HomeMy WebLinkAbout26447-08.06.1979 RESOLUTION NO. 2 6 4 4 7
RESOLUTION fixing a date for hearing
on proposed Industrial Revenue Bonds,
Series 1979 (Kirk Gross Co. Project)
WHEREAS, the City of Waterloo, a municipality and political sub-
division 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, Industrial 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 or distributing products of
agricultural , mining or industry; and
WHEREAS, the City proposes to make the necessary arrangements with
Kirk Gross Co. (the "Corporation") , an Iowa corporation, for the financing
(as hereinafter described) of the improvement of a commercial enterprise
engaged in storing, warehousing or distributing products of agriculture,
mining or industry located in the City (hereinafter sometimes referred to as
the "Project") ; 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 pro-
cedures 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
satisfactory assurances that the proceeds of the sale of the proposed
Industrial 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
Project be constructed in the City, 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 defined, to
finance the cost of the Project; and
WHEREAS, the aggregate cost of the Project has been estimated not
to exceed $500,000.00, and it is proposed to pay the cost of the Project,
to that amount, through the issuance of the Industrial Revenue Bonds, Series
1979 (Kirk Gross Co. Project) the "Series 1979 Bonds") but it is first neces-
sary 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 :
Section 1 . That this Council meet at the Council Chambers in the
August
City Hall in said City on the 27th day of tmultgr, 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 $500,000.00, 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 in-
tention 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 the Waterloo
Daily Courier, a legal newspaper published and having a general circulation
within said City, in substantially the following form:
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NO "IC.E, :F, WN TO LSc,Uf; II (?[i, '�I. i:E'i`. ;; L ONPS
(KIRK GROSS CO. 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 in City Hall in said City at 7:00 o'clock
P.M. on August 27, 1979 on the proposal to issue not to exceed $500,000.00 aggregate princi-
pal amount of the City's Industrial Development Revenue Bonds (Kirk Gross Co. Project) Series
1979, pursuant to the provisions of Chapter 419 of the Code of Iowa, for the purpose of de-
fraying all or a portion of the costs of an industrial development project located within
said City, consisting of the acquisition of land at the corner of Murphy Road and Alexander
Drive in the Jim Youngblut ,Addition, and construction of a building and improvements thereon,
and acquisition and installation of certain equipment suitable for use in the operation of a
facility for warehousing of building construction material, office equipment and furniture,
together with related office and showroom facilities. The proposed, facility will be owned
by Kirk. Gross Co. It is contemplated that a loan agreement will be entered into by the City
and Kirk Gross Co. , under which the City would loan to the 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 fall due.
Such bonds, if issued, and the interest thereon will be payable solely out of the revenue
derived from the said loan agreement and shall not consitute an indebtedness of said City with-
in the meaning of any State constitutional 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 for taxing powers. All local residents who appear at said hearing shall be given an
opportunity 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 this 6th day of August, 1979.
City Clerk
Section 3. In order that the project will not be unduly delayed, the Company is hereby
authorized to make such commitments, expenditures and advances toward payment of the cost
of the project as it considers appropriate subject to reimbursement from the proceeds of the
bonds when and if delivered but otherwise without liability on the part of the City.
Section 4. That all resolutions or parts thereof in conflict here-
with be and the same are hereby repealed, and this resolution shall be
effective forthwith upon its passage and approval .
Passed and approved August 6, 1979.
Mayor
Attest:
City Clerk
Recorded August 7 , 1979
City Clerk
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