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HomeMy WebLinkAbout26855 RESOLUTION 9-6g 55 Resolution fixing a date for hearing on proposed Industrial Development Revenue Bonds, Series 1980 (Hellman Design Associates Project) WHEREAS, the City of Waterloo, in the County of Black Hawk, State of Iowa (the "Issuer" ) , is an incorporated municipality authorized and empowered by the provisions of Chapter 419 of the Code of Iowa, 1979, as amended (the "Act" ) to issue revenue bonds for the purpose of financing the cost of acquiring, by construction or purchase, land, buildings, improvements and equipment or any interest therein, suitable for the use of any industry or industries 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, or of a national , regional or divisional headquarters facility of a company that does multistate business; and WHEREAS, the Issuer has been requested by Hellman Design Associates, Inc. (the "Company" ) , an Iowa corporation, to issue its revenue bonds to finance the cost of the acquisition by purchase of land, buildings and construction of additional improvements and equipment suitable for use as a graphic design studio engaged in processing and distributing artistic products for industrial and commercial use (the "Project" ) located within the Issuer, which will promote the welfare of the Issuer and its citizens; and WHEREAS, it is proposed to finance the cost of the Project through the issuance of Industrial Development Revenue Bonds, Series 1980 (Hellman Design Associates Project) of the Issuer in an aggregate principal amount not to exceed $1,000, 000 (the "Bonds" ) and to loan said amount to the Company under a Loan Agreement between the Issuer and the Company the obligation of which will be sufficient to pay the principal of and redemption premium, if any, and interest on the Bonds as and when the same shall be due and payable; and WHEREAS, before the Bonds may be issued, it is necessary to conduct a public hearing on the proposal to issue the Bonds, all as required and provided for by Section 419. 9 of the Act; NOW, THEREFORE, BE IT RESOLVED by the City Council of the Issuer, as follows : Section 1. This Council shall meet at the Council Chambers City Hall in Waterloo, Iowa, on the 7th day of April , 1980, at Seven o' clock, p.m. , at which time an place a public hearing shall be held on the proposal to issue the Bonds referred to in the preamble hereof, 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 Bonds. -2- Section 2 . The Clerk is hereby directed to give notice of intention to issue the Bonds, setting forth the amount and purpose thereof, the time when and place where the hearing will be held, by publication at least once not less than fifteen (15 ) days prior to the date fixed for the hearing, in Waterloo Courier , a newspaper published and having a general circulation within the Issuer. The notice shall be in substantially the following form: -3- NOTICE OF INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS SERIES 1980 (Hellman Design Associates Project) The City Council of the City of Waterloo, Iowa, ( the "Issuer" ) will meet on the 7th day of April , 1980, at City Hall , in Waterloo, Iowa, at Seven o' clock, p .m. , for the purpose of conducting a public hearing on the proposal to issue Industrial Development Revenue Bonds, Series 1980 (Hellman Design Associates Project) of the Issuer, in an aggregate principal amount not to exceed $1, 000, 000 (the "Bonds" ) , and to loan said amount to Hellman Design Associates, Inc. (the "Company" ) , an Iowa corporation, for the purpose of defraying the cost, to that amount, of the acquisition by purchase of land, buildings and construction of additional improvements and equipment suitable for use as a graphic design studio engaged in processing and distributing artistic products for industrial and commercial use. The Bonds, when issued, will be limited obligations and will not constitute general obligations of the Issuer nor will they be payable in any manner by taxation, but the Bonds will be payable solely and only from amounts received by the Issuer under a Loan Agreement between the Issuer and the Company, the obligation of which will be sufficient to pay the principal of and interest and redemption premium, if any on the Bonds as and when the same shall become due . 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 the Bonds, and at the hearing or any adjournment thereof, the Issuer shall adopt a resolution determining whether or not to proceed with the issuance of the Bonds. By order of the City Council, this l0thday of March , 1980. City j e2.3-,• -4- BELIN, HARRIS. HELMICK & LOVRIEN. LAWYERS. DES MOINES. IOVVA Section 3. All resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved this 10th day of March 1980. Mayor Attest: Ci Cl (Seal) -5- BELIN, HARIatS. 4?Et..MICK & I..,OVRIEN. t.AWYFRS !D MOINES.