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HomeMy WebLinkAbout1982-233-06.07.1982 Waterloo, Iowa June 7, 1982 The City Council of the City of Waterloo, Iowa, met in regular session at 7 o'clock P.M. , at the Council Chambers in the City Hall in said City. The meeting was called to order and there were present Leo P. Rooff, Mayor, in the chair, and the following named Councilmen: Dowie, Burton, Bowers , Getty, Penaluna, Wilharm Absent: None * * * * * * * * Councilman Bowers introduced and caused to be read in full Resolution No. 19 82-2 33 entitled, "RESOLUTION fixing a date for hearing on proposed Urban Revitalization Area Revenue Bonds, Series 1982 (Superior Welding Project)" , and moved its adoption; seconded by Councilmen Burton . After due consideration of said resolu- tion by the Council , the Mayor put the question and, upon the roll being called, the following voted: Aye: Dowie, Burton, Bowers , Getty, Penaluna, Wilharm Nay: None Whereupon, the Mayor declared said resolution duly adopted and signed his approval thereto. * * * * * * * * On motion and vote the meeting adjourned. Mayor Attest: Leo P. Rooff 557 Clerk rryy P. ger RESOLUTION NO. 1982-233 RESOLUTION FIXING A DATE FOR HEARING ON PRO- POSED URBAN REVITALIZATION AREA REVENUE BONDS, SERIES 1982 NOT TO EXCEED $210,000 (SUPERIOR WELDING PROJECT) * * * * * * * * WHEREAS, the City of Waterloo, a municipality and political sub- division in the County of Black Hawk, State of Iowa (the "City") is author- ized by Chapter 419 of the Code of Iowa, 1981 , as amended (hereinafter some- times referred to as the "Act") to issue revenue bonds and loan the proceeds to one or more contracting parties to be used to pay the cost of land, buildings and improvements suitable for the use of a commercial enterprise expansion of a wholesale and retail welding supply and distributorship involved in the sale of and distribution of industrial supplies and gases within the Washington Urban Revitalization Area; and WHEREAS, the City proposes to make the necessary arrangements with Superior Welding Supply Co. (the "Corporation") , an Iowa corporation, for the financing (as hereinafter described) of a commercial enterprise expansion of a wholesale and retail welding supply and distributorship involved in the sale of and distribution of industrial supplies and gases within the Washing- ton Urban Revitalization Area located in the City (hereinafter sometimes re- ferred 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, the Project is located in the Washington Urban Revitalization Area; and WHEREAS, in order to expedite the anticipated public benefits and avoid delays which would otherwise occur pending the completion of the procedures necessary to be carried out by the City to make the required funds -1- available, and to enable the Corporation to proceed with and complete the Project, it is considered necessary and desirable that the City provide satisfactory assurances that the proceeds of the sale of the proposed Urban Revitalization Area 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 $210,000, and it is proposed to pay the cost of the Project, to that amount, through the issuance of the Urban Revitalization Area Revenue Bonds, Series 1982 (Superior Welding 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 bth day of July, 1982, at 7:00 o'clock .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 $210,000, as referred to in the preamble hereof, and at which hearing all local resi- dents who appear shall be given an opportunity to express their views for or against the proposal to issue the Series 1982 Bonds. Section 2. The City Clerk is hereby directed to give notice of intention to issue the Series 1982 Bonds by publication at least once not -2- less than fifteen (15) days prior to the date fixed for the hearing in The Waterloo Courier, a legal newspaper published and having a general circula- tion within said City, in substantially the following form: NOTICE OF INTENTION TO ISSUE IN AN AMOUNT NOT TO EXCEED $210,000 URBAN REVITALIZATION AREA REVENUE BONDS The City Council of the City of Waterloo, in Black Hawk County, Iowa, will meet on the 6th day of July, 1982, at the Council Chambers in the City Hall , Waterloo, Iowa, at 7:00 o'clock P.M. for the purpose of conducting a public hearing on the proposal to issue Urban Revitalization Area Revenue Bonds, Series 1982 (Superior Welding Project) of said City, in principal amount not exceeding $210,000 of the acquisition of certain equipment and improvements by said Corporation to its existing facility in the City located at 900, 910, 920 Commercial Street, Waterloo, Iowa (which consists. of con- struction and equipping of leasehold improvements for an office, storage and sales area, removal of existing structure, remodeling of the existing facili- ty, additional loading docks and parking facilities. 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 obliga- tions 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 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. By order of the City Council June 7, 1982. Cit erk Lar P . Burg -3- 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 . Section 5. That the Project is located within the Washington Urban Revitalization Area. Passed and approved June 7 , 1982. Li4..,0 4:"? 4e0-1 Mayor Leo P. Rooff Attest: Cit lerk Lar P . Burger -4- I , Larry P. Burger, being first duly sworn, do hereby depose and certify that I am the duly appointed, qualified and acting City Clerk of the City of Waterloo, in Black Hawk County, Iowa, and that as such I have in my possession or have access to the official records of said City and of its officials and that I have compared the transcript hereto attached with said official records and that the same constitutes a true, correct and complete copy of such official records showing the action taken by the City Council of said City on June 7, 1982, to fix a date for a public hearing on the proposal to issue not to exceed $210,000 Urban Revitalization Area Revenue Bonds, Series 1982 (Superior Welding Project) of said City. WITNESS my official signature and the seal of said City at Waterloo, Iowa, this 9th day of June, 1982. /;"7 Cit erk Lar P . Burger (SEAL) STATE OF IOWA ) ) ss. COUNTY OF BLACK HAWK ) Subscribed and sworn to before me this day, the date last above written. Notary Public in and or th State of Iowa My commission expires: 4,J- 30, /982.- (Notarial Seal )