HomeMy WebLinkAbout2024-03-6.20.2024.docRESOLUTION NO. 2024-03
RESOLUTION APPROVING THE FIBER PROJECT
REIMBURSEMENT AGREEMENT WITH THE CITY OF
WATERLOO.
WHEREAS, the City and Utility previously entered into a Joint Public Improvement
Agreement in connection with the design, bid letting and construction of a Fiber-to-the-Premises
Feeder/Distribution and Backbone Network Project within the City; and
WHEREAS, the Fiber-to-the-Premises system will be under the management and control
of the Utility, and the Backbone will be under the management and control of the City; and
WHEREAS, as presently designed, it is anticipated that the Utility will not use any part of
the City’s backbone; and
WHEREAS, the City has or will issue General Obligation Capital Loan Notes in the
approximate amount of $20,000,000 for purposes of paying costs of the Project, the authorization
of which was approved by the voters of the City on September 13, 2022 (the “Notes”); and
WHEREAS, the City has or will use a portion of the proceeds of the Notes (the “Utility
Portion”) for a portion of the costs of the Fiber-to-the-Premises system, for which the City and
the Utility shall determine a framework for reimbursement by the Utility to the City, as provided
in the Improvement Agreement; and
WHEREAS, the City and the Utility wish to memorialize, in the Agreement, the terms
and conditions under which the Utility will reimburse the City for a proportionate share of the
debt service on the Notes, based on the proportion of the proceeds of the Notes allocated to the
Fiber-to-the-Premises portion of the Project, as set forth in the agreement.
NOW, THEREFORE BE IT RESOLVED BY THE TELECOMMUNICATIONS
UTILITY BOARD OF TRUSTEES OF THE CITY OF WATERLOO, IOWA, that the Fiber
Project Reimbursement Agreement with the City of Waterloo is hereby approved.
PASSED AND ADOPTED this 20th day of June 2024.
______________________________
Andrew Van Fleet, Board Chair
ATTEST:
______________________________
Kelley Felchle, Board Secretary
SEAL
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