HomeMy WebLinkAbout26615-11.05.1979 RESOLUTION NO. 2 6 6 1 5
RESOLUTION determining to proceed with 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 the City of Waterloo, Iowa.
* * * * * *
WHEREAS, the City of Waterloo, in the County of Black Hawk,
State of Iowa, (the "City") , proposes to issue Qualified Urban Renewal Area
Revenue Bonds, Series 1979 (M.P.H. Development Co. Job Services Project) ,
of said City in a principal amount not to exceed $450,000 (the "Series 1979
Bonds") for the purpose of lending the proceeds thereof to M.P.H. Develop-
ment Co. (the "Corporation") to defray the cost, to that amount, of the
acquisition of certain land, building and improvements (the "Project") by
the Corporation suitable for use as a commercial enterprise, i .e. the
construction of an office building for rental to Job Services of Iowa,
within a qualified urban renewal area, all in accordance with the provisions
of Chapter 419 of the Code of Iowa, 1979, as amended (the "Act") ; 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
WHEREAS, pursuant to published notice of intention, this City
Council has conducted a public hearing, as required by Section 419.9 of
the Act, and this City Council deems it necessary and advisable to proceed
with the Project, the issuance of the Bonds, and the loan of the proceeds
of the Series 1979 Bonds to the Corporation;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WATERLOO, IOWA, AS FOLLOWS:
Section 1 . That at the public hearing conducted by this City Council
pursuant to published notice all local residents who appeared were given an
opportunity to express their views for or against the proposal to issue the
Series 1979 Bonds.
Section 2. The Project is to be located within a qualified urban
renewal area designated as such pursuant to Chapter 403 of the 1979 Code of
Iowa prior to July 1 , 1979. The Project is consistent with the urban renewal
plan for the City in said area.
Section 3. That this City Council deems it necessary and advisable,
and hereby determines, to proceed with the Project, the issuance of the
Series 1979 Bonds, and the loan of the proceeds of the Series 1979 Bonds to
the Corporation, all upon terms and conditions mutually satisfactory to
the City and the Corporation.
Section 4. That this Resolution shall become effective immediately
upon its passage and approval .
Passed and approved November 5 1979
Mayor
Attest:
aailtp Clerk
Jolene DeLorbe, Deputy
Recorded November 6 , 1979.
Clerk
Jolene DeLorbe, Deputy