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HomeMy WebLinkAbout2022-144-03.21.2022- $14,200,000 Fix Date Proceedings 2022B Taxable Sewer SRFITEMS TO INCLUDE ON AGENDA CITY OF WATERLOO, IOWA Not to Exceed $14,200,000 Taxable Sewer Revenue Capital Loan Notes (State of Iowa Revolving Fund Loan) • Resolution fixing date for a meeting on the proposition to authorize one or more Loan and Disbursement Agreements and the issuance of Notes to evidence the obligations of the City thereunder. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. March 21, 2022 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: Dave Boesen, Rob Nichols(via Zoom), Jerome Amos, John Chiles, Jonathan Grieder, Nia Wilder and Ray Feuss Absent: None Vacant: None Council Member Feuss introduced the following Resolution entitled "RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF ONE OR MORE LOAN AND DISBURSEMENT AGREEMENTS AND THE ISSUANCE OF NOT TO EXCEED $14,200,000 TAXABLE SEWER REVENUE CAPITAL LOAN NOTES OF THE CITY OF WATERLOO, STATE OF IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF", and moved that the same be adopted. Council Member Grieder seconded the motion to adopt. The roll was called and the vote was, AYES: Amos, Chiles, Grieder, Wilder, Feuss, Boesen, Nichols NAYS: None Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO. 2022-144 RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF ONE OR MORE LOAN AND DISBURSEMENT AGREEMENTS AND THE ISSUANCE OF NOT TO EXCEED $14,200,000 TAXABLE SEWER REVENUE CAPITAL LOAN NOTES OF THE CITY OF WATERLOO, STATE OF IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, it is deemed necessary and advisable that the City of Waterloo, State of Iowa, should provide for the authorization of one or more Loan and Disbursement Agreements and the issuance of Taxable Sewer Revenue Capital Loan Notes, in the amount of not to exceed $14,200,000, as authorized by Sections 384.24A and 384.83, of the Code of Iowa, for the purpose of providing funds to pay costs of carrying out project(s) as hereinafter described; and WHEREAS, the City has applied for a loan through the Iowa Water Pollution Control Works Financing Program pursuant to which the Iowa Finance Authority has agreed to purchase the City's Notes and has requested that such Notes be issued each as a single Note in a denomination equal to the total amount of the issue as authorized by Chapter 384 of the Code of Iowa; and WHEREAS, the Loan and Disbursement Agreements and Notes shall be payable solely and only out of the Net Revenues of the Municipal Sewer System and shall be a first lien on the future Net Revenues of the Utility; and shall not be general obligations of the City or payable in any manner by taxation and the City shall be in no manner liable by reason of the failure of the Net Revenues to be sufficient for the payment of the Loan and Disbursement Agreements and Notes; and WHEREAS, before the Loan and Disbursement Agreements and Notes may be authorized and Taxable Sewer Revenue Capital Loan Notes issued to evidence the obligation of 2 the City thereunder, it is necessary to comply with the provisions of the Code, and to publish a notice of the proposal and of the time and place of the meeting at which the Council proposes to take action for the authorization of the Loan and Disbursement Agreements and Notes 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, STATE OF IOWA: Section 1. That this City Council meet in the Council Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 5:30 P.M., on the 4th day of April, 2022, for the purpose of taking action on the matter of the authorization of one or more Loan and Disbursement Agreements and the issuance of not to exceed $14,200,000 Taxable Sewer Revenue Capital Loan Notes, to evidence the obligations of the City thereunder, the proceeds of which will be used to provide funds to pay the costs of acquisition, construction, reconstruction, extending, remodeling, improving, repairing and equipping all or part of the Municipal Sewer System, including those costs associated with Phase IV A2 of the Collection System Improvements CIPP project, Phase 1 of the US Highway 63 South Interceptor Sanitary Sewer Upgrade project, and Sanitary Sewer Gatewell Repairs. Section 2. That the Clerk is hereby directed to cause at least one publication to be made of a notice of the meeting, in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in