HomeMy WebLinkAbout2013-08-05-Resolutions 13-212_Bonds - Sewer Revenue CLN - ReissueRESOLUTION 13-212
A RESOLUTION APPROVING AND AUTHORIZING AN
AMENDMENT TO LOAN AND DISBURSEMENT
AGREEMENT BY AND BETWEEN THE CITY OF
WAUKEE AND THE IOWA FINANCE AUTHORITY,
AND AUTHORIZING AND PROVIDING FOR THE
REISSUANCE OF THE $$2,579,000 SEWER REVENUE
CAPITAL LOAN NOTE,SERIES 1998,OF THE CITY
WHEREAS,the City of Waukee (hereinafter the "Issuer")previously issued its
Sewer Revenue Capital Loan Note,Series 1998,dated October 8,1998,to the extent of
$2,579,000 which was disbursed as $455,748 Sewer Revenue Capital Loan Note,Series
1998A,dated October 8,1998;$945,252 Sewer Revenue Capital Loan Note,Series
1998B,dated October 8,1998 and $1,178,000 Sewer Revenue Capital Loan Note,Series
1998C,dated October 8,1998 (hereinafter the "Notes"),pursuant to a Loan and
Disbursement Agreement between Issuer,the Iowa Finance Authority,and Wells Fargo
Bank,N.A.,dated oflike date (the "Agreement"),for the purpose of defraying the costs of
the Project (as defined in the resolution authorizing issuance of the same (hereinafter the
"Resolution"));and
WHEREAS,the Council previously approved an amendment to the Notes by
resolution dated January 5,2009,which reduced the interest rate to 3.00%;and
WHEREAS,the Iowa Finance Authority,as Original Purchaser and current holder
of the Notes,has authorized a further reduction in the interest rate on the Notes to 1.75%;
and
WHEREAS,an Amendment to the Loan and Disbursement Agreement (hereinafter
the "Amendment")has been prepared to reflect said interest rate reduction,a copy of which
is attached hereto as Exhibit A;and
WHEREAS,pursuant to IRS regulations adoption of the Amendment constitutes a
reissuance of the Notes.
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WAUKEE,IN THE COUNTY OF DALLAS,STATE OF IOWA:
Section 1.
Section 2.
Section 3.
Section 4.
That the Resolution is hereby amended to reflect the interest rate
reduction to 1.75%per annum on the outstanding principal amount
from and after June 1,2013 for the remainder of the life ofthe Notes.
That the Amendment in substantially in the form attached to this
Resolution is hereby authorized to be execnted and issued on behalf
of the Issner by the Mayor and attested by the City Clerk.
That the Supplemental Tax Certificate regarding the uses of proceeds
and the system is hereby approved.The Finance Director is directed
to execute the same.
Except as amended herein,all of the other terms and conditions of the
Resolution and Agreement are in all respects ratified,confirmed and
approved and shall remain in full effect.
PASSEDANDAPPROVED this 5~;~
~
ATTEST:
ROLL CALL VOTE
Shane Blanchard
Casey L.Harvey
Shelly Hughes
C.Isaiah McGee
Mike Watts
AYE
X
X
X
X
NAY ABSENT ABSTAIN
X
EXHIBIT A
AMENDMENT TO LOAN AND DISBURSEMENT AGREEMENT
The Loan and Disbursement Agreement (Sewer Revenue)(the "Agreement")
entered into as of by and between the City of Waukee,Iowa (the "City"or "Issuer"),the
Iowa Finance Authority,as lender (the "Lender"),and Wells Fargo Bank:,N.A.,as trustee
(the A'Trusteee),relating to a loan from the Lender to the City in the original amount of
$2,579,000,is hereby amended as follows:
1.The applicable interest rate for the Agreement shall be changed to 1.75%,
effective as of June 11,2013,and the Agreement shall thereafter be payable in accordance
with the debt service schedule attached hereto and incorporated herein by this reference.
2.Except as amended herein,all of the other terms and conditions of the
Agreement are in all respects ratified,confirmed and approved and shall remain in full
effect.
IN WITNESS WHEREOF,we have hereunto affixed our signatures all as of the
___day of ,2013.
CITY OF WAUKEE,IOWA
(SEAL)
By:
Mayor
Attest:
City Clerk
IOWA FINANCE AUTHORITY
By:
Executive Director