HomeMy WebLinkAbout1981-050-02.09.1981 RESOLUTION NO. 1981-50 determining to
proceed with the issuance of not to exceed
$1, 000, 000 Industrial Development Revenue
Bonds (W. W. Grainger, Inc. Project) Series
1981, of the City of Waterloo, Iowa, to
finance certain facilities for use by W.
W. Grainger, Inc.
and moved its adoption; seconded' by Councilman Wilharm
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 Councilmen voted:
Aye: Wilharn.Roehr,Getty,Dowie,
Penaluna,Bowers ,Burton
Nay :
Whereupon the Mayor declared said Resolution duly
adopted and signed his approval thereto.
*
Upon motion and vote the meeting adjourned.
Mayor
Attest: Leo P . Rooff
/K2
ity Clerk
Larry P . rger
-2-
RESOLUTION NO.
determining to
o exceed
proceed with the issuance velopmenttRevenue
P Industrial project) Series
$1,000,000odGrainger, Inc. to
Bonds (W• W. Iowa,
1981, of the City of Waterloo, Iowa,
by W.
finance certain cfacilities for
W. Grainger,
the City of Waterloo, in Tilack Hawk
County ,
WHEREAS, the
�419 of the
of Iowa (the "City" ) is authorized by
State "Act" ) to issue revenue
Code of Iowa, 1979, as amended (the bonds and lend the proceeds
to one' or more contracting parties
used to pay the cost of
ant to a financing agreement to be
Pursu which facilities shall be
land,
buildings or improvements , orate limits
e than eight miles outside the cor
within or not mor of any industry, for the manu-
of the City , suitable for the use
or assembling of any agricultural or
facturing, processing manufactured products, enterprise
or the use of any commercial
� products of
in storing, warehousing or distributing P
engaged agreement
fining or industry, and which financing g
agriculture , m Y b the contracting
rovide for the repayment of such loan
shall 1 p
party ; and Inc. , an Illinois corporation
WHEREAS, W. M. Grainger, certain
proposes to acquire, improve and equip
(the "Company" ) , (the '+Project" )
dings and related improvements and equipment
bull to be located
constituting an industrial distribution center
consti and used by the Company
wi
thin the corporate limits of the City roducts ; and
e and shipping of certain of its p
for the storag finance the cost of the
WHEREAS, it is proposed toRevenue.
Protect through
the issuance of Industrial Development
' Bonds (W. W. Grainger, Inc. Project) Series 1981 of the City
in an aggregate principal amount not to exceed $1,000,000 (the
"Series 1981 Bonds" ) and the loan of the proceeds thereof to the
Company; and
WHEREAS, notice of intention to issue the Series 1981
Bonds has been published and this Council has conducted a public
hearing pursuant to such published notice, all as required by
the Act.
NOW, THEREFORE, Be It Resolved by the City Council of
the City of Waterloo, Iowa, as follows:
Section 1 . That it is herewith found, determined and
declared to be necessary and advisable to proceed with the
financing of the Project by the issuance of the Series 1981
Bonds in an aggregate principal amount not to exceed t1,000,000.
Section 2. That any authorization of the issuance and
sale of the Series 1981 Bonds shall be by further resolution of
this City Council.
Section 3. That this resolution shall become effective
immediately upon adoption.
Adopted February 9, 1981.
Mayor
Leo P . Rooff
Attest:
ll
City Clerk
Larry P. urger
-2-
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, State of Iowa, and 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 Resolution No. 1981-50 entitled:
RESOLUTION NO. 1981-50 determining to
proceed with the issuance of not to exceed
$1, 000,000 Industrial Development Revenue
Bonds (W. W. Grainger, Inc. Project) Series
1981, of the City of Waterloo, Iowa, to
finance certain facilities for use by W.
W. Grainger, Inc.
WITNESS my hand and the corporate seal of said City
hereto affixed at Waterloo, Iowa, this 11 day of February,
1981.
Clerk
rry P. rger
(SEAL)