HomeMy WebLinkAbout2012-07-16-Resolutions 12-160_Bonds - Water Revenue CLN - Additional ActionRESOLUTION 12-160
RESOLUTION INSTITUTING PROCEEDINGS 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,APPROVING ELECTRONIC BIDDING
AND OFFICIAL STATEMENT
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 $2,800,000 Water
Revenue Capital Loan Notes,for the purpose of paying costs of acquisition of
improvements and equipping the waterworks,water mains and extensions useful for
providing potable water to residents of the city,including acquisition of additional water
capacity,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;and
WHEREAS,in conjunction with its financial advisor,Public Financial
Management,Inc.,the City has caused a Preliminary Official Statement to be prepared
outlining the details of the proposed sale of the Note.
WHEREAS,the Council has received information from its Financial Consultant
evaluating and recommending the procedure hereinafter described for electronic,
facsimile and intemet bidding to maintain the integrity and security of the competitive
bidding process and to facilitate the delivery of bids by interested parties;and
WHEREAS,the Council deems it in the best interests of the City and the residents
thereof to receive bids to purchase such Notes by means of both sealed and electronic
intemet communication.
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 $2,800,000 Water Revenue Capital Loan Notes,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 water 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.
Section 3.That the receipt of electronic bids by facsimile machine and through
the Parity Competitive Bidding System described in the Preliminary Official Statement
are hereby found and determined to provide reasonable security and to maintain the
integrity of the competitive bidding process,and to facilitate the delivery of bids by
interested parties in connection with the offering at public sale.
Section 4.That the preliminary Official Statement in the form presented to this
meeting be and the same hereby is approved as to form and deemed final for purposes of
Rule 15c2-12 of the Securities and Exchange Commission,subject to such revisions,
corrections or modifications as the Mayor and City Clerk,upon the advice of bond
counsel and the City's Financial Advisor,shall determine to be appropriate,and is
authorized to be distributed in connection with the offering of the Notes for sale.
PASSED AND APPROVED this 16th day ofJuly,2012.
ATTEST:
-Il.oJj.7'1.f)~_
City Clerk(
ROLL CALL VOTE
Shane Blanchard
Dan Dutcher
Casey L.Harvey
Shelly Hughes
Mike Watts
AYE
X
NAY ABSENT ABSTAIN
X
X
X
X