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HomeMy WebLinkAbout26153-01.15.1979 C rff RESOLUTION NO. 26153 A RESOLUTION DIRECTING THE PUBLICATION OF A NOTICE OF INTENTION TO ISSUE $5, 000, 000 AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE BONDS (AMERICAN BUILDINGS COMPANY PROJECT) SERIES 1979 OF THE CITY OF WATERLOO, IOWA, AND CALLING A PUBLIC HEARING ON THE PROPOSAL TO ISSUE SAID BONDS WHEREAS , the City of Waterloo, Iowa (hereinafter referred to as the "City" ) is a municipal corporation organized and existing under the laws and the constitution of the State of Iowa, and is authorized and empowered by Chapter 419 of the Code of Iowa (hereinafter referred to as the "Act" ) , to issue Industrial Development Revenue Bonds and loan the proceeds from the sale of said Bonds to one or more parties to be used to defray all or a portion of the cost of acquiring and equipping a "Project" as that term is defined in the Act, for the purpose of securing and developing industry and trade within or near the City in order to create jobs and employment opportunities and to improve the economic welfare of the resi- dents of the City and of the State of Iowa; and WHEREAS , the City has been requested by American Buildings Company, a Delaware corporation (hereinafter referred to as the "Company" ) , to authorize and issue its Industrial Development Revenue Bonds pursuant to the provisions of the Act for the purpose of defraying all or a portion of the cost of the acquisition and equipping an industrial and manufac- turing facility constituting a metal fabricating facility and related equipment (hereinafter referred to as the "Project" ) , which Project will be owned and operated by Company; and WHEREAS , said Project will create additional employment opportunities for residents of the City and the surrounding area ; will enhance the tax base of the City and overlapping taxing jurisdictions and will provide and induce other public benefits flowing from the conducting of increased industrial and manufacturing operations which will add to the welfare and prosperity of the City and its inhabitants ; and WHEREAS , the City has determined that the amount necessary to defray all or a portion of the cost of acquiring and equipping the Project, including necessary expenses incidental thereto, will require the issuance by the City of $5,000,000 aggregate principal amount of its Industrial Development Revenue Bonds pursuant to the provisions of the Act; and -2- AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA WHEREAS , it is proposed to defray the cost of the Project through the issuance of $5,000, 000 of the City 's Industrial Development Revenue Bonds, and to loan said amount to Company under a Loan Agreement between the City and Company pursuant to which loan payments will be made in amounts sufficient to pay the principal of and interest and premium, if any, on said Bonds, as and when the same shall be due ; and WHEREAS , the Bonds, if issued, shall be limited obligations of the City, and shall not constitute nor give rise to pecu- niary liability of the City or a charge against its general credit or taxing powers , and the principal of and interest and premium, if any, on the bonds shall be payable solely out of the revenues derived from the Project to be financed by the Bonds; and WHEREAS , the Company has requested that the Council take additional action relating to the further processing and issuance of the City 's Industrial Development Revenue Bonds (American Buildings Company Project) Series 1979, and the City believes it desirable and in its best interest that said additional action be taken; and WHEREAS , before the Bonds may be issued, it is necessary to conduct a public hearing on the proposal to issue the Bonds, all as required and provided by Section 419. 9 of the Act. NOW, THEREFORE , Be It and It Is Hereby Resolved by the City Council of the City of Waterloo, Iowa, as follows : Section 1. A public hearing shall be conducted on February 12, 1979 at 7: 00 o'clock P.M. , before the City Council in the Council Chambers at the City Hall in the City of Waterloo, Iowa, on the proposal to issue $5,000,000 aggre- gate principal amount of the City's Industrial Development Revenue Bonds (American Buildings Company Project) Series 1979 , pursuant to the provisions of the Act, for the purpose of defraying all or a portion of the cost of acquiring and equipping the Project, including necessary expenses incidental thereto, and all local residents who appear at said hearing -3- AHLERS, GOONEY, DORWEILER, HAYNIE&SMITH. LAWYERS, DES MOINES, IOWA shall be given an opportunity to express their views for or against the proposal to issue such Bonds; and at said hearing, or any adjournment thereof , this City Council shall adopt a resolution determining whether or not to proceed with the issuance of said Bonds. Section 2. The City Clerk of the City is hereby directed to publish one time, not less than fifteen (15 ) days prior to the date fixed for said hearing, in the Waterloo Daily Courier, a legal newspaper published and having a general cir- culation within the City, a Notice of Intention to issue said Bonds in substantially the following form: NOTICE OF INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS (AMERICAN BUILDINGS COMPANY PROJECT) Notice is hereby given that a public hearing will be conducted before the Council of the City of Waterloo, Iowa, in the Coun- cil Chambers at the City Hall in said City at 7 : 00 o'clock P.M. , on February 12, 1979, on the proposal to issue $5, 000, 000 aggregate principal amount of the City's Industrial Development Revenue Bonds (American Buildings Company Project) Series 1979, pursuant to the provisions of Chapter 419 of the Code of Iowa, for the purpose of defraying all or a portion of the cost of an industrial development project located within said City, consisting of the acquisition of land and a building and improvements thereon and acquisition and installation of certain equipment suitable for use in the operation of a metal fabrication facility. The proposed metal fabrication facility will be owned by American Buildings Company, a Delaware corporation. It is contemplated that a Loan Agreement will be entered into between the City and American Buildings Company, under which the City would loan to said Company the proceeds from the sale of the Bonds in return for loan payments from the Company sufficient to pay the prin- cipal of and interest and premium, if any, on such Bonds as the same fall due. Such Bonds, if issued, and the interest thereon will be payable solely out of the revenue derived from the said Loan Agreement and shall never constitute an indebtedness of said City within the meaning of any state constitutional provision or statutory limitation, and shall not constitute nor give rise to a pecuniary liability of said City or a charge against its general credit or taxing powers. -4- AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA All local residents who appear at said hearing shall be given an opportunity to express their views for or against the pro- posal to issue said Bonds, and at said hearing, or any adjournment thereof , the Council of said City shall adopt a resolution determining whether or not to proceed with the issuance of said Bonds. By order of the City Council . Clerk of the City of Waterloo, Iowa Section 3. That in order to assure the acquisition and equipping of these industrial and manufacturing facilities in the City of Waterloo, Iowa, with the resulting public benefits which will flow from the operation thereof , it is deemed necessary and advisable that this Council take and it does now take additional action to cause its bonds to be authorized, issued and sold in an aggregate principal amount sufficient to finance all or a portion of the Project subject to the con- dition that the City and the Company shall have agreed to mutually acceptable terms for the Bonds and of the sale and delivery thereof , and mutually acceptable terms and conditions of all documents and proceedings necessary to the lawful issuance of said Bonds. Section 4. In order that the Project will not be unduly delayed, the Company is hereby authorized to make such commit- ments , expenditures and advances toward payment of the costs of the Project as it considers appropriate, subject to reim- bursement from the proceeds of the Bonds when and if deli- vered, but otherwise without liability on the part of the City. Section 5. All resolutions and orders or parts thereof , in conflict herewith, are , to the extent of such conflict, hereby repealed, and this Resolution shall be in full force and effect immediately upon its adoption. -5- AHLERS, COONEY, DORWEILER, HAYNIE&SMITH. LAWYERS, DES MOINES, IOWA Adopted and approved, January 15, 1979. Mayor ATTEST: City Clerk * * * * * * * * * * * * (Other Business) ------- Pursuant to motion duly made and carried, the City cil adjo •ed. - . .r ATTEST: " ity Clerk -6- AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA