HomeMy WebLinkAbout26138-01.08.1979 RESOLUTION NO. 26138 INITIATING
PROCEEDINGS FOR THE ISSUANCE AND SALE
OF $1,000, 000 INDUSTRIAL DEVELOPMENT
REVENUE BONDS (WEISSMAN INDUSTRIES,
INC. PROJECT) SERIES 1979, OF THE CITY
OF WATERLOO, IOWA.
WHEREAS, the City of Waterloo, in Black Hawk County,
State of Iowa (the "City" ) is authorized by Chapter 419 of the
Code of Iowa, 1977, as amended (the "Act" ) to issue revenue bonds
and use the proceeds to finance the cost of land, buildings or
improvements, which facilities shall not be more than eight
miles outside the corporate limits of the City, suitable for the
use of any industry, for the manufacturing, processing or
assembling of any agricultural or manufactured products, or the
use of certain commercial enterprises; and
WHEREAS, Weissman Industries , Inc . , an Iowa corporation
(the "Company" ) , proposes to acquire and construct certain steel
reprocessing, recycling and distribution facilities (the "Project" )
for its use at a site in the City; and
WHEREAS, the City proposes to finance the cost of the
Project through the issuance of Industrial Development Revenue
Bonds (Weissman Industries , Inc . Project ) Series 1979 of the
City in the aggregate principal amount of $1, 000,000 (the "Bonds" )
and the loan of the proceeds thereof to the Company; and
WHEREAS, notice of intention to issue the Bonds has
been published and this Council has conducted a public hearing
pursuant to such published notice , all as required by the Act ,
and has determined and does hereby determine that it is necessary
and advisable to proceed with the financing of the Project;
NOW, THEREFORE, Be It Resolved by the City Council
of the City of Waterloo, Iowa, as follows :
Section 1. That the City herewith determines to proceed
with and initiates proceedings for the issuance of the Bonds , upon
such terms and conditions as the City by further resolution may
from time to time establish.
Section 2 . That this resolution shall become effective
immediately upon adoption.
Adopted January 8 , 1979 .
Mayor
Attest :
City Clerk
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