HomeMy WebLinkAbout2016-209-3/21/2016 d c.
Prepared by Kelley Felchle, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323 .
RESOLUTION NO. 2016-209
RESOLUTION AUTHORIZING THE ISSUANCE OF
$9, 750, 000 GENERAL OBLIGATION URBAN RENEWAL
BONGS, AND LEVYING A TAX FOR THE PAYMENT
THEREOF x
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
aiding in the planning, undertaking and carrying out of urban
renewal projects .,under the authority of Iowa Code Chapter 403 and
the Downtown Waterloo Urban Renewal and Redevelopment Plan, as
amended, including funding an economic development grant in
support of the Tech Works Campus project, for essential corporate
urban renewal purposes`, ,}and it is deemed necessary and advisable
that General Obligation Urban Renewal Bonds, in the amount of not
to exceed $9, 750; 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 aBY THE CITY COUNCIL OF THEY
CITY OF WATERLOO', STATE OF IOWA:
Authorization of the Issuance. General Obligation
Urban Renewal Bonds, in the amount of $9, 750, 000 shall
be issued pursuant to the provisions of Iowa Code
Sections 384 . 24 (3) (q) , 384 . 25 and 403 . 12 for the
purposes covered by the hearing.
Levy` of Annual Tax. .For thepurpose 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 s
wit.
FISCAL YEAR (JULY I- TO. JUNE 30)
AMOUNT YEAR OF COLLECTION
$1, 446, 347 2016/2017
Principai 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.
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.
Filing. A certified copy of this Resolution shall be
filed with the County: Auditor` of Black Hawk County,
State of Iowa, who shall, pursuant to Iowa Code Section
76. 2, levy, assess 'and collect the tax in the same
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Resolution No . 2016-209
Page 2
manner as other taxes and, when collected, these taxes
shall be used only for the purpose of paying principal
and interest on City indebtedness .
R PASSED AND APPROVED this 21St day of March, 2016.
r
Quentin Hart, Mayor
r
;'ATTEST:
Suzy Sch res, CMC
City Clerk
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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 corporate 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 public hearing
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 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 21St
day of March, 2016.
S
Suzy S hares, City Clerk,
Waterl o, State of Iowa
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(SEAL)