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Home My WebLink About1986-002-01.03.1986 fr Waterloo, Iowa, January 6 , 1986. The City Council of Waterloo, Iowa, met on the above date in the Council Chambers, City Hall, in Waterloo, Iowa, at 7: 00 P.M. , in open regular session, pursuant to law and the rules of said City Council. The meeting was called to order by Bernard L. McKinley, Mayor, presiding, and on roll call the following Council Members were present: Rose Angel Tony Budak Frank Dowie Mary Lichty Jim Miller Jack Seeber Willie Mae Wright Absent: None * * * * * * * * -1- (Other Business) The Mayor announced that the purpose of the meeting was to hold a public hearing on the proposal to issue not to exceed $175, 000 aggregate principal amount of the City' s Industrial Development Revenue Bonds (Progressive Tool Company Project) Series 1986, pursuant to the provisions of Chapter 419, Code of Iowa, for the purpose of defraying all or a portion of the cost of constructing and equipping an 18 ' x 56 ' addition to an existing industrial building for, additional office space and manufacturing area for a tool company expansion located at 1624 Black Hawk Street. It is proposed that the proceeds from the sale of said Bonds be loaned by the City to Progressive Tool Company, with loan payments sufficient to pay principal of, interest and premium, if any, on such Bonds as the same shall fall due. The Mayor then asked if there was any person or persons present to express views for or against the proposal to issue said Bonds, notice of said hearing having been published as required by law. Written objections or other comments were filed by the following: (List names of persons filing objections and attach copies of same. If none, insert the word "None" . ) None Oral objections or other comments were made by the following: (List names of persons appearing and a summary of any views expressed. If none, insert the word "None" . ) None -2- After ample opportunity had been given to all persons who appeared at the hearing to express their views for or against the proposal to issue the Bonds, Council Member Spphpr proposed the following Resolution and moved its adoption. Council Member Wright seconded the motion to adopt. After due consideration of said motion, the roll was called and the Resolution was adopted by the following vote: AYES: Rose Angel Tony Budak Frank Tkouri e Mary Lichty .Tim Miller Jack Seeber Willip Map Writ NAYS: Non The Resolution was thereupon signed by the Mayor and in evidence of approval attested by the City Clerk and declared to be effective. The Resolution is as follows: -3- RESOLUTION NO. 1986-2 PUBLIC HEARING AND RESOLUTION APPROVING PROCEEDING WITH THE ISSUANCE AND SALE OF NOT TO EXCEED $175,000 AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE BONDS (PROGRESSIVE TOOL COMPANY PROJECT) SERIES 1986, OF THE CITY OF WATERLOO, IOWA. WHEREAS, the City of Waterloo, a municipal corporation of the State of Iowa (the "Issuer" ) , is authorized by Chapter 419 of the Iowa Code, as amended (the "Act" ) , to issue revenue bonds for the purpose of defraying the cost of constructing and equipping an 18 ' x 56 ' addition to an existing industrial building for additional office space and manufacturing area for a tool company expansion located at 1624 Black Hawk Street (the "Project" ) , and to loan the proceeds from the sale of such revenue bonds, pursuant to a loan agreement, to Progressive Tool Company, an Iowa corporation (the "Borrower" ) , to be used for the aforesaid purposes; and WHEREAS, said Project will create additional employment opportunities for residents of the Issuer and the surrounding area; will enhance the tax base of the Issuer and overlapping taxing jurisdictions and will provide and induce other public benefits flowing from the conducting of increased industrial operations which will add to the welfare and prosperity of the Issuer and its inhabitants; and WHEREAS, a notice of hearing on the proposal to issue not to exceed $175 , 000 aggregate principal amount of Industrial Development Revenue Bonds (Progressive Tool Company Project) Series 1986 , of the Issuer 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 Issuer that said Bonds be issued as proposed; and NOW, THEREFORE, Be It Resolved by the City Council of the Issuer as follows: -4- Section 1. That it is hereby determined that it is neces- sary and advisable that the Issuer proceed with the issuance of its Industrial Development Revenue Bonds (Progressive Tool Company Project) Series 1986 (the "Bonds" ) , in an amount not to exceed $175,000, as authorized and permitted by the Act, and to loan the proceeds of the sale of the Bonds to the Borrower all upon terms and conditions mutually satisfactory to the Issuer and the Borrower . Section 2. That at the public hearing conducted by this City Council, in accordance with the provisions of Section 419 . 9 of the Act and Section 103 (k) of the Internal Revenue Code of 1954 , as amended, 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. Section 3 . That it is hereby determined that any and all objections to the issuance of said Bonds are hereby overruled and this 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 and the required documentation has been prepared by Bond Counsel, and approved by all other parties, including the Issuer ' s Attorney. 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 Issuer , within the meaning of any state constitutional provision, or statutory limitation, and shall not constitute nor give rise to a pecuniary liability of said Issuer , or 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. Adopted and approved January 6, 1986. City of Waterloo, Iowa (Seal) Bernard J . McKinley, Mayor Attest: a ry P Burge , ty Clerk -5- (This Notice to be Posted) NOTICE AND CALL OF MEETING Governmental Body: The City Council of Waterloo, Iowa Date of Meeting: January 6, 1986 Time of Meeting: 7: 00 P.M. Place of Meeting: Council Chambers City Hall Waterloo, Iowa PUBLIC NOTICE IS HEREBY GIVEN that the above-mentioned governmental body will meet at the date, time and place above set out. The tentative agenda for said meeting is as follows: 1. Public Hearing and Resolution Approving Proceeding With The Issuance and Sale of Not To Exceed $175 , 000 Aggregate Principal Amount of Industrial Development Revenue Bonds (Progressive Tool Company Project) Series 1986, of the City of Waterloo, Iowa. 2. Such additional matters as are set forth on the additional page(s) attached hereto (attach copy of agenda) . This notice is given at the direction of the Mayor , pursuant to Chapter 21, Iowa Code, as amended, and the local rules of said governmental body. / ie,=%4irev P. urger , C ' Clerk of the ity • Waterlog Iowa -7- CLERK' S CERTIFICATE I, Larry P. Burger, being first duly sworn do hereby depose and certify that I am the duly appointed, qualified, and acting City Clerk of the City of Waterloo, 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 January 6 , 1986, holding a public hearing and approving the issuance of not to exceed $175,000 aggregate principal amount of Industrial Development Revenue Bonds (Progressive Tool Company Project) Series 1986 , 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 Council (a copy of the face sheet of said agenda being attached hereto) pursuant to the local rules of the City 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 7th day of January, 1986. (Seal) L r P. ger, Ci Clerc State of Iowa SS: County of Black Hawk Subscribed and sworn to before me this day, the date last above written. 044/1,- AtAkIte,t) (Seal) ;Notary Public -6- O H O Z X Hirlr-14 • � OH w -+ aU w<nww U > -) Pa• w PL 1-1 CD Z W H Z H <4 0• 0Hcn 0 r� Boa Pa O Z W <4ZHaH Z 4 00 3 000H H ri4 HWHW0 aZ � H >4 Ocn 0c,DH cn cnH c Z U aC7w N ZWPP H <4UHP-1 Z U PT-1 Co C7 Z ' O • Z HCA r-I H C/D - Z aOoo O W W 14 H x W H O H CC7 J cn • H W Z W O axP441 cn WHC7 > P4 aw' PP-1 f24 CI)