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HomeMy WebLinkAbout27278 RESOLUTION NO. 27278 RESOLUTION fixing a date for hearing on pro- posed Industrial Development Revenue Bonds, Series 1980 (Fahr Beverage, Inc. Project) * * * * * * * * WHEREAS, the City of Waterloo, a municipality and political subdivi- sion in the County of Black Hawk, State of Iowa (the "City") is authorized by Chapter 419 of the Code of Iowa, 1979, as amended (hereinafter sometimes referred to as the "Act") to issue revenue bonds and loan the proceeds to one or more contracting parties to be used to pay the cost of land, buildings and improvements suitable for the use of any commercial enterprise engaged in storing, warehousing and distributing products of industry; and WHEREAS, the City proposes to make the necessary arrangements with Klawitter Distributing Co. and Fahr Beverage, Inc. , (the "Corporations") , Iowa corporations , for the financing (as hereinafter described) of the land, building and improvements for distributing and warehousing of malt beverages located in the City (hereinafter sometimes referred to as the "Project") . WHEREAS, the location of this Project within the City will improve the general welfare of the inhabitants of the City, increase employment and add to the property tax base of the City; and WHEREAS, in order to expedite the anticipated public benefits and avoid delays which would otherwise occur pending the completion of the procedures necessary to be carried out by the City to make the required funds available, and to enable the Corporations to proceed with and complete the Project, it is considered necessary and desirable that the City provide satisfactory assurances that the proceeds of the sale of the proposed Industrial Develop- ment revenue bonds, when issued, will be made available to finance the Pro- ject; and -1- bvY 235 E9 .8 WHEREAS, it is deemed necessary and advisable for the promotion of the general welfare of the inhabitants of the City, that the Industrial Facilities be acquired, improved and equipped, as aforesaid, and that the City take such action as may be required under applicable statutory provisions to authorize and issue the Series 1980 Bonds, as hereinafter defined, to finance the cost of the Project as hereinafter described; and WHEREAS, Klawitter Distributing Co. is going to construct the Indus- trial Facilities for the purpose of conducting a like-kind exchange under Section 1031 with Fahr Beverage, Inc. of property owned by it, also located in the City; and WHEREAS, the aggregate cost of the Project has been estimated not to exceed $1 ,200,000, and it is proposed to pay the cost of the Project, to that amount through the issuance of the Industrial Development Revenue Bonds, Series 1980 (Fahr Beverage, Inc. Project) (the "Series 1980 Bonds") but it is first necessary to conduct a public hearing on the proposal to issue the Series 1980 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 in the City Hall in said City on the 2 7 to day of October , 1980, at 7 o'clock P.M. , at which time and place a public hearing shall be held on the proposal to issue the Series 1980 Bonds in an amount currently estimated not to exceed $1 ,200,000, 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 1980 Bonds. -2- ...Li 235 I3acE 919 Section 2. The City Clerk is hereby directed to give notice of intention to issue the Series 1980 Bonds by publication at least once not less than fifteen (15) days prior to the date fixed for the hearing in The Waterloo Daily Courier, a legal newspaper published and having a general circula- tion within said City, in substantially the following form: NOTICE OF INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS The City Council of the City of Waterloo, in Black Hawk County, Iowa, will meet on the 27th day of October , 1980, at the Council Chambers in the City Hall , Waterloo, Iowa, at 7 o 'clock P.M. for the purpose of conducting a public hearing on the proposal to issue Indus- trial Development Revenue Bonds, Series 1980 (Fahr Beverage, Inc. Project) of said City, in principal amount not exceeding $1 ,200,000, for the purpose of loaning the proceeds thereof to Klawitter Distributing Co. to defray the cost, to that amount, of the acquisition and construction of certain land, buildings and equipment for the distribution and warehousing of malt beverages located at 1369 Martin Road to be conveyed by Fahr Beverage, Inc. as part of a like-kind exchange for the property located at 323 West 17th St. , Waterloo, Iowa. These estimates include, in each instance, expenses of issue related to the bonds. 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 said City from a Loan Agree- ment, Mortgage and Security Agreement between said City and said Corpora- tions. At the time and place fixed for said public hearing, all local resi- dents who appear will be given an opportunity to express their views for or against the proposal to issue said bonds. -3- BOOK 2 By order of the City Council October 6, 1980. t rk Z - J Y Section 3. That the City hereby recognizes that actions taken and to be taken by the Corporations in connection with the acquisition and con- struction of the Project have been and will be taken in reliance upon the willingness of the City to issue the Series 1980 Bonds. Section 4. 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 October 6, 1980. iff;4fic , Mayor Attest: ty Clerk Recorded , 1980. f/ City 1 erk �a Nt?EX �' 5396 commits) BLACK HAWK COUNTY, IOWA:SS PAG E Filed for record I 19 (V) at )--1: LiC) PM, and recorded in ��! G Book. Page 9// + Recorder Deputy -4- Fee BOOK 235 PAGE 921 - W , PUBLIC HEARING RESOLUTION Waterloo, Iowa October 6, 1980 The City Council of the City of Waterloo, Iowa, met in Regular session at 7 o'clock P .M. , at the Council Chambers in the City Hall in said City. The meeting was called to order and there were present Leo P. Rooff, Mayor, in the chair, and the following named Councilmen: Wilharm, Roehr, Penaluna, Getty, Dowie, Burton, Bowers Absent: NONE * * * * * * * * Councilman Bowers introduced and caused to be read in full Resolution No. 27278 entitled, "RESOLUTION fixing a date for hearing on proposed Industrial Development Revenue Bonds, Series 1980 (Fahr Beverage, Inc. Project)" , and moved