HomeMy WebLinkAbout2024-423-07.15.2024 - Accept Proposal Proceedings 2024 Sewer Capital Loan Notes (02366371x7F7E1)ITEMS TO INCLUDE ON AGENDA
CITY OF WATERLOO, IOWA
$5,500,000* Sewer Revenue Capital Loan Notes, Series 2024E
• Resolution Directing the Acceptance of a Proposal to Purchase $5,500,000* Sewer
Revenue Capital Loan Notes, Series 2024E.
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
July 15, 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, Chiles, Simon, Wilder and Feuss
Absent: Belinda Creighton -Smith
Vacant: None
Council Member Feuss introduced the following Resolution entitled "RESOLUTION
DIRECTING THE ACCEPTANCE OF A PROPOSAL TO PURCHASE $5,500,000* SEWER
REVENUE CAPITAL LOAN NOTES, SERIES 2024E" and moved that it be adopted. Council
Member Wilder seconded the motion to adopt, and the roll being called thereon, the vote was as
follows:
AYES: Boesen, Nichols, Chiles, Simon, Wilder and Feuss
NAYS: None
Whereupon, the Mayor declared the Resolution duly adopted as follows:
RESOLUTION NO. 2024-423
RESOLUTION DIRECTING THE ACCEPTANCE OF A
PROPOSAL TO PURCHASE $5,500,000* SEWER REVENUE
CAPITAL LOAN NOTES, SERIES 2024E
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 $5,500,000* as authorized by Sections 384.24A and 384.83, Code of Iowa
as amended; and
WHEREAS, a proposal has been received from JP Morgan Chase 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 July 15, 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 JP Morgan
Chase of Des Moines, Iowa, (the "Purchaser") and 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 15th day of July, 2024.
ATTEST:
Kelley Felchle, City Clerk
62uertart 91ir
Quentin Hart, Mayor
(Attach Copy of Terms of Proposal)
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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 15th day of July, 2024.
DIGITALLY
J(eOCey Felchle o SIGHED
Kelley Felchle, City Clerk, City . ' aterloo,
State of Iowa
02366371\11310-163