HomeMy WebLinkAbout1996-05-20-Resolutions 96-12B_Bonds - Urb Renewal TIF Revenue Series 1996 - IssuanceRESOLUTION NO.96-12B
Resolution authorizing the issuance of an $816,623 Urban Renewal Tax Increment
Revenue Bond,Series 1996,pledging to the payment ofthe Bond funds and portions of
taxes created pursuant to the authority of Subsection 2 of Section 403.19 of the Code of
Iowa and providing for the securing of the Bond,all for urban renewal purposes of the
City of Waukee,Iowa
WHEREAS,the City of Waukee,Iowa,pursuant to aud in strict compliance with all laws
applicable to the City,and in particular the provisions of Chapter 403 of Code of Iowa,has
adopted an Urban Renewal Plan by resolution of the Council for the Enterprise Business Park
Urban Renewal Area;and
WHEREAS,this Council has adopted an Ordinance which provides for the division of
taxes levied on taxable property in the Enterprise Business Park Urban Renewal Area and which
establishes the fund referred to in Subsection 2 of Section 403.19 of the Code of Iowa (the
"Urban Renewal Tax Revenue Fund"),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 or notes issued under the authority of Section 403.9 ofthe Code to finance or refmance
in whole or in part projects in the Enterprise Business Park Urban Renewal Area;and
WHEREAS,pursuant to Sections 364.6,384.25 and 403.9 of the Code ofIowa,the City
has published a notice of the proposed action of the City Council to institute proceedings for the
issuance of an $816,623 Urban Renewal Tax Increment Revenue Bond,for the purpose of
financing an urban renewal project within 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 has held a hearing thereon and has otherwise
complied with statutory requirements for the issuance of such bond;
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Waukee,
Iowa,as follows:
Section 1.Pursuant to and as authorized by the Constitution and laws of the State of
Iowa,and particularly Section 403.9 of the Code ofIowa,there is hereby authorized to be issued
an $816,623 Urban Renewal Tax Increment Revenue Bond,Series 1996 (the "1996 Bond"),to
be dated as of the date of its delivery to Downing Development,Ltd.The 1996 Bond shall bear
interest,shall be payable as to principal and interest,and shall have such other terms as are
incorporated in the form of the 1996 Bond set out in Section 2 hereof.The City reserves the
right to call and prepay any principal amount of the 1996 Bond at any time,upon the city giving
notice by registered or certified mail to the Registered Holder addressed to such Registered
Holder at his registered address and placed in the mail not less than thirty (30)days prior to the
date fixed for prepayment.In the event of prepayment on a date other than an annual interest
payment date,interest shall be paid to the date of prepayment only.The 1996 bond shall be fully
registered as to principal aud interest in the name of the holder on the books of the City Clerk of
the City,such registration to be noted upon the 1996 Bond and after such registration,payment
of the principal and interest thereof shall be made only to the Registered Holder.Upon the
request in writing of such Holder personally or by his attorney in fact the 1996 Bond may be
transferred to a designated transferee.I
Section 2.All resolutions and orders or parts thereof in conflict with the provisions
of this resolution,to the extent of such conflict,are hereby appealed.
Section 3.This resolution shall be in full force and effect immediately upon its
adoption and approval,as provided by law.
Passed and approved May 20,1996.
Kurt A.Rueckel,City Clerk
Attest:
J