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HomeMy WebLinkAbout2016-04-04-Resolutions 16-117_Bonds - Storm Water Revenue CLN - Set PHRESOLUTION 16-117 RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $680,000 STORM WATER REVENUE CAPITAL LOAN NOTES OF WAUKEE,IOWA WHEREAS,it is deemed necessary and advisable that the City of Waukee,Iowa should provide for the authorization of a Loan Agreement and the issuance of Storm Water Revenue Capital Loan Notes,in the amount of not to exceed $680,000,as authorized by Sections 384.24A and 384.84A,Code of Iowa,as amended,for the purpose of providing funds to pay costs as hereinafter described;and WHEREAS,the population of the City is between 5,000 and 75,000 and the projects to be financed by the Notes do not exceed $1,500,000;and WHEREAS,the Loan Agreement and Note shall be payable solely and only out of the Net Revenues of the Storm Water Management Utility and shall be a first lien on the future Net Revenues of the Utility;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 Notes;and WHEREAS,before a Loan Agreement may be authorized and Storm Water Revenue Capital Loan Notes 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 Notes,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,IOWA: Section 1.That this Council meet in the Council Chambers,City Hall,230 W.Hickman Road,Waukee,Iowa,at 5:30 P.M.,on the 16'"day of May,2016,for the purpose of taking action on the matter of the authorization of a Loan Agreement and the issuance of not to exceed $680,000 Storm Water Revenue 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 improvements and extensions to the Municipal Storm Water Management Utility,including Centennial Park Creek Project involving erosion control,tree planting,native grass and restoration for creek stabilization,and the Public Works/School Detention Pond project. Section 2.That the Clerk is hereby directed to cause at least one publication of a notice of said meeting,in a legal newspaper,printed wholly in the English language,published at least once weekly,and having general circulation in said City the publication to be not less than thirty (30) clear days before the date of said public meeting on the issuance of the Note. Section 3.The form notice of the proposed action in substantially the following form is hereby ratified and approved: NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF WAUKEE,IOWA ON THE MATTER OF THE PROPOSED AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $680,000 STORM WATER REVENUE CAPITAL LOAN NOTES,AND THE PUBLIC HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF PUBLIC NOTICE is hereby given that the Council of the City of Waukee,Iowa,will hold a public hearing on the 16"'day of May,2016,at 5:30 P.M.,in the Council Chmnbers,City Hall,230 W.Hickman Road,Waukee,Iowa,at which meeting the Council proposes to take additional action for the authorization of a Loan Agreement and the issuance of not to exceed $680,000 Storm Water Revenue Capital Loan Notes,at a rate not exceeding 8%,to evidence the obligations of the City under said Loan Agreement,in order to provide funds to pay the costs of improvements and extensions to the Municipal Storm Water Management Utility,including improvements and extensions to the Municipal Storm Water Management Utility,including Centennial Park Creek Project involving erosion control,tree planting,native grass and restoration for creek stabilization,and the Public Works/School Detention Pond project.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 Storm Water Management Utility.Pursuant to Chapter 204A of the Municipal Code of the City of Waukee,Storm Water Management Utility service charges are imposed upon and collected from the owners or occupants of all lots,parcels of real estate and buildings within the corporate limits of the City.Effective July I,2016,flat rates will be charged for each class of properly as follows:Undeveloped ($0.00/month),and Residential ($5.75/month).Commercial/Industrial parcels are charged $5.75 per "equivalent residential unit"(ERU).ERU's are the average impervious area of residential developed property per dwelling unit located within the city as periodically determined and established by the City to be two thousand nine hundred seventy three (2,973)square feet of impervious surface area.The number of ERU on each property shall be calculated by the Engineering Department based on the most recent aerial photograph available to the city of Waukee and/or impervious surface data from an approved Site Plan for the property.The above rates are invoiced as of the last day of the month and billed on the customers combined service account through the City's Utility Billing Department.Bills shall be due and payable by the twentieth (20")of the month following the end of each monthly billing cycle,with late payment penalties,liens,and discontinuation of service as outlined in Chapter 204A of the Municipal Code of the City of Waukee.Rates and billing procedures may be adjusted by the City from time to time. 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 said Loan Agreement and the issuance of Note or will abandon the proposal to issue the Notes. This Notice is given by order of the Council of Waukee,Iowa,as provided by Sections 384.24A and 384.84A of the Code of Iowa,as amended. Dated this 4"'day of April,2015. Rebecca D.Schuett City Clerk of Waukee,Iowa (End of Notice) PASSED AND APPROVED this 4'"day of April,2016. Pre ing Offic ATTEST: City Clerk ROLL CALL VOTE Shane Blanchard Brian Harrison Shelly Hughes Larry R.Lyon Rick Peterson AYE X X X NAY ABSENT ABSTAIN X