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HomeMy WebLinkAbout26426-07.23.1979 RESOLUTION NO. 2 6 4 2 6 RESOLUTION fixing a date for hearing on proposed Hospital Facilities Revenue Bonds , Series 1979 (St. Francis Hospital Project) * * * WHEREAS, the City of Waterloo, a municipality and political subdivision 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 voluntary nonprofit hospital; and WHEREAS, the City proposes to make the necessary arrangements with St. Francis Hospital of Franciscan Sisters ( the "Corporation" ) , an Iowa nonprofit corporation, for the financing (as hereinafter described) of the improvement of , and purchase of equipment for, its voluntary nonprofit hospital located in the City ( hereinafter sometimes referred to as the "Project" ) and the refunding of certain existing indebtedness of the Corporation; and WHEREAS, the location of this Project within the City will improve the general health and welfare of the inhabitants 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 Corporation to proceed with and complete the Project , it is considered necessary and desirable that the City provide satis- factory assurances that the proceeds of the sale of the proposed hospital facilities revenue bonds, when issued , will be made available to finance the Project; and WHEREAS, it is deemed necessary and advisable for the promotion of the general health and welfare of the inhabitants of the City, that the hospital 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 1979 Bonds , as hereinafter de- fined , to finance the cost of the Project and refund certain existing indebtedness of the Corporation as hereinafter described; and WHEREAS, the aggregate cost of the Project , plus amounts necessary to repay existing indebtedness of the Corpora- tion , has been estimated not to exceed $10 , 500 , 000 , and it is proposed to pay the cost of the Project, to that amount, and refund such indebtedness through the issuance of the Hospital Facilities Revenue Bonds , Series 1979 (St. Francis Hospital Project) ( the "Series 1979 Bonds" ) but it is first necessary to conduct a public hearing on the proposal to issue the Series 1979 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 : -2- Section 1. That this Council meet at the Council Chambers in the City Hall in said City on the 20th day of August, 1979, at 7 :00 o' clock P_.M. , at which time and place a public hearing shall be held on the proposal to issue the Series 1979 Bonds in an amount currently estimated not to exceed $10, 500, 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 1979 Bonds. Section 2. The City Clerk is hereby directed to give notice of intention to issue the Series 1979 Bonds by publication at least once not less than fifteen ( 15) days prior to the date fixed for the hearing in Waterloo Courier a legal newspaper '9published and having a general circulation within said City, in substantially the following form: NOTICE OF INTENTION TO ISSUE HOSPITAL FACILITIES REVENUE BONDS The City Council of the City of Waterloo, in Black Hawk County, Iowa , will meet on the 20th day of August , 1979, at the Council Chambers in the City Hall , Waterloo, Iowa, at 7 :00 o' clock P .M. , for the purpose of conducting a public hearing on the proposal to issue Hospital Facilities Revenue Bonds, Series 1979 (St. Francis Hospital Project) of said City, in principal amount not exceeding $10, 500, 000 , for the purpose of loaning the proceeds thereof to St. Francis Hospital of Franciscan Sisters to defray the cost , to that -3- amount, of the acquisition of certain equipment and improvements by said Corporation to its existing hospital facility in the City, and the refunding of certain existing indebtedness of said Corporation. These bonds , when issued , will be limited obliga- tions 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 Agreement , Mortgage and Security Agreement between said City and said Corporation. 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 said bonds. By order of the City Council July 23 , 1979. Katherine Gibbs City Clerk Section 3. That the City hereby recognizes that actions taken and to be taken by the Corporation in connection with the acquisition and construction of the Project and the refunding of existing indebtedness have been and will be taken in reliance upon the willingness of the City to issue the Series 1979 Bonds. Section 4. That all resolutions or parts thereof in conflict herewith be and the same are hereby repealed, and this -4- resolution shall be effective forthwith upon its passage and approval. Passed and approved July 23 , 1979. Mayor Attest: City Clerk Recorded July 24 , 1979. City Clerk -5-