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HomeMy WebLinkAbout2023-199-04.03.2023ITEMS TO INCLUDE ON AGENDA CITY OF WATERLOO, IOWA Not to Exceed $9,000,000.00 Sewer Revenue Capital Loan Notes • Public hearing on the authorization of a Loan Agreement and the issuance of Notes to evidence the obligation of the City thereunder. • Resolution instituting proceedings to take additional action. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. April 3, 2023 The City Council of the City of Waterloo, State of Iowa, met in regular session, in the Council Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 5:30 P.M., on the above date. There were present Mayor Quentin Hart, in the chair, and the following named Council Members: Boesen, Nichols, Creighton -Smith, Chiles, Grieder and Feuss Absent: Wilder Vacant: None The Mayor announced that this was the time and place for the public hearing and meeting on the matter of the authorization of a Loan Agreement and the issuance of not to exceed $9,000,000.00 Sewer Revenue Capital Loan Notes, of the City of Waterloo, State of Iowa, to provide funds to pay the costs of the acquisition, construction, extension, improvement and equipping of all or part of the Municipal Sewer Utility, including the acquisition, construction and installation of all or part of a fiber optic backbone broadband communications system for Municipal Sewer Utility purposes, and that notice of the proposed action by the Council to institute proceedings for the authorization of the Loan Agreement and the issuance of the Notes had been published pursuant to the provisions of Sections 384.24A and 384.83 of the Code of Iowa. The Mayor then asked the Clerk whether any written objections had been filed by any resident or property owner of the City to the issuance of the Notes. The Clerk advised the Mayor and the Council that no written objections had been filed. The Mayor then called for oral objections to the issuance of the Notes and none were made. Whereupon, the Mayor declared the time for receiving oral and written objections to be closed. Whereupon, the Mayor declared the hearing on the authorization of entering into a Loan Agreement and the issuance of the Notes to be closed. The Council then considered the proposed action and the extent of objections thereto. Whereupon, Council Member Grieder introduced and delivered to the Clerk the Resolution hereinafter set out entitled "RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $9,000,000.00 SEWER REVENUE CAPITAL LOAN NOTES", and moved: that the Resolution be adopted. to ADJOURN and defer action on the Resolution and the proposal to institute proceedings for the issuance of notes to the meeting to be held at .M. on the day of , 2023, at this place. Council Member Chiles seconded the motion. The roll was called and the vote was, AYES: Boesen, Nichols, Creighton -Smith, Chiles, Grieder and Feuss NAYS: None Whereupon, the Mayor declared the measure duly adopted. 2 RESOLUTION NO. 2023-199 RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $9,000,000.00 SEWER REVENUE CAPITAL LOAN NOTES. WHEREAS, pursuant to notice published as required by law, the City Council has held a public meeting and hearing upon the proposal to institute proceedings for the authorization of a Loan Agreement and the issuance of not to exceed $9,000,000.00 Sewer Revenue Capital Loan Notes, in order to provide funds to pay the costs of the acquisition, construction, extension, improvement and equipping of all or part of the Municipal Sewer Utility, including the acquisition, construction and installation of all or part of a fiber optic backbone broadband communications system for Municipal Sewer Utility purposes, and has considered the extent of objections received from residents or property owners as to the proposed issuance of Notes; and accordingly the following action is now considered to be in the best interests of the City and residents thereof. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, STATE OF IOWA: Section 1. That this Council does hereby institute proceedings and take additional action for the authorization of a Loan Agreement and the issuance in the manner required by law of not to exceed $9,000,000.00 Sewer Revenue Capital Loan Notes, for the foregoing purposes. Section 2. This Resolution shall serve as a declaration of official intent under Treasury Regulation 1.150-2 and shall be maintained on file as a public record of such intent. It is reasonably expected that the sewer fund moneys may be advanced from time to time for capital expenditures which are to be paid from the proceeds of the above Notes. The amounts so advanced shall be reimbursed from the proceeds of the Notes not later than eighteen months after the initial payment of the capital expenditures or eighteen months after the property is placed in service. Such advancements shall not exceed the amount authorized in this Resolution unless the same are for preliminary expenditures or unless another declaration of intention is adopted. PASSED AND APPROVED this 3rd day of April, 2023. ATTEST: Kelley Felchle, City Clerk Quentin Hart, Mayor -3 CERTIFICATE STATE OF IOWA ) SS COUNTY OF BLACK HAWK I, the undersigned City Clerk of the City of Waterloo, State of Iowa, do hereby certify that attached is a true and complete copy of the portion of the records of the City showing proceedings of the Council, and the same is a true and complete copy of the action taken by the Council with respect to the matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council pursuant to the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective City offices as indicated therein, that no Council vacancy existed except as may be stated in the proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of the Council hereto affixed this 3rd day of April, 2023. SEAL °WRr� 0 0 ., 3' S 7t�17 02174981-1\11310-163 • 0 Kelley Felchle, City Clerk, City of Waterloo, State of Iowa