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HomeMy WebLinkAbout2020-07-20-I01W GO LOSST Bonds_Set PHI1W RESOLUTION 2020- RESOLUTION FIXING DATE FOR A MEETING ON THE PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED $9,500,000 GENERAL OBLIGATION LOCAL OPTION SALES TAX BONDS OF THE CITY OF WAUKEE, STATE OF IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, pursuant to Chapter 423B of the Code of Iowa, as amended, and an election duly held in accordance therewith, the City Council of the City of Waukee (the "Issuer") is currently entitled to receive proceeds of the local option sales and services tax (the "Local Option Tax") imposed in accordance with Chapter 423B and an ordinance duly adopted by the Board of Supervisors of Dallas County with respect thereto; and WHEREAS, pursuant to an election duly held on November 7, 2017, the revenues derived from the Local Option Tax are to be allocated as follows: 50% for quality of life improvement purposes, including but not limited to recreational/sports complexes, community centers, trails, parks, arts, cultural amenities, historic preservation, and for public purposes the City deems appropriate (the “Designated Portion”); and 50% for property tax relief; and WHEREAS, the Issuer proposes to apply the Designated Portion of the Local Option Tax to pay costs of the construction, improvement, and equipping of the Triumph Park project; and WHEREAS, it is deemed necessary and appropriate for this Council to approve and provide for the use of the Designated Portion of the Local Option Tax revenues in connection with said improvements and equipment, and to designate such improvements and equipment as being eligible costs for the construction of necessary capital improvement projects within the meaning of the ballot proposition; and WHEREAS, the Issuer further proposes to anticipate the receipt of the Designated Portion of the Local Option Tax through the issuance of its General Obligation Local Option Sales Tax Bonds to the amount of not to exceed $9,500,000 authorized by Section 423B.9(4) of the Code of Iowa, the proceeds of which will be used for the purpose of providing funds to pay costs of the projects described herein, with the Local Option Tax proceeds being applied to the repayment thereof; and WHEREAS, it is deemed necessary and advisable that the City should issue General Obligation Local Option Sales Tax Bonds to the amount of not to exceed $9,500,000, as authorized by Section 423B.9(4) of the Code of Iowa, for the purpose of providing funds to pay costs thereof; and WHEREAS, before said Bonds may be issued, it is necessary to comply with the provisions of Chapter 423B of the Code of Iowa, and to publish a notice of the proposal to issue such Bonds and the right to petition for an election and to receive oral or written objections from any resident or property owner of the City to such actions NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF CITY OF WAUKEE, STATE OF IOWA: Section 1.The improvements and projects described in the preambles to this resolution are hereby found and declared to be eligible costs for the construction of necessary capital improvement projects within the meaning of ballot proposition passed and approved on November 7, 2017, and the Designated Portion of the Local Option Tax receipts, being 50% thereof, shall be allocated first to the repayment of General Obligation Local Option Tax Bonds to be issued for the purposes of acquiring and constructing said improvements and project. Section 2.That this Council meet at 5:30 P.M., on the 17th day of August, 2020, for the purpose of taking action on the matter of the issuance of not to exceed $9,500,000 General Obligation Local Option Sales Tax Bonds, the proceeds of which bonds will be used to provide funds to pay the costs of construction, improvement, and equipping of the Triumph Park project, and which shall bear interest at a rate not exceeding the maximum specified in the attached notice. Said Bonds shall be payable from the Designated Portion of the Local Option Sales and Services tax receipts, and to the extent provided in Iowa Code Section 423B.9(4), the debt service fund of the City. Section 3.That the Clerk is hereby directed to cause at least one publication to be made of a notice of the meeting, in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in the City. The publication is to be not less than ten (10) clear days nor more than twenty (20) days before the date of the public meeting on the issuance of the Bonds. Section 4.The notice of the proposed action to issue bonds shall be in substantially the following form: (To be published between July 28 and August 4, 2020) NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF WAUKEE, STATE OF IOWA, ON THE MATTER OF THE PROPOSED ISSUANCE OF NOT TO EXCEED $9,500,000 GENERAL OBLIGATION LOCAL OPTION SALES TAX BONDS OF THE CITY 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 17th day of August, 2020, at 5:30 P.M. Due to public health concerns related to COVID-19, as authorized by emergency proclamation of the Governor of the State of Iowa, this meeting will be held electronically. Citizens may access the meeting by internet via the following link: https://zoom.us/j/352651371 (Meeting ID: 352-651-371), or telephonically via the following numbers: +1 646-558-8656 or +1 312-626-6799 or +1 301-715-8592 (Meeting ID: 352-651-371). At this meeting the Council proposes to take additional action for the issuance of not to exceed $9,500,000 General Obligation Local Option Sales Tax Bonds, bearing interest at the rate of not to exceed nine per centum (9%) per annum, to provide funds to pay the costs of construction, improvement, and equipping of the Triumph Park project. Principal and interest on the proposed Bonds will be payable from the Designated Portion of the local option sales and services tax receipts collected by the City (equal to 50% thereof) and, to the extent provided in Iowa Code 423B.9(4), the debt service fund of the City. At any time before the date fixed for taking action for the issuance of the Bonds, a petition, signed by eligible electors residing within the City in a number equal to at least three percent (3%) of the registered voters of the City, may be filed with the City Clerk, asking that the question of issuing the Bonds be submitted to the registered voters of the City at a special election called upon the question of issuing said Bonds. 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 issuance of the Bonds or will abandon the proposal to issue said Bonds. This notice is given by order of the City Council of the City of Waukee, State of Iowa, as provided by Section 423B.9(4) of the Code of Iowa. Dated this 20th day of July, 2020. Rebecca D. Schuett City Clerk, City of Waukee, State of Iowa (End of Notice) PASSED AND APPROVED this 20th day of July, 2020. Mayor ATTEST: City Clerk