HomeMy WebLinkAbout2010-1096-12/13/2010RESOLUTION NO. 2010-1096
RESOLUTION APPROVING PROCEEDING WITH THE
ISSUANCE AND SALE OF NOT TO EXCEED
$14,000,000 AGGREGATE PRINCIPAL AMOUNT OF
MIDWESTERN DISASTER AREA REVENUE BONDS (NEW
EMPIRE, LLC PROJECT) SERIES 2010 OF THE CITY
OF WATERLOO, IOWA, AND RELATED MATTERS.
WHEREAS, the City of Waterloo, Iowa, (the "City"), is
authorized and empowered by Chapter 419 of the Code of Iowa, as
amended, (hereinafter "Act") to issue Midwestern Disaster Area
revenue bonds for the purpose of defraying the cost of
acquiring, constructing and improving land, building and tower
and rehabilitate and renovate same (located at 301 Tower Park
Road, Waterloo, Iowa); land and building and rehabilitate and
renovate same (located at 205 West 4th Street, Waterloo, Iowa);
land and building and rehabilitate and renovate same (located at
100 Eddystone Drive, Hudson, Iowa); and acquire, repair, replace
and extend 138 or more route miles of communication conduit,
fiber and related utility property to complete and expand
communication services in Waterloo, Iowa and in areas adjacent
but within eight (8) miles of Waterloo, Iowa (hereinafter
"Project") and to loan the proceeds from the sale of such bonds,
pursuant to a Loan Agreement, to New Empire, LLC, an Iowa
limited liability company (hereinafter referred to as the
"Borrower"), to be used for the aforesaid purposes; and
WHEREAS, a notice of hearing on the proposal to issue not
to exceed $14,000,000 aggregate principal amount of Midwestern
Disaster Area Revenue Bonds (New Empire, LLC Project) (the
"Bonds"), of the City of Waterloo, Iowa, has been published as
required by law; and
WHEREAS, a public hearing has been held at the time and
place as specified in said notice of hearing and any and all
objections or other comments relating to such Bonds have been
heard and it is deemed to be in the best interests of the City,
that said Bonds be issued as proposed.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Waterloo, Iowa, as follows:
Section 1. That it is hereby determined that it is
necessary and advisable that the City proceed with the issuance
of its Midwestern Disaster Area Revenue Bonds (New Empire, LLC
Project) in an amount not to exceed $14,000,000, all as
authorized and permitted by the Act and Sections 103 and 141-150
of the Internal Revenue Code of 1986, as amended, (the "Code")
and to loan the proceeds of the sale of the Bonds to the
Borrower, all upon terms and conditions mutually satisfactory to
the City and the Borrower.
Section 2. That at the public hearing conducted by this
Council as required by the Act and Section 147(f) of the Code
and pursuant to published notice, all persons who appeared were
given an opportunity to express their views for or against the
proposal to issue said Bonds and it is hereby determined that
a
Resolution No. 2010-1096
Page 2
any and all objections to the issuance of the said Bonds, are
hereby overruled.
Section 3. That the City Council shall proceed with the
necessary proceedings relating to the issuance of said Bonds
upon reasonable advance notice from the Borrower that
satisfactory financing terms have been agreed upon with the
proposed purchasers, that it has received an allocation of
Midwestern Disaster Area bonds from the Iowa Finance Authority
and the necessary determination by the governor of the State of
Iowa, or his designee, and the required documentation has been
prepared by Bond Counsel, and approved by all other parties,
including Ahlers & Cooney, P.C. as counsel to the City of
Waterloo, Iowa.
Section 4. That said Bonds, if issued, and the interest
thereon, will be payable solely out of the revenues derived from
the financing of said Project and shall never constitute an
indebtedness of the City of Waterloo, Iowa, within the meaning
of any state constitutional provision, or statutory limitation,
and shall not constitute nor give rise to a pecuniary liability
of said the City of Waterloo, Iowa, or a charge against its
general credit or taxing powers.
Section 5. All Resolutions and Orders or parts thereof,
in conflict herewith are, to the extent of such conflict, hereby
repealed and this Resolution shall be in full force and effect
immediately upon its adoption.
PASSED AND ADOPTED this
ATTEST:
Suzy Sc ares, CMC
City Clerk
13th
day
of
December, 2010.
4EesLtG.
lark, Mayor
CITY CLERK'S CERTIFICATE
I, Suzy Schares, do hereby certify that I am the duly
appointed, qualified, and acting City Clerk of the City of
Waterloo, Iowa, State of Iowa; that as such I have in my
possession, or have access to, the complete corporate records of
said City and of its City Council and officers; that I have
carefully compared the transcript hereto attached with the
aforesaid corporate records; and that said transcript hereto
attached is a true, correct and complete copy of all the
corporate records showing the action taken by the City Council
of said City at a meeting open to the public on December 13,
2010, holding a public hearing and approving the issuance of not
to exceed $14,000,000 aggregate principal amount of Midwestern
Disaster Area Revenue Bonds (New Empire, LLC Project) Series
2010, of the City of Waterloo, Iowa; that said proceedings
remain in full force and effect and have not been amended or
rescinded in any way; that said meeting and all action thereat
was duly and publicly held, with members of the public in
attendance, in accordance with a notice of meeting and tentative
agenda, a copy of which was timely served on each member of the
City 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 City Council
pursuant to the local rules of the Council and the provisions of
Chapter 21, Iowa Code, and upon reasonable advance notice to the
public and media at least twenty-four hours prior to the
commencement of the meeting as required by said law.
Witness my hand and seal of office this 13th day of
December, 2010.
SEAL Suzy Sc ares, CMC
City Clerk