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Home My WebLink About1986-167-03.24.1986 Waterloo, Iowa, March 25 , 1986. The City 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 Council. The meeting was called to order by Bernard L. McKinley, Mayor, presiding, and on roll call the following Council Members were present: Mary Lichty Jim Miller Willie Mae Wright Rose Angel Absent: Tony Budak Jack Seeber Frank Dowie * * * * * * * * -1- Matters were discussed relative to the request from Walden Photo, Inc. , an Iowa corporation, to amend Bond Resolution No. 1985-714 , adopted on December 16 , 1985 in connection with the City' s Industrial Development Revenue Bond (Walden Photo, Inc. Project) . Following an explanation of the proposed amendment and a discussion of the proposal, Council Member Jim Miller introduced the following Resolution in written form and moved its adoption. Council Member Rose Angel 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 : Mary Lichty Jim Miller Willie Mae Wright Rose Angel ABSENT /M% Tony Budak Jack Seeber Frank Dowie The Resolution was thereupon signed by the Mayor and in evi- dence of his approval, was attested by the City Clerk, and declared to be effective. The Resolution is as follows : -2- RESOLUTION NO. 1986-167 A RESOLUTION AMENDING RESOLUTION NO. 1985-714 , EXECUTED IN CONNECTION WITH THE ISSUANCE OF NOT TO EXCEED $ 145 ,000 IN AGGREGATE PRINCIPAL AMOUNT OF THE CITY' S INDUSTRIAL DEVELOPMENT REVENUE BOND (WALDEN PHOTO, INC. PROJECT) . WHEREAS, the City Council of Waterloo, Iowa ( the "City" ) , pursuant to its Resolution No. 1935-714 duly adopted on December 16 , 1985 , authorized the issuance and sale of its Industrial Development Revenue Bond (Walden Photo, Inc. Project) ( the "Bond" ) in the aggregate principal amount of not to exceed $145,000 to Walden Photo, Inc. , an Iowa corporation ( the "Company" ) ; and WHEREAS, Resolution No. 1985-714 , Section 3 , page 8 , stated that interest on the Bond would be payable at a rate of 10% per annum for a period of 10 years whereas it was the intention of the parties to this transaction that the interest rate would be adjusted in five years; and WHEREAS, the City has determined that it is necessary to amend Resolution No. 1985-714 in order to provide that commencing December 1 , 1990 , the interest rate on the Bond will be adjusted so that it bears interest at a rate one ( 1 ) percentage point in excess of the average of the November, 1990 rates of the Twenty Municipal Bond Buyer Index. NOW, THEREFORE, Be It and It Is Hereby Resolved by the City Council of the City of Waterloo, Iowa, as follows : Section 1 . That Section 3 of Resolution No. 1985-714 , adopted by the City Council of the City of Waterloo, Iowa on December 16 , 1985, hereby is amended by substituting the words " at the rate of 10%* . . ." for the words "at the rate of 10% for ten years* . . ." in said Section 3 , page 8 , of the second full paragraph, and by inserting "Commencing December 1 , 1990 ," prior to the words "The bond will be adjusted. . ." in said Section 3 , page 8 of the footnote at the bottom of such page. -3- Section 2. 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 adoptioh. Adopted and approved this 25th day of March, 1986 . UCit 'y of Waterloo, Iowa ( Seal) v��. �O Ad 1 Bernard L. McKinley, Mayo/ Attest: A k k rrn,, „ „ Michelle Temeyer, Deputy City /Clerk -4- CLERK' S CERTIFICATE I , Michelle Temeyer, 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, in the County of Black Hawk, 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 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 March 25, 1986 , regarding amending" Resolution No. 1985-714 executed in connection with the issuance of not to exceed $145,000 of the City' s Industrial Development Revenue Bond (Walden Photo, Inc. Project) ; 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 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 ( a copy of the face sheet of said agenda being attached hereto) 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 26th day of March, 1986. ( SEAL) / d i ,, l' Michelle Temeyer, Deputy City Clerk State of Iowa SS : County of Black Hawk Subscribed and sworn to before me this day, the date last above written. _.---P.A-e-Li ketAA/Kx._,L, Notary pulic in and for the ( SEAL) State of Iowa -5- (This Notice to be Posted) NOTICE AND CALL OF REGULAR COUNCIL MEETING Governmental Body: The City Council of Waterloo, Iowa. Date of Meeting : March 25 , 1986 Time of Meeting : 7 :00 P.M. Place of Meeting : Council Chambers City Hall Grinnell, 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 . A Resolution Amending Resolution No. 1985-714 Executed In Connection With the Issuance of Not To Exceed $145 ,000 in Aggregate Principal Amount of the City' s Industrial Development Revenue Bond (Walden Photo, Inc. Project) . 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. Michelle Temeyer, Deputy Clerk of the City of Waterloo, Iowa -6- • OHtrJid �1 • 0 � cn cn ✓ Ht'i00 0 d xxxr r Z � tt'lttnlH H C) t=it:7 H xHOHZ Z 0 F<-ci O Cn 0 �n O tT1 • H•• � z H C; I-- • lIOlT1H C c c C7 z 00 • Cn H G) a' H H H 'didz0 � 1--J � H ztri a> o tri 0Hr C H • rn H0 rHxz 0 tri t=i b z tli c• Hn • ZHC/) HzcF- c- • H z Oo r� roCUi C9 I tnr z 01-1 0Z 0 OZH ZH C7