HomeMy WebLinkAbout2023-168-03.20.2023- Pre-Levy Proceedings 2023A GO BONDS (02163658x7F7E1)ITEMS TO INCLUDE ON AGENDA
CITY OF WATERLOO, IOWA
General Obligation Bonds, Series 2023A
• Resolution authorizing the issuance and levying a tax for the payment thereof
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
March 20, 2023
The City Council of the City of Waterloo, State of Iowa, met in regular session, in the
Council Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 5:30 P.M., on the above
date. There were present Mayor Quentin Hart, in the chair, and the following named Council
Members:
Boesen, Nichols, Creighton -Smith, Chiles, Wilder and Feuss
Absent: Grieder
Vacant: None
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Council Member Nichols introduced the following Resolution entitled "RESOLUTION
AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2023A,
AND LEVYING A TAX FOR THE PAYMENT THEREOF", and moved that the same be
adopted. Council Member Wilder seconded the motion to adopt. The roll was called and the
vote was,
AYES: Boesen, Nichols, Creighton -Smith, Chiles,Wilder and
Feuss
NAYS: None
Whereupon, the Mayor declared the Resolution duly adopted as follows:
RESOLUTION NO. 2023-168
RESOLUTION AUTHORIZING THE ISSUANCE OF
GENERAL OBLIGATION BONDS, SERIES 2023A, AND
LEVYING A TAX FOR THE PAYMENT THEREOF
WHEREAS, the City of Waterloo, State of Iowa ("Issuer"), is a municipal corporation,
organized and existing under the Constitution and laws of the State of Iowa, and is not affected
by any special legislation; and
WHEREAS, the Issuer is in need of funds to pay costs of the acquisition, improvement
and installation of traffic control devices, signage equipment and software, fixtures, equipment
and improvements, including but not limited to traffic signal, pavement markings, traffic safety,
fiber optics installation, street light fixtures, connections and facilities, and cameras; the
acquisition of vehicles and equipment for the Police and Fire Departments; the acquisition of
vehicles and equipment for the street, public works and sign and traffic departments; the
rehabilitation and improvement of City parks and the acquisition, repair and replacement of
facilities, equipment and improvements commonly found in City parks; the removal,
replacement and planting of trees in parks, streetscapes, and public grounds; the construction,
reconstruction and repairing of street, sidewalk, skywalk, trail, alley, public ground, marketplace,
bridges, pedestrian underpasses and overpasses, and intersection improvements; the acquisition,
construction and improvement of real and personal property useful for the protection of property
from floods or high waters, including flood control, levees, embankments, waterway, storm
water and drainage improvements; the removal or replacement of dead or diseased trees; the
acquisition and demolition of dangerous or dilapidated buildings, structures or properties, or
funding housing assistance; acquiring, developing and improving of a geographic computer data
base system suitable for automated mapping and facilities management; the reconstruction and
improvement of the city airport; acquisition of communication equipment and other emergency
services communication equipment and systems; the acquisition and installation of security
equipment for city buildings and facilities; the acquisition and installation of information
technology and data management systems, including network, connectivity, software, computer
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systems and server equipment; the construction, reconstruction, improvement, renovation, and
equipping of downtown parking ramps and garages; the reconstruction, improvement, renovation
and equipping of the library; the acquisition of vehicles for various city departments; the
renovation, construction, improvement and equipping of Young Arena, the golf course, and the
Cedar Valley Sportsplex; and the construction, reconstruction, improvement, renovation, and
equipping of City Hall and other City facilities and buildings (the "Project"), and it is deemed
necessary and advisable that General Obligation Bonds, Series 2023A, in the aggregate amount
of not to exceed $6,800,000 be issued; and
WHEREAS, the City Council has taken such acts as are necessary to authorize issuance
of the Bonds.
NOW, THEREFORE, IT IS RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, STATE OF IOWA:
Section 1. Authorization of the Issuance. General Obligation Bonds, Series 2023A, shall
be issued pursuant to the provisions of Iowa Code Sections 384.25, 384.26 and 384.28 for the
purposes covered by the hearing.
