HomeMy WebLinkAbout26758 RESOLUTION NO. 26758
RESOLUTION RELATING TO THE PUBLIC HEARING AND APPROV-
ING PROCEEDING WITH THE ISSUANCE AND SALE OF NOT TO
EXCEED $10, 000, 000 AGGREGATE PRINCIPAL AMOUNT OF
INDUSTRIAL DEVELOPMENT REVENUE BONDS (MIDTOWN
DEVELOPMENT, LTD. PROJECT) OF THE CITY OF WATER.LOO,
IOWA.
WHEREAS, the City of Waterloo, a political subdivision of
the State of Iowa (the "City" ) , is authorized by Chapter 410 of
the Iowa Code, as amended (the "Act" ) , to issue revenue bonds
for the purpose of defraying the cost of acquiring, con-
structing, improving and equipping land , buildings and improve-
ments suitable for use as a commercial enterprise , consistent
with the City' s Urban Renewal Plan, consisting of commercial ,
retail and office facilities , and to loan the proceeds from the
sale of such revenue bonds, pursuant to a loan agreement, to
Midtown Development, Ltd . , an Iowa corporation (hereinafter
referred to as the "Company" ) , to be used for the aforesaid
purposes ; and
WHEREAS, the City has determined said. Project is located
within the area of and is consistent with and authorized by the
City' s Urban Renewal. Plan and there is a public need in the
City and its surrounding environs for implementation of said
Urban Renewal Plan, which will promote urban renewal , rehabili-
tation and redevelopment of the City, will eliminate blighted
areas within the City and provide employment opportunities for
residents of the City and the surrounding area; and
-4-
WHEREAS, a notice of hearing on the proposal to issue not
to exceed $10, 000, 000 aggregate principal amount of Industrial
Development Revenue Bonds (Midtown Development, Ltd . Project) ,
of the City of Waterloo, Iowa, has been published as required
by law; and
WHEREAS, a public hearing has been held at the time and
place as specified in said notice of hearing and any and all
objections or other comments relating to such Bonds have been
heard and it is deemed to be in the best interests of the City
of Waterloo, Iowa, that said Bonds be issued as proposed; and
NOW, THEREFORE, Be It Resolved by the City Council of the
City of Waterloo, Iowa , as follows :
Section 1. That is is hereby determined that it is neces-
sary and advisable that the City proceed with the issuance of
its Industrial Development Revenue Bonds (Midtown Development,
Ltd . Project) (hereinafter referred to as the "Ponds" ) , in an
amount not to exceed $10, 000, 000, as authorized and permitted
by the Act, and to loan the proceeds of the sale of the Bonds
to the Company, all upon terms and conditions mutually
satisfactory to the City and the Company.
Section 2 . That at the public hearing conducted by this
Council , pursuant to published notice, all persons who appeared
were given an opportunity to express their views for or as ainst
the proposal to issue said Bonds and it is hereby determined
that any and all objections to the issuance of the said Bonds,
are hereby overruled .
-5-
Section 3 . That this Council shall proceed with the
necessary proceedings relating to the issuance of said Ponds
upon reasonable advance notice from the Company that
satisfactory financing terms have been agreed upon with the
proposed purchasers and the required documentation has been
prepared by Bond Counsel , and approved by all other parties ,
including the City Attorney of said City.
Section 4 . That said Bonds, if issued, and the interest
thereon, will be payable solely out of the revenues derived
from the financing of said Project and shall never constitute
an indebtedness of the City of Waterloo, Iowa , within the
meaning of any state constitutional provision, or statutory
limitation, and shall not constitute nor give rise to a
pecuniary liability of said City of Waterloo, Iowa , or a charge
against its general credit or taxing powers .
Section 6 . All Resolutions and Orders or parts thereof, in
conflict herewith are, to the extent of such conflict, hereby
repealed and this Resolution shall be in full force and effect
immediately upon its adoption.
Adopted and approved, January 21 , 1990.
City of Waterloo, Iowa
(SEAL)
Leo P. Rooff, Mayo
Attest :
Torn Cam nel l , c ti_nq City Clerk
-6-