HomeMy WebLinkAbout1986-169-03.24.1986 (TO BE POSTED)
NOTICE OF AGENDA ITEM
WATERLOO, IOWA, REGULAR COUNCIL MEETING
MARCH 24, 1986 , 7 : 00 P.M.
2ND FLOOR - CITY HALL - COUNCIL CHAMBERS
WATERLOO, IOWA
Notice is hereby given that the City Council of Waterloo, Iowa,
will meet on the date, time, and at the place stated above to
discuss items stated on the attached agenda, including:
A RESOLUTION RELATING TO THE ISSUANCE OF NOT TO EXCEED
$2, 500,000 IN AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL
DEVELOPMENT REVENUE BOND, (MR ASSOCIATES PROJECT) SERIES 1986 OF
THE CITY OF CEDAR RAPIDS, IOWA; AND SPECIFICALLY ( 1 ) FIXING A
DATE FOR A PUBLIC HEARING ON THE PROPOSAL TO APPROVE THE
ISSUANCE OF THE BOND AS A HOST JURISDICTION; AND ( 2 ) DIRECTING
PUBLICATION OF NOTICE OF THE PUBLIC HEARING.
This notice is given as required by law.
CITY OF WATERLOO, IOWA
Michelle Temeyer
Deputy Clerk Auditor /
Waterloo, Iowa
March 24 , 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 local rules of the Council.
The meeting was called to order by Mayor Bernard L. McKinley,
presiding, and on roll call the following Council members were
present :
Mary Lichty, Jim Miller, Willie Mae Wright, Rose Angel
Absent :
Tony Budak, Frank Dowie, Jaek Seeber
Matters were discussed relative to the request from MR
Associates regarding the issuance of an Industrial Development
Revenue Bond by the City of Cedar Rapids , Iowa, in the aggregate
amount not to exceed $2,500, 000 . After due discussion of the
proposed issuance of an Industrial Development Revenue Bond, Council
Member Jim Miller introduced a resolution entitled:
A RESOLUTION RELATING TO THE ISSUANCE OF NOT TO EXCEED
$2 , 500 , 000 IN AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL
DEVELOPMENT REVENUE BOND, (MR ASSOCIATES PROJECT) SERIES 1986 OF
THE CITY OF CEDAR RAPIDS, IOWA; AND SPECIFICALLY ( 1 ) FIXING A
DATE FOR A PUBLIC HEARING ON THE PROPOSAL TO APPROVE THE
ISSUANCE OF THE BOND AS A HOST JURISDICTION; AND ( 2) DIRECTING
PUBLICATION OF NOTICE OF THE PUBLIC HEARING.
hereto attached, and moved its adoption. After due consideration,
the roll call was called and the resolution was adopted by the
following vote:
AYES: Mary Lichty, Jim Miller, Willie Mae Wright , Rose Angel
ABSENT :
NALEE: Tony Budak, Frank Dowie, Jack Seeber
Thereafter, the Mayor declared the resolution adopted and
approval was signed thereto.
Additional matters were taken before the City Council .
Upon motion and vote, the meeting was adjourned.
CITY OF
WATERLOO,
WATERLOO, IOWA
r / / Y
.
ernard L. inle y7
ATTEST:
°� a „� ,
MicheIle "Temeyer , Deputy Clerk Auditor
( SEAL)
RESOLUTION NO. 1986-169
A RESOLUTION RELATING TO THE ISSUANCE OF NOT TO EXCEED
$2, 500, 000 IN AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL
DEVELOPMENT REVENUE BOND, (MR ASSOCIATES PROJECT) SERIES 1986 OF
THE CITY OF CEDAR RAPIDS, IOWA; AND SPECIFICALLY ( 1) FIXING A
DATE FOR A PUBLIC HEARING ON THE PROPOSAL TO APPROVE THE
ISSUANCE OF THE BOND AS A HOST JURISDICTION; AND ( 2 ) DIRECTING
PUBLICATION OF NOTICE OF THE PUBLIC HEARING.
