HomeMy WebLinkAbout2020-02-18-G01 Bond_2020 GO Loan Agr_PHAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: February 18, 2020
AGENDA ITEM:On the authorization of the imposition of tax to pay General Obligation
Loan Agreement of not to exceed $1,200,000
FORMAT:Public Hearing
SYNOPSIS INCLUDING PRO & CON: On May 20, 2019, the City of Waukee entered into a
28E Agreement with the City of West Des Moines 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 will commence in fiscal year
2020/21.
The proposed General Obligation Loan Agreement will be used to
provide funds to pay the City of Waukee’s portion of costs associated
with the Ashworth Road Reconstruction Project – Phase 3 with the City
of West Des Moines. Principal and interest on the Loan Agreement will
be payable from the Debt Service Fund.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: Not to exceed $1,200,000
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Hold the public hearing.
ATTACHMENTS: I. Notice of Public Hearing
PREPARED BY:Becky Schuett
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION: Dallas County News
DATE OF PUBLICATION: 02/06/2020
G1
(To be published on or before: February 7, 2020)
NOTICE OF MEETING OF THE CITY COUNCIL OF THE
CITY OF WAUKEE, STATE OF IOWA, ON THE MATTER OF
THE IMPOSITION OF TAX TO PAY A GENERAL
OBLIGATION LOAN AGREEMENT TO THE PRINCIPAL
AMOUNT OF NOT TO EXCEED $1,200,000 (FOR ESSENTIAL
CORPORATE PURPOSES), AND THE HEARING ON THE
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 18th day of February, 2020, at 5:30 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 imposition of tax to pay a General Obligation Loan
Agreement to the principal amount of not to exceed $1,200,000, for essential corporate purposes,
to provide funds to pay the costs of opening, widening, extending, grading and draining of the
right-of-way of streets, highways, avenues and public grounds; construction, reconstruction and
repair of any street, sidewalk, storm sewer, sanitary sewer, water, street lighting and traffic
control device improvements; undertaking any project jointly or in cooperation with any other
governmental body which , if undertaken by the City alone, would be for an essential corporation
purpose, including the joint purchase, acquisition, construction, ownership or control of any real
or personal property, including the Ashworth Road Reconstruction Project – Phase 3 with the
City of West Des Moines. Principal and interest on the Loan Agreement will be payable from
the Debt Service Fund.
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 the meeting or at any adjournment thereof, take
additional action for the imposition of tax to pay a General Obligation Loan Agreement or will
abandon the proposal.
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 384.25 of the Code of Iowa.
Dated this 4th day of February, 2020.
Rebecca D. Schuett
City Clerk, City of Waukee, State of Iowa
(End of Notice)