HomeMy WebLinkAbout2016-10-03-Resolutions 16-430_Bonds - Sewer Revenue CLN - Set PHRESOLUTION 16-430
RESOLUTION FIXING DATE FOR A MEETING ON THE
AUTHORIZATION OF A LOAN AGREEMENT AND THE
ISSUANCE OF NOT TO EXCEED $2,900,000 SEWER REVENUE
CAPITAL LOAN NOTES,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 Sewer Revenue
Capital Loan Notes,in the amount of Not to exceed $2,900,000,as authorized by Sections
384.24A and 384.83,Code of Iowa,as amended,for the purpose of providing fimds to pay costs
as hereinafter described;and
WHEREAS,the Loan Agreement and Notes shall be payable solely and only out of the
Net Revenues of the Municipal Sewer 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 Sewer Revenue Capital
Loan Notes issued to evidence the obligation of the City thereunder,it is necessary to comply
with the provisions of the City Code of Iowa,as ainended,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
fiom 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 West
Hickman Road,Waukee,Iowa,at 5:30 o'clock P.M.,on the 17'"day of October,2016,for the
purpose of taking action on the matter of the authorization of a Loan Agreement and the issuance
of not to exceed $2,900,000 Sewer 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 Sewer System,including the Southwest Outfall
(Phase I)and Fox Creek (Phase 3)projects.
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 Sewer Revenue Capital Loan
Notes,to a principal amount of not to exceed $2,900,000,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 Notes.
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 NOT TO EXCEED $2,900,000 SEWER
REVENUE CAPITAL LOAN NOTES,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 17'"day of October,2016,at 5:30 o'clock P.M.,in the
Council Chambers,City Hall,230 West 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 $2,900,000 Sewer Revenue Capital Loan Notes,in order to provide
funds to pay the costs of improvements and extensions to the Municipal Sewer System,including
the Southwest Outfall (Phase I)and Fox Creek (Phase 3)projects.The Notes 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 Sewer Utility.
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 Notes or will
abandon the proposal to issue the Notes.
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 3'day of October,2016.
Rebecca D.Schuett
City Clerk,City of Waukee,State of Iowa
(End of Notice)
PASSED AND APPROVED this 3'day of October,2016.
or
ATTEST:
City Clerk
ROLL CALL VOTE
Anna Bergman
Brian Harrison
Shelly Hughes
Larry R.Lyon
Rick Peterson
AYE
X
X
X
X
X
NAY ABSENT ABSTAIN