HomeMy WebLinkAbout2022-10-03 Resolution 2022-411_Set Public Hearing Date, Sewer Revenue CLNRESOLUTION 2022-41 1
RESOLUTION FIXING DATE FOR A MEETING ON THE
AUTHORIZATION OF A LOAN AND DISBURSEMENT
AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED
$15,000,000 SEWER REVENUE CAPITAL LOAN NOTES OF
THE CITY OF WAUKEE, STATE OF IOWA, AND
PROVIDING FOR PUBLICATION OF NOTICE THEREOF
WHEREAS, it is deemed necessary and advisable that the City of Waukee, State of Iowa,
should provide for the authorization of a Loan and Disbursement Agreement and the issuance of
Sewer Revenue Capital Loan Notes, to the amount of not to exceed $15,000,000, as authorized
by Sections 384.24A and 384.83, of the Code of Iowa, for the purpose of providing funds to pay
costs of carrying out project(s) as hereinafter described; and
WHEREAS, the City has applied for a loan through the Iowa Water Pollution Control
Works Financing Program pursuant to which the Iowa Finance Authority has agreed to purchase
the City's Notes and has requested that such Notes be issued as a single Note in a denomination
equal to the total amount of the issue as authorized by Chapter 384 of the Code of Iowa, and
WHEREAS, the Loan and Disbursement Agreement and Notes shall be payable solely
and only out of the Net Revenues of the Municipal Sewer Utility and shall be a first lien on the
future Net Revenues of the Utility; and shall not be general obligations of the City or payable in
any manner by taxation and the City shall be in no manner liable by reason of the failure of the
Net Revenues to be sufficient for the payment of the Loan and Disbursement Agreement and
Notes; and
WHEREAS, before the Loan and Disbursement Agreement and Notes may be issued, it
is necessary to comply with the provisions of the Code, and to publish a notice of the proposal to
issue such notes and of the time and place of the meeting at which the Council proposes to take
action for the authorization of the Loan and Disbursement Agreement and Notes and to receive
oral and/or written objections from any resident or property owner of the City to such action.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WAUKEE, STATE OF IOWA:
Section 1. That this Council meet in the Council Chambers, City Hall, 230 West
Hickman Road, Waukee, Iowa, at 5:30 P.M., on the 7"' day of November, 2022, for the purpose
of taking action on the matter of the authorization of a Loan and Disbursement Agreement and
the issuance of not to exceed $15,000,000 Sewer Revenue Capital Loan Notes, the proceeds of
which notes will be used to provide funds to pay the costs of acquisition, construction,
reconstruction, extending, remodeling, improving, repairing and equipping all or part of the
Municipal Sewer Utility, including construction of gravity flow sanitary sewer, manholes,
diversion structure, clearing and grubbing, surface restoration, streambank stabilization and
miscellaneous associated work for the NE Outfall Sewer, and the water resource restoration
project for the Little Walnut Creek watershed.
Section 2. That the Clerk is hereby directed to cause at least one publication to be made
of a notice of the meeting, in a legal newspaper, printed wholly in the English language,
published at least once weekly, and having general circulation in the City. The publication to be
not less than four clear days nor more than twenty days before the date of the public meeting on
the issuance of the Notes.
Section 3. The notice of the proposed action to issue notes shall be in substantially the
following form:
(To be published between: October 18 - November 1, 2022 (dates inclusive))
NOTICE OF MEETING OF THE CITY COUNCIL OF THE
CITY OF WAUKEE, STATE OF IOWA, ON THE MATTER OF
THE PROPOSED AUTIIORIZATION OF A LOAN AND
DISBURSEMENT AGREEMENT AND THE ISSUANCE OF
NOT TO EXCEED $15,000,000 SEWER REVENUE CAPITAL
LOAN NOTES, AND THE HEARING ON THE ISSUANCE
THEREOF
PUBLIC NOTICE is hereby given that the City Council of the City of Waukee, State of
Iowa, will hold a public hearing on the 7°i day of November, 2022, at 5:30 P.M., in the Council
Chambers, City Hall, 230 West Hickman Road, Waukee, Iowa, at which meeting the Council
proposes to take additional action for the authorization of a Loan and Disbursement Agreement
by and between the City and the Iowa Finance Authority and the issuance to the Iowa Finance
Authority of not to exceed $ l 5,000,000 Sewer Revenue Capital Loan Notes, to evidence the
obligations of the City under the said Loan and Disbursement Agreement, in order to provide
funds to pay the costs of acquisition, construction, reconstruction, extending, remodeling,
improving, repairing and equipping all or part of the Municipal Sewer Utility, including
construction of gravity flow sanitary sewer, manholes, diversion structure, clearing and
grubbing, surface restoration, streambank stabilization and miscellaneous associated work for the
NE Outfall Sewer, and the water resource restoration project for the Little Walnut Creek
watershed. The Notes will not constitute general obligations or be payable in any manner by
taxation, but will be payable from and secured by the Net Revenues of the Municipal Sewer
Utility.
At the above meeting the Council shall receive oral or written objections from any
resident or property owner of the City to the above action. After all objections have been
received and considered, the Council will at the meeting or at any adjournment thereof, take
additional action for the authorization of a Loan and Disbursement Agreement and the issuance
of the Notes to evidence the obligation of the City thereunder or will abandon the proposal to
issue said Notes.
This notice is given by order of the City Council of the City of Waukee, State of Iowa, as
provided by Sections 384.24A and 384.83 of the Code of Iowa.
Dated this 3rd day of October, 2022.
Rebecca D. Schuett
City Clerk, City of Waukee, State of Iowa
(End of Notice)
PASSED AND APPROVED this 3`d day of October, 2022.
ATTEST:
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City Clerk
RESULTS OF VOTE:
AYE
Anna Bergman Pierce
X
R. Charles Bottenberg
Chris Crone
X
Larry R. Lyon
X
Ben Sinclair
X
Mayor
NAY ABSENT ABSTAIN
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