HomeMy WebLinkAbout1996-05-06-Resolutions 96-12A_Bonds - Urb Renewal TIF Revenue - Set PHRESOLUTION NO.96-12A
To fix a date of meeting at which it is proposed to take action for the issuance of an
Urban Renewal tax Increment Revenue Bond in an amount not to exceed $816,623.
WHEREAS,the City of Waukee,Iowa (the "City"),pursuant to and in strict compliance
with all laws applicable to the City,and in particular the provisions of Chapter 403 of the Code
ofIowa,has adopted an Urban Renewal Plan for the Enterprise Business Park Urban Renewal
Area (the "Urban Renewal Area");and
WHEREAS,this Council has adopted an ordinance providing for the division of taxes
levied on taxable property in the Urban Renewal Area pursuant to Section 403.19 of the Code of
Iowa and establishing the fund referred to in Subsection 2 of Section 403 .19 of the Code of Iowa,
which fund and the portion of taxes referred to in that subsection may be irrevocably pledged by
the City for the payment of the principal and interest on bonds issued under the authority of
Section 403.9 of the Code ofIowa to finance or refinance in whole or in part projects in the
Urban Renewal Area;and
WHEREAS,it is now necessary to make provision for the payment of the costs of a
project in the Enterprise business Park Urban Renewal Area,consisting of the acquisition of
streets,water,sanitary sewer and storm sewer improvements constructed by Downing
Development,Ltd.And to authorize the issuance of an Urban Renewal Tax Increment Revenue
Bond (the "Bond")in an amount not to exceed $816,623,under the authority of Section 403.9(1)
and for payment of which the aforementioned fund and portion of taxes may be irrevocably
pledged;and
WHEREAS,pursuant to Section 364.6 of the Code ofIowa,a city shall substantially
comply with a procedure established by a state law for exercising a city power,and,and if a
procedure is not established by state law,a city may determine its own procedure for exercising
the power;and
WHEREAS,neither Section 403.9 nor any other provision ofthe Code ofIowa sets forth
any procedures which are required to be followed prior to the issuance by a city of bonds under
the authority of Section 403.9,and,accordingly,pursuant to Section 364.6 of the Code ofIowa,
the City may determine its own procedures for such purpose;
NOW THEREFORE,IT IS RESOLVED by the City Council of the City of Waukee,
Iowa,as follows:
Section 1.Pursuant to Section 364.6 of the Code ofIowa,it is hereby determined by
this Council that the provisions of and the procedure specified in Section 384.25 of the Code of
Iowa shall be followed by this Council prior to the issuance of a Bond.
Section 2.This Council shall meet on the 20th day of May,1996,at 7 o'clock p.m.,
at the City Hall,in the City,at which time and place proceedings will be instituted and action
taken for the issuance of an Urban Renewal Tax Increment Revenue Bond in an amount not to
exceed $816,623,for the purpose of paying the cost to that amount of a project in the Urban
Renewal Area and for the in-evocable pledging of the portion of taxes mentioned in Subsection b
of Section 3 of the aforementioned ordinance and the fund into which it shall be paid,for the
payment of the principal and interest on such bond.I
Section 3.The City Clerk is hereby directed to give notice ofthe proposed action for
the issuance of such bond,setting forth the amount and purpose thereof,the time when and place
where said meeting will be held,by publication at least once not less than four days and not more
than twenty days before said meeting in a legal newspaper of general circulation in the City.
Said notice shall be in substantially the following form:
NOTICE OF MEETING FOR ISSUANCE OF AN URBAN RENEWAL TAX
INCREMENT REVENUE BOND
The City Council of the City of Waukee,Iowa,will meet at the City Hall,on the 20th day
of May,1996,at 7 o'clock p.m.,at which time and place proceedings will be instituted and
action taken for the issuance of an Urban Renewal Tax Increment Revenue Bond (the "Bond")in
an amount not to exceed $816,623,authorized by Section 403.9 of the Code ofIowa for the
purpose of paying the cost to that amount of a project in the Enterprise Business Park Urban
Renewal Area,consisting of the acquisition of streets,water,sanitary sewer and storm sewer
improvements constructed by Downing Development,Ltd.
The Bond will not be a general obligation of the City,but will be payable solely and only
from incremental property tax revenues generated within the Enterprise Business Park Urban
Renewal Area.
At the meeting,the Council will receive oral or written objections from any resident or
property owner of the City.Thereafter,the Council may,at the meeting or at an adjournment
thereof,take additional action for the issuance of the Bond or may abandon the proposal to issue
the Bond.By order of the Council,the hearing and any appeals therefrom will be held in
accordance with and will be governed by the provisions of Section 384.25 of the Code of Iowa.
This notice is given by order of the City Council of Waukee,Iowa,in accordance with
Sections 364.6 and 384.25 of the Code ofIowa.
Section 4.
repealed.
All Resolutions or parts of resolutions in conflict herewith are hereby
Passed and approve May 6,1996.
.Donald L.Biiley,.{~ayor
Kurt A.Rueckel,City Clerk I