HomeMy WebLinkAbout2018-04-16-Resolutions 18-148_Bonds - Sewer Revenue CLN - IssuanceRESOLUTION 18-148
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE AUTHORIZATION OF A
LOAN AND DISBURSEMENT AGREEMENT AND THE
ISSUANCE OF NOT TO EXCEED $3,250,000 SEWER
REVENUE CAPITAL LOAN NOTES
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 and Disbursement Agreement by and between the City and the Iowa Finance Authority,
and the issuance to the Iowa Finance Authority of not to exceed $3,250,000 Sewer Revenue
Capital Loan Notes to evidence the obligations of the City under said Loan and Disbursement
Agreement,for the purpose of paying costs of acquisition,construction,reconstruction,
extending,remodeling,improving,repairing and equipping all or part of the Municipal Sewer
System,including those costs associated with Little Walnut Creek Trunk Sewer Extension—
Phase 3/Indi Run Trunk Sewer,and Phase 4,and has considered the extent of objections received
from residents or property owners as to said 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 THE CITY
OF WAUKEE,STATE OF IOWA:
Section 1.That this Council does hereby institute proceedings and takes additional action
for the authorization of a Loan and Disbursement Agreement by and between the City and the
Iowa Finance Authority,and the issuance to the Iowa Finance Authority in the manner required
by law of not to exceed $3,250,000 Sewer Revenue Capital Loan Notes for the foregoing
purpose.
Section 2.That this Council does hereby consent to the terms and conditions of the SRF
Loan Program,which terms and conditions and the disclosures provided with respect thereto are
hereby acknowledged,accepted and approved.
Section 3.That the Clerk,with the assistance of the City Attorney and bond counsel,is
hereby authorized and directed to proceed with the preparation of such documents and
proceedings as shall be necessary to authorize the City's participation in the SRF Loan Program,
to select a suitable date for final Council authorization of the required Loan and Disbursement
Agreement and issuance of the Note to evidence the City's obligations thereunder,and to take
such other actions as the Clerk shall deem necessary to permit the completion of a loan on a basis
favorable to the City and acceptable to this Council.
Section 4.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 sewer revenue 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.
PASSED AND APPROVED this 16'"day of April,2018.
yor
ATTEST:
City Clerk
RESULTS OF VOTE:
Anna Bergman
R.Charles Bottenberg
Courtney Clarke
Shelly Hughes
Larry R.Lyon
AYE
X
X
X
X
NAY ABSENT ABSTAIN
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