HomeMy WebLinkAbout2022-11-07 Resolution 2022-452_Bonds, Sewer Revenue CLN, Additional ActionRESOLUTION 2022-452
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE AUTHORIZATION OF A
LOAN AND DISBURSEMENT AGREEMENT AND THE
ISSUANCE OF NOT TO EXCEED $15,000,000 SEWER
REVENUE CAPITAL LOAN NOTES
WHEREAS, pursuant to notice published as required by law, the City Council has held a
public meeting and hearing upon the proposal to institute proceedings 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 $15,000,000 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 OutfalI Sewer, and the water resource restoration project for the Little Walnut
Creek watershed, and has considered the extent of objections received from residents or property
owners as to the proposed issuance of Notes; 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 and Disbursement Agreement by and between the City and the
Iowa Finance Authority and the issuance to the Iowa Finance Authority in the manner required
by law of not to exceed $15,000,000 Sewer Revenue Capital Loan Notes, for the foregoing
purposes.
Section 2. That this Council does hereby consent to the terms and conditions of the SRF
Loan Program, which terms and conditions and the disclosures provided with respect thereto are
hereby acknowledged, accepted and approved.
Section 3. 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 Notes. The amounts so
advanced shall be reimbursed from the proceeds of the Notes 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 amount authorized in this Resolution unless the
same are for preliminary expenditures or unless another declaration of intention is adopted.
Section 4. That the Clerk, with the assistance of bond counsel, is hereby authorized and
directed to proceed with the preparation of such documents and proceedings as shall be
necessary to authorize the City's participation in the SRF Loan Program, to select a suitable date
for final Council authorization of the required Loan and Disbursement Agreement and issuance
of the Note to evidence the City's obligations thereunder, and to take such other actions as the
Council shall deem necessary to permit the completion of a loan on a basis favorable to the City
and acceptable to this Council.
PASSED AND APPROVED this 7a' day of November, 2022.
Mayor Pro Tem
ATTEST:
City Clerk
RESULTS OF VOTE: AYE NAY ABSENT ABSTAIN
Anna Bergman Pierce X
R. Charles Bottenberg X
Chris Crone X
Larry R. Lyon X
Ben Sinclair X