WHEREAS, the City of Cedar Rapids, Iowa, a municipal corporation
organized and existing under the Constitution and laws of the State
of Iowa is authorized and empowered by Chapter 419 of the Code of
Iowa (hereinafter "Code" ) to issue Industrial Development Revenue
Bonds with the proceeds to be used to defray all or a portion of the
cost of acquiring, constructing, and improving projects as defined
in Chapter 419 of the Code; and
WHEREAS, the City of Cedar Rapids , Iowa has been requested by MR
Associates, an Iowa general partnership to authorize and issue an
Industrial Development Revenue Bond ( the "Bond" ) pursuant to the
provisions of the Code for the purpose of financing all or a portion
of the cost of acquiring, constructing and equipping a magnetic
resonance unit ( "MR unit" ) that will be based within a designated
urban renewal area in Cedar Rapids, Iowa and may be transported to
Waterloo to be used by Schoitz Medical Center , Waterloo, Iowa; and
WHEREAS, the Project may be located within the boundaries of
Waterloo and as such the City of Waterloo may be a host jurisdiction
of the Project as defined in the regulations promulgated under
Section 103 of the Internal Revenue Code of 1954, as amended; and
WHEREAS, the Project will promote urban revitalization, re-
habilitation and redevelopment of the City of Waterloo, will provide
employment opportunities for residents of the City of Waterloo and
the surrounding area, provide additional medical services to benefit
the residents of the City of Waterloo, and provide other public
benefits that will add to the welfare and prosperity of the City of
Waterloo; and
WHEREAS, the City of Cedar Rapids has determined that the amount
necessary to defray all or a portion of the cost of acquisition,
construction, and improving the Project will require the issuance by
the City of Cedar Rapids of not to exceed $2 , 500, 000 in aggregate
principal amount of a Bond and it is proposed that the City of Cedar
Rapids loan the amount received from the sale of the Bond to MR
Associates under a loan agreement between the City of Cedar Rapids
and MR Associates pursuant to which loan payments will be made by MR
Associates in amounts sufficient to pay the principal , interest and
premium, if any, on the Bond when due; and
WHEREAS, the Bond shall be a limited obligation of the City of
Cedar Rapids and shall not constitute nor give rise to a pecuniary
liability of the City of Cedar Rapids or City of Waterloo or charge
against its general credit or taxing powers, and the principal of
and interest and premium, if any, on the Bond shall be payable
solely out of the revenues derived from the Project to be financed
by the Bond; and
WHEREAS, regulations promulgated under Section 103 of the
Internal Revenue Code of 1954, as amended, require a public hearing
be held by the Bond issuer City of Cedar Rapids, Iowa and the host
jurisdiction City of Waterloo, Iowa prior to the issuance of the
Bond.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of Waterloo,
Iowa, as follows :
Section 1 . A public hearing shall be conducted on April 14 ,
1986 at 7 : 00 P.M. before the City Council of Waterloo in the Council
Chambers at City Hall , Waterloo, Iowa, on the proposal of MR
Associates to issue not to exceed $2, 500 , 000 in aggregate principal
amount of the City of Cedar Rapids Industrial Development Revenue
Bond (MR Associates Project ) Series 1986 pursuant to the provisions
of the Code, for the purpose of financing all or a portion of the
cost of constructing, equipping and improving the Project , including
all related incidental expenses, and allowing all local residents
who appear at the hearing to be given an opportunity to express
their views for or against the proposal to issue the Bond. At the
conclusion of the hearing, the City Council of Waterloo shall adopt
a resolution determining whether or not it approves the issuance of
the Bond as the host jurisdiction.
