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HomeMy WebLinkAbout1981-353-07.06.1981 1981-35 3 RESOLUTION Resolution authorizing the issuance and sale of Industrial Development Revenue Bonds, Series 1981 (Dynamic Tool Company Project) , in the principal amount of $200, 000, the execution and delivery of a Lender Loan Agreement with The National Bank of Waterloo, and the execution and delivery of a Loan Agreement-with Industrial Investors Partnership. 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 for a wholesale distribution facility which the City Council finds is consistent with the revitalization plan for an area of the City designated a revitalization area pursuant to the provisions of House File 81, Acts of the 68th General Assembly, State of Iowa; and WHEREAS, the Issuer• has made the necessary arrangements with Industrial Investors Partnership (the "Company" ) , an Iowa partnership, for its acquisition by construction or purchase of building and improvements suitable for expansion of its existing wholesale distribution facility, located within 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 (Dynamic Tool Company Project) of the Issuer in the principal amount of $200, 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 July 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 WHEREAS, the Bonds will be sold pursuant to and will be secured as provided by a Lender Loan Agreement to be dated as of July 1, 1981 (the "Lender Loan Agreement" ) by and between the Issuer and The National Bank of Waterloo (the "Lender" ) . -3- BELIN, HARRIS, HELMICK & HEARTNEY, LAWYERS, DES MOINES, IOWA 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 Bond, Series 1981 (Dynamic Tool Company Project) of the Issuer in the principal amount of $200, 000 (the "Bond" ) be and the same is hereby authorized and ordered to be issued by the Issuer in substantially the form set forth in Exhibit A to the Lender Loan Agreement attached hereto as Exhibit A (the "Lender Loan Agreement" ) and containing substantially the terms and provisions set forth therein, and the Mayor and Deputy- City Clerk are hereby -authorized and directed to execute and. deliver the Bond. Section 2. The Issuer shall loan to the Company the proceeds of the Bond 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 Deputy City Clerk are hereby authorized and directed to execute and deliver the Loan Agreement. Section 3. The sale of the Bond to the Lender pursuant to the Lender Loan Agreement in substantially the form attached hereto as the aforesaid Exhibit A and containing substantially the same terms and provisions set forth therein is hereby authorized, approved and confirmed, and the Mayor and the Deputy City Clerk are hereby authorized and directed to execute and deliver the Lender Loan Agreement. Section 4. The Mayor and the Deputy 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 Bond and the execution and delivery of the Loan Agreement and the Resolution 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 anv 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- BELIN, HARRIS, HELMICK & HEARTNEY, LAWYERS, DES MOINES, IOWA Passed and approved this 6 day of July , 1981. (e0 —47-15.7#14i1 Mayor, Leo P. Roo AAtJtest:�f 1 _ Deput City Clerk , Michellemeyer (Seal) -5- BELIN, HARRIS, HELMICK & HEARTNEY, LAWYERS, DES MOINES, IOWA 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 Deputy 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 have compared the transcript hereto attached with the laforesaid ecorporate 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 (Dynamic Tool Company Project) in the principal amount of $200, 000. WITNESS my hand and the corporate seal of said City hereto affixed this 9 day of July , 1981 . ‘V7c uc De P City Clerk, Michelle T meyer (Seal) • -6- BELIN, HARRIS, HELMICK & HEARTNEY, LAWYERS, DES MOINES, IOWA v,. .. ... ._. Authorization and Issuance Proceedings Waterloo, Iowa July 7 , 1981 The City Council of Waterloo, Iowa, met in regular session on the h day of July , 1981, at 7: 00 o'clock p . .m. , at the Castle School Elem. Schoolin 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: Getty, Wilharm, Roehr, Dowie, Bowers and Burton. Absent: Penaluna The Council investigated and found that notice of intention to issue Industrial Development Revenue Bonds, Series 1981 (Dynamic Tool Company Project) in the principal amount of $200, 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 Roehr introduced a Resolution entitled: "Resolution authorizing the issuance and sale of Industrial Development Revenue Bonds, Series 1981 (Dynamic Tool Company Project) , in the principal amount of $200, 000, the execution and delivery of a Lender Loan Agreement with The National Bank of Waterloo, and the execution and delivery of a Loan Agreement with Industrial Investors Partnership" and moved its adoption, seconded by Council Member Dowie • ` 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, WilhaLiil. Roehr , Dowie . Bowers and Burton. Nays : None Whereupon the Mayor declared said Resolution duly adopted and approval was signed thereto. -1- BELIN, HARRIS, HELMICK & HEARTNEY, LAWYERS, DES MOINES, IOWA