HomeMy WebLinkAbout2010-02-22-Resolutions 10-39_Bonds - GO Pre-Levy - IssuanceRESOLUTION #10-39
RESOLUTION AUTHORIZING THE ISSUANCE OF NOT
TO EXCEED $1,500,000 GENERAL OBLIGATION
BONDS,AND LEVYING A TAX FOR THE PAYMENT
THEREOF
WHEREAS,the City of Waukee,State ofIowa ("Issuer"),is a municipal
corporation,organized and existing under the Constitution and laws of the State ofIowa,
and is not affected by any special legislation;and
WHEREAS,the Issuer is in need of funds to pay costs of construction,
reconstruction and repair of municipal street improvements;and undertaking a project
jointly with the WRA for improvements to the treatment plant (the "Project"),and it is
deemed necessary and advisable that General Obligation Bonds,in the amount of not to
exceed $1,500,000 be issued;and
WHEREAS,pursuant to notice published as required by Section 384.25 ofthe
Code ofIowa,as amended,this Council has held a public meeting and hearing upon the
proposal to institute proceedings for the issuance of the Bonds,and the Council is
therefore now authorized to proceed with the issuance thereof:
NOW,THEREFORE,IT IS RESOLVED BY THE CITY COUNCIL OF
WAUKEE,STATE OF IOWA:
Section 1.Authorization of the Issuance.General Obligation Bonds,in the
amount of not to exceed $1,500,000 shall be issued pursuant to the provisions ofIowa
Code Section 384.25 for the foregoing Project.
Section 2.Levy of Annual Tax.For the purpose of providing funds to pay the
principal and interest as required under Chapter 76.2,there is levied for each future year
the following direct annual tax upon all the taxable property in Waukee,Iowa,to-wit:
AMOUNT
FISCAL YEAR (JULY 1 TO JUNE 30)
YEAR OF COLLECTION
$150,069 201012011
1
Principal and interest coming due at any time when the proceeds of the tax on
hand are insufficient to pay the amount due shall be promptly paid when due from current
funds available for that purpose and reimbursement must be made.
Section 3.Amendment ofLevv of Annual Tax.Based upon the terms of the
future sale of the Bonds to be issued,this Council will file an amendment to this
Resolution with the County Auditor.
Section 4.Filing.A certified copy of this Resolution shall be filed with the
County Auditor of the County of Dallas,State ofIowa,who is instructed in and for the
indicated fiscal year,to levy,assess and collect the tax in the same manner as other taxes
and,when collected,these taxes shall be used only for the purpose of paying principal
and interest on the Bonds.
PASSED AND APPROVED this 2211d day of February,2010.
ATTEST:
ROLL CALL VOTE
Shane Blanchard
Dan Dutcher
Casey L.Harvey
Darlene Stanton
Mike Watts
AYE
X
X
X
X
X
NAY ABSENT ABSTAIN
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