HomeMy WebLinkAbout2017-04-03-J01J Reimbursement Resolution1TWO, 4 V/oukee
`� THE KEY TO GOOD LIVING
AGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: April 3, 2017
AGENDA ITEM: Consideration of approval of Resolution Declaring an Official Intent
Under Treasury Regulation 1.150-2 to Issue Debt to Reimburse the City
for Certain Original Expenditures Paid in Connection with Specified
Projects
FORMAT: Resolution
SYNOPSIS INCLUDING PRO & CON: United States Treasury regulations require a
governmental entity to declare, in advance, the intent to reimburse
accounts when expenditures have been made for capital projects, prior to
receipt of bond proceeds. Reimbursement to those accounts would then
be made from future debt issued by the governmental entity.
The attached Resolution has been prepared to comply with these
regulations, and has been reviewed by the City's bonding attorney, Eric
Boehlert with Ahlers & Cooney.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: No direct fiscal impact
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT: This resolution will ensure the City has taken the
necessary steps to reimburse project costs prior to receipt of bond
proceeds.
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: 1. Proposed Resolution
PREPARED BY:
REVIEWED BY:
Linda Burkhart ��
PUBLIC NOTICE INFORMATION —
NAME OF PUBLICATION:
DATE OF PUBLICATION:
THE CITY OF WAUKEE, IOWA
RESOLUTION
RESOLUTION DECLARING AN OFFICIAL INTENT UNDER TREASURY
REGULATION 1.150-2 TO ISSUE DEBT TO REIMBURSE THE CITY FOR
CERTAIN ORIGINAL EXPENDITURES PAID IN CONNECTION WITH
SPECIFIED PROJECTS
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF WAUKEE, IOWA
WHEREAS, the City of Waukee, Iowa is a duly organized municipality within Dallas
County; AND,
WHEREAS, the City anticipates making cash expenditures for one or more capital
improvement projects, generally described and attached hereto as Exhibit A, and
hereinafter referred to as "Project"; AND,
WHEREAS, the City reasonably expects to issue debt to reimburse the costs of a
Project; AND,
WHEREAS, the Council believes it is consistent with the City's budgetary and financial
circumstances to issue this declaration of official intent.
NOW THEREFORE BE IT RESOLVED by the City of Council of the City of
Waukee, Iowa:
Section 1. That this Resolution be and does hereby serve as a declaration of official
intent under Treasury Regulationl.150-2.
Section 2. That it is reasonably expected that capital expenditures will be made in
respect of the foregoing Project, from time to time and in such amounts as this Council
determines to be necessary or desirable under the circumstances then and there existing.
Section 3. That the City reasonably expects to reimburse all or a portion of the foregoing
expenditures with the proceeds of bonds, notes or other indebtedness to be issued or
incurred by the City in the future.
Section 4. That the total estimated costs of the Project, the maximum principal amount
of the bonds, notes or other indebtedness to be issued for the foregoing Project and the
estimated dates of completion of the Project are reasonably expected to be as follows:
See Exhibit attached
*It is intended to seek grants and other contributions to reduce the amount of borrowing
required for several of the attached projects. If such grants are not received, it is
intended that the costs to be financed will be increased accordingly.
Section 5. That the City reasonably expects to reimburse the above —mentioned Project
costs not later than the later of eighteen months after the capital expenditures are paid or
eighteen months after the property is placed in service.
Section 6. That this Resolution be maintained by the City Clerk in an Official Intent File
maintained in the office of the Clerk and available at all times for public inspection,
subject to such revisions as may be necessary.
PASSED AND APPROVED this 3rd day of April, 2017.