its adoption; seconded by Council- men Getty . After due consideration of said resolution by the Council , the Mayor put the question and, upon the roll being called, the following voted: Aye: Wilharm, Roehr, P.enaluna, Getty, Dowie, Burton, Bowers Nay: NONE Whereupon, the Mayor declared said resolution duly adopted and signed his approval thereto. * * * * * * * * On motion and vote the meeting adjourned. Mayor Attest: RESOLUTION NO. 27278 RESOLUTION fixing a date for hearing on pro- posed Industrial Development Revenue Bonds, Series 1980 (Fahr Beverage, Inc. Project) * * * * * * * * WHEREAS, the City of Waterloo, a municipality and political subdivi- sion in the County of Black Hawk, State of Iowa (the "City") is authorized by Chapter 419 of the Code of Iowa, 1979, as amended (hereinafter sometimes referred to as the "Act") to issue revenue bonds and loan the proceeds to one or more contracting parties to be used to pay the cost of land, buildings and improvements suitable for the use of any commercial enterprise engaged in storing, warehousing and distributing products of industry; and WHEREAS, the City proposes to make the necessary arrangements with Klawitter Distributing Co. and Fahr Beverage, Inc. , (the "Corporations") , Iowa corporations, for the financing (as hereinafter described) of the land, building and improvements for distributing and warehousing of malt beverages located in the City (hereinafter sometimes referred to as the "Project") . WHEREAS, the location of this Project within the City will improve the general welfare of the inhabitants of the City, increase employment and add to the property tax base of the City; and WHEREAS, in order to expedite the anticipated public benefits and avoid delays which would otherwise occur pending the completion of the procedures necessary to be carried out by the City to make the required funds available, and to enable the Corporations to proceed with and complete the Project, it is considered necessary and desirable that the City provide satisfactory assurances that the proceeds of the sale of the proposed Industrial Develop- ment revenue bonds, when issued, will be made available to finance the Pro- ject; and -1- WHEREAS, it is deemed necessary and advisable for the promotion of the general welfare of the inhabitants of the City, that the Industrial Facilities be acquired, improved and equipped, as aforesaid, and that the City take such action as may be required under applicable statutory provisions to authorize and issue the Series 1980 Bonds, as hereinafter defined, to finance the cost of the Project as hereinafter described; and WHEREAS, Klawitter Distributing Co. is going to construct the Indus- trial Facilities for the purpose of conducting a like-kind exchange under Section 1031 with Fahr Beverage, Inc. of property owned by it, also located in the City; and WHEREAS, the aggregate cost of the Project has been estimated not to exceed $1 ,200,000, and it is proposed to pay the cost of the Project, to that amount through the issuance of the Industrial Development Revenue Bonds, Series 1980 (Fahr Beverage, Inc. Project) (the "Series 1980 Bonds") but it is first necessary to conduct a public hearing on the proposal to issue the Series 1980 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 in the City Hall in said City on the 27th day of October 1980, at 7 o'clock P.M. , at which time and place a public hearing shall be held on the proposal to issue the Series 1980 Bonds in an amount currently estimated not to exceed $1 ,200,000, 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 1980 Bonds. -2- Section 2. The City Clerk is hereby directed to give notice of intention to issue the Series 1980 Bonds by publication at least once not less than fifteen (15) days prior to the date fixed for the hearing in The Waterloo Daily Courier, a legal newspaper published and having a general circula- tion within said City, in substantially the following form: NOTICE OF INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS The City Council of the City of Waterloo, in Black Hawk County, Iowa, will meet on the 27th day of October , 1980, at the Council Chambers in the City Hall , Waterloo, Iowa, at 7 o 'clock P.M. for the purpose of conducting a public hearing on the proposal to issue Indus- trial Development Revenue Bonds, Series 1980 (Fahr Beverage, Inc. Project) of said City, in principal amount not exceeding $1 ,200,000, for the purpose of loaning the proceeds thereof to Klawitter Distributing Co. to defray the cost, to that amount, of the acquisition and construction of certain land, buildings and equipment for the distribution and warehousing of malt beverages located at 1369 Martin Road to be conveyed by Fahr Beverage, Inc. as part of a like-kind exchange for the property located at 323 West 17th St. , Waterloo, Iowa. These estimates include, in each instance, expenses of issue related to the bonds. 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 said City from a Loan Agree- ment, Mortgage and Security Agreement between said City and said Corpora- tions. At the time and place fixed for said public hearing, all local resi- dents who appear will be given an opportunity to express their views for or against the proposal to issue said bonds. -3- By order of the City Council October 6, 1980. City Clerk Section 3. That the City hereby recognizes that actions taken and to be taken by the Corporations in connection with the acquisition and con- struction of the Project have been and will be taken in reliance upon the willingness of the City to issue the Series 1980 Bonds. Section 4. 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 October 6, 1980. Mayor Attest: f ty lerk Recorded , 1980. At City rk -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 October 6, 1980, to fix a date for a public hearing on the proposal to issue not to exceed $1 ,200,000 Industrial Facilities Revenue Bonds, Series 1980 (Fahr Beverage, Inc. Project) of said City. WITNESS my official signature and the seal of said City at Waterloo, Iowa, this day of , 1980. Ci lerk (SEAL) STATE OF IOWA ) ) ss. COUNTY OF BLACK HAWK ) Subscribed and sworn to before me this day, the date last above written. Notary Public in and for the State of Iowa My commission expires : (SEAL)