HomeMy WebLinkAbout2005-07-11-Resolutions 05-122_Bonds - Water Capacity Loan Agr - Set PH-----------------------
RESOLUTION NO.05-122
To fix a date for a public hearing on a loan agreement in the principal
amount not to exceed $3,800,000
WHEREAS,the City of Waukee (the "City"),in the County of Dallas,State of
Iowa,did heretofore establish a Municipal Waterworks System (the "Utility")in and for
the City which has continuously supplied water service in and to the City and its
inhabitants since its establishment;and
WHEREAS,the management and control of the Utility are vested in the Council
and no board of trustees exists for this purpose;and
WHEREAS,the City previously issued its Water Revenue Refunding Notes,
dated November 1,1999,a portion of which remains outstanding (the "Outstanding
Notes");and
WHEREAS,pursuant to the resolution authorizing the issuance of the
Outstanding Notes,the City reserved the right to issue additional obligations payable
from the same source as and subordinate to,the Outstanding Notes;and
WHEREAS,the City proposes to enter into a loan agreement authorizing
installment payment obligations under the Wholesale Water Service Master Agreement
and corresponding Installment Payment Agreement (the "Loan Agreement")with Des
Moines Water Works in a principal amount not to exceed $3,800,000 pursuant to the
provisions of Section 384.24A of the Code of Iowa for the purpose of paying the cost,to
that extent,of purchasing long-term water capacity for the Utility and it is necessary to
fix a date of meeting of the City Council at which it is proposed to take action to enter
into the Loan Agreement and to give notice thereof as required by such law;
NOW,THEREFORE,Be It Resolved by the City Council ofthe City of Waukee,
Iowa,as follows:
Section 1.This Council shall meet on the 1st day of August,2005,at the
Waukee City Hall,in the City,at 7:00 o'clock p ..m.,at which time and place a hearing
will be held and proceedings will be instituted and action taken to enter into the Loan
Agreement.
Section 2.The City Clerk is hereby directed to give notice of the proposed
action on the 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 four nor more than twenty 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:
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS
TO ENTER INTO A LOAN AGREEMENT IN A PRINCIPAL
AMOUNT NOT TO EXCEED $3,800,000
(WATER REVENUE)
The City Council of the City of Waukee,Iowa,will meet on the 1st day of
August,2005,at the Waukee City Hall,in the City,at 7:00 o'clock p ..m.,for the purpose
of instituting proceedings and taking action to enter into a loan agreement:(the "Loan
Agreement")in a principal amount not to exceed $3,800,000 for the purpose of paying
the cost,to that extent,of purchasing long-term water capacity from Des Moines Water
Works.
\The Loan Agreement will not constitute a general obligation of the City,nor will
it be payable in any manner by taxation,but together with the City's outstanding Water
Revenue Refunding Notes to which the Loan Agreement shall be subordinate,and 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 Municipal Waterworks System of the City.
The 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 Loan Agreement.After receiving objections,the
Council may determine to enter into the 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 Clerk
]
Section 3.All resolutions or parts of resolutions ill conflict herewith are
hereby repealed to the extent of such conflict.
Passed and approved July II,2005.J*pk--~Ton Obe an,Mayor
Attest:
ROLL CALL VOTE
Nicholas C.Gruber
Donald L.Bailey,Jr.
Bill Peard
JeffV.Mertz
Darlene Stanton
AYE
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NAY ABSENT