HomeMy WebLinkAbout2020-02-18-H01 Bond_2020 GO Loan Agr_Additional ActionAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: February 18, 2020
AGENDA ITEM:Consideration of approval of a resolution instituting proceedings to take
additional action for the levy of a tax to pay not to exceed $1,200,000
General Obligation Loan Agreement
FORMAT:Resolution
SYNOPSIS INCLUDING PRO & CON:
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: Not to exceed $1,200,000
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Proposed Resolution
PREPARED BY:Becky Schuett
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
H1
RESOLUTION 2020-
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE LEVY OF A TAX TO PAY
NOT TO EXCEED $1,200,000 GENERAL OBLIGATION LOAN
AGREEMENT
WHEREAS, pursuant to notice published as required by law, the City Council has held a
public meeting and hearing upon the proposal to institute proceedings for the authorization of a
tax to pay a Loan Agreement to the principal amount of not to exceed $1,200,000, for the
essential corporate purposes, in order 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
aloe, 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, and has considered the
extent of objections received from residents or property owners as to the proposed issuance of
Notes; and 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, STATE OF IOWA:
Section 1.That this Council does hereby institute proceedings and take additional action
for the authorization of a tax in the manner required by law to pay not to exceed $1,200,000
General Obligation Loan Agreement, for the foregoing essential corporate purposes.
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 the general 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.
PASSED AND APPROVED this 18th day of February, 2020.
Mayor
ATTEST:
City Clerk