HomeMy WebLinkAbout1986-188a-04.14.1986 (TO BE POSTED)
NOTICE OF AGENDA ITEM
WATERLOO, IOWA, REGULAR COUNCIL MEETING
APRIL 14 , 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 :
RESOLUTION RELATING TO THE HOLDING OF A PUBLIC HEARING AND
APPROVING FURTHER PROCEEDINGS REGARDING THE ISSUANCE AND SALE 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 BY THE HOST
JURISDICTION WATERLOO, IOWA.
This notice is given as required by law.
CITY OF WATERLOO,
r y P. Burger
C . y C rk
Waterloo, Iowa
April 14 , 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:
Angel, Budak, Dowie, Lichty, Miller, Seeber and Wright
Absent: NONE
The City Council investigated and found that a Notice of Public
Hearing for Approval to Issue Industrial Development Revenue Bond
(MR Associates Project) Series 1986 as Host Jurisdiction, as
directed by the City Council , has been given according to law.
This being the time and place specified in the notice for the
above-mentioned public hearing , the Mayor then asked if there was
any person present to express their views for or against the
proposal to issue the Bond 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 and
located within a designated urban renewal area in Cedar Rapids,
Iowa , the place of business of Mercy Hospital or St. Luke ' s
Hospital . The magnetic resonance scanner may be transported to
Schoitz Medical Center, Waterloo, Iowa and, accordingly, Waterloo,
Iowa is the host jurisdiction. The equipment will be owned by MR
Associates, an Iowa general partnership. Then names of persons
expressing their views in summary form are as follows ( state "none" )
if no comments received) :
After all persons who appeared at the hearing had given their
views for or against the issuance of the Bond, the hearing was
closed and Council member Miller introduced the
Resolution titled:
RESOLUTION NO. 1986-188a
RESOLUTION RELATING TO THE HOLDING OF A PUBLIC HEARING AND
APPROVING FURTHER PROCEEDINGS REGARDING THE ISSUANCE AND SALE OF
NOT TO EXCEED $2 ,500 ,000 AGGREGATE PRINCIPAL AMOUNT OF
INDUSTRIAL DEVELOPMENT REVENUE BOND (MR ASSOCIATES PROJECT)
SERIES 1986 , OF THE CITY OF CEDAR RAPIDS, IOWA BY THE HOST
JURISDICTION WATERLOO, IOWA.
hereto attached, and moved its adoption. The Resolution was
seconded by Council member Wright . After due consideration,
the roll call was called and the Resolution was adopted by the
following vote:
AYES: Angel, Budak, Dowie, Lichty, Miller, Seeber and Wright
NAYES : NONE
Thereafter, the Mayor declared the Resolution adopted and
affixed his signature to the Resolution, attested by the City Clerk ,
evidencing approval.
Additional matters were taken before the City Council .
Upon motion and vote, the meeting was adjourned.
CITY OF WATERLOO, IOWA
, e
''Bernard L. McKKinleY► yor
ATTEST: za
L r P. urger
Cit C k
( SEAL
•
RESOLUTION NO. 1986-188a
RESOLUTION RELATING TO THE HOLDING OF A PUBLIC HEARING AND
APPROVING FURTHER PROCEEDINGS REGARDING THE ISSUANCE AND SALE 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 BY THE HOST
JURISDICTION WATERLOO, IOWA.
WHEREAS, the City of Cedar Rapids , Iowa, a political subdivision
of the State of Iowa is authorized by Chapter 419 of the Iowa Code,
as amended (hereinafter "Code" ) to issue an Industrial Development
Revenue Bond (hereinafter "Bond" ) for the purpose of financing all
or a portion of the cost of 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 , (hereinafter
"Project" ) and loan the proceeds from the sale of the Bond, pursuant
to a loan agreement, to MR Associates, an Iowa general partnership,
(hereinafter "MR Associates" ) to be used by MR Associates to realize
and complete the Project as mentioned above in this paragraph to be
owned by MR Associates ; and
WHEREAS, the City of Cedar Rapids , Iowa has been requested by MR
Associates, to authorize and issue the Bond; 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 statute regulations promulgated
under Section 103 of the Internal Revenue Code of 1954 , as
amended. The Project will promote rehabilitation and redevelopment
of the City, will provide employment opportunities for residents of
the City of Waterloo, Iowa and the surrounding area, enhance the tax
base of the City and provide other public benefits that will add to
the welfare and prosperity of the City; 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, a Notice of Hearing on the proposal to issue the Bond
of the City of Waterloo, Iowa, has been published as required by
law; and
WHEREAS, a public hearing was held at the time and place as
specified in said Notice of Public Hearing and any and all
objections or other comments relating to the issuance and sale of
the Bond have been heard.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of Waterloo,
Iowa, as follows:
Section 1 . It is determined that it is necessary and advisable
that the City of Waterloo approve of the issuance of an Industrial
Development Revenue Bond (MR Associates Project) Series 1986 as a
host jurisdiction as defined in Section 103 and regulations
promulgated thereunder of the Internal Revenue Code of 1954 as
amended and as requested by MR Associates in an amount not to exceed
$2 ,500 ,000 as authorized and permitted by the Code .
Section 2 . That at the Public Hearing , pursuant to published
notice, all persons who appeared were given an opportunity to
express their view for or against the proposal to issue the Bond and
it is hereby determined that any and all objections to the issuance
of the Bond are overruled.
Section 3 . The Bond, if issued , and the interest thereon, will
be payable solely out of the revenues derived from the financing of
the Project and shall never constitute an indebtedness of the City
of Cedar Rapids or City of Waterloo, 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
Cedar Rapids or City of Waterloo or a charge against their general
credit of the taxing powers.
Section 4 . 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 14th day of April , 1986 .
CITY OF WATERLOO, IOWA
BY() e.iw ne
Bernard L McKinley, Mayor
ATTEST:
Lar P. Burger
City C rk
(SEAL)
CLERK' S CERTIFICATE
I , Larry P. Burger, being first duly sworn do hereby certify
that I am the duly appointed , qualified, and acting 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
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 at
a meeting open to the public on April 14 , 1986 , of Resolution
No. 1986-188a of 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 16 day of April , 1986 .
i' :"
Lr /
ar y P urger
C ' ty k /
(SEAL)
STATE OF IOWA )
ss:
COUNTY OF BLACKHAWK )
Subscribed and sworn to before me the day and date last above
written. , 2
/--- /f//-7 _ ,
Notary Public in and for the State
of Iowa
(SEAL)
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