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Home My WebLink About2018-111-2/26/2018 Proceedings N1v�° February 26, 2018 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 5:30 P.M., on the above date. There were present Mayor Quentin Hart, in the chair, and the following named Council Members: Margaret Klein, Bruce Jacobs, Patrick Morrissey, Chris Shimp, Jerome Amos, Jr., Sharon Juon and Steve Schmitt Absent: None Vacant: None - 1 - The Mayor announced that this was the time and place for the public hearing and meeting on the matter of the issuance of not to exceed $11,500,000 General Obligation Bonds, in order to provide funds to pay the 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; the acquisition and installation of emergency services communication equipment and systems, including early warning sirens; the acquisition of vehicles and equipment for the Police and Fire Rescue Departments, including fire engines;the acquisition of vehicles and equipment for the street,public works and sign and traffic 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,trail, alley,public ground, marketplace, bridge, pedestrian underpass and overpass 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 2010A(Taxable Build America Bonds) dated June 29, 2010, for essential corporate purposes, and that notice of the proposal to issue the Bonds had been published as provided by Section 384.25 of the Code of Iowa. The Mayor then asked the Clerk whether any written objections had been filed by any resident or property owner of the City to the issuance of the Bonds. The Clerk advised the Mayor and the Council that no written objections had been filed. The Mayor then called for oral objections to the issuance of the Bonds and two were made. Whereupon, the Mayor declared the time for receiving oral and written objections to be closed. (Attach here a summary of objections received or made, if any) Whereupon,the Mayor declared the hearing on the issuance of the Bonds to be closed. The Council then considered the proposed action and the extent of objections thereto. - 2 - Council Member Schmitt introduced the following Resolution entitled "RESOLUTION AUTHORIZING THE ISSUANCE OF $11,500,000 GENERAL OBLIGATION BONDS, SERIES 2018A,AND LEVYING A TAX FOR THE PAYMENT THEREOF", and moved that the same be adopted. Council Member Amos seconded the motion to adopt. The roll was called and the vote was, AYES: Morrissey, Shimp, Klein, Amos, Schmitt, Juon, Jacobs NAYS: None Whereupon,the Mayor declared the Resolution duly adopted as follows: RESOLUTION NO. 2018-111 RESOLUTION AUTHORIZING THE ISSUANCE OF $11,500,000 GENERAL OBLIGATION BONDS, SERIES 2018A, 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; the acquisition and installation of emergency services communication equipment and systems, including early warning sirens; the acquisition of vehicles and equipment for the Police and Fire Rescue Departments, including fire engines; the acquisition of vehicles and equipment for the street, public works and sign and traffic 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, trail, alley, public ground, marketplace, bridge,pedestrian underpass and overpass 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 2010A (Taxable Build America Bonds) dated June 29, 2010 (the "Project"), and it is deemed necessary and advisable that General Obligation Bonds, Series 2018A, in the amount of$11,500,000 be issued; and - 3 - 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. That this Council does hereby institute proceedings and take additional action for the authorization and issuance of General Obligation Bonds, Series 2018A, and that such bonds in the amount of$11,500,000 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 $977,314.00 2018/2019 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 26th day of February, 2018. Quentin Hart, Mayor ATTEST:' Le M. E n,�Deput�yCity Clerk - 4 - CERTIFICATE STATE OF IOWA ) COUNTY OF BLACK HAWK SS ) 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. 2018. WITNESS my hand and the seal of the Council hereto affixed this 15th day of March, . Le M. Eve -Deputy City Clerk, City of ��`''•.� Water o, State of Iowa AZI a COUNTY AUDITOR'S CERTIFICATE 1, l ✓�} V� �/ , County Auditor of Black Hawk County, State of Iowa, hereby certify that on the /S day of 074,eC# , 2018 there was filed in my office the Resolution of the City Council of the City of Waterloo, State of Iowa, adopted on the 26th day of February, 2018, such Resolution levying a tax for the purpose of paying principal and interest on $11,500,000 of General Obligation Bonds, Series 2018A, dated June 19, 2018, and authorizing the issuance of the Bonds. (COUNTY SEAL) County Aitor of Black Hawk County, State of Iowa 01453216-1\11310-122