HomeMy WebLinkAbout2010-07-12-Resolutions 10-207_WRA Clarification - Bonding AuthorityRESOLUTION 10-207
RESOLUTION RATIFYING AND CONFIRMING RESOLUTION 05-
220,APPROVED NOVEMBER 21,2005,AUTHORIZING THE
APPROVAL AND EXECUTION AND DELIVERY OF A
SUPPLEMENT TO THE AMENDED AND RESTATED AGREEMENT
FOR THE DES MOINES METROPOLITAN WASTEWATER
RECLAMATION AUTHORITY,CONSENTING TO AND RATIFYING
AND CONFIRMING THE ISSUANCE OF BONDS BY THE BOARD OF
THE DES MOINES METROPOLITAN WASTEWATER
RECLAMATION AUTHORITY FOR THE PURPOSE OF
CONSTRUCTING IMPROVEMENTS UNDER THE TERMS OF SAID
AGREEMENT,AND RELATED MATTERS
WHEREAS,the Cities of Altoona,Ankeny,Bondurant,Clive,Des Moines,
Johnston,Norwalk,Pleasant Hill and West Des Moines,and Polk County,Warren
County,the Urbandale Sanitary Sewer District,the Urbandale-Windsor Heights Sanitary
District,Greenfield Plaza/Hills of Coventry Sanitary District,Cumming,Waukee and
Polk City(together,the "Participating Communities")are parties to an Amended and
Restated Agreement for the Des Moines Metropolitan Wastewater Reclamation Authority
effective as of July 1,2004 (the "Agreement");and
WHEREAS,the Agreement,among other things,establishes the Des Moines
Metropolitan Wastewater Reclamation Authority (the "WRA")as a separate legal entity,
describes the Improvements to be constructed and the Bonds proposed to be issued by the
Board of the WRA for the purpose of acquiring and constructing the same,and provides a
means of allocating the budgeted costs of the WRA to each of the Participating
Communities;and
WHEREAS,on November 21,2005 by Resolution 05-220,the City Council of
Waukee,approved the Supplement (the "Supplement")to the WRA Agreement admitting
Waukee as a Participating Community of the WRA effective July 1,2007;and
WHEREAS,specific consent for issuance of bonds was not included in Resolution
05-220,although provided for in the Supplement and the Agreement;and
WHEREAS,this City Council has reviewed the Agreement and the Supplement
and the exhibits thereto and has determined that the ratification and confirmation of the
approval of the same is in the best interests of the City of Waukee and the residents
thereof,and that the City Council should evidence its specific consent to and ratification
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and confirmation of the issuance of Bonds as provided in the Agreement.
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WAUKEE,IOWA:
Section 1.Definitions.All capitalized terms used in this resolution shall have
the meanings given to them in the Agreement.
Section 2.Ratification of Prior Resolution and Supplement.Resolution 05-
220,approved on November 21,2005,and the form of Supplement approved therein,are
hereby ratified,confirmed and approved.
Section 3.Consent to Issuance of Bonds.The City of Waukee hereby consents
to and authorizes the Board,pursuant to Section 28F.3 of the Code ofIowa,as amended,
(the "Code"),to issue Bonds in the aggregate principal amount of not to exceed
$475,000,000 for the purposes of acquiring and constructing the Improvements
contemplated by the Agreement.The City of Waukee consents to and agrees that such
Bonds may be issued and sold by the Board in multiple series,at such times and from
time to time over a period of years,in such amounts,to such purchasers and for such
purposes,by either public or private sale,at fixed or variable rates of interest as shall be
prevailing at the time of issuance of the Bonds,but which shall not exceed 15%in any
event,with such covenants and terms and in such form and manner as the Board shall
determine to be appropriate,in its sole discretion,and in accordance with the Preliminary
Bond Offering Schedule attached as Exhibit 31 to the Agreement.The City of Waukee
further consents to and authorizes the Board to adjust the principal amount or time of
offering of any of the Bonds from the amounts and times set forth in said Exhibit 31 at
the time of the sale and issuance of any series of the Bonds in order to respond to changes
in the costs,schedule or sequence of construction of the Improvements contemplated by
the Agreement,or to market conditions then prevailing,or to otherwise complete the sale
on terms deemed advantageous by the Board under the circumstances then and there
existing,so long as such modified terms are approved by the Board at the time of sale of
the Bonds.The City of Waukee further ratifies and confirms any and all actions
consistent with this section,the Agreement and the Supplement taken with respect to
Bonds issued by the WRA after November 21,2005 and prior to passage of this
resolution.
Section 4.Consent to Issuance of Refunding Bonds.In addition to the Bonds
authorized in Section 3 hereof,the City of Waukee hereby consents to and authorizes the
Board,pursuant to Section 28F.1 0 of the Code,to issue Refunding Bonds for the purpose
of refunding or refinancing any of the Bonds during the term of the Agreement.Such
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Refunding Bonds may be issued and sold by the Board in multiple series,at such times
and from time to time over a period of years,in such amounts,to such purchasers by
either public or private sale,at such rates of interest as shall be prevailing at the time of
issuance of the Refunding Bonds,but which shall not exceed 15%in any event,with such
covenants and terms and for the purpose of refunding or refinancing such series of Bonds
as the Board shall determine to be appropriate.The City of Waukee further ratifies and
confirms any and all actions consistent with this section,the Agreement and the
Supplement taken with respect to Refunding Bonds issued by the WRA after November
21,2005 and prior to passage of this resolution.
Section 5.Allocations of Debt Service.Following the issuance of the Bonds
and Refunding Bonds and for so long as any of the Bonds and Refunding Bonds remain
outstanding,the Debt Service thereon shall be allocated to the Participating Communities
in accordance with Article IX of the Agreement,and the City of Waukee agrees to pay its
allocated share of such Debt Service to the WRA at the times set forth in the Agreement.
Section 6.Restriction on Withdrawal.The City of Waukee further agrees that
it may not withdraw or in any way terminate,amend or modify in any way its obligations
under the Agreement to the detriment of the holders of the Bonds and Refunding Bonds
while any of the Bonds and Refunding Bonds are outstanding and unpaid,and the
provisions of Section 28F.3 of the Code with respect thereto are hereby approved and
accepted.
Section 7.Certification.A certified copy of this resolution and the executed
signature page to the Supplement shall be promptly provided to the Secretary of the
WRA for recording and filing as contemplated in the Supplement.
Passed and approved this 12th day of July 2010.
ATTEST:
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ROLL CALL VOTE AYE NAY ABSENT ABSTAIN
Shane Blanchard X
Dan Dutcher X
Casey L.Harvey X
Darlene Stanton X
Mike Watts X
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