HomeMy WebLinkAbout2016-02-16-J01I Reimbursement Resolution►v� Wou kee
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AGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: February 16, 2016
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 COSTBENEFIT ANALYSIS: No direct fiscal impact
COMMISSIONBOARD/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: I. Proposed Resolution
PREPARED BY: Linda Burkhart
REVIEWED BY:
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 A 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 16a' day of February, 2016.
William F. Peard, Mayor
Attest:
Rebecca D. Schuett, City Clerk
ROLL CALL VOTE AYE NAY ABSENT ABSTAIN
Shane Blanchard
Brian Harrison
Shelly Hughes
Larry R. Lyon
Rick Peterson
Exhibit "A"
Reimbursement Resolution - February 16, 2016
Estimated
Project Cost
Amount to
Borrow
Estimated Date
of Completion
Project
Advancing Fund
Centennial Park Creek Stabilization
Storm Water
$ 465,000
$ 465,000
Fall 2016
School/City Detention Pond
Storm Water
$ 170,000
$ 170,000
Fall 2017
Kettlestone East Sewer -Phase II
Waste Water
$ 700,000
$ 700,000
Winter 2017
Little Walnut Creek Sewer -Phase II
Waste Water
$ 1,700,000
$ 1,700,000
Winter 2017
Northwest Outfall Sewer
Waste Water
$ 4,000,000
$ 4,000,000
Spring 2018
Western Outfall Sewer -Phase I
Waste Water
$ 750,000
$ 750,000
Spring 2018
RRVT Trailhead Improvements
Capital Projects
$ 1,125,000
$ 177,000
Fall 2017
Grand Prairie Pkwy Enhancements -Phase 1
Capital Projects
$ 2,100,000
$ 2,100,000
Fall 2017
Westgate Dr/Hickman Traffic Signals
Capital Projects
$ 430,000
$ 340,000
Fall 2017
Shared Fuel Facility
Capital Projects
$ 265,000
$ 265,000
Fall 2016