HomeMy WebLinkAbout2015-05-18-Resolutions 15-149_Bonds - Golf Course Revenue Refunding CLN - Set PHRESOLUTION 15-149
RESOLUTION FIXING DATE FOR A MEETING ON THE
AUTHORIZATION OF A LOAN AGREEMENT AND THE
ISSUANCE OF A NOT TO EXCEED $600,000 GOLF COURSE
REVENUE REFUNDING CAPITAL LOAN,OF THE CITY OF
WAUKEE,STATE OF IOWA,AND PROVIDING FOR
PUBLICATION OF NOTICE THEREOF
WHEREAS,it is deemed necessary and advisable that the City of Waukee,State of Iowa,
should provide for the authorization of a Loan Agreement and the issuance of a Golf Course
Revenue Refunding Capital Loan Note,in the amount of not to exceed $600,000,as authorized
by Sections 384.24A,and 384.83,Code of Iowa,as amended,for the purpose of providing funds
to pay costs as hereinafter described;and
WHEREAS,the Loan Agreement and Note shall be payable solely and only out of the
Net Revenues of the Municipal Golf Course and shall be a first lien on the future Net Revenues
of the Municipal Golf Course;and shall not be general obligations of the City or payable in any
manner by taxation and the City shall be in no manner liable by reason of the failure of the Net
Revenues to be sufficient for the payment of the Loan Agreement and Note;and
WHEREAS,before a Loan Agreement may be authorized and a Golf Course Revenue
Refunding Capital Loan Note issued to evidence the obligation of the City thereunder,it is
necessary to comply with the provisions of the Code of Iowa,as amended,and to publish a
notice of the proposal and of the time and place of the meeting at which the Council proposes to
take action for the authorization of the Loan Agreement and Note and to receive oral and/or
written objections from any resident or property owner of the City to such action.
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WAUKEE,STATE OF IOWA:
Section 1.That this Council meet in the Council Chambers,City Hall,230 W.Hickman
Rd,Waukee,Iowa,at 5:30 P.M.,on the I"day of June,2015,for the purpose of taking action on
the matter of the authorization of a Loan Agreement and the issuance of a not to exceed
$600,000 Golf Course Revenue Refunding Capital Loan Notes,to evidence the obligations of the
City thereunder,the proceeds of which will be used to provide funds to pay the costs of
adjusting,extending and refunding existing Golf Course Revenue indebtedness including the
outstanding portion of the $$815,000 Golf Course Revenue Refunding Note,
Series 2010.
Section 2.The Clerk is authorized and directed to proceed on behalf of the City with the
negotiation of terms of a Loan Agreement and the issuance of a Golf Course Revenue Refunding
Capital Loan Note,to a principal amount of not to exceed $600,000,to select a date for the final
approval 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 completion of a loan on a basis favorable to
the City and acceptable to the Council.
Section 3.That the Clerk is hereby directed to cause at least one publication to be made
of a notice of the meeting,in a legal newspaper,printed wholly in the English language,
published at least once weekly,and having general circulation in the City.The publication to be
not less than four clear days nor more than twenty days before the date of the public meeting on
the issuance of the Note.
Section 4.The notice of the proposed action shall be in substantially the following form:
NOTICE OF MEETING OF THE CITY COUNCIL OF THE
CITY OF WAUKEE,STATE OF IOWA,ON THE MATTER OF
THE PROPOSED AUTHORIZATION OF A LOAN
AGREEMENT AND THE ISSUANCE OF A NOT TO EXCEED
$600,000 GOLF COURSE REVENUE REFUNDING CAPITAL
LOAN NOTE,AND THE PUBLIC HEARING ON THE
AUTHORIZATION AND ISSUANCE THEREOF
PUBLIC NOTICE is hereby given that the City Council of the City of Waukee,State of
Iowa,will hold a public hearing on the I"day of June,2015,at 5:30 P.M.,in the Council
Chambers,City Hall,230 W.Hickman Rd,Waukee,Iowa,at which meeting the Council
proposes to take additional action for the authorization of a Loan Agreement and the issuance of
a not to exceed $600,000 Golf Course Revenue Refunding Capital Loan Note,in order to
provide funds to pay the costs of adjusting,extending and refunding existing Golf Course
Revenue indebtedness including the outstanding portion of the $815,000 Golf Course Revenue
Refunding Note,Series 2010.The Note will not constitute general obligations or be payable in
any manner by taxation,but will be payable from and secured by the Net Revenues of the
Municipal Golf Course.
At the above meeting the Council shall receive oral or written objections from any
resident or property owner of the City,to the above action.After all objections have been
received and considered,the Council will at this meeting or at any adjournment thereof,take
additional action for the authorization of a Loan Agreement and the issuance of Note or will
abandon the proposal to issue the Note.
This Notice is given by order of the City Council of the City of Waukee,State of Iowa,as
provided by Sections 384.24A and 384.83 of the City Code of Iowa,as amended.
Dated this 18'day of May,2015.
Rebecca D.Schuett
City Clerk,City of Waukee,State of Iowa
(End of Notice)
PASSED AND APPROVED this 18 day of May,2015.
ATTEST:
Mayor
City Clerk
ROLL CALL VOTE
Shane Blanchard
Brian Harrison
Casey L.Harvey
Shelly Hughes
Rick Peterson
AYE
X
X
X
X
X
NAY ABSENT ABSTAIN