HomeMy WebLinkAbout26516-09.17.1979 RESOLUTION NO. 2 6 5 1 6
RESOLUTION determining to consolidate
Hospital Facility Revenue Bonds (St .
Francis Hospital Project) of the City
of Waterloo, Iowa, as a single issue
in a principal amount not to exceed
$ 11 ,000,000
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WHEREAS the City of Waterloo, in the County of Black
Hawk, State of Iowa ( the "City" ) , has determined to issue
Hospital Facility Revenue Bonds (St. Francis Hospital Project) ,
of said City in a principal amount not to exceed $ 7,500,000
(the "Series A Bonds" ) for the purpose of lending the proceeds
thereof to St . Francis Hospital of Franciscan Sisters (the
"Corporation") to defray the cost, to that amount, of the acqui-
sition of certain equipment and improvements ( the "Facilities
Project") by the Corporation suitable for use at its voluntary
nonprofit hospital located within the City, all in accordance
with the provisions of Chapter 419 of the Code of Iowa, 1979, as
amended ( the "Act" ) ; and
WHEREAS the City also has determined to issue Hospital
Facility Revenue Bonds (St. Francis Hospital Project) , of the
City in a principal amount not to exceed $ 3,500,000 (the
"Series A Bonds") for the purpose of lending the proceeds thereof
to the Corporation to defray the cost, to that amount, of refund-
ing certain existing indebtedness of the Corporation (the
"Refunding Project" ) incurred in connection with the existing
voluntary nonprofit hospital of the Corporation within the City,
all in accordance with the provisions of the Act; and
WHEREAS, cost savings and other economies will result
if the Series A Bonds and the Series B Bonds are consolidated
for issue as a single series of bonds, and the City Council
herewith determines that it is necessary and advisable to
consolidate said Bonds for issuance as a single series ;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF WATERLOO, IOWA, AS FOLLOWS :
Section 1. That the Series A Bonds and the Series B
Bonds be consolidated for issue as a 'single series of bonds , to
be designated the City ' s "Hospital Facility Revenue Bonds , Series
1979 (St. Francis Hospital Project ) " , in an aggregate principal
amount not exceeding $ 11 ,000,000 , and Messrs . Chapman
and Cutler, Bond Counsel, are instructed to draw a bond resolution
for consideration of this City Council accordingly.
Section 2. That of said aggregate principal amount
of Hospital Facility Revenue Bonds , Series 1979 (St. Francis
Hospital Project) , the amount to be applied to the Facilities
Project and related expenses shall not exceed $ 7,500,000
and the amount to be applied to the Refunding Project and related
expenses shall not exceed $ 3,500,000
Section 3. That this Resolution shall become effective
immediately upon its passage and approval.
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Passed and approved September17th 1979.
Mayor
Attest:
City Clerk
Recorded September 18 , 1979
City Clerk
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