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HomeMy WebLinkAbout2024-122-03.04.2024 - Hearing Proceedings GCP-4 2024 GO BONDS (02312046x7F7E1)ITEMS TO INCLUDE ON AGENDA FOR MARCH 4, 2024 CITY OF WATERLOO, IOWA Not to Exceed $700,000 General Obligation Bonds (GCP-4) • Public hearing on the issuance. • Resolution instituting proceedings to take additional action. 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 The Mayor announced that this was the time and place for the public hearing and meeting on the matter of the issuance of not to exceed $700,000 General Obligation Bonds, in order to provide funds to pay the costs of 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, for general corporate purposes, and that notice of the proposal to issue the Bonds and the right to petition for an election had been published as provided by Section 384.26 of the Code of Iowa, and the Mayor then asked the City Clerk whether any petition had been filed in the Clerk's Office, in the manner provided by Section 362.4 of the Code of Iowa, and the Clerk reported that no such petition had been filed, requesting that the question of issuing the Bonds be submitted to the qualified electors of the City. The Mayor then asked the Clerk whether any written objections had been filed by any resident or property owner of the City to the issuance of the Bonds. The Clerk advised the Mayor and the Council that no written objections had been filed. The Mayor then called for oral objections to the issuance of the Bonds and none were made. Whereupon, the Mayor declared the time for receiving oral and written objections to be closed. Whereupon, the Mayor declared the hearing on the issuance of the Bonds to be closed. The Council then considered the proposed action and the extent of objections thereto. Whereupon, Council Member Feuss introduced and delivered to the Clerk the Resolution hereinafter set out entitled "RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO EXCEED $700,000 GENERAL OBLIGATION BONDS", and moved: x that the Resolution be adopted. to ADJOURN and defer action on the Resolution and the proposal to institute proceedings for the issuance of bonds to the meeting to be held at .M. on the day of , 2024, at this place. 2 Council Member Nichols seconded the motion. 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 measure duly adopted. RESOLUTION NO. 2024-122 RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO EXCEED $700,000 GENERAL OBLIGATION BONDS WHEREAS, pursuant to notice published as required by law, the City Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of not to exceed $700,000 General Obligation Bonds, for the general corporate purposes, in order to provide funds to pay the costs of 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, and has considered the extent of objections received from residents or property owners as to the proposed issuance of Bonds; and no petition was filed calling for a referendum thereon. The following action is now considered to be in the best interests of the City and residents thereof. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, STATE OF IOWA: Section 1. That this Council does hereby institute proceedings and take additional action for the authorization and issuance in the manner required by law of not to exceed $700,000 General Obligation Bonds, for the foregoing general corporate purposes. Section 2. This Resolution shall serve as a declaration of official intent under Treasury Regulation 1.150-2 and shall be maintained on file as a public record of such intent. It is reasonably expected that the general fund moneys may be advanced from time to time for capital expenditures which are to be paid from the proceeds of the above Bonds. The amounts so advanced shall be reimbursed from the proceeds of the Bonds not later than eighteen months after the initial payment of the capital expenditures or eighteen months after the property is placed in service. Such advancements shall not exceed the amount authorized in this Resolution unless the same are for preliminary expenditures or unless another declaration of intention is adopted. Section 3. Pursuant to 384.24A, the City may enter into loan agreements to borrow money for any public purpose in accordance with said section, and shall follow substantially the 3 same authorization procedure required for the issuance of general obligation bonds issued for the same purpose, to authorize a loan agreement made payable from the debt service fund, and accordingly, the City hereby reserves the right to enter into one or more loan agreements for the issuance of General Obligation Capital Loan Notes to finance any of the projects covered by this hearing, and authorizes the City Clerk and Finance Director to take all action necessary to permit the completion of one or more loans on a basis favorable to the City and acceptable to the Council. PASSED AND APPROVED this 4th day of March, 2024. ATTEST: Kelley Felchle Kelley Felchle, City Clerk 62uerd is 9 r1 Quentin Hart, Mayor -4 STATE OF IOWA COUNTY OF BLACK HAWK CERTIFICATE ) ) SS ) 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 h, 2024. Kelley Felchle Kelley Felchle, City Clerk, City of Waterloo, State of Iowa 02312044\11310-168