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Home My WebLink About2017-379-5/17/2017 Prepared p d by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street Waterloo IA 50703, 319-291-4323. RESOLUTION NO. 2017-379 RESOLUTION AUTHORIZING REDEMPTION OF OUTSTANDING GENERAL OBLIGATION BONDS, SERIES 2009A, OF THE CITY OF WATERLOO, IOWA, DATED JUNE 24, 2009, AND DIRECTING THE NOTICE OF REDEMPTION FOR THE ABOVE-NAMED ISSUE. WHEREAS,the City did by resolution dated June 8, 2009, authorize the issuance of $7,435,000 General Obligation Bonds, Series 2009A(Build America Bonds the "Bonds" dated June 24, 2009; and WHEREAS,the Bonds are redeemable in any order of their numbering on June 1, 2017 or any date thereafter upon giving notice in the manner provided in the resolution authorizing the issuance of the Bonds; and WHEREAS, it is deemed necessary and advisable that$2,845,000 be so redeemed on June 21, 2017 and notice of redemption be given according to the terms of the resolution authorizing issuance of the Bonds. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, STATE OF IOWA: Section 1. That outstanding General Obligation Bonds, dated June 24, 2009, in the principal amount of$2,845,000, be and the same are hereby redeemed as of June 21, 2017. Section 2. The Registrar and Paying Agent, Wells Fargo Bank,N.A., is hereby authorized and directed to cause notice of such redemption be given not less than thirty (30) days prior to the redemption date and to cause notice of redemption to be mailed to the registered owners of the Bonds by ordinary mail, and to notify DTC. Section 3. The Chief Financial Officer is hereby authorized and directed to cause to be deposited in a separate fund from the proceeds of the General Obligation Bonds, Series 2017A, such sum that is sufficient to pay all principal and interest on the redeemed Bonds to the date of redemption and to notify the City's dissemination agent to post the Notice of Redemption to the MSRB's website (EMMA) in searchable PDF format for the refunded Bonds in accordance with the Continuing Disclosure Certificate for the Bonds. Section 4. That the form of such notice be substantially as follows: NOTICE OF THE CALL OF BONDS FOR REDEMPTION TO THE HOLDERS OF THE FOLLOWING DESCRIBED BONDS: Please take notice that the Bonds described below have been called for redemption. Owners of the Bonds should present their Bonds for payment on the redemption date. Issuer: City of Waterloo, State of Iowa Original Issue Amount: $7,435,000 Bond Issue: General Obligation Bonds, Series 2009A(Build America Bonds) Dated Date: June 24, 2009 Resolution No. 2017-379 Page 2 Redemption Date: June 21, 2017 Redemption Price: Par, plus accrued interest Bonds Called for Redemption CUSIP Bond Principal Interest Maturity Amount Numbers Numbers Rate Date 941647 GK9 9 $370,000 5.000% 2018 941647 GL7 10 $375,000 5.125% 2019 941647 GM5 11 $385,000 5.250% 2020 941647 GN3 12 $405,000 5.375% 2021 941647 GP8 13 $420,000 5.625% 2022 941647 GQ6 14 $435,000 5.750% 2023 941647 GR4 15 $455,000 5.750% 2024 No representation is made as to the accuracy of the CUSIP numbers printed herein or on the Bonds. The above Bonds should be presented to Wells Fargo Bank,N.A., Des Moines, Iowa. This represents a full call of the outstanding obligations. All interest will cease to accrue on the Redemption Date. WELLS FARGO BANK, N.A., Des Moines, Iowa By order of the City Council of the City of Waterloo, State of Iowa. PASSED AND APPROVED this 17th day of May, 2017. Quentin Hart, Mayor ATTEST: Kelley Fele, City Clerk Resolution No. 2017-379 ITEMS TO INCLUDE ON AGENDA CITY OF WATERLOO,IOWA General Obligation Bonds, Series 2009A (Build America Bonds) • Resolution Authorizing the Redemption of Outstanding General Obligation Bonds, Series 2009A(Build America Bonds), dated June 24, 2009. