HomeMy WebLinkAbout1989-329-07.03.1989 t; xoMn
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RESOLUTION NO. 1989-329
E1 H E , n
H H t� C E-,
H o nF~ � RESOLUTION CONFIRMING APPROVAL OF SPECIFICATIONS, FORM
L� n � OF CONTRACT, ESTIMATED COST, ETC. , FOR F.Y. 1989 WATER
• n -h POLLUTION CONTROL PLANT IMPROVEMENTS
0 0 H PHASE 1,
• r. w CONTRACT NO. 372
., n� M f •
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-H H E-' r
°J WHEREAS, the City Council of the City of Waterloo, Iowa,
c ' heretofore instructed the City Engineer of said City proposed specifications, form of contract, etc. , for the prepare
c% 1989 Water Pollution Control Plant Improvements - Phase 1, in the
Fti
7, cCity of Waterloo, Iowa, known as Contract No. 372; and
rri 0 H
WHEREAS, said Engineer did file said relim'
specifications, form of contract, etc. , for the F.Y. 1989 Water
Pollution Control Plant Improvements - Phase 1, known as Contract
No. 372, which were preliminarily approved on June 12, 1989; and
'H WHEREAS, a public hearing, upon notice, was held on July 3,
1989, and no objections were made.
H
ti-' r" NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
. WATERLOO, IOWA, that said proposed specifications,
form
of contract and bond, etc. , for the F.Y. 1989 WateropPoldlution
Control Plant Improvements - Phase 1, in the City of Waterloo,
Iowa, known as Contract No. 372, be, and the same are hereby,
` approved as filed.
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M M
C PASSED AND ADOPTED this 3rd day of July, 1989.
ter.
Bernard L. `McKinley, yor
ATTEST:
i
d./2- //, ? p
ar Y P. urg€r, C' y Clerk/Auditor
Any bonds or other obligations of any state of the
United States of America or of any agency,
instrumentality or local governmental unit of any
such state which are not callable at the option of
the obligor prior to maturity or as to which
irrevocable instructions have been given by the
obligor to call on the date specified in the
notice; and (A) which are rated, based on the
escrow, in the highest rating category of Standard
& Poor's Corporation and Moody's Investor Service,
Inc. or any successors thereto; or (B) (i) which are
fully secured as to principal and interest and
redemption premium, if any, by a fund consisting
only of cash or obligations described in paragraph
(1) above, which fund may be applied only to the
payment of such principal of and interest
redemption premium, if any, on such bonds or other
obligations on the maturity date or dates thereof
or the specified redemption date or dates pursuant
to such irrevocable instructions, as appropriate,
and (ii) which fund is sufficient, as verified by a
nationally recognized independent certified public
accountant, to pay principal of and interest and
redemption premium, if any, on the bonds or other
obligations described in this paragraph on the
maturity date or dates thereof or on the redemption
date or dates specified in the irrevocable
instructions referred to above, as appropriate;
(8) Investment agreements approved in writing by AMBAC
Indemnity Corporation [supported by appropriate
opinions of counsel] ; and
(9) Other forms of Investments approved in writing by
AMBAC with notice to Standard & Poor's Corporation.
Section 20. Value of Investments.
The value of the above investments shall be determined as
provided in "Value" below.
"Value", which shall be determined as of the end of each
month, means that the value of any investments shall be calculated
as follows:
a) as to investments the bid and asked prices of which are
published on a regular basis in The Wall Street Journal
(or, if not there, then in The New York Times) : the
average of the bid and asked prices for such investments
so published on or most recently prior to such time of
determination;
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AHLERS,COONEY,DORWEILER.HAYNIE,SMITH 6cALLBEE
ATTORNEYS AT LAW DES MOINES.IOWA
b) as to investments the bid and asked prices of which are
not published on a regular basis in The Wall Street
Journal or The New York Times: the average bid price at
such time of determination for such investments by any
two nationally recognized government securities dealers
(selected by the Trustee in its absolute discretion) at
the time making a market in such investments or the bid
price published by a nationally recognized pricing
service;
c) as to certificates of deposit and bankers acceptances:
the face amount thereof, plus accrued interest; and
d) as to any investment not specified above: the value
thereof established by prior agreement between the
Issuer, the Trustee and AMBAC Indemnity Corporation.
