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HomeMy WebLinkAbout1981-374-07.20.1981 camp (This Notice to be posted ) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Waterloo, Iowa. Date of Meeting: July 20 , 1981. Time of Meeting: 7 o'clock P.M. Place of Meeting : Council Chambers , City Hall , Waterloo, Iowa. PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental body will meet at the date , time and place above set out. The tentative agenda for said meeting is as follows : $4, 360,000. 00 General Obligation Bonds. - Resolution authorizing the issuance. Such additional matters as are set forth on the addi- tional pages( s) attached hereto. ( number) This notice is given at the direction of the Mayor pursuant to Chapter 28A, Code of Iowa, and the local rules of said governmental body. Deputy Cle Waterloo, Iowa AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA July 20 , 1981 The City Council of Waterloo, Iowa, met in Regular session, in the Council Chambers, City Hall , Waterloo, Iowa, at 7 o'clock p .M. , on the above date. There were present Mayor , in the chair, and the following named Council Members: Bowers, Burton, Getty, Penaluna, Roehr, Wilharm Absent: Dowie * * * * * * * - 1 - AHLERS, GOONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA Council Member Roehr introduced the following Resolution entitled "RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF $4, 360,000. 00 GENERAL OBLIGATION BONDS AND LEVYING A TAX TO PAY SAID BONDS" and moved that it be adopted. Council Member Wilharm seconded the motion to adopt, and the roll being called thereon, the vote was as follows : (Absent) AYES: Bowers , Burton, Dowie, Getty, Penaluna, Roehr, Wilharm NAYS: NONE Whereupon, the Mayor declared said Resolution duly adopted as follows : Resolution No. 1981-374 RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF $4, 360, 000. 00 GENERAL OBLIGATION BONDS AND LEVYING A TAX TO PAY SAID BONDS WHEREAS, the City of Waterloo, in the County of Black Hawk, State of Iowa, sometimes hereinafter referred to as the "City" or "Municipality" , was duly incorporated, organized and exists under and by virtue of the laws and Constitution of the State of Iowa; and WHEREAS, the City has designated the City Treasurer to act as the financial officer of said City with respect to the registration and payment of its bonds and interest thereon; and WHEREAS, said City is in need of funds to pay costs of ( 1) constructing certain permanent street improvement projects. in said City, generally described as (a) Annual Street Paving (Klingaman Area) , ( b) Hackett Road (Advance Acquisition) , ( c) Shaulis Road Paving, (d) San Marnam Frontage Road, (e) 6th Year Block Grant Paving, ( f) Fletcher and Ansborough Railroad Crossing Repairs , and (g) Downtown UDAG Street Improvements (TIF) ; ( 2) constructing certain improvement projects to the storm sewer system of said City, generally described as ( a) Castle Hill, (b) Ackermant, (c) Columbus, (d) Rachael , and (e) Carriage Hill ; ( 3 ) 18th Street Bridge Repair Project; ( 4) Traffic Signal Replacement Project; ( 5) Airport Runway and Apron Improvements Project; ( 6 ) Riverview By-Pass Channel Project; ( 7 ) Dawson Sidewalk Repair Project; ( 8 ) Castle Hill Lawsuit Judgment; and ( 9 ) Lowder Road Sanitary Sewer Project, essential corporate purposes, and it is deemed necessary and advisable that general obligation bonds in the amount of $3, 970, 000. 00 be issued for said purposes; and - 2 - AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA WHEREAS, pursuant to notice published as required by Section 384. 25 of said Code, this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of said bonds, and the Council is therefore now authorized to proceed with the issuance of said bonds; and WHEREAS, said City is in need of funds to pay costs of acquiring certain Conway Civic Center equipment and accessories , a general corporate purpose, and it is deemed necessary and advisable that general obligation bonds in the amount of $90, 000. 00 be issued for said purpose; and WHEREAS, said City is in need of funds to pay costs of acquiring certain Municipal Transit System equipment, a general corporate purpose, and it is deemed necessary and advisable that general obligation bonds in the amount of $150, 000. 00 be issued for said purpose; and WHEREAS, said City is in need of funds to pay costs of acquiring certain real property to be used as an activity center by the Hawkeye Valley Area Agency on Aging, which faci- lity is necessary for the health and welfare of the citizens of the City, a general corporate purpose, and it is deemed necessary and advisable that general obligation bonds in the amount of $150, 000. 00 be issued for said purpose; and WHEREAS, said City has a population in excess of 75, 000; and WHEREAS, pursuant to notices published as required by Section 384. 26 of said Code , the Council of said City has held public meeting and hearings upon the proposal to institute pro- ceedings for the issuance of bonds for general corporate pur- poses in the amounts as above set forth, and, no petition for referendum having been received, the Council is therefore now authorized to proceed with the issuance thereof; and WHEREAS, pursuant to Section 384. 