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HomeMy WebLinkAbout1990-563-09.24.1990 IGINAL r i5 (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Waterloo, Iowa. Date of Meeting: September 24, 1990 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: $3 , 000, 000 General Obligation Bond and Grant Anticipation Project Note, Series 1990. - Resolution authorizing the issuance. - Resolution directing sale. Such additional matters as are set forth on the addi- tional 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. it Cler , Waterl owa La ry P. urger FILERS,C00\EY.DOA EIL H,H 1'V`IE,SDIITH&ALLBEE.P.C. ATTORNEYS AT LAW DES MOINES,IOWA September 24 , 1990 The City Council of Waterloo, Iowa, met in Regular session, in the Council Chambers, City Hall, Iowa, at 7: 00 o'clock P .M. , on the above date. There were present Mayor Bernard L. McKinley , in the chair, and the following named Council Members: Dell, Brown, Buck, Fox, Angel, Wright and Budak Absent: None * AHLERS,COONEY,DORR'EIL R.HAYNIE.SMITH&ALLBEE.P.C. ATTORNEYS AT LAW DES MOINES.IOWA Council Member Fox introduced the following Resolution and moved its adoption. Council Member Brown seconded the motion to adopt. The roll was called and the vote was: AYES: Dell, Brown, Buck, Fox, Angel Wright, and Budak NAYS: None Whereupon the Mayor declared the following Resolution duly adopted: RESOLUTION NO. 1990-563 RESOLUTION AUTHORIZING THE ISSUANCE OF $3 , 000, 000 GENERAL OBLIGATION BOND AND GRANT ANTICIPATION PROJECT NOTE, SERIES 1990 Section 1. Definitions. As used in this Resolution: (a) "Acquired" means acquisition by purchase, construction or by any other method; (b) "Additional Project Notes" means additional Project Notes issued as provided in Section 12 of this Resolution; (c) "City" or "Issuer" means the City of Waterloo, Iowa; (d) "Appropriated Funds" means the Grant Receipts and the Local Share Funds; (e) "Financial Officer" means the City Treasurer of the City or such other officers as the Governing Body may from time to time designate; (f) "Governing Body" means the City Council; (g) "Grant Agreement" means an agreement between the City and the State of Iowa or United States, or any agency or department thereof, pursuant to which the City is to receive a Grant for purposes of the Project; (h) "Grant Receipts" means all payments received by the City pursuant to the Grant Agreements; (i) "Grants" or "Grant" means grants for construction of the Project improvements; (j) "Investment Securities" means United States Governmental obligations, and also, obligations the principal and interest on :AHLERS,COONEY,DORRTEILLR,trAINIE,SMITH&ALLBEE.P.C. ATTORNEYS AT LAW DES MOINES,IOWA which are fully guaranteed by the United States and other obligations or investments authorized under the laws of the State of Iowa; (k) "Local Share Funds" means funds to be derived from the issuance and sale of $3 , 000, 000 Bonds, of the Issuer to meet the local share of the Project Costs, together with such other funds or bond proceeds as may be appropriated to the Project Fund from time to time; (1) "Notes" means the Notes authorized to be issued by Section 4 of this Resolution; (m) "Project" means the construction, reconstruction and repairing of street improvements and sidewalks, the acquisition, installation and repair of traffic control devices and the acquisition, construction, reconstruction, extension, improvement and equipping of works and facilities useful for the collection, treatment and disposal of sewage and industrial waste in a sanitary manner and for the collection and disposal of surface waters and streams including those costs incurred in furtherance of the 5th-6th Street Project in the City of Waterloo; (n) "Project Cost" or "Costs" means all costs of acquiring the Project, including engineering, legal, accounting, financial, interest during construction and other expenses incidental thereto, and also including the costs of issuance of Project Notes; (o) "Project Fund" means the Project Fund established by Section 7 of this Resolution; (p) "Resolution" means this Resolution of the City; (q) "Registrar" shall be the City Treasurer of the City or such successor as may be approved by Issuer as provided herein and who shall carry out the duties prescribed herein with respect to maintaining a register of the owners of the Notes. Unless otherwise specified, the Registrar shall also act as Transfer Agent for the Notes; and (r) "Paying Agent" shall be City Treasurer or such successor as may be approved by Issuer as provided herein and who shall carry out the duties prescribed herein as Issuer's agent to provide for the payment of principal on the Notes as the same shall become due. Section 2 . Approval of Agreement. The form of Agreement for Temporary Transfer of Interstate Substitution Funds by and between the City and the Iowa Department of Transportation with respect to the Project (the "Agreement") , in substantially the form attached to this Resolution, is hereby approved and is authorized to be AHLEHS,COO\EY,DOR\VEILiH,HAYNIE,SMITH&r1LLBEE.P.C. ATTORNEYS AT LAW DES MOINES,IOWA executed and issued on behalf of the City by the Mayor and attested by the City Clerk. Section 3 . Payment of Cost. To pay the Project Costs it is hereby determined that the Issuer borrow the sum of not to exceed $3 , 000, 000 pursuant to the Agreement, and that Project Notes be issued therefor as provided therein pursuant to the provisions of Section 76. 