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HomeMy WebLinkAbout1981-481-09.28.1981 1981- 4 8 1 RESOLUTION Resolution to Proceed with the Issuance and Sale of Industrial Development Revenue Bonds Series 1981 (Parrott & Wood Project) in an aggregate principal amount not to exceed $300, 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 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 been requested by Iowa Funeral Management, Inc. , an Iowa corporation, d/b/a Parrott & Wood Funeral Home (the "Company" ) to issue its industrial development revenue bonds to finance the Company' s acquisition by construction or purchase of equipment and improvements suitable for use by the Company in the expansion and renovation of Parrott & Wood Funeral Home (the "Project" ) to be located within the Issuer, which will promote the welfare of the Issuer and its citizens ; and WHEREAS, it is proposed to finance the cost of the Project through the issuance of Industrial Development Revenue Bonds, Series 1981 (Parrott & Wood Project) of the Issuer in an aggregate principal amount not to exceed $300, 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 : -3- BELIN, HARRIS, HELMICK & HEARTNEY, LAWYERS, DES MOINES, IOWA Section 1 . 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 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 2. 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 3 . 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 4. All resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 5. This Resolution shall become effective immediately upon its passage and approval . Passed and approved this ath day of September , 1981 . Mayor Attest City �r (Seal) -4- BELIN, HARRIS, HELMICK & HEARTNEY, LAWYERS, DES MOINES, IOWA 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 (Parrott & Wood Project) in an aggregate principal amount not to exceed $300, 000. WITNESS my hand and the corporate seal of said City hereto affixed this Nth day of September , 1981 . ,&40 .7) City erk4664 (Seal) -5- BELIN, HARRIS, HELMICK & HEARTNEY, LAWYERS, DES MOINES, IOWA Proceedings to Proceed With Issuance and Sale Waterloo, Iowa September 10 , 1981 The City Council of Waterloo, Iowa, met in Regular session on the 14th day of September , 1981, at. 7 o' clock P .m. , at the City Hall , in the City pursuant to law and to the rules of said Council . The meeting was called to order and there were present Leo P. Rooff , Mayor, in the Chair, and the following named Council Members: Getty, Penaluna, Roehr. Wilharm. Bowers, Burton, Dowie Absent: NONE The City Council investigated and found that notice of intention to issue Industrial Development Revenue Bonds, Series 1981 (Parrott & Wood Project) in an aggregate principal amount not to exceed $300, 000 had, as directed by the City Council, been duly given according to law. This being the time and place specified in the notice for the conduct of a public hearing on the proposal to issue such Bonds, the Mayor announced that all local residents attending the hearing would now be given an opportunity to express their views for or against the proposal to issue the Bonds . The following local residents attending the hearing expressed their views as follows : -1- BELIN, HARRIS, HELMICK & HEARTNEY, LAWYERS. DES MOINES, IOWA After all local residents who appeared at the hearing who desired to do so had expressed their views for or against the proposal to issue the Bonds, Council Member Dowie introduced a Resolution entitled: "Resolution to Proceed With the Issuance and Sale of Industrial Development Revenue Bonds, Series 1981 (Parrott & Wood Project) in an aggregate principal amount not to exceed $300, 000" 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 : Getty, penaluna, Roehr, Wilharm, Bowers, Burton, Dowie Nays : • Whereupon, the Mayor declared said Resolution duly adopted and approval was signed thereto. Upon motion and vote the meeting adjourned. Mayor Attes s it Cle (Seal) -2- BELIN, HARRIS, HELMICK & HEARTNEY, LAWYERS, DES MOINES, IOWA