the City. The publication to be not less than four clear days nor more than twenty days before the date of the public meeting on the issuance of the Notes. Section 3. The notice of the proposed action to issue notes shall be in substantially the following form: -3 NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF WATERLOO, STATE OF IOWA, ON THE MATTER OF THE PROPOSED AUTHORIZATION OF ONE OR MORE LOAN AND DISBURSEMENT AGREEMENTS AND THE ISSUANCE OF NOT TO EXCEED $14,200,000 TAXABLE SEWER REVENUE CAPITAL LOAN NOTES, AND THE PUBLIC HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF PUBLIC NOTICE is hereby given that the City Council of the City of Waterloo, State of Iowa, will hold a public hearing on the 4th day of April, 2022, at 5:30 P.M., in the Council Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa, at which meeting the City Council proposes to take additional action for the authorization of one or more Loan and Disbursement Agreements by and between the City and the Iowa Finance Authority and the issuance to the Iowa Finance Authority of not to exceed $14,200,000 Taxable Sewer Revenue Capital Loan Notes, to evidence the obligations of the City under the Loan and Disbursement Agreements, in order to provide funds to pay the costs of acquisition, construction, reconstruction, extending, remodeling, improving, repairing and equipping all or part of the Municipal Sewer System, including those costs associated with Phase IV A2 of the Collection System Improvements CIPP project, Phase 1 of the US Highway 63 South Interceptor Sanitary Sewer Upgrade project, and Sanitary Sewer Gatewell Repairs. The Notes will not constitute general obligations or be payable in any manner by taxation, but will be payable from and secured by the Net Revenues of the Municipal Sewer System. At the above meeting the City Council shall receive oral or written objections from any resident or property owner of the City to the above action. After all objections have been received and considered, the City Council will at this meeting or at any adjournment thereof, take additional action for the authorization of said Loan and Disbursement Agreements and the issuance of the Notes to evidence the obligation of the City thereunder or will abandon the proposal to issue said Notes. This notice is given by order of the City Council of the City of Waterloo, State of Iowa, as provided by Sections 384.24A and 384.83 of the Code of Iowa. Dated this 21 st day of March, 2022. Kelley Felchle, City Clerk, City of Waterloo, State of Iowa -4 PASSED AND APPROVED this 21 st day of March, 2022. GL 2/14 i/1 He-sr-4- ATTEST: LeAnn M. Even, CMC, IaCMC Deputy City Clerk DIGITALLY ", SIGNED V'/ Quentin Hart, Mayor 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 21' day of March, 2022. ,e &ram LeAnn M. Even, Deputy City Clerk, City of Waterloo, State of Iowa SEAL recr STATE OF IOWA COUNTY OF BLACK HAWK CERTIFICATE ) ) SS ) I, the undersigned, do hereby certify that I am now and was at the times hereinafter mentioned, the duly qualified and acting Clerk of the City of Waterloo, in the County of Black Hawk, State of Iowa, and that as such Clerk and by full authority from the Council of the City, I have caused a NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF WATERLOO, STATE OF IOWA, ON THE MATTER OF THE PROPOSED AUTHORIZATION OF ONE OR MORE LOAN AND DISBURSEMENT AGREEMENTS AND THE ISSUANCE OF NOT TO EXCEED $14,200,000 TAXABLE SEWER REVENUE CAPITAL LOAN NOTES, SERIES 2022, OF THE CITY OF WATERLOO, AND THE PUBLIC HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF of which the clipping annexed to the publisher's affidavit hereto attached is in words and figures a correct and complete copy, to be published as required by law in the "Waterloo Courier", a legal newspaper published at least once weekly, printed wholly in the English language, published regularly and mailed through the post office of current entry for more than two years and which has had for more than two years a bona fide paid circulation recognized by the postal laws of the United States, and has a general circulation in the City, and that the Notice was published in all of the issues thereof published and circulated on the following date: SEAL March 22, 2022. WITNESS my official signature at Waterloo, Iowa this 24th day of March, 2022. LeAnn M. Even, Deputy City Clerk, City of Waterloo, State of Iowa