HomeMy WebLinkAbout2024-161-03.18.2024 Pre-Levy Proceedings 2024D GO CLN (fiber) (02318245x7F7E1)ITEMS TO INCLUDE ON AGENDA FOR MARCH 18, 2024
CITY OF WATERLOO, IOWA
General Obligation Capital Loan Notes, Series 2024D
• 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 18, 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, Chiles, Simon, Wilder and
Feuss
Absent: None
Vacant: None
Council Member Nichols introduced the following Resolution entitled "RESOLUTION
AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION CAPITAL LOAN NOTES,
SERIES 2024D, AND LEVYING A TAX FOR THE PAYMENT THEREOF", and moved that
the same be adopted. Council Member Wilder seconded the motion to adopt. The roll was
called and the vote was,
AYES: Boesen, Nichols, Creighton -Smith, Chiles, Simon, Wilder
and Feuss
NAYS:
Whereupon, the Mayor declared the Resolution duly adopted as follows:
RESOLUTION NO. 2024-161
RESOLUTION AUTHORIZING THE ISSUANCE OF
GENERAL OBLIGATION CAPITAL LOAN NOTES, SERIES
2024D, 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 designing, acquiring,
constructing, installing and equipping all or part of a fiber optic backbone and fiber to the
premise broadband communications system and related infrastructure, equipment and facilities,
including the connection of key City facilities to support the City's current and future functions
and services and for the provision of Municipal Communications Utility services (the "Project"),
and it is deemed necessary and advisable that General Obligation Capital Loan Notes, Series
2024D, in the amount of not to exceed $20,000,000 be issued; and
WHEREAS, the City Council has taken such acts as are necessary to authorize issuance
of the Notes.
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 Capital Loan Notes, Series
2024D, in the amount of $20,000,000 shall be issued pursuant to the provisions of Iowa Code
Sections 384.24A and 384.26 for the purposes covered by the election.
2
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:
FISCAL YEAR (JULY 1 TO JUNE 30)
AMOUNT YEAR OF COLLECTION
$991,667.00 2024/2025
$1,000,000.00 2025/2026
$21,000,000.00 2026/2027
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 Notes 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 Notes.
PASSED AND APPROVED this 18th day of March, 2024.
ATTEST:
Kelley Felchle, City Clerk
Qu,etthtz 3�rE
DIGITALLY
SIGNED
Quentin Hart, Mayor
-3
CERTIFICATE
STATE OF IOWA
) SS
COUNTY OF BLACK HAWK
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 18th da • March,
2024. Kelley FelCFile
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Kelley Felchle, City Clerk, City o aterloo,
State of Iowa
COUNTY AUDITOR'S CERTIFICATE
I, rturk V 2e er , County Auditor of Black Hawk County, State of Iowa,
hereby certify that on the 2_- day of (` ( , 2024 there was filed in my
office the Resolution of the City Council of the Ci. of Waterloo, State of Iowa, adopted on the
18`h day of March, 2024, such Resolution levying a tax for the purpose of paying principal and
interest on General Obligation Capital Loan Notes, Series 2024D, and authorizing the issuance
of the Notes.
(COUNT SEAL) .: County Auditor of Black Hawk County, State
of Iowa
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