Section 2. Levy of Annual Tax. For the purpose of providing funds to pay the principal
and interest as required under Chapter 76.2, there is levied for each future year the following
direct annual tax upon all the taxable property in the City of Waterloo, State of Iowa, to wit:
FISCAL YEAR (JULY 1 TO JUNE 30)
AMOUNT YEAR OF COLLECTION
$600,000.00 2023/2024
$574,050.00 2024/2025
$571,850.00 2025/2026
$574,250.00 2026/2027
$571,050.00 2027/2028
$572,450.00 2028/2029
$573,250.00 2029/2030
$569,750.00 2030/2031
$570,500.00 2031/2032
$570,250.00 2032/2033
$574,000.00 2033/2034
$571,500.00 2034/2035
$573,000.00 2035/2036
$573,250.00 2036/2037
$572,250.00 2037/2038
Principal and interest coming due at any time when the proceeds of the tax on hand are
insufficient to pay the amount due shall be promptly paid when due from current funds available
for that purpose and reimbursement must be made.
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Section 3. Amendment of Levy of Annual Tax. Based upon the terms of the future sale
of the Bonds to be issued, this Council will file an amendment to this Resolution ("Amended
Resolution") with the County Auditor.
Section 4. Filing. A certified copy of this Resolution shall be filed with the County
Auditor of County of Black Hawk, State of Iowa, who shall, pursuant to Iowa Code Section 76.2,
levy, assess and collect the tax in the same manner as other taxes and, when collected, these
taxes shall be used only for the purpose of paying principal and interest on the Bonds.
PASSED AND APPROVED this 20th day of March, 2023.
ATTEST:
Kelley Felchle
Kelley Felchle, City Clerk
Ray Feuss, Mayor Pro Tem
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CERTIFICATE
STATE OF IOWA
) SS
COUNTY OF BLACK HAWK
I, the undersigned City Clerk of the City of Waterloo, State of Iowa, do hereby certify
that attached is a true and complete copy of the portion of the records of the City showing
proceedings of the Council, and the same is a true and complete copy of the action taken by the
Council with respect to the matter at the meeting held on the date indicated in the attachment,
which proceedings remain in full force and effect, and have not been amended or rescinded in
any way; that meeting and all action thereat was duly and publicly held in accordance with a
notice of meeting and tentative agenda, a copy of which was timely served on each member of
the Council and posted on a bulletin board or other prominent place easily accessible to the
public and clearly designated for that purpose at the principal office of the Council pursuant to
the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable
advance notice to the public and media at least twenty-four hours prior to the commencement of
the meeting as required by law and with members of the public present in attendance; I further
certify that the individuals named therein were on the date thereof duly and lawfully possessed of
their respective City offices as indicated therein, that no Council vacancy existed except as may
be stated in the proceedings, and that no controversy or litigation is pending, prayed or
threatened involving the incorporation, organization, existence or boundaries of the City or the
right of the individuals named therein as officers to their respective positions.
2023.
SEAL
WITNESS my hand and the seal of the Council hereto affixed this 20th day of March,
WA
IIIVA.VoWe'Vea
0
Kelley Felchle
Kelley Felchle, City Clerk, City o aterloo,
State of Iowa
COUNTY AUDITOR'S CERTIFICATE
I, 6/.sct.n.1`1/e.edtOed' , County Auditor of Black Hawk County, State of Iowa,
hereby certify that on the Z day of Arrt ( , 2023 there was filed in my
office the Resolution of the City Council of the City of Waterloo, State of Iowa, adopted on the
20th day of March, 2023, such Resolution levying a tax for the purpose of paying principal and
interest on General Obligation Bonds, Series 2023A, and authorizing the issuance of the Bonds.
(COUNTY SEAL) County Auditor of Black Hawk County, State
of Iowa
02163658-1\11310-158