HomeMy WebLinkAbout2022-601-09.19.2022-Reimbursement Resolution (02098572x7F7E1)ITEMS TO INCLUDE ON AGENDA
CITY OF WATERLOO, IOWA
• Resolution declaring an official intent under Treasury Regulation 1.150-2 to issue debt to
reimburse the City for certain original expenditures paid in connection with specified
Projects.
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
September 19, 2022
The City Council of the City of Waterloo, State of Iowa, met in regular session, in the
Council Chambers, City Hall, 715 Mulberry St, Waterloo, IA, at 5:30 P.M., on the above date.
There were present Mayor Quentin Hart, in the chair, and the following named Council
Members:
Boesen, Nichols, Amos, Chiles, Grieder, Wilder
Absent: Feuss
Vacant: None
Council Member Chiles introduced the following Resolution entitled "RESOLUTION
DECLARING AN OFFICIAL INTENT UNDER TREASURY REGULATION 1.150-2 TO
ISSUE DEBT TO REIMBURSE THE CITY FOR CERTAIN ORIGINAL EXPENDITURES
PAID IN CONNECTION WITH SPECIFIED PROJECTS" and moved that it be adopted.
Council Member Wilder seconded the motion to adopt, and the roll being called thereon, the vote
was as follows:
AYES: Amos, Chiles, Grieder, Wilder, Boesen, Nichols
NAYS: None
Whereupon, the Mayor declared the Resolution duly adopted as follows:
RESOLUTION NO. 2022-601
RESOLUTION DECLARING AN OFFICIAL INTENT UNDER
TREASURY REGULATION 1.150-2 TO ISSUE DEBT TO
REIMBURSE THE CITY FOR CERTAIN ORIGINAL
EXPENDITURES PAID IN CONNECTION WITH SPECIFIED
PROJECTS
WHEREAS, the City anticipates making cash expenditures for one or more capital
improvement projects, generally described below (each of which shall hereinafter be referred to
as a "Project"); and
WHEREAS, the City reasonably expects to issue debt to reimburse the costs of a Project;
and
WHEREAS, the Council believes it is consistent with the City's budgetary and financial
circumstances to issue this declaration of official intent.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WATERLOO, STATE OF IOWA:
Section 1. That this Resolution be and does hereby serve as a declaration of official intent
under Treasury Regulation 1.150-2.
Section 2. That it is reasonably expected that capital expenditures will be made in respect
of the following Project(s), from time to time and in such amounts as this Council determines to
be necessary or desirable under the circumstances then and there existing.
Section 3. That the City reasonably expects to reimburse all or a portion of the following
expenditures with the proceeds of bonds, notes or other indebtedness to be issued or incurred by
the City in the future.
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Section 4. That the total estimated costs of the Project(s), the maximum principal amount
of the bonds, notes or other indebtedness to be issued for the foregoing Project(s) and the
estimated dates of completion of the Project(s) are reasonably expected to be as follows:
Fund from which Total Amount of Estimated
original expenditures Estimated Borrowing Date of
Project are to be Advanced Cost Anticipated Completion
Sewer Sewer $700,000 $700,000 March 2023
Clarifier
Section 5. That the City reasonably expects to reimburse the above -mentioned Project
costs not later than the later of eighteen months after the capital expenditures are paid or eighteen
months after the property is placed in service, but in no event more than three (3) years after the
original expenditure is paid.
Section 6. That this Resolution be maintained by the City Clerk in an Official Intent File
maintained in the office of the Clerk and available at all times for public inspection, subject to
such revisions as may be necessary.
PASSED AND APPROVED this 19th day of September, 2022.
ATTEST:
7(e[Cey Fe(cIi&e
City Clerk
Mayor
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STATE OF IOWA
COUNTY OF BLACK HAWK
CERTIFICATE
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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 19th day of September,
2022.
SEAL
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2098572-1\11310-000
City Clerk, City of Waterloo, State of Iowa