13 of the Code of Iowa, as amended, pledging for the payment thereof the Project Fund of the City. Section 4 . Note Details, Execution, Redemption and Registration. (a) Note Details. The Notes shall be designated General Obligation Bond and Grant Anticipation Project Note, Series 1990, may be issued and delivered in one or more installments, shall consist of Notes dated their date of delivery and in the denominations of $5, 000 or multiples thereof and shall be consecutively numbered from one. The Notes shall not bear interest, and shall be payable as set forth in the form of Note described in Section 4 hereof. (b) Execution. The Notes shall be executed by the manual signature of the Mayor and countersigned by the manual signature of the Clerk and shall have the seal of the Issuer impressed thereon. In the absence of the Mayor, the Mayor Pro Tem is authorized to act in the capacity of the Mayor to carry out the provisions of this Resolution. After execution, the Notes shall be held by the City Clerk for delivery. (c) Redemption. The Notes may be called for redemption by the Issuer and paid before maturity on December 1, 1990 or any date thereafter, from any funds, regardless of source, in whole or from time to time in part, by giving ten (10) days notice of redemption by ordinary mail to the registered owner of the Note. The terms of redemption shall be par. AHLERS,COONEY,DORWEILPR,HAYNIE,SMITH&ALLBEE,P.C. ATTORNEYS AT LAW DES MOINES,IOWA Section 5. 1. Form of Note. The form of Note shall be substantially as follows: REGISTERED STATE OF IOWA REGISTERED Note No. 1 COUNTY OF BLACK HAWK $3 , 000, 000 CITY OF WATERLOO GENERAL OBLIGATION BOND AND GRANT ANTICIPATION PROJECT NOTE SERIES 1990 Rate Maturity Date 0% As provided herein , 1990 The City of Waterloo, Iowa, a municipal corporation organized and existing under and by virtue of the constitution and laws of the State of Iowa (the "Issuer") , for value received, promises to pay from the source and as hereinafter provided, on demand as provided herein, to IOWA DEPARTMENT OF TRANSPORTATION or registered assigns (the "Department") , the principal sum of Three Million Dollars in lawful money of the United States of America, only upon presentation and surrender hereof at the office of the City Treasurer, Paying Agent of this issue, or its successor. The Department may make a written request for payment of the principal amount of this Note at anytime on or after July 1, 1992 , but no such demand may be made prior to said date. The request for payment shall be in writing and executed by the Director of the Department or his authorized designee and shall be delivered by the Department to the City Treasurer of the Issuer. The Issuer shall have a period of not to exceed six months following receipt of such demand in which to make full payment to the Department of the principal amount hereof. If no such written request for payment is made the principal amount hereof shall mature and become due in full on July 1, 1994 . For the prompt payment of this Note the Issuer pledges the Project Fund to which there have been appropriated the anticipated receipts of certain funds held or to be received by the Issuer as well as the proceeds of certain Bonds to be issued. Principal shall be paid to the registered holder of this Note as shown on the records of ownership maintained by the Registrar as of the 15th day of the month next preceding such payment date. No interest is due to the holder of this Note. This Note is issued pursuant to the provisions of Section 76. 13 of the City Code of Iowa, for the purpose of paying costs of the construction, reconstruction and repairing of street AHLERS,COONEY,DOR\ EIL R.IYNIE,SMITH&ALLBEE,P.C. ATTORNEYS AT LAW DES MOINES,IOWA improvements and sidewalks, the acquisition, installation and repair of traffic control devices and the acquisition, construction, reconstruction, extension, improvement and equipping of works and facilities useful for the collection, treatment and disposal of sewage and industrial waste in a sanitary manner and for the collection and disposal of surface waters and streams including those costs incurred in furtherance of the 5th-6th Street Project in the City of Waterloo, in conformity to a Resolution of the City Council of said City duly passed and approved, for the purpose of defraying part of the