HomeMy WebLinkAbout26366-06.25.1979 C n.1
RESOLUTION NO. ry ‘�
RESOLUTION APPROVING PROCEEDING WITH THE ISSUANCE
AND SALE OF NOT TO EXCEED $700, 000 IN AGGREGATE
PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE
BONDS (UNITED BEVERAGES, INC. PROJECT) SERIES 1979,
OF THE CITY OF WATERLOO, IOWA.
WHEREAS, the City of Waterloo, a political subdivision of
the State of Iowa (the "City" ) , is authorized by Chapter 419 of
the Iowa Code, as amended (the "Act" ) , to issue revenue bonds
for the purpose of defraying the cost of acquiring ,
constructing, improving and equipping land, buildings and
improvements suitable for use in the storing, warehousing and
distributing of beverages and related products , and to loan the
proceeds from the sale of such revenue bonds, pursuant to a
loan agreement, to United Beverages , Inc. , an Iowa corporation
(hereinafter referred to as the "Company" ) , to be used for the
aforesaid purposes ; and
WHEREAS, the City has determined there is a public need in
the City and its surrounding environs for improved storage,
warehousing and distribution facilities as proposed by the
Company; and
WHEREAS, a notice of hearing on the proposal to issue not
to exceed $700, 000 aggregate principal amount of Industrial
Development Revenue Bonds (United Beverages , Inc . Project)
Series 1979, of the City of Waterloo, Iowa, has been published
as required by law; and
WHEREAS, a public hearing has been held at the time and
place as specified in said notice of hearing and any and all
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or other comments relating to such Bonds have been heard and it
is deemed to be in the best interests of the City of Waterloo,
Iowa , that said Bonds be issued as proposed ; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA, AS FOLLOWS:
Section 1. That is is hereby determined that it is neces-
sary and advisable that the City proceed with the issuance of
its Industrial Development Revenue Bonds (United Beverages,
Inc . Project) Series 1979 (hereinafter referred to as the
"Bonds" ) , in an amount not to exceed $700, 000, as authorized
and permitted by the Act, and to loan the proceeds of the sale
of the Bonds to the Company, all upon terms and conditions
mutually satisfactory to the City and the Company.
Section 2. That at the public hearing conducted by this
Council , pursuant to published notice , all persons who appeared
were given an opportunity to express their views for or against
the proposal to issue said Bonds and it is hereby determined
that any and all objections to the issuance of the said Bonds,
are hereby overruled .
Section 3 . That this Council shall proceed with the
necessary proceedings relating to the issuance of said Bonds
as soon as the required documentation has been prepared by
Bond Counsel , and approved by the City Attorney of said City.
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Section 4. That said Bonds, if issued , and the interest
thereon, will be payable solely out of the revenues derived
from the financing of said Project and shall never constitute
an indebtedness of the City of Waterloo, Iowa , 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 of Waterloo, Iowa, or a charge
against its general credit or taxing powers .
Section 5. That all resolutions and parts thereof in
conflict herewith are hereby repealed to the extent of such
conflict.
Adopted and approved , June 25, 1979.
City of Waterloo , Iowa
Leo P. Rooff , Mayor
Attest :
Katherine Gibbs, City Clerk
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