HomeMy WebLinkAbout1982-502-11.01.1982 RESOLUTION NO. lq
RESOLUTION FIXING A DATE FOR HEARING ON PRO-
'` POSED INDUSTRIAL REVENUE BONDS,
NOT TO EXCEED $500,000
SERIES 1982 (BERTCH CABINET PROJECT)
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WHEREAS, the City of Waterloo, a municipality and political subdivi-
sion in the County of Black Hawk, State of Iowa (the "City") is authorized by
Chapter 419 of the Code of Iowa, 1981 , as amended (hereinafter sometimes
referred to as the "Act") to issue revenue bonds and loan the proceeds to one
or m— contracting parties to be used to pay the cost of land, buildings and
improvements suitable for the use of an industry for the manufacturing, pro-
cessing or assembling of any agricultural or manufactured products and of a
commercial enterprise engaged in storing, warehousing and distributing
products of agriculture, mining or industry; and
WHEREAS, the City proposes to make the necessary arrangements with
Bertch Cabinet MFG. , Inc. (the "Corporation") , an Iowa corporation, for the
financing (as hereinafter described) of, or the improvement of, and purchase
of equipment for an industry for the manufacturing, processing or assembling
of any agricultural or manufactured products and of a commercial enterprise
engaged in storing, warehousing and distributing products of agriculture,
mining, or industry for a business manufacturing wood cabinets at 4730
Brookpark Road, Waterloo, Iowa, for the expansion of the facility at said
location and manufacturing equipment and fixtures for said business located
in the City (hereinafter sometimes referred to as the "Project"); and
WHEREAS, the location of this Project within the City will improve the
general welfare of the inhabitants of the City; and
WHEREAS, in order to expedite the anticipated public benefits and
avoid delays which would otherwise occur pending the completion of the pro-
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cedures necessary to be carried out by the City to make the required funds
available, and to enable the Corporation to proceed with and complete the
Project, it is considered necessary and desirable that the City provide sat-
isfactory assurances that the proceeds of the sale of the proposed Industrial '
Revenue Bonds, when issued, will be made available to finance the Project;
and
WHEREAS, it is deemed necessary and advisable for the promotion of the
general welfare of the inhabitants of the City, that the Project be acquired,
improved and equipped, as aforesaid, and that the City take such action as
may be required under applicable statutory provisions to authorize and issue
the Series 1982 Bonds, as hereinafter defined, to finance the cost of the
Project; and
WHEREAS, the aggregate cost of the Project, has been estimated not to
exceed $500,000, and it is proposed to pay the cost of the Project, to that
amount, through the issuance of the Industrial Revenue Bonds, Series 1982
(Bertch Cabinet Project) (the "Series 1982 Bonds") but it is first necessary
to conduct a public hearing on the proposal to issue the Series 1982 Bonds,
as required and provided by Section 419.9 of the Act;
NOW, THEREFORE, Be It Resolved by the City Council of the City of
Waterloo, Iowa , as follows:
Section 1. That this Council meet at the Council Chambers in the City
Hall in said City on the day of November, 1982, at 7:00 o'clock P.M. ,
at which time and place a public hearing shall be held on the proposal to
issue the Series 1982 Bonds in an amount currently estimated not to exceed
$500,000, as referred to in the preamble hereof, and at which hearing all
local residents who appear shall be given an opportunity to express their
views for or against the proposal to issue the Series 1982 Bonds.
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Section 2. The City Clerk is hereby directed to give notice of inten-
tion to issue the Series 1982 Bonds by publication at least once not less Y'
than fifteen (15) days prior to the date fixed for the hearing in the Water-
loo Courier, a legal newspaper published and having a general circulation
within said City, in substantially the following form:
NOTICE OF INTENTION TO ISSUE
INDUSTRIAL REVENUE BONDS
NOT TO EXCEED $500,000
The City Council of the City of Waterloo, in Black Hawk County, Iowa,
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will meet on the 1' day of November, 1982, at the Council Chambers in the
City Hall , Waterloo, Iowa, at -7 ) o'clock P.M. for the purpose of con-
ducting a public hearing on the proposal to issue Industrial Revenue Bonds,
Series 1982 (Bertch Cabinet Project) of said City, in principal amount not
exceeding $500,000, of which is for the purpose of loaning the proceeds
thereof to defray the cost, to that amount, of the acquisition of certain
equipment and improvements by said Corporation to its existing facility in
the City located at 4730 Brookpark Road, Waterloo, Iowa (which consists of
construction of an industry for the manufacturing, processing or assembling
of any agricultural or manufactured products and of a commercial enterprise
engaged in storing, warehousing and distributing products of agriculture,
mining, or industry for a business manufacturing wood cabinets at 4730
Brookpark Road, Waterloo, Iowa, for the expansion of the facility at said
location and manufacturing equipment and fixtures for said business. These
estimates include, in each instance, expenses of issue related to the bonds.
These bonds, when issued, will be limited obligations and will not constitute
general obligations of said City nor will they be payable in any manner by
taxation, but said bonds will be payable solely and only out of the revenues
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to be derived by said City from a Loan Agreement, Mortgage and Security
Agreement between said City and said Corporation.
At the time and place fixed for said public hearing, all local resi-
dents who appear will be given an opportunity to express their views for or
against the proposal to issue said bonds. l
By order of the City Council November , 1982.
l / )
City Clerk
Section 3. That the City hereby recognizes that actions taken and to
be taken by the Corporation in connection with the acquisition and construc-
tion of the Project have been and will be taken in reliance upon the willing-
ness of the City to issue the Series 1982 Bonds.
Section 4. That all resolutions or parts thereof in conflict herewith
be and the same are hereby repealed, and this resolution shall be effective
forthwith upon its passage and approval .
Passed and approved / 1, ) ,, 1 , 1982.
25k`
Mayor
Attest:
1,0
City Clerk
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