HomeMy WebLinkAbout2015-06-01-Resolutions 15-161_Bonds - Water Revenue CLN - Additional ActionRESOLUTION 15-161
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE AUTHORIZATION OF A
LOAN AGREEMENT AND THE ISSUANCE OF NOT TO
EXCEED $1,540,000 WATER 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 Agreement and the issuance of not to exceed $1,540,000 Water Revenue Capital Loan
Notes,for the purpose of paying costs of improvements and extensions to the municipal water
system,including installation of new water main,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,
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 $1,540,000 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 municipal water utility 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 I"day of June,2015
yor
ATTEST:
City Clerk
ROLL CALL VOTE
Shane Blanchard
Brian Harrison
Casey L.Harvey
Shelly Hughes
Rick Peterson
AYE
X
X
NAY ABSENT ABSTAIN