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HomeMy WebLinkAbout2009-147-02/23/2009 (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Waterloo, Iowa. Date of Meeting: February 23 , 2009. Time of Meeting: 5: 30 o'clock P.M. Place of Meeting: Council Chambers, City Hall, Waterloo, Iowa. PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental body will meet at the date, time and place above set out. The tentative agenda for said -meeting is as follows: • Resolution fixing date for a meeting on the authorization and issuance of Variable/Fixed Rate Notes under the Contract for Loan Guarantee Assistance, dated as of September 19, 2006 Such additional matters as are set forth on the additional 8 page(s) attached hereto. (number) This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of Iowa, and the local rules of said governmental body. City Clerk, aterloo, Iowa Nancy Eck rt • - 1 - February 23 , 2009 The City Council of Waterloo, Iowa, met in regular session, in the Council Chambers, City Hall, Waterloo, Iowa, at 5: 30 o'clock p .M., on the above date. There were present Mayor Tim Hurley , in the chair, and the following named Council Members: Cole, Hart, Greenwood, Steve Schmitt, Welper, Reggie Schmitt Absent: Getty * * * * * * * - 2 - Council Member Greenwood introduced the following Resolution entitled "RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION AND ISSUANCE OF VARIABLE/FIXED RATE NOTES IN THE AGGREGATE AMOUNT OF NOT TO EXCEED $3,175,000 UNDER THE CONTRACT FOR LOAN GUARANTEE ASSISTANCE DATED AS OF SEPTEMBER 19, 2006 BETWEEN THE CITY OF WATERLOO, IOWA AND THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF", and moved that the same be adopted. Council Member Steve Schmitt seconded the motion to adopt. The roll was called and the vote was, AYES: Cole, Hart, Greenwood, Steve Schmitt, Welper, Reggie Schmitt NAYS: none Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO. 2009-147 RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION AND ISSUANCE OF VARIABLE/FIXED RATE NOTES IN THE AGGREGATE AMOUNT OF NOT TO EXCEED $3,175,000 UNDER THE CONTRACT FOR LOAN GUARANTEE ASSISTANCE DATED AS OF SEPTEMBER 19, 2006 BETWEEN THE CITY OF WATERLOO, IOWA AND THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, the City of Waterloo (the "City") and the United States Department of Housing and Urban Development ("HUD") have heretofore entered into a Contract for Loan Guarantee Assistance dated as of September 19, 2006 (the "Section 108 Loan Agreement") under Section 108 of the Housing and Community Development Act of 1974, as amended (the "Act"); and WHEREAS, as authorized under Section 108 Loan Agreement, the City proposes to issue Variable/Fixed Rate Notes to HUD in the aggregate amount of not to exceed $3,175,000 (the "Notes"), the proceeds of which are proposed to be used for - 3 - establishment of a business loan pool in order to finance loans to one or more for-profit and/or non-profit businesses; and WHEREAS, copies of the anticipated form of Note, the Section 108 Loan Agreement and a related Brownfields Economic Development (BEDI) Grant Agreement between the City and HUD are now on file for public inspection in the office of the City Clerk; and WHEREAS, the Notes shall not be general obligations of the City but shall be secured and payable solely and only from the business loan repayments received by the City, or other security as provided in the Section 108 Loan Agreement, as well as (i) all allocations or grants which have been made or for which the City may become eligible in the future under Section 106 or Section 108(q) of the Act, (ii) program income directly generated from the use of the Section 108 Loan Agreement proceeds, (iii) all proceeds (including insurance and condemnation proceeds) from any of the foregoing, and (iv) all funds or investments in the accounts established in the Section 108 Loan Agreement; and WHEREAS, no Section of the Code of Iowa sets forth any specific procedural action required to be taken before such notes can be issued under such a contract with HUD, and therefore this Council determines, pursuant to Section 364.6 of the Code of Iowa, that the procedure set forth in Section 384.25 shall apply, and that the Clerk shall publish a notice of the proposal to authorize issuance of the Notes and of the time and place of the meeting at which the Council proposes to take action thereon and to receive oral and/or written objections from any resident or property owner of the City to such action. NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA: Section 1. That this Council meet in the Council Chambers, City