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. Resolution No. 2017-379 May 17, 2017 The City Council of the City of Waterloo, State of Iowa, met in regular session, in the Council Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 4:30 P.M., on the above date. There were present Mayor Quentin Hart, in the chair, and the following named Council Members: Morrissey, Powers, Amos, Schmitt and Welp er Absent: Jacobs and Lind Vacant: None -l- Resolution No. 2017-379 Council Member Welper introduced the following Resolution entitled "A RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING GENERAL OBLIGATION BONDS, SERIES 2009A(BUILD AMERICA BONDS), OF THE CITY OF WATERLOO, STATE OF IOWA, DATED JUNE 24, 2009, AND DIRECTING NOTICE BE GIVEN" and moved its adoption. Council Member Morrissey seconded the motion to adopt. The roll was called and the vote was, AYES: Powers,Amos, Schmitt, Welper and Morrissey NAYS: None Whereupon, the Mayor declared the resolution duly adopted as follows: P Y Y p RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING GENERAL OBLIGATION BONDS, SERIES 2009A(BUILD AMERICA BONDS), OF THE CITY OF WATERLOO, STATE OF IOWA, DATED JUNE 24, 2009, AND DIRECTING NOTICE BE GIVEN WHEREAS,the City did by resolution dated June 8,2009, authorize the issuance of $7,435,000 General Obligation Bonds, Series 2009A(Build America Bonds), (the 'Bonds") dated June 24, 2009; and WHEREAS,the Bonds are redeemable in any order of their numbering on June 1, 2017 or any date thereafter upon giving notice in the manner provided in the resolution authorizing the issuance of the Bonds; and WHEREAS, it is deemed necessary and advisable that$2,845,000 be so redeemed on June 21, 2017 and notice of redemption be given according to the terms of the resolution authorizing issuance of the Bonds. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, STATE OF IOWA: Section 1. That outstanding General Obligation Bonds, dated June 24, 2009, in the principal amount of$2,845,000,be and the same are hereby redeemed as of June 21, 2017. Section 2. The Registrar and Paying Agent, Wells Fargo Bank,N.A., is hereby authorized and directed to cause notice of such redemption be given not less than thirty (30) days prior to the redemption date and to cause notice of redemption to be mailed to the registered owners of the Bonds by ordinary mail, and to notify DTC. -2- Resolution No. 2017-379 Section 3. The Chief Financial Officer is hereby authorized and directed to cause to be deposited in a separate fund from the proceeds of the General Obligation Bonds, Series 2017A, such sum that is sufficient to pay all principal and interest on the redeemed Bonds to the date of redemption and to notify the City's dissemination agent to post the Notice of Redemption to the MSRB's website (EMMA) in searchable PDF format for the refunded Bonds in accordance with the Continuing Disclosure Certificate for the Bonds. Section 4. That the form of such notice be substantially as follows: -3- Resolution No. 2017-379 NOTICE OF THE CALL OF BONDS FOR REDEMPTION TO THE HOLDERS OF THE FOLLOWING DESCRIBED BONDS: Please take notice that the Bonds described below have been called for redemption. Owners of the Bonds should present their Bonds for payment on the redemption date. Issuer: City of Waterloo, State of Iowa Original Issue Amount: $7,435,000 Bond Issue: General Obligation Bonds, Series 2009A(Build America Bonds) Dated Date: June 24, 2009 Redemption Date: June 21, 2017 Redemption Price: Par, plus accrued interest Bonds Called for Redemption CUSIP Bond Principal Interest Maturity Numbers Numbers Amount Rate Date 941647 GK9 9 $370,000 5.000% 2018 941647 GL7 10 $375,000 5.125% 2019 941647 GM5 11 $385,000 5.250% 2020 941647 GN3 12 $405,000 5.375% 2021 941647 GP8 13 $420,000 5.625% 2022 941647 GQ6 14 $435,000 5.750% 2023 941647 GR4 15 $455,000 5.750% 2024 No representation is made as to the accuracy of the CUSIP numbers printed herein or on the Bonds. -4- Resolution No. 2017-379 The above Bonds should be presented to Wells Fargo Bank,N.A., Des Moines, Iowa. This represents a full call of the outstanding obligations. All interest will cease to accrue on the Redemption Date. WELLS FARGO BANK,N.A., Des Moines, Iowa -5- Resolution No. 2017-379 PASSED AND APPROVED this 17�h day of May, 2017. Quentin Hart, Mayor ATTEST: Kelley e c e, City Clerk -6- Resolution No. 2017-379 CERTIFICATE STATE OF IOWA ) ) SS COUNTY OF BLACK HAWK ) I, 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 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 meeting 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 Council 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 18th day of May, 2017. elley Fe c le, City Clerk, City of Waterloo, State of Io a (SEAL)