Section 21. Severability Clause. If any section, paragraph,
clause or provision of this Resolution be held invalid, such
invalidity shall not affect any of the remaining provisions
hereof, and this Resolution shall become, effective immediately
upon its passage and approval.
Section 22 . Additional Covenants, Representations and
Warranties of the Issuer. The Issuer certifies and covenants with
the purchasers and holders of the Bonds from time to time
outstanding that the Issuer through its officers, (a) will make
such further specific covenants, representations and assurances as
may be necessary or advisable; (b) comply with all
representations, covenants and assurances contained in the Tax
Exemption Certificate, which Tax Exemption Certificate shall
constitute a part of the contract between the Issuer and the
owners of the Bonds; (c) consult with bond counsel (as defined in
the Tax Exemption Certificate) ; (d) pay to the United States, as
necessary, such sums of money representing required rebates of
excess arbitrage profits relating to the Bonds; (e) file such
forms, statements and supporting documents as may be required and
in a timely manner; and (f) if deemed necessary or advisable by
its officers, to employ and pay fiscal agents, financial advisors,
attorneys and other persons to assist the Issuer in such
compliance.
Section 23 . Amendment of Resolution to Maintain Tax
Exemption. This Resolution may be amended without the consent of
any owner of the Bonds if, in the opinion of bond counsel, such
amendment is necessary to maintain tax exemption with respect to
the Bonds under applicable Federal law or regulations.
Section 24 . Qualified Tax-Exempt Obligations. For the sole
purpose of qualifying the Bonds as "Qualified Tax Exempt
Obligations" pursuant to the Internal Revenue Code of the United
States, the Issuer designates the Bonds as qualified tax-exempt
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AHLERS,COONEY,DORWEILER,HAYNIE,SMITH&ALLBEE
ATTORNEYS AT LAW DES MOINES.IOWA
obligations and represents that the reasonably anticipated amount
of tax exempt government and Code Section 501(c) 3 obligations
which will be issued during the current calendar year will not
exceed Ten (10) Million Dollars.
Section 25. Repeal of Conflicting Resolutions or Ordinances.
That all ordinances and resolutions and parts of ordinances and
resolutions in conflict herewith are hereby repealed.
PASSED AND APPROVED this 3rd day of July
1989 .
Mayor Bernard L. McKinley
ATTEST:
r Lar P. Burg
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AIILERS,COONEY,DORWEILER,HAYNIE,SMITH&ALLBEE
ATTORNEYS AT LAW DES MOINES.IOWA
CIG-3
4-85
CERTIFICATE
STATE OF IOWA )
SS
COUNTY OF BLACK HAWK
I, the undersigned City Clerk of Waterloo, Iowa, do hereby
certify that attached is a true and complete copy of the portion
of the corporate records of said Municipality showing proceedings
of the Council, and the same is a true and complete copy of the
• action taken by said Council with respect to said matter at the
meeting held on the date indicated in the attachment, which
proceedings remain in full force and effect, and have not been
amended or rescinded in any way; that meeting and all action
thereat was duly and publicly held in accordance with a notice of
meeting and tentative agenda, a copy of which was timely served on
each member of the 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 Council
(a copy of the face sheet of said agenda being attached hereto)
pursuant to the local rules of the Council and the provisions of
Chapter 21, Code of Iowa, upon reasonable advance notice to the
public and media at least twenty-four hours prior to the com-
mencement of the meeting as required by said law and with members
of the public present in attendance; I further certify that the
individuals named therein were on the date thereof duly and
lawfully possessed of their respective city offices as indicated
therein, that no Council vacancy existed except as may be stated
in said proceedings, and that no controversy or litigation is
pending, prayed or threatened involving the incorporation,
organization, existence or boundaries of the City or the right of
the individuals named therein as officers to their respective
positions.
WITNESS my hand and the seal of said Municipality hereto
affixed this 5th day of July , 1989 .
ity C1er Waterl , Iowa
Lar y P. urger
SEAL
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AHLERS.GOONEY,DORWEILER,HAYNIE.SMITH&ALLBEE
ATTORNEYS AT LAW DES MOINES,IOWA