HomeMy WebLinkAbout2017-12-18-J01H YMCA Revenue Refunding Bond_Host ApprovalAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: December 18, 2017
AGENDA ITEM:Consideration of approval of a motion authorizing the mayor to sign a
host approval letter related to City of Dallas Center and County of
Dallas, State of Iowa, Revenue Refunding Bonds (YMCA Project)
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: In 2008, the Waukee YMCA was financed through
tax-exempt bond financing. At that time the YMCA used the City of
Dallas Center and Dallas County to issue bonds because they needed to
be issued by qualified small issuers to be designated as bank qualified
bonds. The City of Waukee was not used as issuer as the City issues
more than $10 million in bonds each year and doesn’t qualify as a small
issuer.
At this time the YMCA is refinancing these bonds and the City of Dallas
Center has the capacity to refund both Dallas County and its own bonds
for the Waukee YMCA Project. In order to finalize the issuance, the
City of Waukee must give “host approval” for the issuance of these
Bonds since the project is located in Waukee.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT: City Bond Counsel has reviewed the host letter request
and finds no objection.
RECOMMENDATION: Authorize the mayor to sign the host approval letter.
ATTACHMENTS: I. Host Approval Letter
PREPARED BY:Becky Schuett
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
J1H
#2910034 v.2
December 12, 2017
Mr. William F. Peard,
Mayor
City of Waukee, Iowa
Waukee City Hall
230 Hickman Road
Waukee, Iowa 50263
Dear Mayor Peard:
The City of Dallas Center, Iowa (the “City”) has authorized the issuance of its Revenue
Refunding Bonds (YMCA Project), Series 2017 (the “Bonds”) in an aggregate principal amount
of not to exceed $10,000,000, in order to provide financing to (i) refund its $7,000,000 Revenue
Bonds (YMCA Project) Series 2008 and the $7,000,000 Dallas County, Iowa Revenue Bonds
(YMCA Project) Series 2008 (altogether, the “Prior Bonds”) which were each originally issued
to provide a portion of the financing for the construction, improving and equipping of a new
YMCA facility, including an approximately 70,000 square foot gymnasium, family aquatic
center, fitness center, racquetball courts, family center and kids’ zone (“Project”), at the
northwest corner of Warrior Lane and Hickman Road in Waukee, Iowa, a location within eight
miles of the corporate limits of the City; and (ii) to pay costs of issuance
Following public notice, which included the publication of notice in The Dallas County
News, a newspaper of general circulation within Dallas Center, Iowa, the City of Dallas Center,
Iowa conducted a public hearing on December 12, 2017, at a regularly scheduled meeting of the
City of Dallas Center, Iowa, on the proposal to issue the Bonds at the Dallas Center American
Legion Hall, 1502 Walnut Street, Dallas Center, Iowa, a location within 100 miles of City Hall in
Waukee, Iowa. At such hearing, persons appeared to speak on the proposal; in addition, written
comments thereon were received for consideration.
The City of Dallas Center, Iowa authorized the issuance of the Bonds in a resolution
dated December 12, 2017 for the purposes set forth in Chapter 419 of the Code of Iowa
pertaining to using the proceeds from the sale of revenue Bonds to defray all or a portion of the
cost of acquiring improving and equipping a project for the purpose of securing and developing
industry and trade within or near the Dallas Center, Iowa in order to create jobs and employment
opportunities and to improve the welfare of the residents of the City of Dallas Center, Iowa and
the State of Iowa.
Pursuant to §147(f)(2)(A)(ii) of the Internal Revenue Code of 1986, this summary has
been submitted for your approval of the issuance of the above-described Bonds as the Project is
located within the jurisdiction of the City of Waukee in the State of Iowa. The City of Dallas
Center, Iowa is recommending the approval by the City of Waukee, Iowa of the issuance of the
Notes.
Respectfully submitted,
___________________________________
Michael Kidd, Mayor of the City of
Dallas Center, Iowa
MAYOR’S APPROVAL
WHEREAS, the City of Dallas Center, Iowa (“City”) has filed a report with the City of
Waukee, Iowa relating to the issuance of its Revenue Refunding Bonds (YMCA Project),
Series 2017 (the “Bonds”) in an aggregate principal amount of not to exceed $10,000,000, the
proceeds of which will in order to provide financing to (i) refund its $7,000,000 Revenue Bonds
(YMCA Project) Series 2008 and the $7,000,000 Dallas County, Iowa Revenue Bonds (YMCA
Project) Series 2008 (altogether, the “Prior Bonds”) which were each originally issued to provide
a portion of the financing for the construction, improving and equipping of a new YMCA
facility, including an approximately 70,000 square foot gymnasium, family aquatic center, fitness
center, racquetball courts, family center and kids’ zone (“Project”), at the northwest corner of
Warrior Lane and Hickman Road in Waukee, Iowa, a location within eight miles of the corporate
limits of the City; and (ii) to pay costs of issuance;
WHEREAS, a public hearing has been held in the City following the giving of due notice
on the proposal to issue the Bonds at which hearing individuals having an interest in or who
could be affected by the issuance of the Bonds could express their views with respect to the
proposal, and the City has filed a report of the hearing recommending that the issuance of the
Bonds be approved, and under the rules of applicable tax laws of the United States, given the
location of the facility in Waukee, the Bonds cannot be issued as tax-exempt Bonds until
approved by the chief elected officer of the City of Waukee, Iowa;
NOW, THEREFORE, the issuance of the aforementioned Bonds is hereby approved.
Dated at Waukee, Iowa, this ____ day of December, 2017.
__________________________________________
William F. Peard, Mayor of the City of Waukee,
Iowa