cost of acquiring the Project. For a complete statement of the revenues and funds from which, and the conditions, under which this Note is payable, a statement of the conditions under which the additional Notes of equal standing may hereafter be issued, and the general covenants and provisions pursuant to which this Note is issued, reference is made to the above described Resolution. This Note may be called for redemption by the Issuer and paid before maturity on December 1, 1990 or any date thereafter, from any funds regardless of source, in whole or from time to time in part, by lot selected by the Registrar. The Issuer shall give ten days' notice of redemption by ordinary mail, to the registered owner of the Note. The terms of redemption shall be par. Ownership of this Note may be transferred only by transfer upon the books kept for such purpose by the City Treasurer, the Registrar. Such transfer on the books shall occur only upon presentation and surrender of this Note at the office of the Registrar, together with an assignment duly executed by the owner hereof or his duly authorized attorney in the form as shall be satisfactory to the Registrar. Issuer reserves the right to substitute the Registrar and Paying Agent but shall, however, promptly give notice to registered noteholders of such change. All Notes shall be negotiable as provided in Article 8 of the Uniform Commercial Code and subject to the provisions for registration and transfer contained in the Note resolution. This Note and the series of which it forms a part, other Notes ranking on a parity therewith, and any additional Notes which may be hereafter issued and outstanding from time to time on a parity with said Notes, as provided in the Note Resolution of which notice is hereby given and is hereby made a part hereof, are payable solely from the Project Fund as provided in the Note Resolution. And it is hereby represented and certified that all acts, conditions and things requisite, according to the laws and constitution of the State of Iowa, to exist, to be had, to be done, or to be performed precedent to the lawful issue of this Note, have been existent, had, done and performed as required by law. AHLERS,COONEY,DORWEILER,HAYNIE,SMITH&ALLBEE,P.C. ATTORNEYS AT LAW DES MOINES,IOWA IN TESTIMONY WHEREOF, said City by its City Council has caused this Note to be signed by the manual signature of its Mayor and attested by the manual signature of its City Clerk, with the seal of said City impressed hereon and authenticated by the manual signature of an authorized representative of the Registrar, the City Treasurer, Waterloo, Iowa. Date of authentication: , 1990 This is one of the Notes described in the within mentioned resolution, as registered the City Treasurer. CITY TREAgIJRER .r 1 CITY OF WATERLOO By -& / / By: ( j,/, N ,UnRegis r/(Seal/ arry P. rger Mayor, Bernard L. McKi e Y ,. City Clerl9, Larry P. B;irger Registrar and Transfer Agent: City Treasurer ,1,,J'f Paying Agent: City Treasurer ., Assignment Block Information Required for Registration ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto (Social Security or Tax Identification No. ) the within Note and does hereby irrevocably constitute and appoint attorney in fact to transfer the said Note on the books kept for registration of the within Note, with full power of substitution in the premises. Dated (Person(s) executing this Assignment sign(s) here) AHLERS.COONEY.DORWELLER,HAYNIE,SMITH&ALLBEE.P.C. ATTORNEYS AT LAW DES MOINES,IOWA SIGNATURE ) GUARANTEED) IMPORTANT - READ CAREFULLY The signature(s) to this Power must correspond with the name(s) as written upon the face of the certificate(s) or Note(s) in every particular without alteration or enlargement or any change whatever. Signature guarantee should be made by a member or member organization of the New York Stock Exchange, members of other Exchanges having signatures on file with transfer agents or by a commercial bank or trust company. INFORMATION REQUIRED FOR REGISTRATION OF TRANSFER Name of Transferee (s) Address of Transferee(s) Social Security or Tax Identification Number of Transferee(s) Transferee is a (n) : Individual* Corporation Partnership Trust *If the Note is to be registered in the names of multiple individual owners, the names of all such owners and one address and social security number must be provided. The following abbreviations, when used in the inscription on the face of this note, shall be construed as though written out in full according to applicable laws or regulations: TEN COM - as tenants in common TEN ENT - as tenants by the entireties JT TEN - as joint tenants with right of survivorship and not as tenants in common IA UNIF TRANS MIN ACT - Custodian (Cust) (Minor) under Iowa Uniform Transfers to Minors Act (State) AHLERS,COONEY,DOR\EIL R,HAYNIE,SMITH&ALLBEE,P.C. ATTORNEYS AT LAW DES MOINES,IOWA Section 5. 