28 of the City Code of Iowa, it is hereby found and determined that the various general obligation bonds authorized as hereinabove described shall be combined for the purpose of issuance in a single issue of Corporate Purpose Bonds as hereinafter set forth; and WHEREAS, pursuant to the provisions of Chapter 75 of the Code of Iowa, the above mentioned bonds were heretofore sold at public sale and action should now be taken to issue said bonds conforming to the terms and conditions of the best bid received at the advertised public sale: NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA: - 3 - AHLERS, GOONEY, DORWEILER. HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA Section 1 . That for the purpose of providing funds to pay the principal and interest of the bonds hereinafter authorized to be issued, there is hereby levied for each future year the following direct annual tax on all of the taxable property in Waterloo, Iowa, to-wit: FISCAL YEAR (JULY 1 TO JUNE 30) AMOUNT YEAR OF COLLECTION: $1 , 070, 062 . 50 1982/1983 $ 869, 750. 00 1983/1984 $ 819, 750. 00 1984/1985 $ 776, 000. 00 1985/1986 $ 731 , 000. 00 1986/1987 $ 686, 000. 00 1987/1988 $ 640, 500. 00 1988/1989 $ 595 , 000. 00 1989/1990 $ 547, 500. 00 1990/1991 (NOTE: For example the levy to be made and certified against the taxable valuations of January 1, 1981 , will be collected during the fiscal year commencing July 1, 1982 ) . Section 2 . Said tax shall be collected each year at the same time and in the same manner as, and in addition to, all other taxes in and for said Municipality, and when collected they shall be converted into a special fund within the Debt Service Fund to be known as the "GENERAL OBLIGATION BOND FUND 1981 #1" , which is hereby pledged for and shall be used only for the payment of the principal and interest of the bonds hereinafter authorized to be issued; and also there shall be apportioned to said fund its proportion of taxes received by the City from railway, express, telephone and telegraph com- panies and other taxes assessed by the Iowa State Department of Revenue. Section 3 . All moneys held in the Bond Fund, provided for by Section 2 of this Resolution shall be invested in direct obligations of the United States Government or deposited in banks which are members of the Federal Deposit Insurance Corporation and the deposits in which are insured thereby and all such deposits exceeding the maximum amount insured from time to time by FDIC or its equivalent successor in any one bank shall be continuously secured by a valid pledge of direct obligations of the United States Government having an equiva- lent market value. All such interim investments shall mature before the date on which the moneys are required for payment of principal of or interest on the Bonds as herein provided. - 4 - AHLERS, COONEY. DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA Section 4. That General Obligation Bonds of said City in the amount of $4, 360, 000. 00 be issued pursuant to the provi- sions of Section 384. 28 of the City Code of Iowa for the aforesaid purposes ; that said bonds be designated "GENERAL OBLIGATION BOND" , that they be 872 in number, dated August 1, 1981, and shall bear interest from the date thereof, until payment thereof, payable May 1, 1982, and semiannually thereafter on the 1st day of May and November in each year until maturity at the rates hereinafter provided. Said bonds shall be signed by the Mayor and attested by the Clerk, and the seal of said City affixed, and certificate of registration endorsed thereon; that interest on said bonds be evidenced by coupons thereto attached and maturing on the several days when such interest matures ; such interest coupons may be executed with the original or facsimile signature of the Clerk; that principal and interest be payable at the office of the Treasurer in said City; that said bonds be num- bered from 1 to 872 , both numbers inclusive, and be in the denomination of $5, 000. 00 each. Said bonds shall mature and bear interest as follows : Bond Interest Principal Maturity Numbers Rate Amount May 1st 1 - 72 10. 00% $360, 000 1983 73 - 172 10. 00% $500, 000 1984 173 - 272 8. 75% $500, 000 1985 273 - 372 9. 00% $500, 000 1986 373 - 472 9. 00% $500, 000 1987 473 - 572 9. 10% $500, 000 1988 573 - 672 9. 10% $500, 000 1989 673 - 772 9. 50% $500, 000 1990 773 - 872 9. 50% $500, 000 1991 Section 5 . That upon presentation at the office of the City Treasurer of any of said bonds, same may be registered as to principal in the name of the owner, on the books in the office of said official , such registration to be noted on the reverse side of the bonds by said official, and thereafter the principal of such registered bonds shall be payable only to the registered holder, his legal representatives or assigns . Such registered bonds shall be transferable to another registered holder, or back to bearer, only upon presentation to said official with a legal assignment duly acknowledged or proved. Registration of any such bonds shall not affect the negotiability of the coupons thereto attached, but such coupons shall be transferable by delivery merely. - 5 - AHLERS, GOONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA Section 6. That said bonds and the coupons annexed thereto, shall be in form substantially as follows : (FORM OF BOND) UNITED STATES OF AMERICA STATE OF IOWA COUNTY OF BLACK HAWK CITY OF WATERLOO GENERAL OBLIGATION BOND CORPORATE PURPOSE No. $5, 000. 00 The City of Waterloo, Iowa, herein referred to as the "City" , for value received, promises to pay to bearer FIVE THOUSAND DOLLARS, lawful money of the United States of America, on the 1st day of May, 19 , with interest on said sum from the date hereof until paid at the rate of % per annum, payable on May 1, 1982, and semiannually thereafter on the 1st day of May and November in each year, on presentation and surrender of the interest coupons hereto attached, both principal and interest payable at the office of the Treasurer of Waterloo, Iowa. This bond is issued by the City of Waterloo, Iowa, pur- suant to the provisions of Section 384. 