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HomeMy WebLinkAbout1981-111-03.16.1988 RESOLUTION NO. 1981-111 RESOLUTION fixing a date for hearing on proposed Industrial Revenue Bonds, Series 1981 (Crystal Ice and Cold Storage, 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 , 1979, 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 any agricultural or manufactured products and of a commercial enterprise engaged in storing, warehousing and distributing products of agriculture, mining or industry; and WHEREAS, under the Act, the City is authorized to issue its revenue bonds for the purpose of financing the costs of any such project; and WHEREAS, so as to accomplish the purposes of the Act, the City pro- poses to issue one or more issues of Industrial Revenue Bonds pursuant to the provisions of the Act as then in effect to finance the costs of acquiring, improving and equipping certain real estate, buildings and fixtures for use as a cold storage warehouse and ice manufacturing facilities (hereinafter referred to collectively as the "Project" of Crystal Ice and Cold Storage, Inc. , (the "Corporation") , an Iowa corporation, located in the City; and WHEREAS, the location of the Project within the City will improve the general health and welfare of the inhabitants of the City; and WHEREAS, it is deemed necessary and advisable for the promotion of the general health and 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; and WHEREAS, the aggregate cost of the Project,has been estimated not to exceed $875,000, and it is proposed to pay the cost of the Project, to that amount, through the issuance of the Industrial Revenue Bonds, Series 1981 (Crystal Ice and Cold Storage, 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 20th day of April , 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 $875,000, 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 Waterloo Daily Courier, a legal newspaper published and having a general circulation within said City, in substantially the following form: NOTICE OF INTENTION TO ISSUE INDUSTRIAL REVENUE BONDS -2- The City Council of the City of Waterloo, in Black Hawk County, Iowa , will meet on the 20th day of April , 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 (Crystal Ice and Cold Storage, Inc. Project) of said City, in principal amount not exceeding $875,000, to acquire, improve and equip all or any part of, or any interest in, land, buildings or improvements suitable for the use of any industry for the manufacturing, processing or assembling of any agri- cultural or manufactured products in the amount of $175 ,000 for ice manufactur- ing facilities at 105 East 10th St. , Waterloo, Iowa, and of a commercial enterprise engaged in storing, warehousing and distributing of agriculture, mining or industry in the amount of $700,000 for a cold storage warehouse at 90 Sycamore St. , Waterloo, Iowa. 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 March 16 , 1981 . C'ty C1erK, Larry P. Ktrger Section 3. That the City hereby recognizes that actions taken and -3- 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 March 16 , 1981 . Mayor; o P. Rooff Attest: Ci 1 1 erk , Lariy P. Burger Recorded , 1981 . City, erk -4- I, Larry P. 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 March 16, 1981 , to fix a date for a public hearing on the proposal to issue not to exceed $875,000 Industrial Revenue Bonds , Series 1981 (Crystal Ice and Cold Storage, Inc. Project) of said City. WITNESS my official signature and the seal of said City at Waterloo, Iowa, this ,5 ` day of 7//26t. - 1981 . ,j_— .,) Ciy er (SEAL) ',, STATE OF IOWA ) ) ss. COUNTY OF BLACK HAWK ) Subscribed and sworn to before me this day, the date last above written. C,-),,,,-Q ik. ‘- .)..„ ..„...;,,,....,.____, Notary Public in and for the Stateof Iowa My commission expires: C'1 3.3 (Notarial Seal ) r l