HomeMy WebLinkAbout2011-02-28-Resolutions 11-29_Bonds - GO CLN Series 2011 - Additional ActionRESOLUTION 11-29
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE AUTHORIZATION OF A
LOAN AGREEMENT AND THE ISSUANCE OF NOT TO
EXCEED $160,000 GENERAL OBLIGATION CAPITAL LOAN
NOTES,SERIES 2011
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 not to exceed $160,000 General Obligation Capital Loan
Notes,Series 2011,for a general corporate purpose,for the purpose of paying costs of the
equipping of golf courses including the purchase of golf Calis,and no petition was filed calling
for a referendum thereon.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,STATE OF 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 not to
exceed $160,000 General Obligation Capital Loan Notes,Series 2011,to evidence the obligation
thereof for the foregoing general corporate 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 zs"day of February,2011.
ATTEST:
ROLL CALL VOTE AYE NAY ABSENT ABSTAIN
Shane Blanchard X
Dan Dutcher X
Casey L.Harvey X
Darlene Stanton X
Mike Watts X