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HomeMy WebLinkAbout1982-014-01.11.1982 Proceedings to Proceed With Issuance and Sale Waterloo, Iowa January 11 , 1982 The City Council of Waterloo, Iowa, met in regular session on the 11 day of January , 1982, at 7 : 00 o'clock p .m. City Hall Council Chambers , in the City pursuant to law and to the rules of said Council. The meeting was called to order and there were present, Leo P . Roof f , Mayor, in the Chair, and the following named Council Members: Getty, Wilharm Roehr, Penaluna , Bowers and Burton, Absent: Dowie The City Council investigated and found that notice of intention to issue Industrial Development Revenue Bonds, Series 1982 (Hershberger Land Co. Project) in an aggregate principal amount not to exceed $200,000.00 had, as directed by the City Council, been duly given according to law . This being the time and place specified in the notice for the conduct of a public hearing on the proposal to issue such Bonds, the Mayor announced that all local residents attending the hearing would now be given an opportunity to express their views for or against the proposal to issue the Bonds . The following local residents attending the hearing expressed their views as follows: After all local residents who appeared at the hearing who desired to do so had expressed their views for or against the proposal to issue the Bonds, Council Member Penaluna introduced a Resolution entitled: "Resolution to Proceed With the Issuance and Sale of Industrial Development Revenue Bonds, Series 1982 (Hershberger Land Co. Project) in an aggregate principal amount not to exceed $200,000 .00" and moved its adoption, seconded by Council Member GP t r y . After due consideration of said Resolution by the Council, the Mayor put the question on the motion and upon the roll being called, the following named Council Members voted: Ayes: Getty_, Wilharm, Roehr, Penaluna, Bowers and Burton. Absent: Dowie Nayes: None Whereupon, the Mayor declared said Resolution duly adopted and approval was signed thereto. Upon motion and vote the meeting adjourned. M orPro Tern, Jack Roehr ATTEST: Ci Cler , Larry P . B er (Seal) RES. NO. 1982-14 RESOLUTION Resolution to Proceed With the Issuance and Sale of Industrial Revenue Development Bonds, Series 1982 (Hershberger Land Co. Project) in an aggregate principal amount not to exceed $200,000.00 . WHEREAS, the City of Waterloo, Iowa, and the County of Black Hawk, State of Iowa, ("Issuer") is an incorporated municipality authorized and empowered by the provisions of Chapter 419 of the Code of Iowa, 1981, as amended, (the "Act") to issue revenue bonds for the purposes of financing the cost of acquiring, by con- struction or purchase, land, buildings, improvements and equipment, or any interest therein, suitable for the use of commercial enterprises which the City Council of the Issuer, as governing body, finds is consistent with an urban renewal plan, adopted by the Issuer pursuant to Chapter 403 of the Code of Iowa; and, WHEREAS, the Issuer has established and designated a certain area within the Issuer as a revitalization area, known as the Westfield-Virden Revitalization Area, (the "Revitalization Area") and in furtherance of its efforts to carry out the revitalization plan, the Issuer has been requested by Hershberger Land Co. (the "Company") , an Iowa corporation, to issue its Industrial Development Revenue Bonds to finance the Company's acquisition by construction and/or purchase of land, buildings, equipment and improvements suitable for the use by the Company in construction of Hershberger Land Co. Project (the "Project") to be located within the Revitalization Area of the Issuer which will employ substantial numbers of people from and near the Issuer with the result in increased employment, substantial payrolls and public benefits flowing therefrom; and, WHEREAS, it is proposed to finance the costs of this Project through the issuance of Industrial Development Revenue Bonds, Series 1982 (Hershberger Land Co. Project) of the Issuer in an aggregate principal amount not to exceed $200,000 .00 (the "Bonds") and to loan said amounts to the Company under a loan agreement between the Issuer and the Company, the obligation of which will be sufficient to pay the principal of and interest of redemption premium, if any, on the bonds as and when the same shall be due; and, WHEREAS , notice of intention to issue the bonds has, as directed by the City Council of the Issuer, been duly given in compliance with the Act; and, WHEREAS, a public hearing has been held on the proposal to issue the bonds at the time and place as specified in said notice and all objections or other comments relating to the issuance of the bonds have been heard; NOW, THEREFORE, be it resolved by the City Council of the Issuer, as follows: Section 1 . It is hereby determined that the undertaking of the Project and the financing of the same is consistent with the Revitalization Plan and will promote Urban Renewal, Revitalization and Redevelopment of the Issuer, and will enhance the tax base of the Issuer, increase commerce within the Issuer and add to the welfare and properity of the Issuer and its citizens . Section 2. It is hereby determined that it is necessary and advisable that the Issuer proceed with the issuance and sale of the bonds as authorized and permitted by the Act to finance all or a portion of the cost of the Project, and such actions will be taken by the Issuer as may be required pursuant to the provisions of the Act to authorize, issue and sell bonds Section 3 . The Issuer will enter into all agreements necessary to be entered into by the Issuer in connection with the issuance and sale of the Bonds . The City Attorney shall approve all agreements to be entered into in connection with the issuance of th.e Bonds and such agreements shall be authorized and approved after due consideration by this Council prior to their execution by the issuer. Section 4. The Mayor, this City Clerk and the City Attorney are hereby authorized and directed to do any and all things deemed necessary or appropriate in order to effect the accomplishment of the project and the issuance and sale of the Bonds . Section 5. All resolutions and parts thereon in conflict herewith are hereby repealed to the extent of any such conflict. Section 6 . This Resolution shall become effective immediately upon its passage and approval. Passed and approved this 11 day of January , 1982. 7 Ili Ma or Pro Tem, Jack Roehr Attest: C' Cle , Larry P . B ger (seal) STATE OF IOWA ) ) ss; County of Black Hawk ) I, the undersigned, do hereby depose and certify that I am the duly appointed, qualified and acting Clerk of the City of Waterloo and that as such, I have in my possession or have access to the complete corporate records of said City and of its Council and officers; that I have carefully compared the transcript hereto attached with the aforesaid corporate records; and that tsaid transcript hereto attached is a true, correct and complete copy of all of the corporate records in relation to the adoption of the resolution to proceed with the issuance and sale of Industrial Development Revenue Bonds, Series 1982 (Hershberger Land Co. Project) in an aggregate principal amount not to exceed $200,000.00 . WITNESS my hand and the corporate seal of said City hereto affixed this 13 day of January , 1982, 7) / City erk, rry P . B er (Seal)