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HomeMy WebLinkAbout1989-566-10.16.1989 RESOLUTION NO. 1989- 566 RESOLUTION FIXING A DATE FOR HEARING ON PROPOSED CITY OF WATERLOO, IOWA WHEATON FRANCISCAN SERVICES, INC. SYSTEM REVENUE BONDS, SERIES 1989 (COVENANT MEDICAL CENTER, INCORPORATED) IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $28 , 500, 000 * * * * * * * * WHEREAS, the City of Waterloo, a municipality and political subdivision in the County of Black Hawk, State of Iowa ( the "City" ) is authorized pursuant to the provisions of Chapter 419 of the Code of Iowa, 1989, as amended ( the "Act" ) to issue its revenue bonds in such amount as the city council deems necessary to defray the cost of buildings and improvements ( including equipment) for voluntary non-profit hospitals; and WHEREAS, Covenant Medical Center , Incorporated, an Iowa non-profit corporation ( the "Corporation" ) has requested that the City issue its revenue bonds pursuant to the Act to defray the cost of buildings and improvements ( including equipment ) for the expansion, remodeling and renovation of the Corporation ' s voluntary non-profit hospital facilities ( the "Project" ) which constitutes a "project" as such term is defined in the Act; and WHEREAS, the Project is located in the City and it is deemed necessary and advisable for the promotion of the general health and welfare of the inhabitants of the City that the Project be provided and that the City take such action as may be required under the Act and any other applicable statutory provisions to authorize and issue its Wheaton Franciscan Services, Inc. System Revenue Bonds , Series 1989 (Covenant Medical Center , Incorporated) ( the "Series 1989 Bonds" ) , such bonds to be issued in one or more series as determined by the City and the Corporation; and WHEREAS, the aggregate principal amount of the Series 1989 Bonds necessary, together with other available moneys, to defray the cost of the Project , to pay certain expenses incurred in connection with the issuance of the Series 1989 Bonds and, if determined advisable by the Corporation, to establish a debt service reserve fund for the Series 1989 Bonds , has been estimated to be $28, 500 ,000 ; and WHEREAS, pursuant to the provisions of Section 419 . 9 of the Act and Section 147 ( f ) of the Internal Revenue Code of 1986 it is necessary that prior to the incurrence of the Series 1989 Bonds the City conduct a public hearing on the proposal to issue the Series 1989 Bonds; 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 6th day of November, 1989 , at 7 : 00 o' clock P.M. , at which time and place a public hearing shall be held on the proposal to issue the Series 1989 Bonds in an amount currently estimated not to exceed $28 , 500, 000 , as referred to in the preamble hereof, and at which hearing all local residents who appear shall be given an opportunity to express their views for or against the proposal to issue the Series 1989 Bonds . Section 2. The City Clerk is hereby directed to give notice of intention to issue the Series 1989 Bonds by publication at least once not less than fifteen ( 15) days prior to the date fixed for the hearing in the Waterloo/Cedar Falls Courier , a legal newspaper published and having a general circulation within said City, in substantially the following form: NOTICE OF INTENTION TO ISSUE CITY OF WATERLOO, IOWA WHEATON FRANCISCAN SERVICES, INC. SYSTEM REVENUE BONDS, SERIES 1989 (COVENANT MEDICAL CENTER, INCORPORATED) IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $28, 500 , 000 The City Council of the City of Waterloo, in Black Hawk County, Iowa ( the "City" ) will meet on the 6th day of November, 1989, 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 its Wheaton Franciscan Services, Inc. System Revenue Bonds, Series 1989 (Covenant Medical Center , Incorporated) ( the "Bonds" ) , in a principal amount not exceed $28 , 500 , 000 and in one or more series . The proceeds of the Bonds will be loaned to Covenant Medical Center , Incorporated, an Iowa non-profit corporation ( the "Corporation" ) , and used, together with certain other moneys, to ( 1 ) defray the cost of construction and acquisition of buildings and improvements ( including equipment ) for the expansion, remodeling and renovation of the -2- voluntary non-profit hospital facilities of the Corporation ( the "Project" ) , ( 2) pay certain expenses incurred in connection with the issuance of the Bonds and ( 3) if deemed advisable by the Corporation establish a debt service reserve fund for the Bonds . The Project is located at 3421 West 9th Street, Waterloo, Iowa. The Bonds, when issued, will be limited obligations of the City and will not constitute general obligations of the 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 the City from a Loan Agreement to be entered into by the City and the Corporation or an affiliated corporation. At the time and place fixed for said public hearing, all local residents who appear will be given an opportunity to express their views for or against the proposal to issue said bonds . In addition, written comments may be submitted to the City Clerk at the office of the City Clerk located at 715 Mulberry Street, Waterloo, Iowa, 50703, until November 6, 1989 . The public hearing is required by Chapter 419 of the Code of Iowa, 1989 , as amended, and by Section 147 ( f) of the Internal Revenue Code of 1986, as amended. By order of the City Council October 16, 1989 . Zd- City Larry Burg -3- Section 3 . That the City hereby recognizes actions taken and to be taken by the Corporation in connection with the Project have been and will be taken in reliance upon the willingness of the City to issue the Series 1989 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. Passed and approved October 16, 1989 . fa_g -ineiZa ernard L. McKinley, May r Attest: 1,-/W //47 Larry P Burger, ty erk -4- STATE OF IOWA ) ss COUNTY OF BLACK HAWK ) 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 com- plete copy of such official records showing the action taken by the City Council of said City on October 16, 1989, to fix a date for a public hearing on the proposal to issue not to exceed $28, 500 ,000 of the City' s Wheaton Franciscan Services, Inc. System Revenue Bonds, Series 1989 (Covenant Medical Center , Incorporated) . WITNESS My official signature and the seal of said City at Waterloo, Iowa, this 18th day of October, 1989 . —, (SEAL) L rry P. - urger, , ty erk Subscribed and sworn to before me thi 18th day of October , 1989 . /4arit1C1, Notary Publ c, State of Iowa My Commission: 7- 3o - a (Notarial Seal) -5-