HomeMy WebLinkAbout2012-12-17-Resolutions 12-280_Bonds - Private School Facility Revenue Refunding - Set PHRESOLUTION NO.12-280
A RESOLUTION REGARDING THE ISSUANCE OF NOT TO EXCEED $5,500,000
IN AGGREGATE PRINCIPAL AMOUNT OF PRNATE SCHOOL FACILITY
REVENUE REFUNDING BONDS (ST.FRANCIS OF ASSISI SCHOOL
CORPORATION PROJECT)SERIES 2013 OF THE CITY OF WAUKEE,IOWA,
DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE,AND
CALLING A PUBLIC HEARING ON THE PROPOSAL TO ISSUE SAID BONDS
WHEREAS,the City of Waukee,Iowa (the "Issuer")is a municipal corporation
organized and existing under the Constitution and laws of the State of Iowa,and is authorized
and empowered by Chapter 419 of the Code ofIowa (the "Act")to issue revenue bonds and loan
the proceeds from the sale of said bonds to one or more parties to be used to defray all or a
portion of the cost of acquiring,constructing,improving and equipping a "project",as that term
is defmed in the Act,including land,buildings and improvements suitable for use as a facility for
an organization described in Section 501(c)(3)of the Intemal Revenue Code which is exempt
from federal income tax under Section 501(a)of the Internal Revenue Code (a "Tax Exempt
Organization")and to refmance any existing indebtedness on a facility for a Tax Exempt
Organization;and
WHEREAS,the Issner has been requested by St.Francis of Assisi School Corporation of
West Des Moines,Iowa,an Iowa nonprofit corporation and St.Francis of Assisi Roman Catholic
Church of West Des Moines,Iowa,an Iowa nonprofit corporation (collectively,the "Borrower"),
to authorize and issue its Private School Facility Revenue Refunding Bonds,Series 2013
pursuant to the provisions of the Act for the purpose of (i)currently refunding the Issuer's
Private School Facility Revenue Bonds (St.Francis of Assisi School Corporation Project)Series
2002 (the "Refunded Bonds"),the proceeds of which were used to construct an addition to the
existing elementary school facility (the "Refunding"),located at 7075 Ashworth Road,West Des
Moines,Iowa within 8 miles of the boundaries of the Issuer and (ii)paying related costs,
including costs of issuance of the Bonds;and
WHEREAS,the Issuer has determined that the amount necessary to accomplish the
Refimding,including payment of necessary expenses incidental thereto,will require the issuance
by the Issuer of not to exceed $5,500,000 aggregate principal amount of its Private School
Facility Revenue Refunding Bonds,Series 2013 (the "Bonds")pursuant to the provisions of the
Act,and it is proposed that the Issuer loan said amount to the Borrower under a Loan Agreement
between the Issuer and Borrower pursuant to which loan payments will be made by the Borrower
in amounts sufficient to pay the principal of,interest and premium,if any,on said Bonds,as and
when the same shall be due;and
WHEREAS,the Bonds,if issued,shall be limited obligations of the Issuer,and shall not
constitute nor give rise to a pecuniary liability of the Issuer or a charge against its general credit
or taxing powers,and the principal of,interest and premium,if any,on the Bonds shall be
payable solely out of the revenues derived from the Loan Agreement;and
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WHEREAS,before the Bonds may be issued,it is necessary to conduct a public hearing
on the proposal to issue the Bonds,all as required and provided by Section 419.9 of the Act and
Section l47(f)ofthe Intemal Revenue Code of 1986,as amended (the "Code").
NOW,THEREFORE,Be It and It Is Hereby Resolved by the City Council of the Issuer as
follows:
Section 1.A public healing shall be conducted on January 21,2013,at 5:30 p.m,
before tins City Council in the Council Chambers,City Hall,Waukee,Iowa,on the proposal to
issue not to exceed $5,500,000 aggregate principal amount of the Issuer's Private School Facility
Revenue Refunding Bonds (St.Francis of Assisi School Corporation Project)Series 2013
pursuant to the provisions of the Act,for the purpose of currently refunding the Issuer's Private
School Facility Revenue Bonds (St.Francis of Assisi School Corporation Project)Series 2002
(the "Refunded Bonds"),and all local residents who appear at said hearing shall be given an
opportunity to express their views for or against the proposal to issue such Bonds;and at said
healing,or any adjoumment thereof,this Board shall adopt a Resolution determining whether or
not to proceed with the issuance of said Bonds.
Section 2.The City Clerk of tile Issuer is hereby directed to publish one time,not
less than 15 days prior to the date fixed for said hearing,in a legal newspaper published and
having a general circulation within the Issuer,a Notice of Intention to issue said Bonds in
substantially the following form:
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NOTICE OF PUBLIC HEARING ON INTENTION TO ISSUE
PRN ATE SCHOOL FACILITY REVENUE REFUNDING BONDS
(ST.FRANCIS OF ASSISI SCHOOL CORPORATION PROJECT)SERIES 2013
Notice is hereby given that a public hearing will be conducted before the City Council of the
City of Waukee,Iowa (the "Issuer"),in the Council Chambers,City Hall,230 Highway 6,
Waukee,Iowa,at 5:30 p.m.on January 21,2013,on the proposal to issue not to exceed
$5,500,000 aggregate principal amount of the Issuer's private school facility revenue refunding
bonds (the "Bonds"),pursuant to the provisions of Chapter 419 of the Code of Iowa,for the
purpose of loaning the proceeds thereof to St.Francis of Assisi School Corporation of West Des
Moines,Iowa,a nonprofit corporation and St.Francis of Assisi Roman Catholic Church of West
Des Moines,Iowa,a nonprofit corporation (collectively,the "Borrower"),to (i)currently refund
the Issuer's Private School Facility Revenue Bonds (St.Francis of Assisi School Corporation
Project)Series 2002 (the "Refunded Bonds"),the proceeds of which were used to construct an
addition to the existing elementary school facility (the "Refimding"),located at 7075 Ashworth
Road,West Des Moines,Iowa within 8 miles of the boundaries of the Issuer and (ii)paying
related costs,including costs of issuance of the Bonds.It is contemplated that a Loan Agreement
will be entered ioto between the Issuer and the Borrower,under which the Issuer would loan to
the Borrower the proceeds from the sale of the Bonds io return for loan payments from the
Borrower sufficient to pay the principal of,and interest and premium,if any,on such Bonds as
the same shall become due.
Such Bonds,if issued,and the interest thereon,will be payable solely out of the revenues derived
from the Loan Agreement and shall never constitute an indebtedness of the Issuer within the
meaning of any state constitutional provision or statutory limitation,and will not constitute or
give rise to pecuniary liability of the Issuer or a charge against its general credit or its taxiog
powers.
All local residents who appear at the hearing shall be given an opportunity to express their views
for or against the proposal to issue the Bonds,and at the heariog,or any adjoummcnt thereof,the
City Council of the Issuer shall adopt a resolution determining whether or not to proceed with the
issuance of the Bonds.
By Order of the City Council.
Bradly M.Deets
Interim City Administrator
Section 3.Officials of the Issuer are hereby authorized to take such further action as
may be necessary to carry out the intent and purpose of this Resolution.
Section 4.All Resolutions and Orders or parts thereof,in conflict herewith are,to the
extent of such conflict,hereby repealed,and tins Resolution shall be in full force and effect
immediately upon its adoption.
Adopted and approved December 17,2012.
Attest:
Interim Cit~Administrator
ROLL CALL VOTE
Shane Blanchard
Dan Dutcher
Casey L.Harvey
Shelly Hughes
Mike Watts
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