2 . Registration of Notes; Appointment of Registrar; Transfer; Ownership; Delivery; and Cancellation. (a) Registration. The ownership of Notes may be transferred only by the making of an entry upon the books kept for the registration and transfer of ownership of the Notes, and in no other way. City Treasurer is hereby appointed as Note Registrar under the terms of this Resolution. Registrar shall maintain the books of the Issuer for the registration of ownership of the Notes for the payment of principal on the Notes as provided in this Resolution. All Notes shall be negotiable as provided in Article 8 of the Uniform Commercial Code and subject to the provisions for registration and transfer contained in the Notes and in this Resolution. (b) Transfer. The ownership of any Note may be transferred only upon the Registration Books kept for the registration and transfer of Notes and only upon surrender thereof at the office of the Registrar together with an assignment duly executed by the holder or his duly authorized attorney in fact in such form as shall be satisfactory to the Registrar, along with the address and social security number or federal employer identification number of such transferee (or, if registration is to be made in the name of multiple individuals, of all such transferees) . In the event that the address of the registered owner of a Note (other than a registered owner which is the nominee of the broker or dealer in question) is that of a broker or dealer, there must be disclosed on the Registration Books the information pertaining to the registered owner required above. Upon the transfer of any such Note, a new fully registered Note, of any denomination or denominations permitted by this Resolution in aggregate principal amount equal to the unmatured and unredeemed principal amount of such transferred fully registered Note, and maturing on the same date or dates shall be delivered by the Registrar. (c) Registration of Transferred Notes. In all cases of the transfer of the Notes, the Registrar shall register, at the earliest practicable time, on the Registration Books, the Notes, in accordance with the provisions of this Resolution. (d) Ownership. As to any Note, the person in whose name the ownership of the same shall be registered on the Registration Books of the Registrar shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal of any such Notes shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the AHLERS,COONEY.DOR44'EI LEiP I SIE,SMITH&ALLBEE,P.C. ATTORNEYS AT LAW DES MOINES,IOWA liability upon such Note, to the extent of the sum or sums so paid. (e) Cancellation. All Notes which have been redeemed shall not be reissued but shall be cancelled by the Registrar. All Notes which are cancelled by the Registrar shall be destroyed and a certificate of the destruction thereof shall be furnished promptly to the Issuer; provided that if the Issuer shall so direct, the Registrar shall forward the cancelled Notes to the Issuer. (f) Non-Presentment of Notes. In the event any payment check representing payment of principal of the Notes is returned to the Paying Agent or if any Note is not presented for payment of principal at the maturity or redemption date, if funds sufficient to pay such principal on Notes shall have been made available to the Paying Agent for the benefit of the owner thereof, all liability of the Issuer to the owner thereof for such payment of such Notes shall forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Paying Agent to hold such funds, without liability for interest thereon, for the benefit of the owner of such Notes who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on his part under this Resolution or on, or with respect to, such Notes. The Paying Agent's obligation to hold such funds shall continue for a period equal to two years and six months following the date on which such principal became due, whether at maturity, or at the date fixed for redemption thereof, or otherwise, at which time the Paying Agent, shall surrender any remaining funds so held to the Issuer, whereupon any claim under this Resolution by the Owners of such interest or Notes of whatever nature shall be made upon the Issuer. Section 5. 3 . Reissuance of Mutilated, Destroyed, Stolen or Lost Notes. In case any outstanding Note shall become mutilated or be destroyed, stolen or lost, the Issuer shall at the request of Registrar authenticate and deliver a new Note of like tenor and amount as the Note so mutilated, destroyed, stolen or lost, in exchange and substitution for such mutilated Note to Registrar, upon surrender of such mutilated Note, or in lieu of and substitution for the Note destroyed, stolen or lost, upon filing with the Registrar evidence satisfactory to the Registrar and Issuer that such Note has been destroyed, stolen or lost and proof of ownership thereof, and upon furnishing the Registrar and Issuer with satisfactory indemnity and complying with such other reasonable regulations as the Issuer or its agent may prescribe and paying such expenses as the Issuer may incur in connection therewith. AHLERS,COONEY,DORR'EILAYNIE.SMITH&ALLBEE,P.C. ATTORNEYS AT LAW DES MOINES,IOWA Section 5. 