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Home My WebLink About1982-319-07.19.1982 311 Waterloo , Iowa , July 19 , 1982 1 The City Council of Waterloo, Iowa (the "City" ) met on the above date in open regular session, pursuant to law and the rules of said Council. The meeting was called to order by Leo P. Rooff , Mayor, and on roll call the following Council Members were present: Wilharm , Roehr , Penaluna , Getty , Bowers , Burton and Dowie . Absent: None * * * * * The Mayor announced that one of the purposes of the meeting was to establish a date and time for a public hearing with regard to whether the City should issue $1, 000 , 000 aggregate principal amount of the City ' s Industrial Deve- lopment Revenue Refunding Bonds (American Buildings Company Project) Series 1982 (the "Series 1982 Bonds") , pursuant to the provisions of the Act for the Municipal Support of Industrial Projects , Chapter 419 , Code of Iowa (the "Act" ) , for the purpose of refunding $1 , 000, 000 principal amount of the City ' s Industrial Development Revenue Bonds (American Buildings Company Project) Series 1979 (the "Series 1979 Bonds" ) ; the proceeds of the sale of the Series 1982 Bonds will be loaned to Hawkeye Steel Products , Inc. (the "Company" ) under a Loan Agreement (the "Agreement") ; the Agreement will provide that the Company make loan payments sufficient to pay principal of and interest and premium, if any, on the Series 1982 Bonds as the same fall due. Whereupon, Council Member Bowers introduced in written form and proposed the following Resolution and moved its adoption. Council Member Dowie seconded the motion to adopt. The roll was called and the vote was: (If none, insert the word "none. ") AYES: Wiiharm , Roehr , Penaluna , Getty, Bowers , Burton and Dowie . NAYS : None Whereupon, the Mayor declared said Resolution duly adopted as follows : CITY OF 'WATERLOO, STATE OF IOWA RESOLUTION NO. 1932-319 A RESOLUTION ESTABLISHING A DATE AND TIME FOR A PUBLIC MEETING WITH REGARD TO WHETHER THE CITY OF WATERLOO, IOWA SHOULD ISSUE ONE MILLION DOLLARS ($1, 000,000) PRINCIPAL AMOUNT OF THE CITY OF WATERLOO, IOWA INDUS- TRIAL DEVELOPMENT REVENUE REFUNDING BONDS (AMERICAN BUILDINGS COMPANY PROJECT) , SERIES 1982 (THE "SERIES 1982 BONDS" ) , FOR THE PURPOSE OF REFUNDING $1, 000 ,000 PRINCIPAL AMOUNT OF THE CITY OF WATERLOO, IOWA INDUSTRIAL DEVELOPMENT REVENUE BONDS (AMERICAN BUILDINGS COMPANY PROJECT) SERIES 1979 (THE "SERIES 1979 BONDS" ) , WHICH SERIES 1982 BONDS AND THE INTEREST THEREON SHALL BE PAYABLE SOLELY FROM THE AMOUNTS TO BE PAID TO THE CITY UNDER A LOAN AGREEMENT BETWEEN THE CITY AND HAWKEYE STEEL PRODUCTS, INC. AND WHICH AMOUNTS ARE PLEDGED TO THE PAYMENT OF THE SERIES 1982 BONDS; PROVIDING THAT THE INVALIDITY OF ANY PART OF THIS RESOLUTION SHALL NOT AFFECT THE REMAINDER; INCORPORATING WITH THIS RESOLU- TION THE PROVISIONS OF CHAPTER 419, CODE OF IOWA, AS AMENDED; AND REPEALING ALL RESOLUTIONS AND PARTS OF RESOLUTIONS IN CONFLICT HEREWITH AND PROVIDING FOR THE DATE OF EFFECT OF THIS RESOLUTION. -2- WHEREAS, the City has been requested to refund $1 , 000 ,000 principal amount of the City' s Industrial Development Revenue Bonds (American Buildings Company Project) Series 1979 (the "Series 1979 Bonds") by the issuance of its Industrial Development Revenue Refunding Bonds (American Buildings Company Project) Series 1982 in the principal amount of $1 , 000, 000 (the "Series 1982 Bonds") , all in accordance with the provisions of the Act for the Municipal Support of Industrial Projects, Chapter 419 of the Iowa Code Annotated, as amended (the "Act") ; and WHEREAS, before the Series 1982 Bonds may be issued, it is necessary to conduct a public hearing on the proposal to issue the Series 1982 Bonds, all as required and provided by Section 419. 9 of the Act; NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA AS FOLLOWS : Section 1. A public hearing shall be conducted on August 9 , : 982 at 7: 00 p.m. , before the City Council in the City Hall in the City Of Waterloo, Iowa, on the proposal to issue the Series 1982 Bonds , pursuant to the provisions of the Act, for the purpose of refunding $1, 000 , 000 principal amount of the City ' s Series 1979 Bonds , and all local resi- dents who appear at such hearing shall be given an opportunity to express their views for or against the proposal to issue the Series 1982 Bonds; and at said hearing, or any adjournment thereof, this City Council shall consider the adoption of a resolution determining whether or not to authorize the issuance of the Series 1982 Bonds. Section 2 . The City Clerk of the City is hereby directed to publish one time, not less than fifteen (15) days prior to the date fixed for such hearing, in the Waterloo Courier a legal newspaper published and having a general circulation within the City, a Notice of Intention to issue the Bonds in substantially the following form: -3- NOTICE, OF INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE REFUNDING BONDS (AMERICAN BUILDINGS COMPANY PROJECT) SERIES 1982 Notice is hereby given that a public hearing will be conducted before the Council of the City of Waterloo, Iowa, ` in the City Hall at 7: 00 p.m. , August 9, 1982 , on the pro- posal to issue $1 , 000 , 000 aggregate principal amount of the City ' s Industrial Development Revenue Refunding Bonds (American Buildings Company Project) Series 1982 , pursuant to the pro- visions of Chapter 419 of the Code of Iowa, for the purpose of refunding $1 , 000, 000 principal amount of the City' s Industrial Development Revenue Bonds (American Buildings Company Project) Series 1979. It is contemplated that a Loan Agreement will be entered into between the City and Hawkeye Steel Products , Inc. , under which the City would loan to Hawkeye Steel Products , Inc. the proceeds from the sale of the Series 1982 Bonds in return for loan payments from Hawkeye Steel Products , Inc. sufficient to pay the principal of and interest and premium, if any, on the Series 1982 Bonds as the same fall due. The Series 1982 Bonds , if issued, and the interest thereon will be payable solely out of the revenues derived from the Loan Agreement and shall never constitute an indebt- edness 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 the City of Waterloo, Iowa or a charge against its general credit or taxing powers. All local residents who appear at this hearing shall be given an opportunity to express their views for or against the proposal to issue the Series 1982 Bonds, and at such hearing, or any adjournment thereof , the Council of the City of Waterloo, Iowa shall adopt a resolution determining whether or- not to proceed with the issuance of the bonds. By order of the City Council. /s/ Larry P. Burger Clerk of the City of Waterloo , Iowa -4- Section 3. It is understood that the issuance of the Series 1982 Bonds 'is subject to further review of counsel to the City and is conditioned upon, among other things , full compliance with all procedures of the City of Waterloo, Iowa. Section 4. All resolutions and orders or parts thereof in conflict herewith are, to the extent of such . conflict, hereby repealed, and this Resolution shall be if full force and effect immediately upon its adoption. Adopted and approved July 19 , 1982. [SEAL] �t Mayor, Leo P. obff Attest: ty C rk , Larry . Burger -5-