HomeMy WebLinkAbout1989-669-12.11.1989 flR1II4M. o'f
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body: The City Council of Waterloo, Iowa
Date of Meeting: December 11, 1989
Time of Meeting: 7 : 00 p.m.
Place of Meeting: Council Chambers, City Hall, Waterloo, Iowa.
PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned
governmental body will meet at the date, time and place above set
out. The tentative agenda for said meeting is as follows:
$2, 245, 000 Sewer Revenue Bonds - Series 1988A -
Dated October 15, 1988
$1, 180, 000 Sewer Revenue Bonds - Series 1988B -
Dated October 15, 1988
- Resolution correcting nunc pro tunc, a clerical error in
the Resolution Authorizing the Issuance.
Such additional matters as are set forth on the additional
page(s) attached hereto.
(number)
This notice is given at the direction of the Mayor pursuant
to Chapter 21, Code of Iowa, and the local rules of said
governmental body.
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City C /Auditor aterloo,
Io
Lary P/ Bur r
�y
- 1 -
AHLERS,COONEY,DORWEILER,HAYNIE,SMITH&ALLBEE
ATTORNEYS AT LAW DES MOINES,IOWA
December 11 , 1989
The City Council of Waterloo, Iowa, met in Regular
session, in the Council Chambers, City Hall, Waterloo, Iowa, at
7: 00 o'clock p .M. , on the above date. There were present
Mayor Bernard L. McKinlgyin the chair, and the following named
Council Members:
Brown, Dell, Fox, Angel, Wright, Budak
Absent: Buck
* * * * * * *
AFILERS,COONEY,DORAILER,HAYNIE,SMITH&ALLBEE
ATTORNEYS AT LAW DES MOINES,IOWA
Council Member Fox introduced the following
Resolution entitled "RESOLUTION CORRECTING NUNC PRO TUNC, A
CLERICAL ERROR IN THE RESOLUTION AUTHORIZING THE ISSUANCE OF
$2 , 245, 000 SEWER REVENUE BONDS, SERIES 1988A AND $1, 180, 000 SEWER
REVENUE BONDS, SERIES 1988B, DATED OCTOBER 15, 1988, " and moved
that same be adopted. Council Member Wright seconded the
motion to adopt. The roll was called and the vote was,
AYES: Brown, Dell, Fox, Angel, Wright
Budak
NAYS: None
Whereupon, the Mayor declared the Resolution duly adopted as
follows:
RESOLUTION NO. 1989-669
RESOLUTION CORRECTING NUNC PRO TUNC, A CLERICAL
ERROR IN THE RESOLUTION AUTHORIZING THE ISSUANCE OF
$2 , 245, 000 SEWER REVENUE BONDS, SERIES 1988A AND
$1, 180, 000 SEWER REVENUE BONDS, SERIES 1988B, DATED
OCTOBER 15, 1988
WHEREAS, it has come to the attention of the City Council of
the City of Waterloo, Iowa, that a clerical error appears in
Section 15 of Resolution No. 1988-576 adopted October 10, 1988,
entitled "A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE
AND SECURING THE PAYMENT OF $2, 245, 000 SEWER REVENUE BONDS, SERIES
1988A AND $1, 180, 000 SEWER REVENUE BONDS, SERIES 1988B, OF THE
CITY OF WATERLOO, IOWA, UNDER THE PROVISIONS OF THE CITY CODE OF
IOWA, AND PROVIDING FOR A METHOD OF PAYMENT OF SAID BONDS; " and
WHEREAS, under the terms and conditions of sale as advertised
and as described in the Official Statement, the City at all times
provided as a condition of the sale and issuance of said Bonds
that the City Council will adjust, revise, institute and maintain
net revenues to produce an amount equal to 120% of the amount
required for the payment of principal and interest on the Bonds
and Parity Bonds as the same fall due, and to provide for the
creation of the reserves as provided in the above Resolution; and
WHEREAS, this Council intended at all times to provide
similarly in the Bond Resolution its stated intention to so
maintain net revenues as described in the Official Statement; and
WHEREAS, by reason of a clerical error in the preparation of
the document, the Resolution in the form presented made provision
for a factor of 125% of debt service, contrary to the intention of
this Council; and
AHLERS,COONEY,DORWW'EILER.HAYNIE,SMITH&ALLBEE
ATTORNEYS AT LAW DES MOINES.IOWA
WHEREAS, the Council at all times intended to adopt the
provision containing a factor of 120% of debt service consistent
with the terms and conditions applicable to the sale of the bonds
set forth in the Official Statement.
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE CITY COUNCIL OF
THE CITY OF WATERLOO, IN THE COUNTY OF BLACK HAWK, STATE OF IOWA:
Section 1. That Section 15 of said Resolution be and the
same is hereby corrected nunc pro tunc in accordance with the
original intention of the Council to read as follows:
Section 15. User Rates. There has heretofore been
established and published as required by law, just and
equitable rates or charges for the use of the services
rendered by the System. Said rates or charges to be paid by
the owner of each and every lot, parcel or real estate, or
building that is connected with and uses the System, by or
through any part of the System or that in any way uses or is
served by the System. So long as the Bonds are outstanding
and unpaid the rates or charges to consumers of services of
the System shall be sufficient in each year for the payment
of the proper and reasonable expenses of operation and
maintenance of the System and for the payment of principal
and interest on the Bonds and Parity Bonds as the same fall
due, and to provide for the creation of reserves as
hereinafter provided. Net revenues shall be maintained at a
level not less than 120% of principal and interest falling
due in the same year.
In the event the Issuer or any department, agency or
instrumentality thereof in any way uses or is served by the
System, the rates or charges provided for shall be paid by
the Issuer from its Corporate Fund, or by such department,
agency or instrumentality thereof. Any revenues so collected
by the Issuer shall be used and accounted for in the same
manner as any other revenues derived from the operations of
the System.
Section 2 . The City Clerk/Auditor is hereby authorized
and directed to endorse this change as ordered in Section 1 above
upon the original of the Resolution No. 1988-576 adopted by this
Council on October 10, 1988.
MILERS,COONEY,'TRAILER.HAYNIE,SMITH&ALLBEE
ATTORNEYS AT LAW OES MOINES,IOWA
PASSED AND APPROVED this llth day of December
1989.
(ffj /��'
ayor, Ber�fiard L. Mc nle
Y
ATTEST:
Ci y Cle / uditor, rry P. Burger
MILERS,COONEY,DORIYF LET{,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
commencement 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 13th day of December , 1989 .
ity Cle /Auditor o aterloo, Iowa,
Lar y P. Burger
SEAL
AHLERS,COONEY,DOR\ILEA,HAYNIE,SMITH&ALLBEE
ATTORNEYS AT LAW DES MOINES,IOWA