HomeMy WebLinkAbout2024-236-04.17.2024- Accept Proposal-Approve NPA Proceedings 2024D GO CLN (02332017x7F7E1)ITEMS TO INCLUDE ON AGENDA
CITY OF WATERLOO, IOWA
$20,000,000* (Dollar Amount Subject to Change) General Obligation Capital Loan Notes,
Series 2024D
• Resolution Directing the Acceptance of a Proposal to Purchase $20,000,000* (Dollar
Amount Subject to Change) General Obligation Capital Loan Notes, Series 2024D; and
Approving the Form and Authorizing Execution of a Note Purchase Agreement.
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
April 17, 2024
The City Council of the City of Waterloo, State of Iowa, met in Special session, in the
Council Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 5:00 P.M., on the above
date. There were present Mayor Quentin Hart, in the chair, and the following named Council
Members:
Simon and Wilder
Boesen, Nichols, Chiles, and Feuss joined the meeting via Zoom
link
Creighton Smith entered the meeting at 5:09 p.m.
Absent: None
Vacant: None
Council Member Wilder introduced the following Resolution entitled "RESOLUTION
DIRECTING THE ACCEPTANCE OF A PROPOSAL TO PURCHASE $20,000,000*
(DOLLAR AMOUNT SUBJECT TO CHANGE) GENERAL OBLIGATION CAPITAL LOAN
NOTES, SERIES 2024D; AND APPROVING THE FORM AND AUTHORIZING
EXECUTION OF A NOTE PURCHASE AGREEMENT" and moved that it be adopted.
Council Member Nichols seconded the motion to adopt, and the roll being called thereon, the
vote was as follows:
AYES: Boesen, Nichols, Creighton -Smith, Chiles, Simon, Wilder
and Feuss
NAYS: None
Whereupon, the Mayor declared the Resolution duly adopted as follows:
RESOLUTION NO. 2024-236
RESOLUTION DIRECTING THE ACCEPTANCE OF A
PROPOSAL TO PURCHASE $20,000,000* (DOLLAR
AMOUNT SUBJECT TO CHANGE) GENERAL OBLIGATION
CAPITAL LOAN NOTES, SERIES 2024D; AND APPROVING
THE FORM AND AUTHORIZING EXECUTION OF A NOTE
PURCHASE AGREEMENT
WHEREAS, the City of Waterloo, 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 $20,000,000* (Dollar Amount Subject to Change) as authorized by
Sections 384.24A and 384.26 Code of Iowa as amended; and
WHEREAS, a proposal has been received from Piper Sandler & Co. of Des Moines,
Iowa; and
WHEREAS, it is the intention of this City Council to enter into a Loan Agreement in
accordance with said proposal dated April 17, 2024.
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NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY
OF WATERLOO, STATE OF IOWA:
Section 1. That this City Council does hereby accept the attached proposal of Piper
Sandler & Co. of Des Moines, Iowa, including the form and content of the Note Purchase
Agreement, the provisions of which are hereby approved, authorized, and confirmed, and the
Mayor and City Clerk are hereby authorized, empowered, and directed to execute and deliver the
Note Purchase Agreement, in substantially the form and content now before this meeting, but
with such changes, modifications, additions or deletions approved by the Mayor and City Clerk,
upon the advice of bond counsel; and the City Council takes additional action to permit the
entering into of a Loan Agreement.
Section 2. The Mayor and City Clerk 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 17th day of April, 2024.
ATTEST:
Kelley EeCcFcCe
Kelley Felchle, City Clerk
Quentin Hart, Mayor
(Attach Copy of Terms of Proposal)
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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 17th day of April,
2024.
K,eCCey FeCchCe
Kelley Felchle, City Clerk, City of Water oo,
State of Iowa
(SEAL)
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02332017\11310-171