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HomeMy WebLinkAbout1981-564-11.09.1981 Waterloo, Iowa • November 9, 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: Wilhariu, Roehr, Dowie, Penaluna, Bowers and Burton. Absent: Getty * * * * * * * * Councilman Penaluna introduced and caused to be read in full Resolution No. 1981-SO4 entitled, "RESOLUTION fixing a date for hearing on proposed Industrial Revenue Bonds, Series 1981 (Professional Office Services, Inc. Project)" , and moved its adoption; seconded by Council- men Wilharm After due consideration of said resolution by the Council , the Mayor put the question and, upon the roll being called, the following voted: Aye: Wilharm, Roehr, Dowie, Penaluna, Bowers & Burton. Absent: Getty Nay: None Whereupon, the Mayor declared said resolution duly adopted and signed his approval thereto. * * * * * * * * On motion and vote the meeting adjourned. W11( Mayor • Attest: Leo P. Rooff Ci lerk La P. Burge RESOLUTION NO. 1981-5(4 RESOLUTION fixing a date for hearing on pro- posed Industrial Revenue Bonds, Series 1981 (Professional Office Services, Inc. Project) * * * * * * * * WHEREAS, the City of Waterloo, a municipality and political subdivision in the County of Black Hawk, State of Iowa (the "City") is authorized by Chapter 419 of the Code of Iowa, 1981 , as amended (hereinafter sometimes referred to as the "Act") to issue revenue bonds and loan the proceeds to one or more contracting parties to be used to pay the cost of land, buildings and improvements suitable for the use of any industry for the manufacturing, processing or assembling of manufactured products; and WHEREAS, the City proposes to make the necessary arrangements with Professional Office Services, Inc. (the "Corporation") , an Iowa corporation, for the financing (as hereinafter described) of the costs of acquiring, improving and equipping certain real estate, buildings, equipment and fixtures for the remodelling of existing facilities and the purchase of equipment used in connection with the manufacturing of paper and office products located in the City (hereinafter sometimes referred to as the "Project"); and WHEREAS, the location of this Project within the City will improve the general welfare of the inhabitants of the City; and 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 -1- satisfactory assurances that the proceeds of the sale of the proposed Industrial Facilities 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 1981 Bonds, as hereinafter defined, to finance the cost of the Project as hereinafter described; and WHEREAS, the aggregate cost of the Project, has been estimated not to exceed $500,000, and it is proposed to pay the cost of the Project, to that amount, through the issuance of the Industrial Revenue Bonds, Series 1981 (Professional Office Services, Inc. Project) (the "Series 1981 Bonds") but it is first necessary to conduct a public hearing on the proposal to issue the Series 1981 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 7th day of December, 1981 , 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 1981 Bonds in an amount currently estimated not to exceed $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 1981 Bonds. Section 2. The City Clerk is hereby directed to give notice of intention to issue the Series 1981 Bonds by publication at least once not less than fifteen (15) days prior to the date fixed for the hearing in The -2- Waterloo Courier, a legal newspaper published and having a general circulation within said City, i.n substantially the following form: NOTICE OF INTENTION TO ISSUE INDUSTRIAL REVENUE BONDS The City Council of the City of Waterloo, in Black Hawk County, Iowa, will meet on the 7 th day of December, 1981 , 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 Industrial Revenue Bonds, Series 1981 (Professional Office Services, Inc. Project) of said City, in principal amount not exceeding $500,000, for the purpose of loaning the proceeds thereof to Professional Office Services, Inc. , an Iowa corporation, to defray the cost, to that amount, of the acquisition of certain equipment and to remodel the facilities of the Company located at 2827 and 2757 Burton Avenue, Waterloo, Iowa for use as a manufacturing facility for the manufacture of paper and office products. These estimates include, in each instance, expenses of issue related to the bonds. These bonds, when issued, will be limited obligations and will 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 November 9, 1981 . City r � Larry Burger -3- 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 1981 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 November 9, 1981 . Mayor Leo P. Rooff Attest: Ci Clerk L y P. Bur • -4- I , Larry 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 November 9, 1981 , to fix a date for a public hearing on the proposal to issue not to exceed $500,000 Industrial Revenue Bonds, Series 1981 (Pro- fessional Office Services , Inc. Project) of said City. WITNESS my official signature and the seal of said City at Waterloo, Iowa, this 10th day of November, 1981 . City erk Lar . Burger (SEAL) STATE OF IOWA ) ) ss. COUNTY OF BLACK HAWK ) Subscribed and sworn to before me this day, the date last above written. Notary Public in and for the State of Iowa My commission expires: (Notarial Seal ) -5-