HomeMy WebLinkAbout1999-09-13-Resolutions 99-111_Bonds - Water Revenue Loan Agr - Set PHCITY OFWaukee.III.THE KEY TO GOOD LIVING
RESOLUTION NO.99-111
TO FIX A DATE FOR A PUBLIC HEARING ON A LOAN AGREEMENT IN A
PRINCIPAL AMOUNT NOT TO EXCEED $670,000
WHEREAS,the City of Waukee,in the County of Dallas,State of Iowa
(hereinafter referred to as the "City"),did heretofore establish a Municipal Waterworks
System (the "Utility")in and for the City which has continuously supplied water service
in and to the City and its inhabitants since its establishment;and
WHEREAS,the management and control of the Utility are vested in the 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 a principal amount not to exceed $670,000 pursuant to the provisions of
Section 384.24A of the Code of Iowa fOTthe purpose of paying and/or prepaying the
City's outstanding Water Revenue Notes,dated June 1,1989,and Water Revenue Notes,
dated June 1,1992,and it is necessary to fix a date of meeting of the 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;
NOW,THEREFORE,Be It Resolved by the City Council of the City of
Waukee,Iowa,as follows:
Section 1.This Council shall meet on the 4th day of October,1999,at the City
Hall,in the City,at 7:00 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 4 nor more than 20 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 AND BORROW MONEY
IN A PRINCIPAL AMOUNT NOT TO EXCEED $670,000
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(WATER REVENUE REFUNDING)
The City Council of the City of Waukee,Iowa,will meet on the 4th day of October,1999,
at the City Hall,in the City,at 7:00 o'clock p.m.,for the purpose of instituting
proceedings and taking action to enter into a loan agreement (the "Loan Agreement")and
borrow money in a principal amount not to exceed $670,000 for the purpose of paying
and/or prepaying the City's outstanding Water Revenue Notes,dated June 1,1989,and
Water Revenue Notes,dated June 1,1992.
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
Waterworks System of the City.
The Loan Agreement is proposed to be entered into pursuant to authority contained in
Section 384.24A ofthe 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 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.
Mark Artensen
City Administrator/Clerk
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Section 3.All resolutions or parts of resolutions III conflict herewith are
hereby repealed to the extent of such conflict.
Passed and approved September 13,1999.
Attest:
ROLL CALL V
Nicholas C.Gruber
Marvin Berger
Robyn S.Heath
Bill Peard
Larry Lyon .
AYES NAYS ABSTAIN
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