HomeMy WebLinkAbout2010-933-10/18/2010r
RESOLUTION NO. 2010-933
RESOLUTION APPROVING PROCEEDING WITH THE
ISSUANCE AND SALE OF NOT TO EXCEED
$10,000,000 AGGREGATE PRINCIPAL AMOUNT OF
MIDWESTERN DISASTER AREA REVENUE BONDS (KNK
ENTERPRISES, L.L.C. PROJECT) SERIES 2010 OF
THE CITY OF WATERLOO, IOWA, AND RELATED
MATTERS.
WHEREAS, the City of Waterloo, Iowa, (the "City"), is
authorized and empowered by Chapter 419 of the Code of Iowa, as
amended, (hereinafter "Act") to issue Midwestern Disaster Area
revenue bonds for the purpose of financing the cost of
acquiring, constructing and improving approximately 8 acres of
land and a 54,000 square foot building, extensive remodeling of
said building and an additional 30,000 square foot retail
building located at 1411 Flammang Drive, Waterloo, Iowa
(hereinafter "Project") and to loan the proceeds from the sale
of such bonds, pursuant to a Loan Agreement, to KNK Enterprises,
L.L.C., an Iowa limited liability company (hereinafter referred
to as the "Borrower"), to be used for the aforesaid purposes;
and
WHEREAS, the City has determined said Project will create
and maintain additional opportunities for residents of the City
and the surrounding area, and will provide and induce other
public benefits flowing from the conduct of enhanced operations
and aid in recovery from the flooding of 2008 which will add to
the welfare and prosperity of the City and its inhabitants;,and
WHEREAS, a notice of hearing on the proposal to issue not
to exceed $10,000,000 aggregate principal amount of Midwestern
Disaster Area Revenue Bonds (KNK Enterprises, L.L.C. Project)
(the "Bonds"), of 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
objections or other comments relating to such Bonds have been
heard and it is deemed to be in the best interests of the City,
that said Bonds be issued as proposed.
NOW, THEREFORE, BE IT RESOLVED by the City Council of City
of Waterloo, Iowa, as follows:
Section 1. That it is hereby determined that it is
necessary and advisable that the City proceed with the issuance
of its Midwestern Disaster Area Revenue Bonds (KNK Enterprises,
L.L.C. Project) in an amount not to exceed $10,000,000, all as
authorized and permitted by the Act and Sections 103 and 141-150
of the Internal Revenue Code of 1986, as amended, (the "Code")
and to loan the proceeds of the sale of the Bonds to the
Borrower, all upon terms and conditions mutually satisfactory to
the City and the Borrower.
Resolution No. 2010-933
Page 2
Section 2. That at the public hearing conducted by this
Council as required by the Act and Section 147(f) of the Code
and 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 the City Council shall proceed with the
necessary proceedings relating to the issuance of said Bonds
upon reasonable advance notice from the Borrower that
satisfactory financing terms have been agreed upon with the
proposed purchasers, that it has received an allocation of
Midwestern Disaster Area bonds from the Iowa Finance Authority
and the necessary determination by the governor of the State of
Iowa, or his designee, and the required documentation has been
prepared by Bond Counsel, and approved by all other parties,
including counsel to the City of Waterloo, Iowa.
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 the City of Waterloo, Iowa, or be a charge against its
general credit or taxing powers.
Section 5. All Resolutions and Orders or parts thereof,
in conflict herewith are, to the extent of such conflict, hereby
repealed and this Resolution shall be in full force and effect
immediately upon its adoption.
PASSED AND ADOPTED this 18th day of October, 2010.
rnest G. Clark, Mayor
ATTEST:
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Carol Fai or, Deputy City Clerk
Resolution No. 2010-933
Page 3
CITY CLERK'S CERTIFICATE
I, Carol Failor, do hereby certify that I am the duly
appointed, qualified, and acting Deputy City Clerk of the City
of Waterloo, Iowa, State of Iowa; that as such I have in my
possession, or have access to, the complete corporate records of
said City and of its City Council and officers; that I have
carefully compared the transcript hereto attached with the
aforesaid corporate records; and that said transcript hereto
attached is a true, correct and complete copy of all the
corporate records showing the action taken by the City Council
of said City at a meeting open to the public on October 18,
2010, holding a public hearing and approving the issuance of not
to exceed $10,000,000 aggregate principal amount of Midwestern
Disaster Area Revenue Bonds (KNK Enterprises, L.L.C. Project)
Series 2010, of the City of Waterloo, Iowa; that said
proceedings remain in full force and effect and have not been
amended or rescinded in any way; that said meeting and all
action thereat was duly and publicly held, with members of the
public in attendance, in accordance with a notice of meeting and
tentative agenda, a copy of which was timely served on each
member of the City 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 City pursuant to the local rules of the Council and the
provisions of Chapter 21, Iowa Code, and upon reasonable advance
notice to the public and media at least twenty-four hours prior
to the commencement of the meeting as required by said law.
Witness my hand and the Corporate Seal of said City hereto
affixed this 18th day of October, 2010.
oahgl-Ad M.
SEAL Carol Failor, Deputy City Clerk