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Home My WebLink About2008-195-3/17/2008 ORIGINAL (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Waterloo, Iowa. Date of Meeting: March 17 , 2008. 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: Not to exceed $2,970,000 Variable/Fixed Rate Note issued under the Contract for Loan Guarantee Assistance • Public hearing on the issuance. • Resolution taking additional action and authorizing the issuance of a Variable/Fixed Rate Note in the amount of$2,970,000 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 Such additional matters as are set forth on the additional 6 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, Vi a erloo, Iowa N4ncy Eckert - 1 - March 17 , 2008 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: Getty, Hart , Steve Schmitt , Welper, Reggie Schmitt Absent: Cole, Greenwood - 2 - The Mayor announced that this was the time and place for the public hearing and meeting on the matter of the issuance of a not to exceed $2,970,000 Variable/Fixed Rate Note under the Contract for Loan Guarantee Assistance dated as of September 19, 2006 between the City and the U.S. Department of Housing and Urban Development, for the purpose of paying costs for the construction of a pedestrian loop as part of the Cedar Valley Riverwalk Renaissance Project, and that notice of the proposed action by the Council to institute proceedings for the issuance of said Note had been duly published as required by law. The Mayor then asked the Clerk whether any written objections had been filed by any City resident or property owner to the issuance of said Note. The Clerk advised the Mayor and the Council that o written objections had been filed. The Mayor then called for oral objections to the issuance of said Note and o 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) - 3 - The Council then considered the proposed action and the extent of objections thereto. Whereupon, Council Member Steve Schmitt introduced the following Resolution entitled "RESOLUTION TAKING ADDITIONAL ACTION AND AUTHORIZING THE ISSUANCE OF A VARIABLE/FIXED RATE NOTE IN THE AMOUNT OF NOT TO EXCEED $2,970,000 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 moved that it be adopted. Council Member w i per seconded the motion to adopt, and the roll being called thereon, the vote was as follows: AYES: Getty, Hart Steve Schmitt Welper, Reggie Schmitt NAYS: none Whereupon, the Mayor declared said Resolution duly adopted as follows: RESOLUTION NO. 2008-195 RESOLUTION TAKING ADDITIONAL ACTION AND AUTHORIZING THE ISSUANCE OF A VARIABLE/FIXED RATE NOTE IN THE AMOUNT OF NOT TO EXCEED $2,970,000 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 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 a Variable/Fixed Rate Note to HUD in the amount of not to exceed $2,970,000 - 4 - (the 'Note"), the proceeds of which are proposed to be used for construction of a pedestrian loop as part of the Cedar Valley Riverwalk Renaissance Project; and WHEREAS, copies of the 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 Note shall not be a general obligation of the City but shall be secured and payable solely and only from the annual distributions of certificates of deposit and receipts available to the City from the Black Hawk Solid Waste Commission, 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, pursuant to notice published as required by law, this Council has held a public meeting and hearing upon the proposal to authorize issuance of the Note under the Section 108 Loan Agreement, and has considered the extent of objections received from residents or property owners as to said proposal and, accordingly, the following action is now considered to be in the best interest of the City and the residents hereof. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA: Section 1. That the terms of the Section 108 Loan Agreement, the provisions of which are incorporated herein by reference, be and the same hereby are in all respects authorized, ratified, approved and confirmed, and prior action by the Mayor and the City Clerk to execute, attest, seal and deliver the Section 108 Loan Agreement to the Secretary of HUD for and on behalf of the City is hereby ratified, confirmed and approved. Section 2. That the issuance of a Variable/Fixed Rate Note (the "Note") to the Secretary of HUD in the aggregate principal amount of not to exceed $2,970,000, maturing on such dates and in such amounts and bearing such rates of interest as set forth in the Section 108 Loan Agreement and the Note, in substantially the form and content now on file in the office of the City Clerk, be and the same hereby is in all respects authorized, approved and confirmed, and the form and content of the Note be and the same hereby is in all respects authorized, approved, ratified and confirmed, and the Mayor and the City Clerk be and they are hereby authorized, empowered and directed to - 5 - execute the Note, impress the official seal of the City thereon and deliver the Note for and on behalf of the City to the Secretary of HUD. Section 3. That the Mayor and the City Clerk be and they are hereby authorized to execute and deliver for and on behalf of the City any and all additional or related certificates, documents, or other papers and perform all other acts as they may deem necessary or appropriate in order to implement and carry out the intent and purposes of the foregoing resolutions. Section 4. That the Note shall not be a general obligation of the City but shall be secured and payable solely and only from the annual distributions of certificates of deposit and receipts available to the City from the Black Hawk Solid Waste Commission, 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. Section 5. That the provisions of this resolution are hereby declared to be separable and if any section, phrase or provision shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases or provisions. PASSED AND APPROVED this 17th day of March , 2008. Mayor Tim Hurley ATTEST: City Clerk N n Eckert - 6 - CERTIFICATE STATE OF IOWA ) ) SS COUNTY OF BLACK HAWK ) 1, 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. WITNESS my hand and the seal of said Municipality hereto affixed this 19th day of March , 2008. City Clerk, W rloo, Iowa SEAL DCORNELL/570274.1/MSWor&l1310.081 - 7 - 0toC-1zH77 cocnm HaHCncn x � z CO Oma -3ar cn Z H O n H H mtIM " zHm >C O M = M o z mam ~n a Cn tri H znv)t� aa t=j Ht1)�CH c K > Z ?7 a`• :h G7 :h W OZ to H m anin � aa cn Z tlCDWt7 0 :2� - r r Ci > CD CtrJH07JH H tri xd tri H O O rrti = >< z z 00 z m a voadt7r z M` cnm a o Z nn HO '77H0=3H N x m H O a Cl)tri O O td z z 00 atdno zHOHa t7mzmz co H tb H xm � za min c H H H xH xx co77m0 cn- O " xlj > moocz y ° z � c' z H H ox m m z H