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HomeMy WebLinkAbout2023-020 - Signed Acceptance of Proposal to Purchase $4,000,000 Loan Notes, Series 2023 ITEMS TO INCLUDE ON AGENDA FOR AUGUST 30,2023 BOARD OF TRUSTEES OF THE WATERLOO MUNICIPAL COMMUNICATIONS UTILITY, WATERLOO,IOWA $4,000,000 Taxable Communications Utility Revenue Capital Loan Notes, Series 2023 • Resolution Directing the Acceptance of a Proposal to Purchase $4,000,000 Taxable Communications Utility Revenue Capital Loan Notes, Series 2023. Resolution No. 2023-020 NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE GOVERNING BODY. - 1 - • August 30, 2023 The Board of Trustees of the Waterloo Municipal Communications Utility, 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 Andrew Van Fleet in the chair, and the following named Board Members: Van Fleet, Batemon, Kurtenbach,Young, and Wienands. Absent: None. Vacant: None. - 2 - Board Member Young introduced the following Resolution entitled "RESOLUTION DIRECTING THE ACCEPTANCE OF A PROPOSAL TO PURCHASE $4,000,000 TAXABLE COMMUNICATIONS UTILITY REVENUE CAPITAL LOAN NOTES, SERIES 2023" and moved that it be adopted. Board Member Kurtenbach seconded the motion to adopt, and the roll being called thereon, the vote was as follows: AYES: Four ABSTAIN: One. Mr. Van Fleet explained in the meeting he is on the board for Farmer's State Bank and would abstain from voting. Whereupon, the Chairperson declared the Resolution duly adopted as follows: RESOLUTION NO. 2023-020 RESOLUTION DIRECTING THE ACCEPTANCE OF A PROPOSAL TO PURCHASE $4,000,000 TAXABLE COMMUNICATIONS UTILITY REVENUE CAPITAL LOAN NOTES, SERIES 2023 WHEREAS, the City of Waterloo, by and through its Board of Trustees of the Waterloo Municipal Communications Utility, sometimes hereinafter referred to as the City, is a municipal corporation duly incorporated, organized and existing under and by virtue of the Constitution and laws of the State of Iowa; and WHEREAS, it is deemed necessary that the City should enter into a Loan Agreement and borrow the amount of$4,000,000 as authorized by Sections 384.24A and 384.83, Code of Iowa as amended; and WHEREAS, a proposal has been received from Cedar Rapids Bank and Trust of Cedar Rapids, Iowa and WHEREAS, it is the intention of this Board of Trustees to enter into a Loan Agreement in accordance with said proposal dated August 30, 2023. 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 of Trustees does hereby accept the attached proposal of Cedar Rapids Bank and Trust of Cedar Rapids, Iowa, and takes additional action to permit the entering into of a Loan Agreement. - 3 - Section 2. The Chairperson and Secretary of the Board of Trustees are authorized and directed to proceed on behalf of the City to enter into such Loan Agreement, to negotiate the final terms of a Loan Agreement,to take all action necessary to permit the entering into of a Loan Agreement on a basis favorable to the City and acceptable to the Purchaser, and to proceed to meet the conditions of this accepted proposal. PASSED AND APPROVED this 30th day of August 2023. ti irperson ATTEST: de lati 3- Secretary of the and of Trustees (Attach Copy of Terms of Proposal) - 4 - CERTIFICATE STATE OF IOWA ) ) SS COUNTY OF BLACK HAWK ) I,the undersigned Secretary of the Board of Trustees of the Waterloo Municipal Communications Utikty, 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 effebt, 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 14th day of September 2023. ecretary of t Board of Trustees, Waterloo Municipal Co_ unications Utility, Waterloo, State of Iowa (SEAL) O14‘MUN'C • .e„mosr.lor 9i 02237802-1\24268-003 i • ITEMS TO INCLUDE ON AGENDA FOR AUGUST 30,2023 BOARD OF TRUSTEES OF THE WATERLOO MUNICIPAL COMMUNICATIONS UTILITY, WATERLOO,IOWA $4,000,000 Taxable Communications Utility Revenue Capital Loan Notes, Series 2023 • Resolution Directing the Acceptance of a Proposal to Purchase $4,000,000 Taxable Communications Utility Revenue Capital Loan Notes, Series 2023. Resolution No. 2023-020 NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE GOVERNING BODY. - 1 - August 30, 2023 The Board of Trustees of the Waterloo Municipal Communications Utility, 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 Andrew Van Fleet in the chair, and the following named Board Members: Van Fleet, Batemon, Kurtenbach, Young, and Wienands. Absent: None. Vacant: None. - 2 - Board Member Young introduced the following Resolution entitled "RESOLUTION DIRECTING THE ACCEPTANCE OF A PROPOSAL TO PURCHASE $4,000,000 TAXABLE COMMUNICATIONS UTILITY REVENUE CAPITAL LOAN NOTES, SERIES 2023" and moved that it be adopted. Board Member Kurtenbach seconded the motion to adopt, and the roll being called thereon, the vote was as follows: AYES: Four ABSTAIN: One. Mr. Van Fleet explained in the meeting he is on the board for Farmer's State Bank and would abstain from voting. Whereupon,the Chairperson declared the Resolution duly adopted as follows: RESOLUTION NO. 2023-020 RESOLUTION DIRECTING THE ACCEPTANCE OF A PROPOSAL TO PURCHASE $4,000,000 TAXABLE COMMUNICATIONS UTILITY REVENUE CAPITAL LOAN NOTES, SERIES 2023 WHEREAS,the City of Waterloo, by and through its Board of Trustees of the Waterloo Municipal Communications Utility, sometimes hereinafter referred to as the City, is a municipal corporation duly incorporated, organized and existing under and by virtue of the Constitution and laws of the State of Iowa; and WHEREAS, it is deemed necessary that the City should enter into a Loan Agreement and borrow the amount of$4,000,000 as authorized by Sections 384.24A and 384.83, Code of Iowa as amended; and WHEREAS, a proposal has been received from Cedar Rapids Bank and Trust of Cedar Rapids, Iowa and WHEREAS, it is the intention of this Board of Trustees to enter into a Loan Agreement in accordance with said proposal dated August 30, 2023. 