HomeMy WebLinkAbout2012-07-02-Resolutions 12-152_Bonds - Water Revenue CLN - Set PHRESOLUTION 12-152
RESOLUTION FIXING DATE FOR A MEETING ON THE
AUTHORIZATION OF A LOAN AGREEMENT AND THE
ISSUANCE OF NOT TO EXCEED $2,800,000 WATER
REVENUE CAPITAL LOAN NOTES,OF THE CITY OF
WAUKEE,STATE OF IOWA,AND PROVIDING FOR
PUBLICATION OF NOTICE THEREOF
WHEREAS,it is deemed necessary and advisable that the City of Waukee,State
of Iowa,should provide for the authorization of a Loan Agreement and the issuance of
Water Revenue Capital Loan Notes,in the amount of not to exceed $2,800,000,as
authorized by Sections 384.24A,384.82,and 384.83,Code ofIowa,as amended,for the
purpose of providing funds to pay costs as hereinafter described;and
WHEREAS,the Loan Agreement and Notes shall be payable solely and only out
of the net eamings of the Waukee Water Utility and shall be a first lien on the future net
earnings of the Utility;and shall not be general obligations of the City or payable in any
mauner by taxation and the City shall be in no manner liable by reason of the failure of
the net revenues to be sufficient for the payment of the Loan Agreement and Notes;and
WHEREAS,before a Loan Agreement may be authorized and Water Revenue
Capital Loan Notes issued to evidence the obligation of the City thereunder,it is
necessary to comply with the provisions of the City Code of Iowa,as amended,and to
publish a notice of the proposal and of the time and place of the meeting at which the
Council proposes to take action for the authorization of the Loan Agreement and Notes
and to receive oral ancl/or written objections from any resident or property owner of the
City to such action.
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WAUKEE,STATE OF IOWA:
Section 1.That this Council meet in the Council Chambers,City Hall,230 West
Hickman Road,Waukee,IA 50263,at 5:30 o'clock P.M.,on the 16th day of July,2012,
for the purpose of taking action on the matter of the authorization of a Loan Agreement
and the issuance of not to exceed $2,800,000 Water Revenue Capital Loan Notes,to
evidence the obligations of the City thereunder,the proceeds of which will be used to
provide funds to pay the costs of to pay the costs of acquisition of improvements and
equipping waterworks,water mains and extensions useful for providing potable water to
residents of the city,including acquisition of additional water capacity.
Section 2.The Clerk is authorized and directed to proceed on behalf of the City
with the negotiation of terms of a Loan Agreement and the issuance of Water Revenue
Capital Loan Notes,to a principal amount of not to exceed $2,800,000,to select a date
for the final approval thereof,to cause to be prepared such notice and sale information as
may appear appropriate,to publish and distribute the same on behalf of the City and this
Council and otherwise to take all action necessary to permit the completion of a loan on a
basis favorable to the City and acceptable to the Council.
Section 3.That the Clerk is hereby directed to cause at least one publication to be
made of a notice of the meeting,in a legal newspaper,printed wholly in the English
language,published at least once weekly,and having general circulation in the City.The
publication to be not less than four clear days nor more than twenty days before the date
of the public meeting on the issuance of the Notes.
Section 4.The notice of the proposed action shall be in substantially the following
form:
NOTICE OF MEETING OF THE CITY COUNCIL OF THE
CITY OF WAUKEE,STATE OF IOWA,ON THE MATTER
OF THE PROPOSED AUTHORIZATION OF A LOAN
AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED
$2,800,000 WATER REVENUE CAPITAL LOAN NOTES,
AND THE PUBLIC HEARING ON THE AUTHORIZATION
AND ISSUANCE THEREOF
PUBLIC NOTICE is hereby given that the City Council of the City of Waukee,
State ofIowa,will hold a public hearing on the 16th day of July,2012,at 5:30 o'clock
P.M.,in the Council Chambers,City Hall,230 West Hickman Road,Waukee,IA 50263,
at which meeting the Council proposes to take additional action for the authorization of a
Loan Agreement and the issuance of not to exceed $2,800,000 Water Revenue Capital
Loan Notes,in order to provide funds to pay the costs of to pay the costs of acquisition of
improvements and equipping waterworks,water mains and extensions useful for
providing potable water to residents of the city,including acquisition of additional water
capacity.The Notes will not constitute general obligations or be payable in any manner
by taxation,but will be payable from and secured by the net revenues of the Waukee
Water Utility.
At the above meeting the Council shall receive oral or written objections from any
resident or property owner of the City,to the above action.After all objections have been
received and considered,the Council will at this meeting or at any adjournment thereof,
take additional action for the authorization of a Loan Agreement and the issuance of
Notes or will abandon the proposal to issue the Notes.
This Notice is given by order of the City Council of the City of Waukee,State of
Iowa,as provided by Sections 384.24A and 384.83 of the City Code ofIowa,as
amended.
Dated this 2nd day of July,2012.
Bradly M.Deets
Interim City Administrator,City of Waukee,State ofIowa
(End of Notice)
PASSED AND APPROVED this 2lld day ofJuly,2012.
ATTEST:
Interim Cit;)\dministrator
ROLL CALL VOTE
Shane Blanchard
Dan Dutcher
Casey L.Harvey
Shelly Hughes
Mike Watts
AYE
X
X
X
X
X
NAY ABSENT ABSTAIN