28 of the City Code of Iowa, for the purpose of paying costs of (1) constructing cer- tain permanent street improvement projects in said City, generally described as (a) Annual Street Paving (Klingaman Area) , (b) Hackett Road (Advance Acquisition) , ( c) Shaulis Road Paving, (d) San Marnam Frontage Road, (e) 6th Year Block Grant Paving, (f) Fletcher and Ansborough Railroad Crossing Repairs, and (g) Downtown UDAG Street Improvements (TIF) ; ( 2) constructing certain improvement projects to the storm sewer system of said City, generally described as (a) Castle Hill , (b) Ackermant, ( c) Columbus , (d) Rachael, and (e) Carriage Hill ; (3 ) 18th Street Bridge Repair Project; ( 4) Traffic Signal Replacement Project; ( 5 ) Airport Runway and Apron Improvements Project; ( 6 ) Riverview By-Pass Channel Project; ( 7) Dawson Sidewalk Repair Project; (8 ) Castle Hill Lawsuit Judgment; and ( 9 ) Lowder Road Sanitary Sewer Project; essential corporate purposes , and for the purpose of paying costs of (1 ) acquiring certain Conway Civic Center equipment and accessories; ( 2) acquiring certain Municipal Transit System equipment; and (3) acquiring certain real property to be used as an activity center by the Hawkeye Valley Area Agency on - 6 - AHLERS, GOONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA Aging, which facility is necessary for the health and welfare of the citizens of the City; general corporate purposes , in conformity to a Resolution of the Council of said City duly passed and approved. This bond is fully negotiable but may be registered as to principal only in the name of the holder on the books of said City in the office of the Treasurer, such registration to be endorsed by notation on the back hereof by said official, after which no transfer shall be valid unless made on said books and similarly noted hereon, but it may be discharged from said registration by being transferred to bearer, after which it shall be transferable by delivery but it may again be registered as before. The registration of this bond as to principal shall not restrain the negotiability of the coupons by delivery merely. And it is hereby represented and certified that all acts, conditions and things requisite , according to the laws and constitution of the State of Iowa, to exist, to be had, to be done, or to be performed precedent to the lawful issue of this bond, have been existent, had, done and performed as required by law; that provision has been made for the levy of a suf- ficient continuing annual tax on all the taxable property within said City for the payment of the principal and interest of this bond as the same will respectively become due; that the faith, credit, revenues and resources and all the real and personal property of said City are irrevocably pledged for the prompt payment hereof, both principal and interest; and the total indebtedness of said City, including this bond, does not exceed the constitutional or statutory limitations. IN TESTIMONY WHEREOF, said City by its Council , has caused this bond to be signed by its Mayor and attested by its Clerk, with the seal of said City affixed, and the coupons hereto attached to be executed with the facsimile signature of said Clerk, which official, by the execution of this bond, does adopt said facsimile signature appearing on said coupons, all as of this date of August 1, 1981. Mayor ATTEST: AtCle - 7 AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA (FORM OF COUPON) The Treasurer of the City of Waterloo, Iowa, will pay to bearer $ on the 1st day of , 19 , at his office in the City of Waterloo, Iowa, for months ' interest on its General Obligation Bond, dated August 1, 1981, No. City Clerk And on the back of each bond there shall be endorsed a certificate of the City Treasurer in the following form: (FORM OF CITY TREASURER'S CERTIFICATE) This bond has been duly and properly registered in my office as of this date of August 1, 1981 . ( facsimile signature) City Treasurer of Waterloo, Iowa There shall also be printed on the back of the bonds the following form of registration: REGISTRATION OF OWNERSHIP Date of Signature of Registration In Whose Name Registered City Treasurer Section 7 . That principal and interest coming due at any- time when the proceeds of said tax on hand shall be insuf- ficient to pay the same shall be promptly paid when due from current funds of said City available for that purpose and reimbursement shall be made from such special fund in the amounts thus advanced. Section 8. That this Resolution constitutes a contract between said City and the purchaser of the bonds; that when said bonds have been executed as aforesaid, they shall be delivered to the Treasurer of said City, who shall register the same in a book provided for that purpose and shall thereupon deliver said bonds to the purchaser thereof, as directed by the Council . - 8 - AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA Section 9. That a certified copy of this Resolution be filed with the County Auditor of Black Hawk County, Iowa, and that said Auditor be and is hereby instructed in and for each of the years as provided, to levy and assess the tax hereby authorized in Section 1 of this Resolution, in