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HomeMy WebLinkAbout26950 RESOLUTION NO. a 6, 9 S 00 A RESOLUTION REGARDING THE ISSUANCE OF NO] TO EXCEED $600,000 IN AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE BONDS (WARREN TRANSPORT, INC. PROJECT) SERIES 1980 OF THE CITY OF WATERLOO, IOWA, DIRECTING PUBLICATION OF NOT- ICE OF INTENTION TO ISSUE, AND CALLING A PUBLIC HEARING ON THE PROP OSAL TO ISSUE SAID BONDS AND AUTHORIZING EXECUTION OF ,A MEMORANDUM OF AGREEMENT. WHEREAS, the City of Waterloo, Iowa, (hereinafter referred to as the "City") is a municipal corporation organized and existing under the laws and the constitution of the State of Iowa, and is authorized and empowered by Chapter 419 of the Code of Iowa (hereinafter referred to as the "Act ") , to issue the sale of said Bonds to one or more parties to be used to defray all or a portion of the cost of acquiring, con- structing, improving and equipping a "Project" as that term is defined in the Act , for the purpose of securing and developing industry and trade within or near the City in order to create jobs and employment opportunities and to improve the exonomic welfare of the residents of the residents of the City and of the State of Iowa; and WHEREAS, the City has been requested by Warren Transport, Inc. , a Nebraska corporation (hereinafter referred to as the "Company") , to authorize and issue its Industrial Development Revenue Bonds pursuant to the provisions of the Act for the purpose of defraying all or a port- ion of the cost of acquisition of land and construction, improving and equipping thereon of facilities for storing, warehousing and distributing industrial products (hereinafter referred to as the "Project ") , which Project will be owned and operated by Company; and WHEREAS, said Project will create additional employment opportunit- ies for residents of the City and the surrounding area; will enhance the tax base of the City and overlapping taxing jurisdictions and will pro- vide and induce other public benefits which will add to the welfare and prosperity of the City and its inhabitants; and WHEREAS, the City has determined that the amount necessary to de- fray all or a portion of the cost of acquistion, construction, improv- ing and equipping the Project , including necessary expenses incidental thereto, will require the issuance by the City of not to exceed $600, 000 aggregate principal amount of its Industrial Development Revenue Bonds pursuant to the provisions of the Act and it is proposed that the City loan said amount to Company under a Loan Agreement between the City and Company pursuant to which loan payments will be made by the Company in amounts sufficient to pay the principal of and interest and premium, if any, on said Bonds, as and when the same shall be due; and WHEREAS, the Bonds, if issued, shall be limited obligations of the City, and shall not constitute nor give rise to a pecuniary the City or a charge against its general credit or taxingof po lers, aand ay th principal of and interest and premium, if any, on the Bonds hall be solely out of the revenues derived from the Project to be financed ~ by the Bonds; and WHEREAS, there has been presented to the Council a Memorandum of Agreement, attached hereto as Exhibit "A" which sets forth certain mutual undertakings and agreements between the City and Company, relating to the further processing and issuance of the City ' s ue Bonds (Warren Transport, Inc. Project) Series d1980, and ustrial ethe oCitytbelieves it desirable and in its best interest that said Memorandum of Agreement be executed for and on behalf of the City; 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 by Section 419.9 of the Act . NOW, THEREFORE, Be It and It Is Hereby Resolved by the City Council of the City of Waterloo, Iowa, as follows: Section 1 . A public hearing shall be conducted on May 19, 1980 , at 7:00 o'clock P.M. , before this City Council in the Council Chambers at the City Hall in the City of Waterloo, Iowa, on the proposal to issue not to exceed $600,000 aggregate principal amount of the Cit velopment Revenue Bonds (Warren Transport , Inc. Project) ySeries u1980,strial De- velopment to the provisions of the Act , for the or pur- suant of the cost of acquiring, constructing,o improvinngfandlequng ippll a equipping - 2 - the Project , including necessary expenses incidental thereto, and all local residents who appear at said hearing shall be given an opportunity to express their views for or against the proposal to issue such Bonds; and at said hearing, or any adjournment thereof , this City Council shall adopt a resolution determining whether or not to proceed with the issu- ance of said Bonds. Section 2. The City Clerk of the City is hereby directed to publish one time, not less than fifteen (15) days prior to the date fixed for said hearing, in the Waterloo Courier, a legal newspaper published and having a general circulation within the City, a Notice of Intention to issue said Bonds in substantially the following form: NOTICE OF PUBLIC HEARING ON INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS (WARREN TRANSPORT, INC. PROJECT) Notice is hereby given that a public hearing will be conducted before the Council of the City of Waterloo, Iowa, in the Council Chambers at the City Hall in said City at 7:00 o' clock F.M. , on May 19, 1980, on the proposal to issue not to exceed $600,000 principal amount of the City ' s Industrial Development Revenue Bonds (Warren Transport, Inc. Project) Series 1980, pursuant to the provisions of Chapter 419 of the Code of Iowa, for the pur- pose of defraying all or a portion of the cost of acquiring land within the corporate boundaries of said City and constructing, improving, and equipping thereon facilities to be used for storing, warehousing and dis- tributing industrial products. The proposed facilities will be owned by Warren Transport , Inc. , a Nebraska corporation. It is contemplated that a Loan Agreement will be entered into between the City and Warren Trans- port, Inc. , under which the City would loan to said Company the proceeds from the sale of the Bonds in return for loan payments from the Company sufficient to pay the principal of and interest and premium, if any, on such Bonds as the same shall fall due. Such Bonds, if issued , and the interest thereon will be payable solely out of the revenues derived from the said Loan Agreement and shall never con- stitute an indebtedness of said City within the meaning of any state con- stitutional provision or statutory limitation, and shall not constitute nor give rise to a pecuniary liability of said City or a charge against its general credit or taxing powers. All local residents who appear at said hearing shall be given an opportun- ity to express their views for or against the proposal to issue said Bonds, and at said hearing, or any adjournment thereof , the Council of said City shall adopt a resolution determining whether or not to proceed with the issuance of said Bonds. By order of the City Council . /111119 Larry . Bu •rr, Clerk o t City of Waterlo. Iowa Section 3. That in order to assure the acquisition, construction, im- provement and equipping of these facilities in the City of Waterloo, Iowa, with the resulting public benefits which will flow from the operation there- of, it is deemed necessary and advisable that the Memorandum of Agreement , in the form attached hereto as Exhibit "A" , be approved and that the Mayor of the City be and hereby is authorized and directed to execute said Mem- orandum of Agreement and the City Clerk of the City be and hereby is auth- orized to attest the same and affix the seal of the City thereto and said Memorandum of Agreement is hereby made a part of this resolution. Section 4. In order that the Project will not be unduly delayed, Com- pany is hereby authorized to make such commitments, expenditures and ad- vances toward payment of the costs of the Project as it considers approp- riate, subject to reimbursement from the proceeds of the Bonds when and if delivered, but otherwise without liability on the part of the City. Section 5. That officials of the City are hereby authorized to take such further action as may be necessary to carry out the intent and pur- pose of the Memorandum of Agreement . - 3 - 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 adopt- ion. Adopted and approved April 28, 1980. City of Waterloo, Iowa Leo P. Rooff, Mayor ATTEST: Larry P Bur ,r, City C k.