HomeMy WebLinkAbout2016-10-17-I01 Sewer Revenue CLN - Additional Action AGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: October 17, 2016
AGENDA ITEM: Consideration of approval of a resolution instituting proceedings to take
additional action for the authorization of a Loan Agreement and the
issuance of not to exceed $2,900,000 Sewer Revenue Capital Loan Notes
FORMAT: Resolution
SYNOPSIS INCLUDING PRO & CON:
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: Not to exceed
$2,900,000
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Proposed Resolution
PREPARED BY: Becky Schuett
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
RESOLUTION #16-
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE AUTHORIZATION OF A
LOAN AGREEMENT AND THE ISSUANCE OF NOT TO
EXCEED $2,900,000 SEWER REVENUE CAPITAL LOAN
NOTES
WHEREAS, pursuant to notice published as required by law, this Council has held a
public meeting and hearing upon the proposal to institute proceedings for the authorization of a
Loan Agreement and the issuance of not to exceed $2,900,000 Sewer Revenue Capital Loan
Notes, for the purpose of paying costs of improvements and extensions to the Municipal Sewer
System, including the Southwest Outfall (Phase 1) and Fox Creek (Phase 3) projects, and has
considered the extent of objections received from residents or property owners as to the proposal
and, accordingly the following action is now considered to be in the best interests of the City and
residents thereof:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WAUKEE, STATE OF IOWA:
Section 1. That this Council does hereby institute proceedings and take additional action
for the authorization of a Loan Agreement and issuance in the manner required by law of not to
exceed $2,900,000 Sewer Revenue Capital Loan Notes, for the foregoing purpose.
Section 2. This Resolution shall serve as a declaration of official intent under Treasury
Regulation 1.150-2 and shall be maintained on file as a public record of such intent. It is reasonably
expected that the sewer fund moneys may be advanced from time to time for capital expenditures which
are to be paid from the proceeds of the above loan agreement. The amounts so advanced shall be
reimbursed from the proceeds of the Loan Agreement not later than eighteen months after the initial
payment of the capital expenditures or eighteen months after the property is placed in service. Such
advancements shall not exceed the loan amount authorized in this Resolution unless the same are for
preliminary expenditures or unless another declaration of intention is adopted.
PASSED AND APPROVED this 17th day of October, 2016.
Mayor
ATTEST:
City Clerk