HomeMy WebLinkAbout26478-08.27.1979 L1
RESOLUTION NO. 2 6 4 7 8
RESOLUTION fixing a date for hearing
on proposed Hospital Facility Revenue
Bonds (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 (i) to pay the cost of
land, buildings and improvements suitable for the use of any
voluntary nonprofit hospital or (ii) to retire any existing
indebtedness of a 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
"Hospital Facilities" ) and the refunding of certain existing
indebtedness of the Corporation; and
WHEREAS, the location of the Hospital Facilities within
the City and the refunding of the aforesaid indebtedness 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 aforesaid Hospital
Facilities and refunding, it is considered necessary and desirable
that the City provide satisfactory assurances that the proceeds
of the sale of one or more series of proposed hospital facility
revenue bonds , when issued, will be made available to be applied
to such purposes; 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 and the refunding of certain existing indebtedness
of the Corporation be accomplished, as aforesaid, and that the
City take such action as may be required under applicable
statutory provisions to authorize and issue the Bonds, as here-
inafter defined, and to apply the proceeds thereof to such
purposes ; and
WHEREAS, the aggregate cost of the Hospital Facilities ,
together with related costs and expenses, has been estimated not
to exceed $7,500,000 , and the aggregate cost of the aforesaid
refunding, together with related costs and expenses , has been
estimated not to exceed $ 3,500.,000 , and it is proposed to pay
such costs through the issuance of one or more series of the
City ' s hospital facility revenue bonds (together, the "Bonds" )
but it is first necessary to conduct a public hearing on the
proposal to issue the Bonds, as required and provided by Section
419. 9 of the Act;
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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 17th day of
September, 1979 , at 7 :00 o ' clock P .M. , at which time
and place a public hearing shall be held on proposals to issue
Bonds to finance the Hospital Facilities in an amount currently
estimated not to exceed $ 7,500,000 , and to issue Bonds to
finance said refunding in an amount currently estimated not to
exceed $ 3,500,000 , 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 Bonds .
Section 2. The City Clerk is hereby directed to give
notice of intention to issue the 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 published and having a general circulation within said
City, in substantially the following form:
NOTICE OF INTENTION TO ISSUE
HOSPITAL FACILITY REVENUE BONDS
The City Council of the City of Waterloo, in Black
Hawk County, Iowa, will meet on the day of September, 1979,
at the Council Chambers in the City Hall, Waterloo, Iowa, at
o ' clock .M. , for the purpose of conducting
a public hearing on the proposal to issue Hospital Facility
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Revenue Bonds (St. Francis Hospital Project) of said City, in an
aggregate principal amount not exceeding $ 11 ,000,000 , for the
purpose of loaning the proceeds thereof to St. Francis Hospital
of Franciscan Sisters to defray the cost, to that amount, of the
acquisition of certain equipment for, and improvements by said
Corporation to its existing hospital facility located at 3421
West Ninth Street in the City, and the refunding of certain
existing indebtedness of said Corporation. It is estimated that
bonds in an amount not to exceed $ 7,500,000 will be issued
to acquire the aforesaid equipment and improvements (which con-
sist generally of the expansion and remodeling of certain floors
of the existing hospital facility for a psychiatric unit, labora-
tory, pharmacy and a combined coronary care and intensive care
unit, together with equipment and furnishings incidental thereto) ,
and that bonds in an amount not to exceed $ 3,500,000 will be
issued to accomplish the refunding of the aforesaid existing
indebtedness of the Corporation (which consists of notes payable
to Home Savings and Loan Association of Waterloo and Our Lady of
the Angels Motherhouse of Franciscan Sisters , given to evidence
indebtedness incurred for the acquisition of the existing hospital
facility) . These estimates include, in each instance, expenses
of issue related to the bonds and the establishment of necessary
reserve funds in connection therewith. 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
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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. Should the City Council determine to proceed with the
issuance of said bonds , it also may consider a resolution to
issue said bonds as a single series.
By order of the City Council August 27, 1979.
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 Hospital Facilities
and the refunding of existing indebtedness have been and will be
taken in reliance upon the willingness of the City to issue the
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.
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Passed and approved August 27, 1979.
Mayor
Attest:
City Clerk
Recorded August 28 , 1979 .
City Clerk
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