Attest:
Rebecca D. Sehnert, City Clerk
ROLL CALL VOTE AYE
Anna Bergman
R. Charles Bottenberg
Brian Harrison
Shelly Hughes
Larry R. Lyon
William F. Peard, Mayor
NAY ABSENT ABSTAIN
Exhibit "A"
Reimbursement Resolution - April 3, 2017
Estimated
Project Cost
Amount to
Borrow
Estimated Date
of Completion
Project
Advancing Fund
180/Grand Prairie - Land/WDSM
Capital Project
$ 450,000
$ 450,000
Spring 2017
RRVTTrailhead Improvement
Capital Project
$ 200,000
$ 200,000
Spring 2017
Windfield/High School Trail - Phase I
Capital Project
$ 150,000
$ 150,000
Spring 2017
Grand Prairie Parkway Enhancements - Phase I
Capital Project
$ 1,000,000
$ 1,000,000
Spring 2017
Esker Ridge/Grand Prairie Traffic Signals
Capital Project
$ 250,000
$ 250,000
Spring 2017
Developer Lane Additions-2017
Capital Project
$ 500,000
$ 500,000
Spring 2017
Kettlestone Street Light Reimbursement - 2017
Capital Project
$ 100,000
$ 100,000
Spring 2017
Dog Park - Phase I
Capital Project
$ 250,000
$ 250,000
Spring 2017
Kettlestone Street Light Reimbursement - 2018
Capital Project
$ 100,000
$ 100,000
Spring 2017
Alices Road - University to Olson - Phase IV
Capital Project
$ 9,800,000
$ 7,900,000
Spring 2017
Little Walnut Creek Drive Paving
Capital Project
$ 875,000
$ 875,000
Spring 2017
Westgate / Hickman Traffic Signals
Capital Project
$ 450,000
$ 450,000
Spring 2017
Entrance Signs - Douglas / Hickman / University
Capital Project
$ 150,000
$ 150,000
Spring 2017
Developer Lane Additions -2018
Capital Project
$ 500,000
$ 500,000
Spring 2017
Ambulance Chassis / Box Remount
Capital Project
$ 165,000
$ 165,000
Spring 2017
Fox Creek Sewer - Phase II
Sewer
$ 750,000
$ 750,000
Spring 2017
NW Area Trunk Sewer - Phase I
Sewer
$ 1,300,000
$ 1,300,000
Spring 2017
NW Area Trunk Sewer - Phase II
Sewer
$ 1,100,000
$ 1,100,000
Spring 2017
SW Area Trunk Sewer - Phase I
Sewer
$ 1,410,000
$ 1,410,000
Spring 2017
Little Walnut Creek Headwaters Greenway
Storm Water
$ 360,000
$ 360,000
Spring 2017
City Hall/Library/LA Grant BioSwale/Bio Retention
Storm Water
$ 719,725
$ 719,725
Spring 2017
Sugar Creek Streambank Stabilization
Storm Water
$ 170,000
$ 170,000
Spring 2017
NW Area Trunk Sewer- Phase III
Sewer
$ 650,000
$ 650,000
Fiscal 2018
Copeland Trunk Sewer - Phase I
Sewer
$ 230,900
$ 230,900
Fiscal 2018
Little Walnut Creek Sewer - Phase II
Sewer
$ 2,000,000
$ 2,000,000
Fiscal 2018
Fox Creek Sewer - Phase III
Sewer
$ 1,200,000
$ 1,200,000
Fiscal 2018
South Outfall Sewer
Sewer
$ 6,800,600
$ 6,800,600
Fiscal 2018
DSMWW/Xenia Water Main Purchase
Water
$ 3,000,000
$ 3,000,000
Fiscal 2018
Developer Lane Additions - 2019
Capital Project
$ 500,000
$ 500,000
Spring 2019
Kettlestone Street Light Reimbursement - 2019
Capital Project
$ 100,000
$ 100,000
Spring 2019
Alices Road - Olson to North of HyVee - Phase V
Capital Project
$ 13,500,000
$ 11,100,000
Spring 2019
SCBA Bottle Replacements
Capital Project
$ 150,000
$ 150,000
Spring 2019
Wastewater Treatment Plant Demolition
Sewer
$ 600,000
$ 600,000
Fiscal 2019