HomeMy WebLinkAbout1981-578-11.23.1981 RES. NO. 1981-578
RESOLUTION
Resolution to Proceed with the Issuance and Sale
of Industrial Development Revenue Bonds, Series 1981
(Keiper-Ilten Partnership Project )
in an aggregate principal amount not to exceed $1 , 500, 000"
WHEREAS, the City of Waterloo, Iowa, in the County of
Black Hawk, State of Iowa (the "Issuer" ) is an incorporated
municipality authorized and empowered by the provisions of Chapter 419
of the Code of Iowa, 1981, as amended (the "Act" ) to issue revenue
bonds for the purpose of financing the cost of acquiring, by
construction or purchase, land , buildings, improvements and equipment,
or any interest therein, suitable for the use of commercial enterprises
which the City Council of the Issuer as the governing body, finds is
consistent with an urban renewal plan, adopted by the Issuer pursuant
to Chapter 403 of the Code of Iowa; and
WHEREAS, the Issuer has adopted an urban renewal plan, Downtown
Urban Renewal and Redevelopment Plan (the "Urban Renewal Plan" ) for the
Urban Renewal Area designated therein (the "Urban Renewal Area" ) and in
furtherance of its efforts to carry out the Urban Renewal Plan the
Issuer has been requested by Keiper-Ilten Partnership (the "Company" )
an Iowa partnership, to issue its industrial development revenue bonds
to finance the Company 's acquisition by construction or purchase of
land , buildings, equipment and improvements suitable for the
rehabilitation and renovation of an existing commercial building for
use as office space, retail space and other commercial space (the
"Project" ) to be located within the Urban Renewal Area of the Issuer,
which will employ substantial numbers of people from and near the
Issuer with the resulting increased employment, substantial payrolls
and other public benefits flowing therefrom; and
WHEREAS, it is proposed to finance the cost of the Project through
the issuance of Industrial Development Revenue Bonds , Series 1981
(Keiper-Ilten Partnership Project ) of the Issuer in an aggregate
principal amount not to exceed $1 , 500, 000 (the "Bonds" ) and to loan
said amount to the Company under a Loan Agreement between the Issuer
and the Company, the obligation of which will be sufficient to pay the
principal of and interest and redemption premium, if any, on the Bonds,
as and when the same shall be due; and
WHEREAS, notice of intention to issue the Bonds has , as directed
by the City Council of the Issuer, been duly given in compliance with
the Act; and
WHEREAS, a public hearing has been held on the proposal to issue
the Bonds at the time and place as specified in said notice and all
objections or other comments relating to the issuance of the Bonds have
been heard ;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the Issuer,
as follows:
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Section 1. It is hereby determined that the undertaking of the
Project and the financing of the same is consistent with the Urban
Renewal Plan and will promote urban renewal, rehabilitation and
redevelopment of the Issuer, and will enhance the tax base of the
Issuer, increase commerce within the Issuer and add to the welfare and
prosperity of the Issuer and its citizens .
Section 2. It is hereby determined it is necessary and advisable
that the Issuer proceed with the issuance and sale of the Bonds as
authorized and permitted by the Act to finance all or a portion of the
cost of the Project, and such actions will be taken by the Issuer as
may be required pursuant to the provisions of the Act to authorize ,
issue and sell the Bonds .
Section 3. The Issuer will enter into all agreements necessary to
be entered into by the Issuer in connection with the issuance and sale
of the Bonds . The City Attorney shall approve all agreements to be
entered into in connection with the issuance of the Bonds and such
agreements shall be authorized and approved after due consideration by
this Council prior to their execution by the Issuer.
Section 4. The Mayor, the City Clerk and the City Attorney are
hereby authorized and directed to do any and all things deemed
necessary in order to effect the accomplishment of the Project and the
issuance and sale of the Bonds.
Section 5. All resolutions and parts thereof in conflict herewith
are hereby repealed to the extent of such conflict.
Section 6. This Resolution shall become effective immediately
upon its passage and approval.
Passed and approved this 23 day of November , 1981.
Mayor, Leo P. Roof
Attest• -' /-)
{
Cit er Larry P urger
(Seal )
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State of Iowa
County of Black Hawk SS:
City of Waterloo
I , the undersigned, do hereby depose and certify that I am the
duly appointed, qualified and acting City Clerk of the aforementioned
City and that as such I have in my possession or have access to the
complete corporate records of said City and of its Council and
officers ; that I have carefully compared the transcript hereto attached
with the aforesaid corporate records; and that said transcript hereto
attached is a true, correct and complete copy of all the corporate
records in relation to the adoption of the Resolution to Proceed with
the Issuance and Sale of Industrial Development Revenue Bonds , Series
1981 (Keiper-Ilten Partnership Project ) in an aggregate principal
amount not to exceed $1, 500, 000.
WITNESS my hand and the corporate seal of said City hereto affixed
this 25 day of November , 1981.
City "Lae: er
(Seal )
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