HomeMy WebLinkAbout1997-10-06-Resolutions 97-40_Cherry St Improvements 1997 - Issue WarrantsRESOLUTION NO.97-40
Resolution providing for the issuance of Warrants in connection with the construction of the
city'sl'f97 Street Improvements and Cherry Street Improvements Project
WHEREAS,the City Council of the City of Waukee,Iowa (the "City"),has authority to issue
warrants for the purpose of defraying costs in connection with the construction of the City's 1997
Street Improvements and Cherry Street Improvements Project (hereinafter referred to as the "Project");
and
WHEREAS,to pay for authorized costs of the Project,it is necessary to issue warrants in the
aggregate principal amount of$600,000,pursuant to the provisions of Section 384.57 of the Code of
Iowa.
NOW,THEREFORE,It Is Resolved by the City Council of the City of Waukee,Iowa,as
follows:
Section 1.The City Clerk is authorized and directed to issue $600,000 Warrants,at a
discount of $6,000 (the "Warrants"),as authorized by Section 384.57 of the Code ofIowa,to Ruan
Securities Corporation,Des Moines,Iowa (the "Purchaser"),to be payable from such fund or funds
of the City as are legally available for such purpose,including but not limited to,proceeds from the
sale and issuance of General Obligation Bonds or Notes.
Section 2.The City Clerk is hereby designated as the Registrar and Paying Agent with
respect to the Warrants and may be hereinafter referred to as the "Registrar"or the "Paying Agent".
Section 3.The Warrants shall be signed by the Mayor and attested by the City Clerk with
the seal of the City affixed and delivered to the Purchaser,shall be dated as of the date of their delivery
to the Purchaser,shall mature on October 1,1998,shall be in the denomination of$5,000 each,or any
integral multiple thereof,and shall bear interest at the rate of 4.40%per annum,payable on April 1,
1998,and at maturity,except as the provisions hereinafter set forth with respect to redemption prior
to maturity may be or become applicable hereto.Interest shall be calculated on basis of a 3 60-day year
comprised of twelve 30-day months.Payment of interest on the Warrants shall be made to the
registered owners appearing on the registration books of the City at the close of business on the
fifteenth day of the month next preceding the interest payment date and shall be paid by check or draft
mailed to the registered owners at the addresses shown on such registration books or at such other
address as may be furnished in writing by the registered owner to the Registrar.Principal of the
Warrants shall be payable in lawful money of the Registrar.Principal of the Warrants shall be payable
in lawful money of the United States of America to the registered owners or their legal representatives
upon presentation and surrender of the Warrant or Warrants at the office of the Paying Agent.
Section 4.The Warrants shall be in substantially the form as attached to this resolution
and shall be payable as to principal and interest in accordance with the terms set forth therein.
Section 5.The City shall maintain as confidential the record of identity of owners of the
Warrants,as provided by Section 22.7 of the Code ofIowa.
Section 6.The City reserves the right to prepay the Warrants in whole or in part on any
date prior to maturity upon terms of par and accrued interest.The Warrants may be called in part in
one or more units of $5,000.Ifless than the entire principal amount of any Warrant in a denomination
of more than $5,000 is to be redeemed,the Registrar will issue and deliver to the registered owner
thereof,upon surrender of such original Warrant,a new Warrant or Warrants,in any authorized
denomination,in a total aggregate principal amount equal to the unredeemed balance of the original
Warrant.Notice of such redemption as aforesaid identifying the Warrant or Warrants (or portion
thereof)to be redeemed shall be mailed by certified mail to the registered owners thereof at the
addresses shown on the City's registration books not less than 30 days prior to such redemption date.
All of such Warrants as to which the City reserves and exercises the right of redemption and as to
which notice as aforesaid shall have been given and for the redemption of which funds are duly
provided,shall cease to bear interest on the redemption date.
1
Section 7.It is the intention of the City that interest on the Warrants be and remain
excluded from gross income for federal income tax purposes pursuant to the appropriate provisions
of the Internal Revenue Code of 1986,as amended,and the Treasury Regulations in effect with respect
thereto (all ofthe foregoing herein referred to as the "Internal Revenue Code").In furtherance thereof,
the City covenants to comply with the provisions of the Internal Revenue Code as they may from time
to time be in effect or amended and further covenants to comply with applicable future laws,
regulations,published rulings and court decisions as may be necessary to insure that the interest on
the Warrants will remain excluded from gross income for federal income tax purposes.Any and all
of the officers of the City are hereby authorized and directed to take any and all actions as may be
necessary to comply with the covenants herein contained.
1TheWarrantsareherebydesignatedas"Qualified Tax Exempt Obligations"as that term is
used in Section 265(b)(3)(B)of the Internal Revenue Code.
Section 8.Continuing Disclosure.The Securities and Exchange Commission (the "SEC")
has promulgated certain amendments to Rule l5c2-l2 under the Securities Exchange Act of 1934 (17
C.F.R.Section 240.15c2-l2)(the "Rule")that make it unlawful for an underwriter to participate in
the primary offering of municipal securities in a principal amount of$l,OOO,OOOor more unless,before
submitting a bid or entering into a purchase contract for the bonds,it has reasonably determined that
the issuer or an obligated person has undertaken in writing for the benefit of the bondholders to
provide certain disclosure information to prescribed information repositories on a continuing basis
or unless and to the extent the offering is exempt from the requirements of the Rule.
Section 9.All resolutions or orders or parts thereof in conflict herewith be and the same
are hereby repealed,to the extent of such conflict.
Passed and approved October 6,1997
Attest:
Kurt A.Rueckel,City Clerk I