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HomeMy WebLinkAbout2020-190-2020-191-3/29/20 GEO 11,000,000 ITEMS TO INCLUDE ON AGENDA CITY OF WATERLOO,IOWA Not to Exceed $11,000,000 General Obligation Bonds • Public hearing on the issuance. • Resolution#1 instituting proceedings to take additional action. • Resolution#2 authorizing the issuance and levying a tax for the payment thereof. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. March 19, 2020 The City Council of the City of Waterloo, State of Iowa, met in special session, in the Harold E. Getty 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: Present: Dave Boesen, Pat Morrissey and Margaret Klein. Jerome Amos, Ray Feuss, Jonathan Grieder and Shron Juon joined via telephone. 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$11,000,000 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 Departments; 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,bridges,pedestrian underpasses and overpasses, 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; acquiring, developing and improving of a geographic computer data base system suitable for automated mapping and facilities management; improvement of the city- owned airport; costs of the acquisition, construction, reconstruction, extending,remodeling, improving,repairing and equipping all or part of the Municipal Sewer System; the reconstruction and improvement of dams already owned; and refunding or refinancing outstanding indebtedness of the City,including General Obligation Bonds, Series 2012A, dated June 28,2012 and General Obligation Bonds, Taxable Series 2012C, dated July 25, 2012, 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 none were made. Whereupon, the Mayor declared the time for receiving oral and written objections to be closed. 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. Whereupon, Council Member Juon introduced and delivered to the Clerk the Resolution hereinafter set out entitled "RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO EXCEED $11,000,000 GENERAL OBLIGATION BONDS", and moved: X that the Resolution be adopted. -2 - nto ADJOURN and defer action on the Resolution and the proposal to institute proceedings for the issuance of bonds to the meeting to be held at .M. on the day of , 2020, at this place. Council Member Grieder seconded the motion. The roll was called and the vote was, AYES: Boesen, Morrissey, Klein,Amos,Feuss, Grieder and Juon NAYS: None Whereupon, the Mayor declared the measure duly adopted. RESOLUTION NO. 2020-190 RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO EXCEED $11,000,000 GENERAL OBLIGATION BONDS WHEREAS,pursuant to notice published as required by law, the City Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of not to exceed $11,000,000 General Obligation Bonds, for the essential corporate purposes, 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 Departments; 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, bridges,pedestrian underpasses and overpasses, 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; acquiring, developing and improving of a geographic computer data base system suitable for automated mapping and facilities management; improvement of the city- owned airport; costs of the acquisition, construction, reconstruction, extending, remodeling, improving,repairing and equipping all or part of the Municipal Sewer System; the reconstruction and improvement of dams already owned; and refunding or refinancing outstanding indebtedness of the City, including General Obligation Bonds, Series 2012A, dated June 28, 2012 and General Obligation Bonds, Taxable Series 2012C, dated July 25, 2012, and has considered the extent of - 3 - objections received from residents or property owners as to the proposed issuance of Bonds; and following action is now considered to be in the best interests of the City and residents thereof. NOW, THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, STATE OF IOWA: Section 1. That this Council does hereby institute proceedings and take additional action for the authorization and issuance in the manner required by law of not to exceed$11,000,000 General Obligation Bonds, for the foregoing essential corporate purposes. Section 2. This Resolution shall serve as a declaration of official intent under Treasury Regulation 1.150-2 and shall be maintained on file as a public record of such intent. It is reasonably expected that the general fund moneys may be advanced from time to time for capital expenditures which are to be paid from the proceeds of the above Bonds. The amounts so advanced shall be reimbursed from the proceeds of the Bonds not later than eighteen months after the initial payment of the capital expenditures or eighteen months after the property is placed in service. Such advancements shall not exceed the amount authorized in this Resolution unless the same are for preliminary expenditures or unless another declaration of intention is adopted. PASSED AND APPROVED this 19t'day of March, 2020. Quentin Hart, Mayor ATTEST- - 4 - I Council Member Juon introduced the following Resolution entitled "RESOLUTION AUTHORIZING THE ISSUANCE OF $11,000,000 GENERAL OBLIGATION BONDS, SERIES 2020A,AND LEVYING A TAX FOR THE PAYMENT THEREOF", and moved that the same be adopted. Council Member Morrissey seconded the motion to adopt. The roll was called and the vote was, AYES: Boesen, Morrissey, Klein, Amos, Feuss, Grieder and Juon NAYS: None Whereupon, the Mayor declared the Resolution duly adopted as follows: RESOLUTION NO. 2020-191 RESOLUTION AUTHORIZING THE ISSUANCE OF $11,000,000 GENERAL OBLIGATION BONDS, SERIES 2020A, 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 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 Departments; 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, bridges, pedestrian underpasses and overpasses, 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-familyhousing assistance; acquiring, developing and improving roving of a geographic computer data base system suitable for automated mapping and facilities management; - 5 - improvement of the city-owned airport; costs of the acquisition, construction,reconstruction, extending,remodeling, improving, repairing and equipping all or part of the Municipal Sewer System; the reconstruction and improvement of dams already owned; and refunding or refmancing outstanding indebtedness of the City, including General Obligation Bonds, Series 2012A, dated June 28, 2012 and General Obligation Bonds, Taxable Series 2012C, dated July 25, 2012 (the "Project"), and it is deemed necessary and advisable that General Obligation Bonds, Series 2020A, in the amount of$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 3. Authorization of the Issuance. General Obligation Bonds, Series 2020A, in the amount of$11,000,000 shall be issued pursuant to the provisions of Iowa Code Section 384.25 for the purposes covered by the hearing. Section 4. 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 $991,369 2020/2021 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 5. 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 6. 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. - 6 - PASSED AND APPROVED this 19th day of March, 2020. Quentin Hart, Mayor A 1-1`hST: yitate.Kelley Felty Clerk - 7 - 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 9th day of March, 2020. elley Felc , City Clerk, City of Waterloo, State of Iow (SEAL) COUNTY AUDITOR'S CERTIFICATE I, Gra44 d -C- - , County Auditor of Black Hawk County, State of Iowa, hereby certify that on the 2 i1'- day of March, 2020 there was filed in my office the Resolution of the City Council of the City of Waterloo, State of Iowa, adopted on the 19th day of March, 2020, such Resolution levying a tax for the purpose of paying principal and interest on $11,000,000 of General Obligation Bonds, Series 2020A, and authorizing the issuance of the Bonds. s slOeaa Es tez clew lettv (COUNTY SEAL) County Au.l1 tr of B1a k Hawk County, State of Iowa 01694107-1\11310-135