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HomeMy WebLinkAbout1981-507-10.14.1981 5 e ' G j Authorization and Issuance Proceedings Waterloo, Iowa October 12 , 1981 The City Council of Waterloo, Iowa, met in regular session on the 12th day of October , 1981, at 7: 00 o'clock p .m. , at the West High School in the City. The meeting was called to order and there were present Leo P. Rooff , Mayor, in the chair, and the following named Council Members: Wilharm, Roehr, Dowie , Penaluna, Bowers and Burton. Absent: Getty • The Council investigated and found that notice of intention to issue Industrial Development Revenue Bonds, Series 1981 (Parrott & Wood Project ) in the aggregate principal amount not to exceed $300 , 000 , had , as directed by the City Council , been duly given according to law and a hearing held thereon and the Council committed the Issuer to issue such Bonds . Council Member Wilharm introduced a Resolution entitled: "Resolution authorizing the issuance and sale of Industrial Development Revenue Bonds , Series 1981 (Parrott & Wood Project) , in the aggregate principal amount of $240,000, the execution and delivery of a Bond Purchase Agreement to secure said Bonds, and the execution and delivery of a Loan Agreement with Iowa Funeral Management, Inc. , d/b/a Parrott & Wood Funeral Home" and moved its adoption, seconded by Council Member Bowers After due consideration of said resolution by the Council, the Mayor put the question on the motion and upon the roll being called the following named Council Members voted: Ayes : Wilharm, Roehr, Dowie , Penaluna, Bowers and Burton. Nays: None Whereupon the Mayor declared said Resolution duly adopted and approval was signed thereto. -1- * * * * Upon motion and vote, the meeting adjourned. Mayor , Leo P. off Attest: ,t er , L ry . Burg (Seal ) t' -2- RES .[� 7�7 (� RES . NO. 1981-507 RESOLUTION "Resolution authorizing the issuance and sale of Industrial Development Revenue Bonds, Series 1981 (Parrott & Wood Project) , in the aggregate principal amount of $240 , 000, the execution and delivery of a Bond Purchase Agreement to secure said Bonds, and the execution and delivery of a Loan Agreement with Iowa Funeral Management, Inc. , d/b/a Parrott & Wood Funeral Home" 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 any commercial enterprise or nonprofit organization which the City Council finds is consistent with the revitalization plan for an area of the Issuer designated a revitalization area pursuant to the provisions of Chapter 404 of the Code of Iowa, 1981, as amended ; and WHEREAS, the Issuer has established and designated a certain area within the Issuer as a revitalization area, known as the Waterloo Revitalization Area (the "Revitalization Area" ) , has adopted a revitalization plan therefore (the "Revitalization Plan" ) and has determined that the Project is within the Revitalization Area and is consistent with the Revitalization Plan; and WHEREAS, the Issuer has made the necessary arrangements with Iowa Funeral Management, Inc. , d/b/a Parrott & Wood Funeral Home (the "Company" ) , an Iowa corporation, d/b/a Parrott & Wood Funeral Home, for its acquisition by construction or purchase of land , buildings, equipment and improvements suitable for use as a funeral home facility, located within the Revitalization Area of the Issuer (the "Project" ) which will promote the welfare of the Issuer and its citizens; and WHEREAS, it is necessary and advisable that provisions be made for the issuance of Industrial Development Revenue Bonds, Series 1981 (Parrott & Wood Project ) of the Issuer in the aggregate principal amount of $240 ,000 (the "Bonds" ) as authorized and permitted by the Act to finance the cost of the Project to that amount; and WHEREAS, the Issuer will loan the proceeds of the Bonds to the Company pursuant to the provisions of a Loan Agreement dated as of October 1, 1981 between the Issuer and the Company the obligation of which will be sufficient to pay the principal of, redemption premium, if any, and interest on the Bonds as and when the same shall be due and payable; and -3- WHEREAS, the Issuer has arranged for the sale of the Bonds to Iowa Securities Investment Corporation (the "Initial Purchaser" ) . NOW, THEREFORE, BE IT RESOLVED by the City Council of the Issuer, as follows: Section 1 . In order to finance the cost of the Project, Industrial Development Revenue Bonds, Series 1981 (Parrott & Wood Project) of the Issuer in the aggregate principal amount of $240,000 (the "Bonds" ) will be and the same are hereby authorized and ordered to be issued by the Issuer. Section 2. The sale of the Bonds to the Initial Purchaser pursuant to a Bond Purchase Agreement in substantially the form attached hereto as Exhibit A (the "Bond Purchase Agreement" ) and containing substantially the same terms and provisions set forth therein is hereby authorized , approved and confirmed, and the Mayor and City Clerk are hereby authorized and directed to execute and deliver the Bond Purchase Agreement . Section 3 . The Issuer shall loan to the Company the proceeds of the Bonds pursuant to a Loan Agreement in substantially the form attached hereto as Exhibit B (the "Loan Agreement" ) and containing substantially the terms and provisions set forth therein, and the Mayor and the City Clerk are hereby authorized and directed to execute and deliver the Loan Agreement. Section 4. The Mayor and the City Clerk are hereby authorized and directed to execute any and all documents and do any and all things deemed necessary in order to effect the accomplishment of the Project, the issuance and sale of the Bonds and the execution and delivery of the Bond Purchase Agreement and the Loan Agreement and to carry out the intent and purposes of this Resolution. Section 5. The provisions of this Resolution are hereby declared to be severable and if any section, phrase or provision shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases and provisions. Section 6 . All resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 7. This Resolution shall become effective immediately upon its passage and approval . -4- Passed and approved this 12th day of October 1981. Mayor , Leo P. Ro.0 Attest- It er Larry P. rger (Seal ) -5- State of Iowa County of Black Hawk SS: City of Waterloo I, the undersigned , being first duly sworn, 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 this Council and its 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 authorizing the issuance and sale of Industrial Development Revenue Bonds, Series 1981 (Parrott & Wood Project ) in the aggregate principal amount of $240, 000 . WITNESS my hand and the corporate seal of said City hereto affixed this 14 day of October , 1981. ity Cler , Larry rger (Seal ) -6-