HomeMy WebLinkAbout2020-05-18-I03 Water Utility Refunding-Series 2012CAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: May 18th, 2020
AGENDA ITEM:Consideration of approval resolution authorizing the redemption of
outstanding Water Revenue Capital Loan Notes, Taxable Series 2012C,
of the City of Waukee, State of Iowa, dated September 5, 2012, and
directing notice be given
FORMAT:Resolution
SYNOPSIS INCLUDING PRO & CON: During discussions with the City’s financial advisors,
PFM recommended the City call the remaining balance on the 2012C
Water Revenue Bonds. The Water Utility Fund has sufficient cash
balances to complete the refunding.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: This refunding will save
the City $455,928 in principal and interest charges.
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Proposed Resolution
PREPARED BY:Linda Burkhart
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
I3
RESOLUTION 2020-
RESOLUTION AUTHORIZING THE REDEMPTION OF
OUTSTANDING WATER REVENUE CAPITAL LOAN
NOTES, TAXABLE SERIES 2012C, OF THE CITY OF
WAUKEE, STATE OF IOWA, DATED SEPTEMBER 5, 2012,
AND DIRECTING NOTICE BE GIVEN
WHEREAS, the City did by resolution dated August 20, 2012, authorize the issuance of
$2,625,000 Water Revenue Capital Loan Notes, Taxable Series 2012C, (the "Notes") dated
September 5, 2012; and
WHEREAS, the Notes are redeemable in any order of their numbering on June 1, 2020 or
any date thereafter upon giving notice in the manner provided in the resolution authorizing the
issuance of the Notes; and
WHEREAS, it is deemed necessary and advisable that $1,780,000 be so redeemed on
June 18, 2020 and notice of redemption be given according to the terms of the resolution
authorizing issuance of the Notes.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WAUKEE, STATE OF IOWA:
Section 1.That outstanding Water Revenue Capital Loan Notes, dated September 5,
2012, in the principal amount of $1,780,000, be and the same are hereby redeemed as of June 18,
2020.
Section 2.The Registrar and Paying Agent, UMB Bank, N.A., in its capacity as assignee
of and successor to Bankers Trust Company, is hereby authorized and directed to cause notice of
such redemption be given not less than thirty (30) days prior to the redemption date and to cause
notice of redemption to be mailed to the registered owners of the Notes by ordinary mail, and to
notify DTC.
Section 3.The Director of Finance is hereby authorized and directed to cause to be
deposited in a separate fund sum sufficient to pay all principal and interest on the redeemed
Notes to the date of redemption and to notify the City's dissemination agent to post the Notice of
Redemption to the MSRB's website (EMMA) in searchable PDF format for the refunded Notes
in accordance with the Continuing Disclosure Certificate for the Notes.
Section 4.That the form of such notice be substantially as follows:
PASSED AND APPROVED this 18th day of May, 2020.
Mayor
ATTEST:
City Clerk