROLL CALL VOTE Donald L.Bailey,Jr. Casey L.Harvey C.Isaiah McGee Darlene Stanton Mike Watts AYE X X X X X NAY -2- ABSENT ABSTAIN