HomeMy WebLinkAbout26452-08.13.1979 RESOLUTION NO. 2 6 4 5 2
RESOLUTION initiating proceedings for
the issuance of $1, 735, 000 Corporate
purpose Bonds of the City of Waterloo,
Iowa.
* * *
WHEREAS it is necessary and for the best interest of the
City of Waterloo, Iowa, and its inhabitants that certain streets be
paved and other street improvements be constructed in said City and
it is estimated that the cost of said paving and street improvements
aggregates $745, 000 and these improvements constitute an "essential
corporate purpose" within the meaning of Section 384. 24(3a) of the
Code of Iowa, 1979, as amended, and it is proposed that the cost
thereof be paid through the issuance of General Obligation Bonds
of the City; and
WHEREAS it is necessary and for the best interest for
the City of Waterloo, Iowa, and its inhabitants that a certain
bridge be constructed in said City and the estimated cost of such
bridge construction is $30, 000 and such construction constitutes
an "essential corporate purpose" within the meaning of Section
384. 24 (3e) of the Code of Iowa, 1979, as amended, and it is
proposed that the cost thereof be paid through the issuance of
General Obligation Bonds of the City; and
WHEREAS it is necessary and for the best interests of
the City of Waterloo, Iowa, and its inhabitants that certain
traffic control devices be acquired and installed in and for
said City and the estimated cost of such traffic control devices
is $150,000 and the acquisition and installation thereof con—
stitutes an "essential corporate purpose" within the meaning of
Section 384. 24(3a) of the Code of Iowa, 1979, as amended, and it
is proposed that the cost thereof be paid through the issuance of
General Obligation Bonds of the City; and
WHEREAS it is necessary and for the best interests of
the City of Waterloo, Iowa, and its inhabitants that parks already
owned by said City be improved and the estimated cost of such
improvements will aggregate $100, 000 and the improvement of
parks already owned constitutes an "essential corporate purpose"
within the meaning of Section 384. 24(3o) of the Code of Iowa, 1979,
as amended, and it is proposed that the cost thereof be paid
through the issuance of General Obligation Bonds of the City; and
WHEREAS it is necessary and for the best interests of
the City of Waterloo, Iowa, and its inhabitants that real and
personal property useful for the protection of property in said
City from the effects of flood waters be acquired, constructed
and improved and it is estimated that the cost thereof will
aggregate $635, 000 and the acquisition, construction and improve-
ment of such property constitutes an "essential corporate purpose"
within the meaning of Section 384. 24(3i) of the Code of Iowa, 1979,
as amended, and it is proposed that the cost thereof be paid
through the issuance of General Obligation Bonds of the City; and
WHEREAS the City of Waterloo, Iowa has established
a transit system in and for said City; and
WHEREAS said transit system constitutes a "city enter-
prise" within the meaning of Section 384. 24 of the Code of Iowa,
1979, as amended; and
WHEREAS it is necessary and for the best interest of the
City of Waterloo, Iowa, and its inhabitants that said transit system
be improved and equipped; and
WHEREAS the improvement and equipping of said transit
system constitutes a "general corporate purpose" within the meaning
of Section 384. 24(4a) of the Code of Iowa, 1979, as amended; and
WHEREAS it is estimated that the cost of improving
and equipping said transit system aggregates $75, 000, and it is
-2-
proposed that the cost thereof be paid through the issuance of
General Obligation Bonds of the City; and
WHEREAS the City of Waterloo, Iowa is a city having a
population of more than five thousand and the amount of General
Obligation Bonds of the City proposed to be issued to finance
the cost of improving and equipping said transit system is not
more than $75, 000; and
WHEREAS under the provisions of Section 384 . 28 of the
Code of Iowa, 1979, as amended, any number of essential corporate
purposes or general corporate purposes may be incorporated in a
single issue of bonds and authorized pursuant to a single resolu-
tion of the City Council; and
WHEREAS a notice of the intention of this City Council
to take action for the issuance of $1, 660, 000 Corporate Purpose
Bonds to pay the cost of the paving of certain streets and the
construction of other street improvements at an aggregate cost
of $745, 000, the construction of a bridge at an aggregate cost
of $30, 000, the acquisition and installation of certain traffic
control devices at an aggregate cost of $150, 000, the improvement
of parks already owned by said City at an aggregate cost of
$100, 000, and the acquisition, construction and improvement of
real and personal property useful for the protection of property
in said City from the effects of flood waters at an aggregate
cost of $635, 000 has heretofore been duly published, and a
public hearing has been held on the issuance of said Corporate
Purpose Bonds and no oral or written objections have been
filed or made; and
WHEREAS a notice of the intention of the City Council
to take action for the issuance of $75, 000 Corporate Purpose Bonds
to pay the cost of improving said transit system has heretofore
been duly published, and a public hearing has been held on the
-3-
issuance of said Corporate Purpose Bonds and no petition has
been filed and no oral or written objections have been filed
or made;
NOW, THEREFORE, Be It Resolved by the City Council of
the City of Waterloo, Iowa, as follows :
Section 1. That the City Clerk be and she is hereby
authorized and instructed to arrange for the preparation of a
form of resolution authorizing the issuance of these bonds,
incorporating all of the separate categories of essential
corporate purposes and the general corporate purpose into a
single issue of Corporate Purpose Bonds in the aggregate principal
amount of $1, 735,000, and providing for the levy of taxes to
pay the same.
Section 2. That this hearing on the issuance of said
bonds be and the same is hereby adjourned to the 20th day of
August , 1979 at 7 :00 o ' clock P.M. , at the Council Chambers
in the City Hall in said City, at which time and place said
form of resolution shall be presented to this Council for
action thereon in connection with the issuance of these bonds.
Section 3. 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 August 13, 1979.
Mayor
Attest:
City Clerk
Recorded August 14 , 1979.
City Clerk
-4-