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HomeMy WebLinkAbout1981-031-01.19.1981 Waterloo, Iowa January 19, 1981 The City Council of the City of Waterloo, Iowa, met in regular session at 7 : 00 o' clock P.M. , at the Council Chambers of the City Hall in said City. The meeting was called to order and Pro Tem there were present Jack Roehr Mayor, in the chair, and the following named Councilmen: Bowers, Burton, Dowie, Getty, Penalunaa Roehr, Wilharm Absent : NONE The City Council discussed matters relating to the financing of certain facilities to be constructed in the City for use by W. W. Grainger, Inc. Councilman Dowie introduced and caused to be read Resolution No. 1981_31 entitled : "RESOLUTION NO. 1981_31 fixing a date for public hearing on proposed Industrial Devel- opment Revenue Bonds (W. W. Grainger, Inc. Project ) Series 1981" and moved its adoption, seconded by Councilman Bowers • 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: Bowers, Burton, Dowie, Getty, Penaluna Roehr, Wii l narmV Nay : NONE Whereupon the Mayor declared said Resolution duly adopted and signed his approval thereto. Upon motion and vote the meeting adjourned. May Pro Tem Attest : ty C er -2- RESOLUTION NO. 1981-31 fixing a date for public hearing on proposed Industrial Devel- opment Revenue Bonds (W. W. Grainger, Inc. Project ) Series 1981 WHEREAS, the City of Waterloo, in Black Hawk County, State of Iowa (the "City" ) is authorized by Chapter 4419 of the Code of Iowa, 1979, as amended (the "Act" ) to issue revenue bonds and lend the proceeds to one or more contracting parties pursuant to a financing agreement to be used to pay the cost of any land, buildings or improvements , which facilities shall be within or not more than eight miles outside the corporate limits of the City, suitable for the use of any industry for the manufacturing, processing or assembling of any agricultural or manufactured products , or of any commercial enterprise engaged in storing, warehousing or distributing products of agriculture, mining or industry, and which financing agreement shall provide for the repayment of such loan by the contracting party; and WHEREAS, W. W. Grainger, Inc. , an Illinois corporation (the "Company" ) , proposes to acquire, improve and equip certain buildings and related improvements and equipment (the "Project" ) constituting an industrial distribution center to be located within the City and used by the Company for the storage and shipping of certain of its products ; and WHEREAS, the City proposes to issue its Industrial Development Revenue Bonds (W. W. Grainger, Inc. Project ) Series 1981 in an aggregate principal amount not exceeding $1, 000, 000 (the "Series 1981 Bonds" ) to obtain funds to lend to the Company pursuant to a Financing Agreement between the City and the Company (the "Financing Agreement" ) for the purpose of financing the cost to the Company of acquiring, improving and equipping the Project ; and WHEREAS, the Company is the contracting party to the Financing Agreement within the meaning of the Act, and the Financing Agreement will provide for the repayment by the Company of the loan of the proceeds of the Series 1981 Bonds ; 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 equinped, 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 to finance the cost of the Project ; and WHEREAS, it is proposed to finance the cost of the Project through the issuance of the Series 1981 Bonds in an amount not exceeding $1, 000, 000, 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 of the City Hall in said City on February 9, 1981, at 7 : 00 o ' clock P.M. , at which time and place a public hearing -2- shall be held on the proposal to issue Industrial Development Revenue Bonds (W. W. Grainger, Inc. Project) Series 1981, in an aggregate principal amount not exceeding $1, 000,000 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. That the City Clerk is hereby directed to give notice of intention to issue the Series 1981 Bonds by publi- cation of notice at least once not less than fifteen (15) days prior to the date fixed for the hearing in the "Waterloo Courier", a legal newspaper published in Waterloo, Black Hawk County, Iowa and having a general circulation within said City in substantially the following form: NOTICE OF INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS (W. W. GRAINGER, INC. PROJECT) SERIES 1981 The City Council of the City of Waterloo, in Black Hawk County, Iowa, will meet on February 9, 1981, at the Council Chambers of the City Hall in Waterloo, Iowa, at 7 : 00 o 'clock P.M. , for the purpose of conducting a public hearing on the proposal to issue Industrial Development Revenue Bonds (W. W. Grainger, Inc. Project ) Series 1981, of said City, in an ag- gregate principal amount not exceeding $1,000,000, for the purpose of lending the proceeds thereof to W. W. Grainger, Inc. to finance the cost, to that amount, of certain buildings and -3- related improvements and equipment constituting an industrial distribution center to be located on the northeast corner of Airport Boulevard and West Airline Highway (Route 57) and used by the Company for the storage and shipping of certain of its products . 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 the City from payments to be made by said Company under a Financing Agreement between said City and said Company. 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, Janu19, 1981. City Cle Section 3. 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 January 19, 1981. 11111,, Jac!' 'oehr, "lay ro Tem Attest: City Cier —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 January 19, 1981, to fix a date for a public hearing on the proposal to issue Industrial Development Revenue Bonds (W. W. Grainger, Inc. Project ) Series 1981, of said City, in an aggregate principal amount not exceeding $1 ,000 ,000 . WITNESS my official signature and the seal of said City at Waterloo, Iowa, this 21st day of January , 1981. \ ;47f City rk (SEAL) STATE OF IOWA ) ) SS COUNTY OF BLACK HAWK ) Subscribed and sworn to before me this day, the date last above written. 4z� 7O, Not y Public My commission expires : �QI (Notarial Seal) I