HomeMy WebLinkAbout2007-05-21-Resolutions 07-97_Bonds - Natural Gas Revenue - Set PHRESOLUTION NO.07-97
To fix a date for a public hearing on a loan agreement in the principal amount of
$5,675,000 and to authorize the sale of $5,675,000 Natural Gas Utility System
Revenue Bonds to be issued in evidence of the City's obligation thereunder
WHEREAS,the City of Waukee,in the County of Dallas,State of Iowa (hereinafter
referred to as the "City"),did heretofore establish a Municipal Natural Gas Utility System (the
"Utility")in and for the City;and
WHEREAS,the management and control of the Utility are vested in the City Council and
no board of trustees exists for this purpose;and
WHEREAS,the City proposes to enter into a loan agreement (the "Loan Agreement")in
the principal amount of $5,675,000 pursuant to the provisions of Section 384.24A of the Code of
Iowa for the purpose of paying the cost,to that extent,of constructing improvements and
extensions to the Utility,and it is necessary to fix a date of meeting of the City Council at which
it is proposed to take action to enter into the Loan Agreement and to give notice thereof as
required by such law;and
WHEREAS,the City deems it advisable and necessary at this time to provide for the sale
of Natural Gas Utility System Revenue Bonds (the "Bonds")in an amount not to exceed
$5,675,000 to be issued in evidence of the City's obligation under the Loan Agreement;
NOW,THEREFORE,Be It Resolved by the City Council of the City of Waukee,Iowa,
as follows:
Section I.The City Council shall meet on the 4th day of June,2007,at the Waukee
City Hall Council Chambers,in the City,at seven o'clock p.m.,at which time and place a
hearing will be held and proceedings will be instituted and action taken to enter into the Loan
Agreement.
Section 2.The City Clerk is hereby directed to give notice of the proposed action on
the Loan Agreement setting forth the amount and purpose thereof,the time when and place
where the said meeting will be held,by publication at least once,and not less than four nor more
than twenty days before the meeting,in a legal newspaper which has a general circulation in the
City.The notice shall be in substantially the following form:
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO
ENTER INTO A LOAN AGREEMENT IN A PRINCIPAL AMOUNT OF
$5,675,000
(NATURAL GAS UTILITY SYSTEM REVENUE)
The City Council of the City of Waukee,Iowa,will meet on the 4th day ofJune,2007,at
the Waukee City Hall Council Chambers,in the City,at seven o'clock p.m.,for the purpose of
instituting proceedings and taking action to enter into a loan agreement (the "Loan Agreement")
in a principal amount of $5,675,000 for the purpose of paying the cost,to that extent,of
constructing improvements and extensions to the Municipal Natural Gas Utility System of the
City.
The Loan Agreement will not constitute a general obligation of the City,nor will it be
payable in any manner by taxation,but,together with any additional obligations of the City as
may be hereafter issued and outstanding from time to time ranking on a parity therewith,will be
payable solely and only from the Net Revenues of the Municipal Natural Gas Utility System of
the City.
The Loan Agreement is proposed to be entered into pursuant to authority contained in
Section 384.24A of the Code ofIowa.
At the aforementioned time and place,oral or written objections may be filed or made to
the proposal to enter into the Loan Agreement.After receiving objections,the City Council may
determine to enter into the Loan Agreement,in which case,the decision will be final unless
appealed to the District Court within fifteen (15)days thereafter.
By order of the City Council of the City of Waukee,Iowa.
Jeff Kooistra
City Clerk
Section 3.The City Clerk is hereby directed to proceed on behalf of the City with the
assistance of Dorsey &Whitney LLP,Attorneys,as Bond Counsel,and Public Financial
Management,as Financial Consultants,with the advertisement for sale of the Bonds in an
amount not to exceed $5,675,000,to select a date,time and place for the receipt of bids,to
participate in the preparation of a statement of information and solicitation of bids to be
distributed on behalf of the City by the Financial Consultants,describing the Bonds and
providing for the terms and conditions of their sale,to receive and canvass bids on behalf of the
City Council and to take any and all other actions which may be necessary to provide for the sale
of the Bonds on terms favorable to the City.
Section 4.All resolutions or parts of resolutions III conflict herewith are hereby
repealed to the extent of such conflict.
Passed and approved May 21,2007.
Attest:
City
ROLL CALL VOTE AYE NAY ABSENT
Donald L.Bailey,Jr.X
Isaiah McGee X
JeffV.Mertz X
Darlene Stanton X
Mike Watts X