HomeMy WebLinkAbout2019-10-21-J07 2019C GO CLN_Golf Cart Purchase_Accept Proposal to PurchaseAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: October 21, 2019
AGENDA ITEM:Consideration of approval of a resolution directing the acceptance of a
proposal to purchase $125,000 General Obligation Capital Loan Notes,
Series 2019C
FORMAT:Resolution
SYNOPSIS INCLUDING PRO & CON: The City solicited proposals from four local
institutions for financing of a $125,000 loan for the purchase of golf carts
for Sugar Creek Municipal Golf Course. Of the two proposals that were
submitted, the most favorable was submitted by Charter Bank of
Waukee, IA, with a 2.25% fixed interest rate.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:$125,000
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT: City Bond Counsel has provided the proceedings.
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Proposed Resolution
II. Charter Bank proposal
III. West Bank proposal
PREPARED BY:Becky Schuett
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
J7
RESOLUTION NO. ___________
RESOLUTION DIRECTING THE ACCEPTANCE OF A
PROPOSAL TO PURCHASE $125,000 GENERAL
OBLIGATION CAPITAL LOAN NOTES, SERIES 2019C
WHEREAS, the City of Waukee, sometimes hereinafter referred to as the City, is a
municipal corporation duly incorporated, organized and existing under and by virtue of the
Constitution and laws of the State of Iowa; and
WHEREAS, it is deemed necessary that the City should enter into a Loan Agreement and
borrow the amount of $125,000 as authorized by Sections 384.24A and 384.26, Code of Iowa as
amended; and
WHEREAS, proposals have been requested and received from financial institutions
offering to enter into such Loan Agreement; and
WHEREAS, after a review of all the proposals received, it has been determined that the
best and most favorable proposal is that of Charter Bank of Waukee, IA; and
WHEREAS, it is the intention of this City Council to enter into a Loan Agreement in
accordance with said proposal dated October 15, 2019.
NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY
OF WAUKEE, STATE OF IOWA:
Section 1.That this City Council does hereby accept the attached proposal of Charter
Bank of Waukee, IA, and takes additional action to permit the entering into of a Loan
Agreement.
The Mayor and City Clerk are authorized and directed to proceed on behalf of the City to
enter into such Loan Agreement, to negotiate the final terms of a Loan Agreement to take all
action necessary to permit the entering into of a Loan Agreement on a basis favorable to the City
and acceptable to the Purchaser, and to proceed to meet the conditions of this accepted proposal.
PASSED AND APPROVED this 21st day of October, 2019.
Mayor
ATTEST:
City Clerk