Hall, Waterloo, Iowa, at 5: 30 o'clock, P .M., on the 9th day of March 2009, for the purpose of taking action on the matter of the authorization and issuance of the Notes under the terms of the Section 108 Loan Agreement, the proceeds of which will be used to provide funds for establishment of a business loan pool in order to finance loans to one or more for-profit and/or non-profit businesses. Section 2. That the Clerk is hereby directed to cause at least one publication to be made of a notice of said meeting, in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in the City, said publication to be not less than four clear days nor more than twenty days before the date of said public meeting on the authorization and issuance of said Notes. - 4 - Section 3. That the notice of the proposed action to authorize the issuance of the Notes shall be in substantially the following form: - 5 - NOTICE OF MEETING OF THE COUNCIL OF THE CITY OF WATERLOO, IOWA ON THE MATTER OF THE PROPOSED AUTHORIZATION AND ISSUANCE OF VARIABLE/FIXED RATE NOTES IN THE AGGREGATE AMOUNT OF NOT TO EXCEED $3,175,000 UNDER THE CONTRACT FOR LOAN GUARANTEE ASSISTANCE DATED AS OF SEPTEMBER 19, 2006 BETWEEN THE CITY OF WATERLOO, IOWA AND THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND THE HEARING ON THE AUTHORIZATION THEREOF PUBLIC NOTICE is hereby given that the Council of the City of Waterloo, Iowa (the "City") will hold a public hearing on the 9th day of March 2009, at 5: 3 0 o'clock, p .M., in the Council Chambers, City Hall, Waterloo, Iowa, at which meeting the Council proposes to take additional action for the authorization and issuance of Variable/Fixed Rate Notes in the aggregate amount of not to exceed $3,175,000 (the "Notes") under the terms of a Contract for Loan Guarantee Assistance dated as of September 19, 2006 (the "Section 108 Loan Agreement") between the City and the U.S. Department of Housing and Urban Development ("HUD"), entered into under Section 108 of the Housing and Community Development Act of 1974, as amended (the "Act"). Proceeds of the Notes will be used to for establishment of a business loan pool in order to finance loans to one or more for-profit and/or non-profit businesses. Copies of the anticipated form of Note, the Section 108 Loan Agreement and related financing documents are now on file for public inspection in the office of the City Clerk. The Notes shall not be general obligations of the City but shall be secured and payable solely and only from the business loan repayments received by the City, or other security as provided in the Section 108 Loan Agreement, as well as (i) all allocations or grants which have been made or for which the City may become eligible in the future under Section 106 or Section 108(q) of the Act, (ii)program income directly generated from the use of the Section 108 Loan Agreement proceeds, (iii) all proceeds (including insurance and condemnation proceeds) from any of the foregoing, and (iv) all funds or investments in the accounts established in the Section 108 Loan Agreement. At the above meeting the Council shall receive oral or written objections from any resident or property owner of said City to the above action. After all objections have been received and considered, the Council will at this meeting or at any adjournment thereof, take additional action for the authorization and issuance of the Notes or will abandon the proposal to do so. By order of the Council, said hearing and appeals therefrom shall be held in accordance with and governed by the provisions of Section 384.25 of the Code of Iowa. - 6 - This Notice is given by order of the Council of Waterloo, Iowa, as provided by Sections 364.6 and 384.25 of the Code of Iowa. Dated this 23rd day of February , 2009. City Clerk, aterloo, Iowa Nancy Eckert (END OF NOTICE) - 7 - PASSED AND APPROVED this 23rd day of February , 2009. .yor Tim Hurley ATTEST: City Clerk Nailby Eckert • - 8 - CERTIFICATE STATE OF IOWA ) ) SS COUNTY OF BLACK HAWK ) I, the undersigned City Clerk of Waterloo, Iowa, do hereby certify that attached is a true and complete copy of the portion of the corporate records of said Municipality showing proceedings of the Council, and the same is a true and complete copy of the action taken by said Council with respect to said 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 (a copy of the face sheet of said agenda being attached hereto) 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 said 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 said 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. 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