HomeMy WebLinkAbout26493-09.04.1979 •
RESOLUTION NO. 2 6 4 9 3
A RESOLUTION AUTHORIZING THE EXECUTION OF A
MEMORANDUM OF AGREEMENT BY AND BETWEEN THE
CITY OF WATERLOO, IOWA AND SCHOITZ MEMORIAL
HOSPITAL, REGARDING THE ISSUANCE OF HOSPITAL
FACILITY REVENUE BONDS.
WHEREAS, the City of Waterloo, Iowa (the "City" ) a
municipality of the State of Iowa, is authorized by the laws
of the State of Iowa, and specifically Chapter 419, Code of
Iowa, 1979 , as supplemented and amended (the "Act" ) , to acquire,
improve and equip all or any part of, or any interest in, land,
buildings or improvements suitable for the use of any voluntary
nonprofit hospital, clinic or health care facility; and
WHEREAS, under the Act the City is authorized to issue
its revenue bonds for the purpose of financing the costs of any
such project; and
WHEREAS, so as to accomplish the purposes of the Act,
the City proposes to issue one or more issues of hospital
facility revenue bonds pursuant to the provisions of the Act
as then in effect to finance the costs of acquiring, improving
and equipping certain real estate, buildings and fixtures for
use as an office building, parking facility and lobby and
public entry (hereinafter referred to collectively as the
"Hospital Facilities") at the voluntary nonprofit hospital of
Schoitz Memorial Hospital (the "Corporation" ) , an Iowa nonprofit
corporation located in the City; and
WHEREAS, the location of the Hospital Facilities within
the City will improve the general health and welfare of the
inhabitants of the City; and
WHEREAS, it is deemed necessary and advisable, to promote
the general health and welfare of the inhabitants of the City, that
the Hospital Facilities be undertaken at the earliest practicable
date, and the Corporation has requested satisfactory assurances
from the City that the proceeds of the sale of one or more issues
of hospital facility revenue bonds of the City in an aggregate
amount sufficient to finance the Hospital Facilities, currently
estimated not to exceed $7,000,000, will be made available; and
WHEREAS, the City deems it necessary and advisable
that it take such actions as may be required under the Act as
then in effect to authorize and issue one or more issues of
hospital facility revenue bonds to finance the cost of the
Hospital Facilities; and
WHEREAS, a form of agreement, designated as a "Memorandum
of Agreement" , has been prepared under which the Corporation has
stated its willingness to arrange for the acquisition, improvement
and equipping of the Hospital Facilities and to enter into con-
tracts therefor and, at the time of delivery of the bonds, to
convey, grant or lease the Hospital Facilities and assign such
contracts to the City, or agree to complete the acquisition,
improvement and equipping of the Hospital Facilities , and to
enter into a lease of the Hospital Facilities from the City, or
a contract to purchase the Hospital Facilities from the City,
or a loan agreement with the City with respect to the Hospital
Facilities, or any combination of the foregoing, under which
the Corporation will be obligated to make periodic payments
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sufficient to pay the principal of and interest and redemption
premium, if any, on the bonds as and when the same shall become
due and payable, and if necessary to vest title to the Hospital
Facilities in the Corporation, the Corporation shall be obligated
to purchase the interest, if any, of the City in the Hospital
Facilities for an additional nominal amount and such lease,
contract and agreement shall contain such other provisions as
may be required by the Act as then in effect and such other
provisions as shall be mutually acceptable to the City and the
Corporation;
NOW, THEREFORE, Be It Resolved by the City Council of
the City of Waterloo, Iowa as follows :
Section 1. That in order to insure the acquisition,
improvement and equipping of the Hospital Facilities, with the
resulting public benefits which will flow therefrom, it is deemed
necessary and advisable that hospital facility revenue bonds be
issued in an amount sufficient to finance the cost of the Hospital
Facilities , currently estimated not to exceed $7,000,000, and that
the Memorandum of Agreement hereinafter referred to be approved
and executed for and on behalf of the City.
Section 2 . That the Memorandum of Agreement by and
between the Corporation and the City, substantially in the form
and with the contents set forth in Exhibit A attached hereto,
be and the same is hereby approved and authorized.
Section 3 . That the Mayor is hereby authorized and
directed to execute and the City Clerk is hereby authorized
to attest and to affix the seal of the City to the Memorandum
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of Agreement substantially in the form and with the contents
set forth in Exhibit A attached hereto.
Section 4. That the City will issue and sell hospital
facility revenue bonds in an amount sufficient to finance the
costs of the Hospital Facilities, subject to the execution of
the Memorandum of Agreement herein authorized and upon the
conditions specified in the Memorandum of Agreement.
Section 5. That all resolutions and parts thereof
in conflict herewith are hereby repealed to the extent of such
conflict.
Adopted September 4 , 1979.
Mayor
Attest:
City Clerk
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