HomeMy WebLinkAbout2024-510-09.03.2024 Fix Date Reallocation - Waterloo 2022B Bonds (parking equipment) (02394426x7F7E1)ITEMS TO INCLUDE ON AGENDA
CITY OF WATERLOO, IOWA
• Resolution fixing date for a meeting on the proposal to reallocate certain unspent proceeds
of the General Obligation Bonds, Series 2022B, and providing for publication of notice
thereof.
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
September 3, 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 Pro Tem Ray Feuss, in the chair, and the following named
Council Members:
Dave Boesen, Rob Nichols, Belinda Creighton -Smith, Steve
Simmons, and Nia Wilder
Absent: John Chiles
Vacant: None
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Council Member Nichols introduced the following Resolution entitled "RESOLUTION
FIXING DATE FOR A MEETING ON THE PROPOSAL TO REALLOCATE CERTAIN
UNSPENT PROCEEDS OF THE GENERAL OBLIGATION BONDS, SERIES 2022B, OF
WATERLOO, IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE 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, Simmons, Wilder and
Feuss
NAYS: None
Whereupon, the Mayor declared the resolution duly adopted as follows:
Resolution No. 2025-510
RESOLUTION FIXING DATE FOR A MEETING ON THE
PROPOSAL TO REALLOCATE CERTAIN UNSPENT
PROCEEDS OF THE GENERAL OBLIGATION BONDS,
SERIES 2022B, OF WATERLOO, IOWA, AND PROVIDING
FOR PUBLICATION OF NOTICE THEREOF
WHEREAS, the City Council of the City of Waterloo, Iowa has previously issued its
General Obligation Bonds, Series 2022B (the "Series 2022B Bonds") in the principal amount of
$5,685,000, to pay the costs of various city improvement projects; and
WHEREAS, certain proceeds of the Series 2022B Bonds remain unspent, and City staff
has recommended that not to exceed $142,000 of unspent proceeds of the Series 2022B Bonds
originally related to the projects described above (hereinafter referred to as the "Unspent
Proceeds") be applied for the purpose of paying costs of the acquisition, construction,
improvement and equipping of parking facilities systems, including parking meters and other
fixtures, equipment, accessories, appurtenances and requisites useful for the successful operation
of a parking facilities system (the "Project"); and
WHEREAS, there being no procedure specified under Iowa law for consideration or
approval of such a reallocation, it is hereby determined, pursuant to Section 364.6 of the Code of
Iowa, that the procedure set forth in Section 384.25 should apply and that a hearing be held upon
the proposal to reallocate the Unspent Proceeds to provide funds for paying costs of the Project.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WATERLOO, IOWA:
Section 1. That this Council meet in the Council Chambers, City Hall, 715 Mulberry
Street, Waterloo, Iowa, at 5:30 P.M., on the 16th day of September 2024, for the purpose of
taking action on the matter of the proposed reallocation of not to exceed $142,000 of unspent
proceeds of Series 2022B Bonds to provide funds to pay costs of the acquisition, construction,
improvement and equipping of parking facilities systems, including parking meters and other
fixtures, equipment, accessories, appurtenances and requisites useful for the successful operation
of a parking facilities system.
Section 2. That the City Clerk is hereby directed to cause one publication to be made of
notice of said meeting, in a legal newspaper, printed wholly in the English language, published at
least once weekly, and having general circulation in said City, said publication to be not less than
four nor more than twenty clear days before the date of said public meeting.
Section 3. The notice of the proposed action shall be in substantially the following form:
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NOTICE OF MEETING OF THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA, ON THE MATTER OF THE
PROPOSED REALLOCATION OF CERTAIN UNSPENT
PROCEEDS OF THE GENERAL OBLIGATION BONDS,
SERIES 2022B, OF THE CITY OF WATERLOO, IOWA, AND
THE PUBLIC HEARING THEREON
PUBLIC NOTICE is hereby given that the Council of the City of Waterloo, Iowa, will
hold a public hearing on the 16th day of September 2024, at 5:30 P.M., in the Council Chambers,
City Hall, 715 Mulberry Street, Waterloo, Iowa, at which meeting the Council proposes to take
additional action for the reallocation of not to exceed $142,000 of unspent proceeds of the
General Obligation Bonds, Series 2022B of the City of Waterloo, Iowa, in order to provide funds
to pay costs of the acquisition, construction, improvement and equipping of parking facilities
systems, including parking meters and other fixtures, equipment, accessories, appurtenances and
requisites useful for the successful operation of a parking facilities system.
The annual increase in property taxes as the result of the issuance on a residential
property with an actual value of one hundred thousand dollars is $0.00. The 2022B Bonds have
already been issued, and taxes levied for repayment thereof. The action of this hearing is to
create authority to reallocate and spend additional proceeds. Accordingly, there are no additional
tax implications as a result of this reallocation. This estimate only considers the impact on
property taxes of financing and reallocation authority established by this hearing for the above -
described project.
Any person interested may appear at the public hearing, either orally or in writing, and be
heard as to the reallocation of said proceeds of the Series 2022B Bonds for the above purposes.
This Notice is given by order of the Council of Waterloo, Iowa, as provided by Sections
364.6 and 384.25 of the Code of Iowa, 2024, as amended.
Dated this 3rd day of September 2024.
City Clerk, City of Waterloo, State of Iowa
(End of Notice)
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PASSED AND APPROVED this 3rd day of September 2024.
ATTEST:
Kelley Felchle
Kelley Felchle, City Clerk
5
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.ka.� Fe�55 DIGIT.
SIGNED
Ray Feuss, Mayor Pro Tem
7(elley Felchle DIGITALLY
� IUD
Kelley Felchle, City Clerk, City Waterloo,
State of Iowa
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 3rd day of September,
2024.
(SEAL)
44.
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0
CERTIFICATE
STATE OF IOWA
) SS
COUNTY OF BLACK HAWK
I, the undersigned, do hereby certify that I am now and was at the times hereinafter
mentioned, the duly qualified and acting Clerk of the City of Waterloo, in the County of Black
Hawk, State of Iowa, and that as such Clerk and by full authority from the Council of the City, I
have caused a
NOTICE OF PUBLIC HEARING
(Reallocation of General Obligation Bonds, Series 2022B)
of which the clipping annexed to the publisher's affidavit hereto attached is in words and figures
a correct and complete copy, to be published as required by law in the "Waterloo Courier", a
legal newspaper published at least once weekly, printed wholly in the English language,
published regularly and mailed through the post office of current entry for more than two years
and which has had for more than two years a bona fide paid circulation recognized by the postal
laws of the United States, and has a general circulation in the City, and that the Notice was
published in all of the issues thereof published and circulated on the following date:
September 5, 2024.
WITNESS my official signature this 5t1i day of September, 2024.
(SEAL)
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Kelley FelchleDIGITALLY
SIGNED
City Clerk, City of Waterloo, Sta of Iowa
02263681-1\11310-000