like manner as other taxes are levied and assessed, and that such taxes so levied in and for each of the years aforesaid be collected in like manner as other taxes of said Municipality are collected, and when collected be used for the purpose of paying principal and interest on said bonds issued in anticipation of said tax, and for no other purpose whatsoever. Section 10. That there be printed on the back of each bond herein authorized to be issued, a copy of the legal opi- nion of Ahlers , Cooney, Dorweiler, Haynie & Smith, Attorneys, of Des Moines , Iowa, under the certificate of the City Clerk certifying the same as being a true copy thereof, said cer- tificate to bear the facsimile signature of said Clerk. Section 11. The City, as issuer, covenants that it will proceed with due diligence to expend the proceeds of the bonds for the purpose of issuance as recited herein and that no use will be made of the proceeds from the issuance and sale of the bonds issued hereunder which will cause any of the bonds to be classified as arbitrage bonds within the meaning of Section 103 (c) ( 2 ) of the Internal Revenue Code of the United States and that throughout the term of said bonds it will comply with the requirements of said statute and regulations issued thereunder. Pursuant to said statute and regulations, it is hereby certified that the issuer reasonably expects that: (a) The issuer has or within six months from the date hereof will have incurred substantial binding obligations to commence or acquire the project and each project included herein to be financed hereby. (b) The original proceeds of the bonds issued hereunder will not exceed the costs of said projects by more than five percent. (c) At least 85% of the spendable proceeds of the bonds, including investment proceeds, will be expended to pay the cost of the projects within three years following the date of the bonds. (d) Work on the projects has been or will be commenced shortly and is expected to proceed with due diligence to completion. (e) The projects have not been and are not expected to be sold or otherwise disposed of in whole or in part prior to the maturity of the bonds. - 9 - AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA (f) Accrued interest received upon the sale of the bonds will be applied to the first interest due thereon. (g) Any temporary notes issued in anticipation of the bonds will be retired coincidently with the date of issue of the bonds and at all events within three months thereof. To the best knowledge and belief of the issuer, there are no facts or circumstances that would materially change the foregoing statements or the conclusion that it is not expected that the proceeds of the bonds will be used in a manner that would cause the bonds to be arbitrage bonds. The Treasurer is hereby directed to deliver a certificate at issuance of the bonds to certify as to the reasonable expectation of the issuer at that date. Section 12. If any section, paragraph, clause or provi- sion of this Resolution be held invalid, such invalidity shall not affect any of the remaining provisions hereof, and this Resolution shall become effective immediately upon its passage and approval . Section 13. That all ordinances and resolutions and parts of ordinances and resolutions in conflict herewith are hereby repealed. PASSED AND APPROVED this 20th day of July 1981. Mayor Leo P. Rooff6 IF ATTEST: y TY ". rYri Deputy le Michelle Temeyer - 10 - AHLERS. COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA • CIG-l0 1-79 I, Larry P. Burger , being first duly sworn, do hereby depose and ,certify that I am the duly appointed, qualified and acting Clerk of the City of Waterloo Iowa, and that as such Clerk I have in my possession or have access to the complete corporate records of said City and of its Council and officials, and that I have carefully compared the transcript hereto attached with the aforesaid corporate records and that said transcript hereto attached is a true and complete copy of all the corporate records in relation to the authorization, issuance and disposition of $4 , 3600.00 General Obligation Bonds of said City dated August 1 , 1981 , and that said transcript hereto attached contains a true and complete statement of all the measures adopted and proceedings, acts and things had, done and performed up to the present time, in relation to the authorization, issuance and disposition of said bonds, and that said Council consists of a Mayor and seven Council Members, and that said offices were duly and lawfully filled by the individuals listed in the attached transcript as of the dates and times referred to therein. I further certify that said City is and throughout the period of said proceedings has been governed under the form of municipal government authorized by Chapter 372, City Code of Iowa, under the provisions of its charter as recorded with the Secretary of State. • I further certify that all meetings of the City Council of said City at which action was taken in connection with said bonds were open to the public at all times in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and was duly given at least twenty-four hours prior to the commencement of the meeting by notification of the communications media having requested such notice and posted on a bulletin board or other prominent place designated for the purpose and easily accessible to the public at the principal office of the • (Continued Over) AHLERS, COONEY. DORWEILER. HAYNIE&SMITH, LAWYERS. DES MOINES. IOWA