HomeMy WebLinkAbout2016-05-16-Resolutions 16-182_Bonds - Storm Water Revenue CLN Series 2016A - Additional ActionRESOLUTION 16-182
RESOLUTION INSTITUTING PROCEEDINGS 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
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 $680,000 Storm Water Revenue Capital Loan Notes
to evidence the obligations of the City under said Loan Agreement,for the purpose of paying 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.There being no
petitions filed and the Council having considered the extent of objections received from residents
or property owners as to said proposal 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,IOWA:
Section 1.That this Council does hereby institute proceedings and takes additional
action for the authorization and issuance in the manner required by law of not to exceed $680,000
Storm 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 storm 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 Notes.The amounts so
advanced shall be reimbursed from the proceeds of the Notes 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 amount authorized in this Resolution unless the
same are for preliminary expenditures or unless another declaration of intention is adopted.
Section 3.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 Storm Water Revenue Capital
Loan Notes,evidencing the City's obligations to a principal amount of not to exceed $680,000,to
select a date for the final approval thereof,to cause to be prepared such 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.
PASSED AND APPROVED this 16'"day of May,2016.
ATTEST:
May r
City Clerk
ROLL CALL VOTE
Shane Blanchard
Brian Harrison
Shelly Hughes
Larry R.Lyon
Rick Peterson
AYE
X
X
X
X
NAY ABSENT ABSTAIN
X