4 . Record Date. Payments of principal made in respect of any Note shall be made to the registered holder thereof or to their designated agent as the same appear on the books of the Registrar on the 15th day of the month preceding the payment date. All such payments shall fully discharge the obligations of the Issuer in respect of such Notes to the extent of the payments so made. Payment of principal shall only be made upon surrender of the Note to the Paying Agent. Section 5. 5. Execution, Authentication and Delivery of the Notes. Upon the adoption of this Resolution, the Mayor and City Clerk shall execute and deliver the Notes to City Treasurer who shall authenticate the Notes and deliver the same to or upon order of the Purchaser. No Note shall be valid or obligatory for any purpose or shall be entitled to any right or benefit hereunder unless the Registrar shall duly endorse and execute on such Note a certificate of authentication substantially in the form of the Certificate set forth in the form of the Note. Such Certificate upon any Note executed on behalf of the Issuer shall be conclusive evidence that the Note so authenticated has been duly issued under this resolution and that the holder thereof is entitled to the benefits of this Resolution. Section 5. 6. Right to Name Substitute Paying Agent or Registrar. Issuer reserves the right to name a substitute, successor Registrar or Paying Agent upon giving prompt written notice to each registered noteholder. Section 6. . Security for Notes. The Notes shall be payable solely from the Project Fund. To pay the principal on the Notes when it becomes due, there is hereby created a pledge of the receipts anticipated in said Fund to continue until the payment in full of the principal on the Notes. Section 7 . Establishment of Project Fund. The Issuer hereby creates and establishes a 5th-6th Street Project Fund, into which Fund are hereby appropriated the following: (a) Proceeds from not to exceed $3 , 000, 000 General Obligation Bonds authorized for issuance for the Project; (b) Proceeds from any Grants received by the City in respect of the Project; and (c) Proceeds from the City's receipt of road use tax funds in an amount not to exceed $3 , 000, 000. The funds so appropriated shall include in addition thereto all funds of the Issuer, including proceeds realized on the AHLERS.COONEY.DORITEHMHA7NIE,SMITH&ALLBEE,P.C. ATTORNEYS AT LAW DES MOINES,IOWA reinvestment of proceeds of the Notes, from which the Issuer is or may become obligated to pay under contracts for the construction of the project to the extent that proceeds of the Notes are applied to the payment thereof. Section 8 . Application of Project Fund. The proceeds of the sale of the Notes shall be deposited in the Project Fund for application to payment of Project Costs and the costs of issuance of the Notes to pay the principal of the Notes when due. Disbursements for the payment of Project Costs shall be made by the Treasurer upon receipt of vouchers approved by the Governing Body. After completion of the Project, any moneys remaining in the Project Fund shall be held for the retirement of Notes. When all Notes are paid or payment is provided for, remaining moneys in the Project Fund may be withdrawn and used for any lawful purpose. Section 9 . Investments. Moneys in the Project Fund shall at all times be invested, to the extent practicable, in Investment Securities maturing at such times and in such amounts as will make cash available for the purposes of such Fund as needed. Section 10. Covenants with Noteholders. Issuer covenants and agrees, so long as any Notes herein authorized remain unpaid, that it: (a) Will proceed to complete with all practicable dispatch the construction and acquisition of the Project; (b) Will not make or cause or permit to be made any application of the proceeds of the Notes or of any moneys held in the Project Fund, except in accordance with the provisions of this Resolution; (c) Will take all actions necessary to preserve its right to receive reimbursements under any Grant Agreements; (d) Will comply in all respects with the terms and provisions of all Grant Agreements and with all applicable State and Federal laws and regulations governing the implementation of any Grant Agreement; (e) Will promptly upon any disbursement from the Project Fund, request any reimbursement to which it has become entitled under a Grant Agreement; (f) Will not unilaterally terminate, or enter into any agreement to terminate, any Grant Agreement; AHLERS,COONEY,DORWEILAYNIE,SMITH&ALLBEE,P.C. ATTORNEYS AT LAW DES MOINES,IOWA (g) Will from time to time increase the amount of the