Section 2 . The City Clerk of Waterloo is hereby directed to
publish one time, not less than fifteen ( 15) days prior to the date
fixed for the hearing, in the Waterloo Courier, a newspaper
published and having general circulation within the City of
Waterloo, a Notice of Public Hearing. The Notice shall be in
substantially the following form:
NOTICE OF PUBLIC HEARING FOR APPROVAL
TO ISSUE
INDUSTRIAL DEVELOPMENT REVENUE BOND
CITY OF CEDAR RAPIDS, IOWA
(MR ASSOCIATES PROJECT)
SERIES 1986
AS HOST JURISDICTION
The City Council of Waterloo, Iowa, (hereinafter "City" ) will
meet on the 14th day of April, 1986 , in the Council Chambers of the
City Hall, Waterloo, Iowa, at 7 : 00 P.M. and hold a public hearing on
the proposal to issue not to exceed $2 , 500,000 principal amount of
the City of Cedar Rapids Industrial Development Revenue Bond (MR
Associates Project ) , Series 1986 , (hereinafter "Bond" ) pursuant to
the provisions of Chapter 419 of the Code of Iowa and Section 103 of
the Internal Revenue Code of 1954, as amended, for the purpose of
financing all or a portion of the cost of purchasing, acquiring,
constructing and equipping a magnetic resonance scanner unit that
will be based within a designated urban renewal area in Cedar
Rapids , Iowa, the place of business of Mercy Hospital or St . Luke ' s
Hospital, Cedar Rapids, Iowa, and which may be transported to
Waterloo to be used by Schoitz Medical Center , Kimball and Ridgeway
Avenue, Waterloo, Iowa. The magnetic resonance scanner unit will be
owned by MR Associates, an Iowa general partnership (hereinafter "MR
Associates" ) . It is contemplated that a loan agreement will be
entered into between the City of Cedar Rapids and MR Associates
wherein the City of Cedar Rapids will loan to MR Associates the
proceeds from the sale of the Bond in return for loan payments from
MR Associates to the City of Cedar Rapids, Iowa sufficient to pay
the principal, interest, and premium, if any, on such Bond as the
same shall become due and payable.
Pursuant to the regulations promulgated under Section 103 of the
Internal Revenue Code of 1954 , as amended, the City of Waterloo,
Iowa is a "host jurisdiction" where the Project may be located and
accordingly is obligated to hold a public hearing and approve the
issuance of the Bond.
A magnetic resonance scanner is a diagnostic machine that
provides clinical advantages over other conventional imaging,
diagnostic equipment such as CAT scanners . More specifically, the
unit has the following advantages: ( 1) better soft tissue
differentiation, especially concerning brain and spinal cord
imaging; ( 2) no use of radiation and no known harmful side effects
to the general public; ( 3 ) ability to image the body in any plane.
Such Bond, if issued, and the interest thereon will be payable
solely out of the revenues derived from the loan agreement and shall
never constitute an indebtedness of the City of Waterloo, Iowa or
the City of Cedar Rapids, Iowa within the meaning of any state
constitutional provision or statutory limitation and shall not
constitute nor give rise to a pecuniary liability of the City of
Waterloo, Iowa or the City of Cedar Rapids, Iowa or become a charge
against their general credit or taxing powers.
All local residents who appear at the public hearing shall be
given an opportunity to express their views for or against the above
stated proposal and, at the meeting or any adjournment thereof, the
Council of Waterloo, Iowa shall adopt a resolution as a host
jurisdiction approving or disapproving the issuance of the Bond.
By Order of the City Council this 24th day of March, 1986 .
Michelle Temeyer, Deputy Cl rk Auditor
Section 3 . The officials of the City of Waterloo are hereby
authorized to take such further action as may be necessary to carry
out the intent and purpose of this Resolution.
Adopted and approved this 24th day of March, 1986 .
CITY OF WATERLOO, IOWA
(48----‘---v-ve4-111.
rnard L. nle Ma
y' y°�
ATTEST:
N 4 I
Michelle Temeyer , Deputy Cleril. Auditor
( SEAL)
CLERK' S CERTIFICATE
I, Michelle Temeyer, being first duly sworn do hereby certify
that I am the duly appointed, qualified, and acting assistant to
the City Clerk of the City of Waterloo, Iowa, ( hereinafter
"City" ) , and that I have in my possession or have access to the
complete corporate records of the City and its Council and
officers and that I have carefully and compared the transcript
hereto attached with the official records and that the attached
transcript is a true, correct , and complete copy of all the
records showing action taken by the City Council in a meeting
open to the public on March 24 , 1986 of Resolution No. L- jof
the City and that the proceedings remain in full force and effect
and have not been amended and rescinded in any way; that the
meeting and all action thereafter was duly and publicly held in
accordance with the notice of meeting and the agenda as required
pursuant to the rules of the City Council and the provisions of
the Code of Iowa.
Witness my hand and the Corporate Seal of the City hereto
affixed this day of March, 1986 .
I -
/ 1 i
Michelle Temeyer
Deputy Clerk Auditor
(SEAL)
STATE OF IOWA
ss
COUNTY OF BLACKHAWK)
Subscribed and sworn to before me the day and date last above
written.
ketteibte4
NotaryfPublic in and for
the State of Iowa
(SEAL)
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