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HomeMy WebLinkAbout2017-182-3/9/2017 r -a a CM) c� 2> cn __1 -n rn m :0 c7 � M C) c�l z CO m. U1 co Prepared by Nany Higby, Administrative Secretary, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323. RESOLUTION NO. 2017-182 RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $11,000,000 GENERAL OBLIGATION BONDS,AND LEVYING A TAX FOR THE PAYMENT THEREOF. WHEREAS,the City of Waterloo, State of Iowa("Issuer"), is a municipal corporation, organized and existing under the Constitution and laws of the State of Iowa, and is not affected by any special legislation; and WHEREAS, the Issuer is in need of funds to pay costs of the acquisition, improvement and installation of traffic control devices, signage, fixtures, equipment and improvements, including but not limited to traffic signal,pavement markings,traffic safety, fiber optics installation, and street light fixtures, connections, and facility improvements; costs of acquisition, construction, reconstruction, extending,remodeling, improving, repairing and equipping all or part of the Municipal Sewer System, including those costs associated with the Midland lift station and force main construction, anaerobic lagoon cover replacement, and final clarifier upgrades; the acquisition of vehicles and equipment for the Police and Fire Rescue Departments; the rehabilitation and improvement of City parks and the acquisition,repair and replacement of facilities equipment and improvements commonly found in City parks;the removal, replacement and planting of trees in parks and public grounds;the construction, reconstruction and repairing of street, sidewalk, alley,public ground,marketplace, bridge, edestrian underpass and overpass P � repairs and reconstruction, and intersection improvements; the acquisition, construction and improvement of real and personal property useful for the protection of property from floods or high waters, including flood control, levees, embankments,waterway, storm water and drainage improvements;the removal or replacement of dead or diseased trees;the acquisition and demolition of dangerous or dilapidated buildings, structures or properties, or funding multi- family housing assistance; and refunding or refinancing outstanding debt, including General Obligation Bonds, Series 2009A(Taxable Build America Bonds) dated June 24, 2009 (the "Project"), and it is deemed necessary and advisable that General Obligation Bonds, in the amount of not to exceed$11,000,000 be issued; and WHEREAS,the City Council has taken such acts as are necessary to authorize issuance of the Bonds. NOW, THEREFORE, IT IS RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, STATE OF IOWA: Section 1. Authorization of the Issuance. General Obligation Bonds, in the amount of not to exceed $11,000,000 shall be issued pursuant to the provisions of Iowa Code Section 384.25 for the purposes covered by the hearing. Section 2. Levy of Annual Tax. For the purpose of providing funds to pay the principal and interest as required under Chapter 76.2, there is levied for each future year the following direct annual tax upon all the taxable property in the City of Waterloo, State of Iowa, to wit: FISCAL YEAR(JULY 1 TO JUNE 30) AMOUNT YEAR OF COLLECTION $11,000,000 2017/2018 Resolution No. 2017-182 Page 2 Principal and interest coming due at any time when the proceeds of the tax on hand are insufficient to pay the amount due shall be promptly paid when due from current funds available for that purpose and reimbursement must be made. Section 3. Amendment of Levy of Annual Tax. Based upon the terms of the future sale of the Bonds to be issued, this Council will file an amendment to this Resolution("Amended Resolution")with the County Auditor. Section 4. Filing. A certified copy of this Resolution shall be filed with the County Auditor of County of Black Hawk, State of Iowa, who shall, pursuant to Iowa Code Section 76.2, levy, assess and collect the tax in the same manner as other taxes and, when collected, these taxes shall be used only for the purpose of paying principal and interest on the Bonds. PASSED AND APPROVED this 9t'day of March, 2017. Quentin Hart, Mayor ATTEST: Kelley elchle City Clerk CERTIFICATE STATE OF IOWA ) ) SS COUNTY OF BLACK HAWK ) 1,the undersigned City Clerk of the City of Waterloo, State of Iowa, do hereby certify that attached is a true and complete copy of the portion of the corporate records of the City showing proceedings of the Council, and the same is a true and complete copy of the action taken by the Council with respect to the matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way;that meeting and all action thereat was duly and publicly held in accordance with a notice of public hearing and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council pursuant to the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective city offices as indicated therein,that no vacancy existed except as may be stated in the proceedings, and that no controversy or litigation is pending,prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of the Council hereto affixed this 9h day of March, 2017. 1/j Kelley Felchf, City Clerk, Waterloo, State of Iowa (SEAL)