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HomeMy WebLinkAbout1981-611-12.14.1981 RESOLUTION NO. 1981-611 RESOLUTION fixing a date for hearing on pro- posed Qualified Urban Renewal Area Revenue Bonds, Series 1982 (Correctional Services Project) not to exceed $750,000 * * * * * * * * WHEREAS, the City of Waterloo, Iowa (the "City") , a municipality of the State of Iowa, is authorized by the laws of the State of Iowa, and specifically Chapter 419, Code of Iowa, 1981 , as supplemented and amended (the "Act") , to issue revenue bonds for projects located within a qualified urban renewal area; and WHEREAS, the project to be completed by Ken Jan, Inc. , (the "Corporation") is for land, buildings and improvements which are suitable for use of a commercial enterprise, i .e. , the construction of a residental Community Corrections facility, for First Judicial District Department of Correctional Services created under Chapter 905 of the 1981 Code of Iowa (the "Project") and is consistent with the urban renewal plan for the urban renewal area; and WHEREAS, the Project is to be constructed in a qualified urban renewal area designated as such pursuant to Chapter 403 of the 1981 Code of Iowa prior to July 1 , 1979; and WHEREAS, under the Act, the City is authorized to issue its revenue bonds for the purpose of financing the costs of any such project; and WHEREAS, so as to accomplish the purposes of the Act, the City proposes to issue one or more issues of qualified urban renewal area revenue bonds pursuant to the provisions of the Act as then in effect to finance the costs of the Project; and WHEREAS, the location of this Project within the City will be consistent with the urban renewal plan of the City for said area; and -2- 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 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 Qualified Urban Renewal 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 $750,000, and it is proposed to pay the cost of the Project, to that amount, through the issuance of the Qualified Urban Renewal Area Revenue Bonds, Series 1982 (Correctional Services 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 4th day of January, 1982, 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 1982 Bonds in an amount currently estimated not to exceed $750,000, as referred to in the preamble hereof, and at which hearing all -3- local residents 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 less than fifteen (15) days prior to the date fixed for the hearing in Waterloo Courier, a legal newspaper published and having a general circulation within said City, in substantially the following form: NOTICE OF INTENTION TO ISSUE QUALIFIED URBAN RENEWAL AREA REVENUE BONDS The City Council of the City of Waterloo, in Black Hawk County, Iowa, will meet on the 4th day of January, 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 Qualified Urban Renewal Area Revenue Bonds, Series 1982 (Correctional Services Project) of said City, in principal amount not exceeding $750,000, for the purpose of acquiring, improving and equipping P 9 q pping real estate located at 300 Iowa Street, Waterloo, Iowa and to place thereon a commercial enterprise, i.e. building, fixtures and equipment for use as a 56-unit residential facility for community corrections including staff offices for the facility, food preparation and eating area, recreation facilities and landscaping for the First Judicial District Department of Correctional Services. The Project is to be constructed within a Qualified Urban Renewal Area designated as such pursuant to Chapter 403 of the 1981 Code of Iowa prior to July 1 , 1979. It is necessary for the City Council to determine at said hearing that the Project is consistent with the Urban Renewal Plan for the City in said Area. These estimates include, in each instance, expenses of issue related to the bonds. These bonds, when issued, will be limited obligations and will -4- not constitute general obligations 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 residents 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 December 14, 1981 . City Clerk, Larry P. Burger Section 3. That the City hereby recognizes that actions taken and to be taken by the Corporation in connection with the acquisition and construction of the Project have been and will be taken in reliance upon the willingness 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 . Passed and approved December 14 , 1981. Mayor , eo P. Roott Attest: y Cl er , L y P. Burger -5- 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 December 14, 1981 , to fix a date for a public hearing on the proposal to issue not to exceed $750,000 Qualified Urban Renewal Area Revenue Bonds, Series 1982 (Correctional Services Project) of said City. WITNESS my official signature and the seal of said City at Waterloo, Iowa, this 16 day of December, 1981 . City 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 Pub is in and for the State f Iowa Fly commission expires: Ct 3® 8'3 t (Notarial Seal ) Waterloo, Iowa December 14, 1981 The City Council of the City of Waterloo, Iowa, met in regular session at 7:00 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: Getty, Wilharm, Roehr, Dowie, Penaluna , Bowers and Burton Absent: Non P * * * * * * * * Councilman Dowie introduced and caused to be read in full Resolution No. 19 81-6 11 entitled, "RESOLUTION fixing a date for hearing on proposed Qualified Urban Renewal Area Revenue Bonds, Series 1982 (Correctional Services Project)", and moved its adoption; seconded by Councilmen Bowers . After due consideration of said resolution by the Council , the Mayor put the question and, upon the roll being called, the following voted: Aye: Getty, Wilharm, Roehr, Dowie, Penaluna, Bowers and Burton. Nay: None Whereupon, the Mayor declared said resolution duly adopted and signed his approval thereto. * * * * * * * * On motion and vote the meeting adjourned. S '-L , 41;c! '- Attest: Mayor, Leo Rooff • y Cler rry P. Burger