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 of Trustees does hereby accept the attached proposal of Cedar Rapids Bank and Trust of Cedar Rapids, Iowa, and takes additional action to permit the entering into of a Loan Agreement. - 3 - Section 2. The Chairperson and Secretary of the Board of Trustees are authorized and directed to proceed on behalf of the City to enter into such Loan Agreement, to negotiate the final terms of a Loan Agreement, to take all action necessary to permit the entering into of a Loan Agreement on a basis favorable to the City and acceptable to the Purchaser, and to proceed to meet the conditions of this accepted proposal. PASSED AND APPROVED this 30th day of August 2023. Chairperson ATTEST: ecretary o the Board of Trustees (Attach Copy of Terms of Proposal) - 4 - CERTIFICATE STATE OF IOWA ) ) SS COUNTY OF BLACK HAWK ) 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 tie 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 14th day of September 2023. i'LLUAAI deiki - Secretary of �e Board of Trustees, Waterloo Municipal Communications Utility, Waterloo, State of Iowa (SEAL) c,�MMUkr, cu • 2 - 'fin.►'"' q 02237802-1\24268-003 ITEMS TO INCLUDE ON AGENDA FOR AUGUST 30,2023 BOARD OF TRUSTEES OF THE WATERLOO MUNICIPAL COMMUNICATIONS UTILITY,WATERLOO,IOWA $4,000,000 Taxable Communications Utility Revenue Capital Loan Notes, Series 2023 • Resolution Directing the Acceptance of a Proposal to Purchase $4,000,000 Taxable Communications Utility Revenue Capital Loan Notes, Series 2023. Resolution No. 2023-020 NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE GOVERNING BODY. - 1 - August 30, 2023 The Board of Trustees of the Waterloo Municipal Communications Utility, 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 Andrew Van Fleet in the chair, and the following named Board Members: Van Fleet, Batemon, Kurtenbach, Young, and Wienands. Absent: None. Vacant: None. - 2 - Board Member Young introduced the following Resolution entitled "RESOLUTION DIRECTING THE ACCEPTANCE OF A PROPOSAL TO PURCHASE $4,000,000 TAXABLE COMMUNICATIONS UTILITY REVENUE CAPITAL LOAN NOTES, SERIES 2023" and moved that it be adopted. Board Member Kurtenbach seconded the motion to adopt, and the roll being called thereon, the vote was as follows: AYES: ` Four ABSTAIN: One. Mr. Van Fleet explained in the meeting he is on the board for Farmer's State Bank and would abstain from voting. Whereupon,the Chairperson declared the Resolution duly adopted as follows: RESOLUTION NO. 2023-020 RESOLUTION DIRECTING THE ACCEPTANCE OF A PROPOSAL TO PURCHASE $4,000,000 TAXABLE COMMUNICATIONS UTILITY REVENUE CAPITAL LOAN NOTES, SERIES 2023 WHEREAS, the City of Waterloo, by and through its Board of Trustees of the Waterloo Municipal Communications Utility, sometimes hereinafter referred to as the City, is a municipal corporation duly incorporated, organized and existing under and by virtue of the Constitution and laws of the State of Iowa; and WHEREAS, it is deemed necessary that the City should enter into a Loan Agreement and borrow the amount of$4,000,000 as authorized by Sections 384.24A and 384.83, Code of Iowa as amended; and WHEREAS, a proposal has been received from Cedar Rapids Bank and Trust of Cedar Rapids, Iowa and WHEREAS, it is the intention of this Board of Trustees to enter into a Loan Agreement in accordance with said proposal dated August 30, 2023. 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 of Trustees does hereby accept the attached proposal of Cedar Rapids Bank and Trust of Cedar Rapids, Iowa, and takes additional action to permit the entering into of a Loan Agreement. - 3 - Section 2. The Chairperson and Secretary of the Board of Trustees are authorized and directed to proceed on behalf of the City to enter into such Loan Agreement, to negotiate the final terms of a Loan Agreement, to take all action necessary to permit the entering into of a Loan Agreement on a basis favorable to the City and acceptable to the Purchaser, and to proceed to meet the conditions of this accepted proposal. PASSED AND APPROVED this 30th day of August 2023. Chairperson AT,TEQSQT: '`� Secretary of e Board of Trustees (Attach Copy of Terms of Proposal) - 4 - CERTIFICATE STATE OF IOWA ) ) SS COUNTY OF BLACK HAWK ) 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 i' .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 14th day of September 2023. Kje_kLt Secretary of t Board of Trustees, Waterloo Municipal Communications Utility, Waterloo, State of Iowa (SEAL) c,O�MUNic 1 L./T 4,), to • Z. 02237802-1\2 80f3- 1 I i V 1 1 I 1 1 1 i I j 1 I 1 1 1 i II 1 1 s �.r, r-� .r li