Loading...
HomeMy WebLinkAbout26566-10.08.1979 RESOLUTION NO. 26566. RESOLUTION fixing a date for hearing on proposed Qualified Urban Renewal Area Revenue Bonds, Series 1979, (M.P.H. Development Co. Job Services Project) * * * * * * WHEREAS, the City of Waterloo, a municipality and political sub- division in the County of Black Hawk, State of Iowa (the "City") is auth- orized 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 to pay the cost of land, buildings and improvements suitable for projects located within a qualified urban renewal area; and WHEREAS, the project to be completed by M.P.H. Development Co. (the "Corporation") is for land, buildings and improvements which are suitable for use of a commercial enterprise, i .e. , the construction of an office building for Job Services of Iowa, (the "Project") and is consistent with the urban renewal plan for the urban renewal area; and WHEREAS, the Project is to be constructed in a qualified urban re- newal area designated as such pursuant to Chapter 403 of the 1979 Code of Iowa prior to July 1 , 1979; 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 pro- poses to issue one or more issues of qualified urban renewal area revenue bonds pursuant to the provisions of the Act as then in effect to finance the costs of the Project; and WHEREAS, the location of the Project within the City will be con- sistent with the urban renewal plan of the City for said area; and -2- WHEREAS, it is deemed necessary and advisable, to promote the gen- eral health and welfare, increase employment, and add to the property tax base of the City that the Project be acquired, improved and equipped, as aforesaid, and that the City take such action as may be required under ap- plicable 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 $450,000.00, and it is proposed to pay the cost of the Project, to that amount through the issuance of the Qualified Urban Renewal Area Revenue Bonds, Series 1979 (M.P.H. Development Co. Job Services Project) (the "Series 1979 Bonds") but it is first necessary to conduct a public hearing on the proposal to issue the Series 1979 Bonds, as required and provided by Sec- tion 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 City Hall in said City on the 5 th day of NOVEMBER , 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 $450,000.00, as referred to in the preamble hereof, and at which hearing all local residents who appear shall be given an opportunity to ex- press 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 intention 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 -3- The Waterloo Daily Courier, a legal newspaper published and having a general circulation within said City, in substantially the following form: NOTICE OF INTENTION TO ISSUE QUALIFIED URBAN RENEWAL AREA REVENUE BONDS The City Council of the City of Waterloo, in Black Hawk County, Iowa, will meet on the 5 th day of November, 1979, at the Council Chambers in the City Hall , Waterloo, Iowa, at 7:00 o'clock P .M. for the purpose of conducting a public hearing on the proposal to issue Qualified Urban Renewal Area Revenue Bonds, Series 1979 (M.P.H. Development Co. Job Services Project) of said City, in principal amount not exceed $450,000, for the pur- pose of loaning the proceeds thereof to M.P.H. Development Co to defray the cost, to that amount, of the acquisition of land in the approximate amount of $20,000, and buildings and improvements in the approximate amount of $430,000 for a commercial enterprise located within a qualified urban renewal area, i .e. the construction of an office building for Job Services of Iowa. The Project is to be constructed within a qualified urban renewal area designated as such pursuant to Chapter 403 of the 1979 Code of Iowa prior to July 1 , 1979.. It is necessary that the City Council determine at said hearing that the Project is consistent with the urban renewal plan for the City in said area. These estimates include, in each instance, expenses of issue related to the bonds. 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 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 resi- dents who appear will be given an opportunity to express their views for or against the proposal to issue said bonds. -4- By order of the City Council October 8, 1979. 1 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 con- struction of the Project have been and will be taken in reliance upon the willingness of the City to issue the Series 1979 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 . Passed and approved October 8, 1979. Mayor Attest: rkst ) City Clerk Recorded OCTOBER 8 , 1979 City Clerk I , Katherine Gibbs, being first duly sworn, do hereby depose and certify that I am the duly appointed, qualified and acting City Clerk of the City of Waterloo, Iowa; that as such I have in my possession, or have access to, the complete records of the City Council of said City; that I have care- fully compared the transcript hereto attached with the aforesaid corporate records; and that said transcript hereto attached is a true, correct and com- plete copy of all of the corporate records showing the action taken by the City Council of said City on October 8, 1979, to fix a date for public hear- ing of said City on November 5 , 1979, on the proposal for the issuance of not to exceed $450,000 Qualified Urban Renewal Area Revenue Bonds, Series 1979, (M.P.H. Development Co. Job Services Project) of said City. WITNESS my hand and the corporate seal of said City hereto affixed at Waterloo, Iowa, this 8 th day of OCTOBER , 1979. "f/(z7/a- i -&---(412-/ City eierk (SEAL) STATE OF IOWA ) ) ss. COUNTY OF BLACK HAWK ) Subscribed and sworn to before me this day, the date last above written. dn NotarytPublic in and f " t e State of Iowa My commission expires: (SEAL)