HomeMy WebLinkAbout2011-03-21-Resolutions 11-40_Bonds - GO Equipment Lease Purchase Agr - Additional ActionRESOLUTION 11-40
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE AUTHORIZATION
AND THE ISSUANCE OF NOT TO EXCEED
$120,000GENERAL OBLIGATION EQUIPMENT LEASE
PURCHASE AGREEMENT
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 and the issuance of not to exceed $120,000 General Obligation Equipment
Lease Purchase Agreement,for the purpose of paying costs of the lease or lease-purchase
of a street sweeper for the street department,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 CITY
OF WAUKEE,STATE OF IOWA:
Section 1.That this Council does hereby institute proceedings and take additional
action for the authorization and issuance in the manner required by law of not to exceed
$120,000 General Obligation Equipment Lease Purchase Agreement,to evidence the
obligation thereof for 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 Lease 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 21 st day of arch,2011.
ATTEST:
ROLL CALL VOTE
Shane Blanchard
Dan Dutcher
Casey L.Harvey
Darlene Stanton
Mike Watts
AYE
X
X
X
X
X
NAY ABSENT ABSTAIN