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HomeMy WebLinkAbout2023-005 - $60,000,000 - Signed - Hearing - Waterloo MCU - CUR CLN (02168825x7F7E1) ITEMS TO INCLUDE ON AGENDA FOR MARCH 22, 2023 BOARD OF TRUSTEES OF THE WATERLOO MUNICIPAL COMMUNICATIONS UTILITY, WATERLOO, IOWA Not to exceed $60,000,000 Communications Utility Revenue Capital Loan Notes  Public hearing on the authorization of a Loan Agreement and the issuance of Notes to evidence the obligation of the City thereunder.  Resolution instituting proceedings to take additional action. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. - 1 - March 22, 2023 The Board of Trustees of the Waterloo Municipal Communications Utility, Waterloo, State of Iowa, met in regular session, in the Harold E. Getty Council Chambers, 715 Mulberry Street, Waterloo, Iowa, at 4:00 P.M., on the above date. There were present Chairperson Andy Van Fleet in the chair, and the following named Board Members: Andy Van Fleet, Mike Young, Rich Kurtenbach, and Ted Batemon Absent: None. Vacant: One. * * * * * * * - 2 - The Chairperson announced that this was the time and place for the public hearing and meeting on the matter of the authorization of a Loan Agreement and the issuance of Not to exceed $60,000,000 Communications Utility Revenue Capital Loan Notes, of the City of Waterloo, State of Iowa, to provide funds to pay the costs of acquisition, construction, improving, equipping and designing of all or part of the Municipal Communications Utility, including the acquisition, installation and construction of a fiber-to-the-premise communications system and related infrastructure, equipment and facilities, including conduit, fiber, vaults, pedestals, fiber management frame, FDH and splitter cabinets, multiport service terminals, handholes, splice cases, customer premise electronics, customer connections to fiber system infrastructure, the acquisition of vehicles, trucks and construction and maintenance equipment, the construction of a new communications building or the acquisition, reconstruction and remodeling of a communications building, the furnishing and equipping thereof, computer system hardware and software, billing system, related site improvements including parking, and other miscellaneous improvements, extensions and equipment purchases to benefit the Utility, and that notice of the proposed action by the Board to institute proceedings for the authorization of the Loan Agreement and the issuance of the Notes had been published pursuant to the provisions of Sections 384.24A and 384.83 of the Code of Iowa. The Chairperson then asked the Secretary whether any written objections had been filed by any resident or property owner of the City to the issuance of the Notes. The Secretary advised the Chairperson and the Board that no written objections had been filed. The Chairperson then called for oral objections to the issuance of the Notes and none were made. Whereupon, the Chairperson declared the time for receiving oral and written objections to be closed. (Attach here a summary of objections received or made, if any) Whereupon, the Chairperson declared the hearing on the authorization of entering into a Loan Agreement and the issuance of the Notes to be closed. The Board then considered the proposed action and the extent of objections thereto. Whereupon, Board Member Kurtenbach introduced and delivered to the Secretary the Resolution hereinafter set out entitled "RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $60,000,000 COMMUNICATIONS UTILITY REVENUE CAPITAL LOAN NOTES", and moved: that the Resolution be adopted. to ADJOURN and defer action on the Resolution and the proposal to institute proceedings for the issuance of notes to the meeting to be held at __________ _____.M. on the __________ day of _______________, 2023, at this place. Board Member Young seconded the motion. The roll was called and the vote was, x - 3 - AYES: Van Fleet, Young, Batemon, and Kurtenbach NAYS: None. Whereupon, the Chairperson declared the measure duly adopted. RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $60,000,000 COMMUNICATIONS UTILITY REVENUE CAPITAL LOAN NOTES WHEREAS, pursuant to notice published as required by law, the Board of Trustees has held a public meeting and hearing upon the proposal to institute proceedings for the authorization of a Loan Agreement and the issuance of Not to exceed $60,000,000 Communications Utility Revenue Capital Loan Notes, in order to provide funds to pay the costs of acquisition, construction, improving, equipping and designing of all or part of the Municipal Communications Utility, including the acquisition, installation and construction of a fiber-to-the- premise communications system and related infrastructure, equipment and facilities, including conduit, fiber, vaults, pedestals, fiber management frame, FDH and splitter cabinets, multiport service terminals, handholes, splice cases, customer premise electronics, customer connections to fiber system infrastructure, the acquisition of vehicles, trucks and construction and maintenance equipment, the construction of a new communications building or the acquisition, reconstruction and remodeling of a communications building, the furnishing and equipping thereof, computer system hardware and software, billing system, related site improvements including parking, and other miscellaneous improvements, extensions and equipment purchases to benefit the Utility, and has considered the extent of objections received from residents or property owners as to the proposed issuance of Notes; and accordingly the following action is now considered to be in the best interests of the City and residents thereof. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE WATERLOO MUNICIPAL COMMUNICATIONS UTILITY, WATERLOO, STATE OF IOWA: Section 1. That this Board does hereby institute proceedings and take additional action for the authorization of a Loan Agreement and the issuance in the manner required by law of Not to exceed $60,000,000 Communications Utility Revenue Capital Loan Notes, for the foregoing purposes. Section 2. This Resolution shall serve as a declaration of official intent under Treasury Regulation 1.150-2 and shall be maintained on file as a public record of such intent. It is - 4 - reasonably expected that the communications utility fund moneys may be advanced from time to time for capital expenditures which are to be paid from the proceeds of the above Notes. The amounts so advanced shall be reimbursed from the proceeds of the Notes not later than eighteen months after the initial payment of the capital expenditures or eighteen months after the property is placed in service. Such advancements shall not exceed the amount authorized in this Resolution unless the same are for preliminary expenditures or unless another declaration of intention is adopted. PASSED AND APPROVED this 22nd day of March, 2023. Chairperson of the Board of Trustees ATTEST: Secretary of the Board of Trustees CERTIFICATE STATE OF IOWA COUNTY OF BLACK HAWK ) ) SS ) I, the undersigned Secretary of the Board of Trustees of the Waterloo Municipal Communications Utility, Waterloo, State of Iowa, do hereby certify that attached is a true and complete copy of the portion of the records of the Board of Trustees showing proceedings of the Board, and the same is a true and complete copy of the action taken by the Board with respect to the matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Board and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Board pursuant to the local rules of the Board and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective offices as indicated therein, that no Board vacancy existed except as may be stated in the proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of the Board hereto affixed this 22nd day of March, 2023. (SEAL) Secretary of the Board of Trustees, Waterloo Municipal Communications Utility, Waterloo, State of Iowa 02168825-1\24268-001