HomeMy WebLinkAbout2021-04-19-I02B Issuance of GO Loan Agr, Amending ResolutionI2B
RESOLUTION 2021-___
RESOLUTION AMENDING RESOLUTION 2020-062
AUTHORIZING ISSUANCE OF GENERAL OBLIGATION
LOAN AGREEMENT, AND LEVYING A TAX FOR THE
PAYMENT THEREOF
WHEREAS, the City of Waukee, State of Iowa ("Issuer"), is a municipal corporation,
organized and existing under the Constitution and laws of the State of Iowa, and is not affected
by any special legislation; and
WHEREAS, on May 20, 2019, the City of Waukee, State of Iowa approved a 28E
Agreement with the City of West Des Moines, Iowa relative to their joint participation in the
Ashworth Road Reconstruction Project – Phase 3. Under the 28E Agreement, West Des Moines
serves as the lead agency responsible for bidding out and overseeing construction of the
improvements. Both cities shared in the cost – 65% payable by West Des Moines, 35% payable
by Waukee per the terms outlined in the 28E Agreement. The Project is nearing completion, and
payment obligations under the 28E Agreement (the “Loan Agreement”) will commence in fiscal
year 2020/21; and
WHEREAS, on February 18, 2020, the Issuer passed and approved Resolution 2020-062
authorizing issuance of not to exceed $1,200,000 General Obligation Loan Agreement, Series
2020, and levying a tax for the same; and
WHEREAS, the Project has been completed and final costs allocated in accordance with
the Loan Agreement; and
WHEREAS, the City Council now seeks to modify the levy of taxes to conform to the
final Loan Agreement.
NOW, THEREFORE, IT IS RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WAUKEE, STATE OF IOWA:
Section 1.Levy of Annual Tax. A General Obligation Loan Agreement, in the amount of
not to exceed $1,200,000 was previously approved by the City, and said amount is hereby
amended to $879,703.53.
For the purpose of providing funds to pay the principal and interest as required under Chapter
76.2, there is levied for each future year the following direct annual tax upon all the taxable
property in the City of Waukee, State of Iowa, to wit:
AMOUNT
FISCAL YEAR (JULY 1 TO JUNE 30)
YEAR OF COLLECTION
$175,940.71* 2020/2021
$175,940.71* 2021/2022
$175,940.71 2022/2023
$175,940.71 2023/2024
$175,940.71 2024/2025
*Payable per the levies previously imposed by Resolution No. 2020-062, amended hereby.
Principal and interest coming due at any time when the proceeds of the tax on hand are
insufficient to pay the amount due shall be promptly paid when due from current funds available
for that purpose and reimbursement must be made.
Section 2.Filing. A certified copy of this Resolution shall be filed with the County
Auditor of County of Dallas, State of Iowa, who shall, pursuant to Iowa Code Section 76.2, levy,
assess and collect the tax in the same manner as other taxes and, when collected, these taxes shall
be used only for the purpose of paying principal and interest on the Agreement.
Section 3.Except as amended herein, all of the other terms and conditions of the
Resolution and Loan Agreement are in all respects ratified, confirmed and approved and shall
remain in full effect.
PASSED AND APPROVED this 19th day of April, 2021.
Mayor
ATTEST:
City Clerk
RESULTS OF VOTE: AYE NAY ABSENT ABSTAIN
Anna Bergman Pierce
R. Charles Bottenberg
Chris Crone
Larry R. Lyon
Ben Sinclair