HomeMy WebLinkAbout27059 RESOLUTION NO. 2 7 a 5 9
A RESOLUTION AUTHORIZING THE SALE OF TAX INCREMENT BONDS OR GENERAL OBLIGATION
BONDS AND AUTHORIZING THE TRANSFER OF FUNDS FOR USE IN THE CITY'S URBAN
DEVELOPMENT ACTION GRANT SYCAMORE 500 PROJECT
WHEREAS, the City of Waterloo approved the submission of an
application to the Department of Housing and Urban Development for Urban
Development Action Grant Federal assistance in the Sycamore 500 Project;
and
WHEREAS, the City of Waterloo, as part of said application, agreed
to provide funds for said project; and
WHEREAS, the City of Waterloo must sell Tax Increment Bonds or
General Obligation Bonds in the amount of $1,675,000 to provide these funds;
and
WHEREAS, the City of Waterloo must also transfer uncompleted urban
renewal site improvement funds in the amount of $237,800 to the project.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, IOWA, THAT:
1. The City is authorized to sell $1,675,000 in Tax Increment Bonds
or General Obligation Bonds subject to approval of the Sycamore
500 Urban Development Action Grant application by the Department
of Housing and Urban Development. Sale of the Bonds will be
within six months from the date of approval of the application.
2. The City is also authorized to transfer $237,800 from uncompleted
urban renewal site improvements subject to approval of the Sycamore
500 Urban Development Action Grant application by the Department
of Housing and Urban Development.
Passed and adopted this .23 day of June 1980.
CLiTh..22 --(Ple4004(
Leo P. Rooff, Mayor
ATTEST:
Larry P. Burger, City Clerk