HomeMy WebLinkAbout2024-123-03.04.2024 - Pre-Levy Proceedings 2024 GO BONDS (02312073x7F7E1)ITEMS TO INCLUDE ON AGENDA FOR MARCH 4, 2024
CITY OF WATERLOO, IOWA
General Obligation Bonds, Series 2024
• Resolution authorizing the issuance and levying a tax for the payment thereof.
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
March 4, 2024
The City Council of the City of Waterloo, State of Iowa, met in regular session, in the
Council Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 5:30 P.M., on the above
date. There were present Mayor Quentin Hart, in the chair, and the following named Council
Members:
Boesen, Nichols, Creighton -Smith, Simon and Feuss. Council
members Chiles and Wilder joined the meeting via Zoom.
Absent: None
Vacant: None
Council Member Nichols introduced the following Resolution entitled "RESOLUTION
AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2024,
AND LEVYING A TAX FOR THE PAYMENT THEREOF", and moved that the same be
adopted. Council Member Creighton-Smity seconded the motion to adopt. The roll was called
and the vote was,
AYES: Boesen, Nichols, Creighton -Smith, Chiles, Simon, Wilder,
and Feuss
NAYS: None
Whereupon, the Mayor declared the Resolution duly adopted as follows:
RESOLUTION NO. 2024-123
RESOLUTION AUTHORIZING THE ISSUANCE OF
GENERAL OBLIGATION BONDS, SERIES 2024, AND
LEVYING A TAX FOR THE PAYMENT THEREOF
WHEREAS, the City of Waterloo, State of Iowa ("Issuer"), is a municipal corporation,
organized and existing under the Constitution and laws of the State of Iowa, and is not affected
by any special legislation; and
WHEREAS, the Issuer is in need of funds to pay costs of the acquisition, improvement
and installation of traffic control devices, signage equipment and software, fixtures, equipment
and improvements, including but not limited to traffic signal, pavement markings, traffic safety,
fiber optics installation, street light fixtures, connections and facilities, and cameras; the
acquisition of vehicles and equipment for the Police and Fire Departments; the acquisition of
vehicles and equipment for the street, zoning, public works and sign and traffic departments; the
rehabilitation and improvement of City parks and the acquisition, repair and replacement of
facilities, equipment and improvements commonly found in City parks; the removal,
replacement and planting of trees in parks, streetscapes, and public grounds; the construction,
reconstruction and repairing of street, sidewalk, skywalk, trail, alley, public ground, marketplace,
bridges, pedestrian underpasses and overpasses, and intersection improvements; the acquisition,
construction and improvement of real and personal property useful for the protection of property
from floods or high waters, including flood control, levees, embankments, waterway, storm
water and drainage improvements; the removal or replacement of dead or diseased trees; the
acquisition and demolition of dangerous or dilapidated buildings, structures or properties, or
funding housing assistance; the reconstruction and improvement of dams; acquiring, developing
and improving of a geographic computer data base system suitable for automated mapping and
facilities management; the reconstruction and improvement of the city airport; acquisition of
communication equipment and other emergency services communication equipment and
systems; the construction, reconstruction, improvement, renovation, and equipping of city
building and facilities, including recreation buildings, fire stations, community centers, and other
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public buildings, and also including the acquisition and installation of security equipment for
such city facilities; and the construction, reconstruction, improvement, renovation, and equipping
of downtown parking ramps and garages; the acquisition and equipping of airport enterprises; the
construction, reconstruction, improvement, renovation, and equipping of city building and
facilities, including recreation buildings such as the Veterans Memorial Hall and fire stations; the
equipping of city hall and other public buildings with technology upgrades, including the
acquisition and installation of information technology and data management systems, including
network, back-up and recovery, connectivity infrastructure, software, computer systems and
server equipment; the reconstruction, improvement, renovation and equipping of public works
garages and facilities; the acquisition of vehicles for various city departments, including the
parks and building inspection departments; the renovation, construction, improvement and
equipping of recreation buildings and grounds, including the Center for the Arts, Dunsmore
House, Riverfront Stadium, Young Arena, the golf course, the Cedar Valley Sportsplex, tennis
courts and ball diamonds and other sports facilities (the "Project"), and it is deemed necessary
and advisable that General Obligation Bonds, Series 2024, in the amount of not to exceed
$6,300,000 be issued; and
WHEREAS, the City Council has taken such acts as are necessary to authorize issuance
of the Bonds.
NOW, THEREFORE, IT IS RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, STATE OF IOWA:
Section 1. Authorization of the Issuance. General Obligation Bonds, Series 2024, in the
amount of $6,000,000 shall be issued pursuant to the provisions of Iowa Code Sections 384.25,
384.26 and 384.28 for the purposes covered by the hearing.
Section 2. Levy of Annual Tax. For the purpose of providing funds to pay the principal
and interest as required under Chapter 76.2, there is levied for each future year the following
direct annual tax upon all the taxable property in the City of Waterloo, State of Iowa, to wit:
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FISCAL YEAR (JULY 1 TO JUNE 30)
AMOUNT YEAR OF COLLECTION
$742,855.00 2024/2025
$742,612.50 2025/2026
$738,787.50 2026/2027
$743,925.00 2027/2028
$737,487.50 2028/2029
$740,012.50 2029/2030
$596,000.00 2030/2031
$593,750.00 2031/2032
$595,500.00 2032/2033
$596,000.00 2033/2034
$595,250.00 2034/2035
$593,250.00 2035/2036
Principal and interest coming due at any time when the proceeds of the tax on hand are
insufficient to pay the amount due shall be promptly paid when due from current funds available
for that purpose and reimbursement must be made.
Section 3. Amendment of Levy of Annual Tax. Based upon the terms of the future sale
of the Bonds to be issued, this Council will file an amendment to this Resolution ("Amended
Resolution") with the County Auditor.
Section 4. Filing. A certified copy of this Resolution shall be filed with the County
Auditor of County of Black Hawk, State of Iowa, who shall, pursuant to Iowa Code Section 76.2,
levy, assess and collect the tax in the same manner as other taxes and, when collected, these
taxes shall be used only for the purpose of paying principal and interest on the Bonds.
PASSED AND APPROVED this 4th day of March, 2024.
ATTEST:
Kelley Felchle
Kelley Felchle, City Clerk
62uea-Wz 9-tarl�
Quentin Hart, Mayor
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STATE OF IOWA
COUNTY OF BLACK HAWK
CERTIFICATE
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I, the undersigned City Clerk of the City of Waterloo, State of Iowa, do hereby certify
that attached is a true and complete copy of the portion of the records of the City showing
proceedings of the Council, and the same is a true and complete copy of the action taken by the
Council 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 Council 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 Council pursuant to
the local rules of the Council 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 City offices as indicated therein, that no Council 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 Council hereto affixed this 5th day of Mar
2024.
OC
A
Kelley Felchle
Kelley Felchle, City Clerk, City of Waterloo,
State of Iowa
1 COUNTY AUDITOR'S CERTIFICATE
I, 6t rat` Ue- ,er , County Auditor of Black Hawk County, State of Iowa,
hereby certify that on the )Q' day of jtk r c-t. , 2024 there was filed in my
office the Resolution of the City Council of the City of Waterloo, State of Iowa, adopted on the
4th day of March, 2024, such Resolution levying a tax for the purpose of paying principal and
interest on General Obligation Bonds, Series 2024, and authorizing the issuance of the Bonds.
(COUNTY SEAL) County Auditor of Black Hawk County, State
of Iowa
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