HomeMy WebLinkAbout2020-05-18-I04 Natural Gas Utility Refunding-Series 2015AGENDA 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 Natural Gas Utility Revenue Refunding Capital Loan Notes,
Series 2015, of the City of Waukee, State of Iowa, dated March 18, 2015,
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 2015
Natural Gas Utility Revenue Bonds. The Gas Utility Fund has sufficient
cash balances to complete the refunding.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: This refunding will save
the City $32,832 in 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:
I4
RESOLUTION 2020-
RESOLUTION AUTHORIZING THE REDEMPTION OF
OUTSTANDING NATURAL GAS UTILITY REVENUE
REFUNDING CAPITAL LOAN NOTES, SERIES 2015, OF THE
CITY OF WAUKEE, STATE OF IOWA, DATED MARCH 18,
2015, AND DIRECTING NOTICE BE GIVEN
WHEREAS, the City did by resolution dated March 2, 2015, authorize the issuance of
$2,632,000 Natural Gas Utility Revenue Refunding Capital Loan Notes, Series 2015, (the
"Notes") dated March 18, 2015; and
WHEREAS, the Notes are redeemable in any order of their numbering on any date 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 $807,000 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 Natural Gas Utility Revenue Refunding Capital Loan Notes,
dated March 18, 2015, in the principal amount of $807,000, 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 .
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.
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