Local Share Funds, to the extent necessary (1) to be sufficient to pay all such local share costs of the Project; and (2) to assure that the expected grant receipts thereafter forthcoming, together with the Local Share Funds appropriated and held in trust for the purpose will be sufficient to pay the Notes when due. (h) Will obtain the collection of funds and the proceeds of the sale of bonds anticipated to be received in the Project Fund and, if not paid from other sources, apply the same to the payment of the Notes; and (i) For the prompt and full performance of the terms and provisions of this Resolution and contract with the noteholders, the Issuer pledges its full faith and diligence and the exercise of its lawful powers. Section 11. Contract Between Issuer and Purchaser. This Resolution constitutes a contract between the Issuer and the purchaser of the Notes. Section 12 . Additional Notes. The Issuer may issue additional Project Notes of equal standing and parity of lien with these Notes for the purpose of paying Project Costs to the extent that funds appropriated to the Project Fund are adequate to pay all Notes so issued. The holder or holders of the Notes shall have all other rights and remedies given by law for the payment and enforcement of the Notes and the security therefor. Section 13 . Conflict and Severability. All ordinances, resolutions and orders or parts thereof in conflict with the provisions of this Resolution are to the extent of such conflict hereby repealed, and each section of this Resolution and each subdivision of any section thereof is hereby declared to be independent, and the finding or holding of any section or subdivision thereof to be invalid or void shall not be deemed or held to affect the validity of any other section or subdivision of this Resolution. AFILERS,COONEY,DOR\rEILMHZIE,SMITH&ALLBEE.P.C. ATTORNEYS AT LAW DES MOINES,IOWA Section 14 . Paragraph Headings. The paragraph headings in this Resolution are furnished for convenience of reference only and shall not be considered to be a part of this Resolution. PASSED AND APPROVED this 24th day of September , 1990. ICNe- Mayor , Bernar L. McKinley ATTEST: :///7 C ty Cle , Larry P. urger AHLERS,COONEY,DORWEILE'II;'HAYNIE,SMITH&ALLBEE,P.C. ATTORNEYS AT LAW DES MOINES,IOWA Council Member Fox then introduced the following Resolution and moved its adoption. Council Member Brown seconded the motion to adopt. The roll was called and the vote was: AYES: Dell, Brown, Buck, Fox, Angel, Wright and Budak NAYS: None Whereupon the Mayor declared the following Resolution duly adopted: RESOLUTION NO. 1990-564 RESOLUTION DIRECTING THE SALE AND DELIVERY OF $3 , 000, 000 GENERAL OBLIGATION BOND AND GRANT ANTICIPATION PROJECT NOTE, SERIES 1990, FOR PAYMENT OF PROJECT COSTS OF THE 5TH-6TH STREET PROJECT WHEREAS, the City Council of the City of Waterloo, Iowa, has held a public hearing on the issuance of General Obligation Bonds and has appropriated the anticipated proceeds of the sale of said bonds to pay the City's share of the 5th-6th Street Project; and WHEREAS, it was provided in the resolution authorizing the issuance of the Project Notes that they shall be dated and be in the denominations as shall be determined by resolution of this Governing Body, and shall be consecutively numbered from one; and WHEREAS, the Council has arranged for the sale of the Project Notes to the Iowa Department of Transportation, which Notes will be paid at a later date from proceeds to be received from the sale of General Obligation Bonds of said City and/or such other funds of said City as may be available at that time: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA: Section 1. That, pursuant to the provisions of Section 76. 13 of the Code of Iowa, as amended, the sale of a Project Note, Series 1990, in the principal amount of $3 , 000, 000, at a price of $3 , 000, 000 bearing no interest per annum and maturing as set forth on the face of said Project Note or redemption prior thereto, for the public improvement project hereinabove referred to, to the Iowa Department of Transportation, is hereby approved and confirmed. AHLERS,COONEY,DORM7ILMHAY1VIE,SMITH&ALLBEE,P.C. ATTORNEYS AT LAW DES MOINES,IOWA Section 2 . That the Mayor and City Clerk are now hereby authorized and directed to issue and deliver to the Iowa Department of Transportation, one certain Project Note, Series 1990, dated its date of delivery as follows: PROJECT NOTE INTEREST RATE AMOUNT MATURITY No. 1 0% $3 , 000, 000 As provided therein PASSED AND APPROVED, this 24thday of September 1990. Mayor, Bernar L. McKinle/j ATTEST: elf f ;;- 114 ty Cler ", Larry ger AHLERS,COONEY.DORR'E1LK7HAY\IE,SMITH&ALLBEE,P.C. 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 26th day of September , 1990. r'' Ci y C r , Waterloo,, owa L rr P. Burger SEAL AHLERS,COO 1El DORIFEIL EPHZIE.SMITH d ALLBEE.P.C. ATTORNEYS AT LAW DES MOINES,IOWA