HomeMy WebLinkAbout2008-11-03-Resolutions 08-240_Bonds - GO Urban Renewal Series 2008C - IssuanceRESOLUTION 08-240
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE AUTHORIZATION AND
ISSUANCE OF NOT TO EXCEED $2,400,000 GENERAL
OBLIGATION BONDS (URBAN RENEWAL)
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 issuance
of not to exceed $2,400,000 General Obligation Bonds for the purpose of paying costs of
aiding in the planning,undertaking and carrying out of urban renewal projects under the
authority of 403,including WRA Outfall #1,treatment plant,South Area Extension and a
recreational bike trail,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,IOWA:
Section 1.That pursuant to Section 384.25 ofthe City Code ofIowa 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 $2,400,000 General Obligation
Bonds 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 Hickman West TIP fund moneys may be
advanced from time to time for capital expenditures which are to be paid from the
proceeds of the above Bonds.The amounts so advanced shall be reimbursed from the
proceeds of the Bonds 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 amount authorized in this Resolution unless the same
are for preliminary expenditures or unless another declaration of intention is adopted.
Section 3.The Clerk is authorized and directed to proceed on behalf of the City
with the sale of the bonds,to select a date for the sale 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 sale of the bonds on a basis favorable to the City and acceptable to the
CounciL
PASSED AND APPROVED this 3rd day of November,2008.
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Attest:
ROLL CALL VOTE
Donald L.Bailey,II.
Casey L.Harvey
C.Isaiah McGee
Darlene Stanton
Mike Watts
AYE
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X
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NAY ABSENT
X
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ABSTAIN