HomeMy WebLinkAbout2020-02-18-H02 Bond_2020 GO Loan Agr_Levy TaxAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: February 18, 2020
AGENDA ITEM:Consideration of approval of a resolution levying a tax for the payment
of a General Obligation Loan Agreement to the principal amount of not
to exceed $1,200,000
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:
H2
RESOLUTION 2020-
RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO
EXCEED $1,200,000 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, the Issuer is in need of funds to pay 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 (the "Project"), and it is
deemed necessary and advisable that a tax be levied to pay a General Obligation Loan
Agreement, in the amount of not to exceed $1,200,000; and
WHEREAS, the City Council has taken such acts as are necessary to levy said tax,
including a public hearing pursuant to Iowa Code Sections 384.24A and 384.25.
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.
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
$240,000 2020/2021
$240,000 2021/2022
$240,000 2022/2023
$240,000 2023/2024
$240,000 2024/2025
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 Notes.
PASSED AND APPROVED this 18th day of February, 2020.
Mayor
ATTEST:
City Clerk