HomeMy WebLinkAbout2009-01-05-Resolutions 09-20_Bonds - Sewer Revenue Series 1998A-C - ReissuanceRESOLUTION 09-20
A RESOLUTION APPROVING AND AUTHORIZING AN
AMENDMENT TO LOAN AND DISBURSEMENT
AGREEMENTS BY AND BETWEEN THE CITY OF
WAUKEE AND THE IOWA FINANCE AUTHORITY,
AND AUTHORIZING AND PROVIDING FOR THE
REISSUANCE OF THE $455,748 SEWER REVENUE
BONDS,SERIES 1998A,$945,252 SEWER REVENUE
BONDS,SERIES 1998B AND $1,178,000 SEWER
REVENUE BONDS,SERIES 1998C,OF THE CITY
WHEREAS,the City of Waukee (hereinafter the "Issuer")previously issued its
$455,748 Sewer Revenue Bonds,Series 1998A,$945,252 Sewer Revenue Bonds,Series
1998B and $1,178,000 Sewer Revenue Bonds,Series 1998C,dated October 8,1998
(hereinafter the "Bonds"),pursuant to Loan and Disbursement Agreements between
Issuer,the Iowa Finance Authority,and Wells Fargo Bank,N.A.,dated oflike date (the
"Agreement"),for the purpose of defraying the costs of the Project (as defined in the
resolution authorizing issuance of the same (hereinafter the "Resolution"));and
WHEREAS,the Iowa Finance Authority,as Original Purchaser and current holder
of the Bonds,has authorized a reduction in the interest rate on the Bonds to 3%;and
WHEREAS,an Amendment to the Loan and Disbursement Agreements
(hereinafter the "Amendment")has been prepared to reflect said interest rate reduction,a
copy of which is attached hereto as Exhibit A;and
WHEREAS,pursuant to IRS regulations adoption of the Amendment constitutes a
reissuance of the Bonds.
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WAUKEE,IN THE COUNTY OF DALLAS,STATE OF IOWA:
Section 1.That the Resolution is hereby amended to reflect the interest rate
reduction to 3%per annum on the outstanding principal amount
from and after December 1,2008 for the remainder of the life of the
Bonds.
Section 2.That the Amendment in substantially in the form attached to this
Resolution is hereby authorized to be executed and issued on behalf
of the Issuer by the Mayor and attested by the City Clerk
Section 3.Except as amended herein,all of the other terms and conditions of
the Resolution and Agreement are in all respects ratified,confirmed
and approved and shall remain in full effect.
PASSED AND APPROVED this 5th day of January,2009.
ATTEST:
ROLL CALL VOTE
Donald L.Bailey,II.
Casey L.Harvey
C.Isaiah McGee
Darlene Stanton
Mike Watts
AYE
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NAY ABSENT ABSTAIN