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HomeMy WebLinkAbout1986-318-06.02.1986 ORIGIpL (This Notice to be posted ) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Waterloo, Iowa. Date of Meeting: June 2 , 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 : $6, 905, 000 Sewer Revenue Bonds - Resolution correcting nunc pro tunc , a clerical error in the Resolution Authorizing the Issuance. Such additional matters as are set forth on the addi- tional page( s) attached hereto. ( number) This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of Iowa , and the local rules of said governmental body. Ci y C rk/Audi r, Waterloo, Iowa Lar P. Bur Ahlers,Cooney,Dorweiler,Haynie,Smith&Allbee,Lawyers,Des Moines,Iowa June 2 , 1986 The City Council of Waterloo, Iowa , met in regular session, in the Council Chambers, City Hall , Waterloo, Iowa , at 7 : 00 o' clock P .M. , on the above date . There were present Mayor Bernie McKinley , in the chair , and the following named Council Members: Angel, Budak, Dowie , Lichty, Miller Seeber and Wright Absent: NONE * * * * * * * -1- Ahlers,Cooney,Dorweiler,Haynie,Smith&Allbee,Lawyers,Des Moines,Iowa RESOLUTION NO. 1986-318 RESOLUTION CORRECTING NUNC PRO TUNC, A CLERICAL ERROR IN THE RESOLUTION AUTHORIZING THE ISSUANCE OF $6, 905, 000 SEWER REVENUE BONDS dated December 1, 1985 WHEREAS, it has come to the attention of the City Council of the City of Waterloo, Iowa , that a clerical error appears in Section 19 (b) ( i) of Resolution No . 1985. 700 adopted December 9, 1985, entitled "A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE AND SECURITY THE PAYMENT OF $6, 905, 000 SEWER REVENUE BONDS OF THE CITY OF WATERLOO, IOWA, UNDER THE PROVISIONS OF THE CITY CODE OF IOWA, AND PROVIDING FOR A METHOD OF PAYMENT OF SAID BONDS" and WHEREAS, under the terms and conditions of sale as advertised and as described in the Official Statement, the City at all times provided as a condition of the sale and issuance of the bonds that it reserved the right to issue additional bonds ranking on a parity lien basis with the bonds authorized by said Resolution upon a showing of adequate earnings equal to 1 . 20 times the maximum annual debt service times the maximum principal and interest falling due on the bonds thus authorized and the additional bonds to be issued ranking on a parity therewith; and WHEREAS, this Council intended at all times to provide in the Bond Resolution similarly to its stated intention in the Notice of Bond Sale and in the Official Statement issued incorporated therein; and WHEREAS, by reason of a clerical error in the preparation of the document, the Resolution in the form presented made provision for a factor of 1. 25 times earnings, contrary to the intention of this Council; and WHEREAS, this Council at all times intended to adopt the provision containing a factor of 1. 20 times earnings consistent with the terms and conditions applicable to the sale of the bonds. NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IN THE COUNTY OF BLACK HAWK, STATE OF IOWA: Section 1. That Section 19(b) ( i) of said Resolution be and the same is hereby corrected nunc pro tunc in accordance with the intention of the Council to read as follows : -2- Ahlers,Cooney,Dorweiler,Haynie,Smith&Allbee,Lawyers,Des Moines,Iowa ( b) For the purpose of refunding any Bonds or Parity Bonds outstanding, or making extensions, additions , improvements or replacements to the System, if all of the following conditions shall have been met: ( i) before any such Bonds ranking on a parity are issued, there will have been procured and filed with the Clerk, a statement of an independent Certified Public Accountant, not a regular employee of the Issuer , reciting the opinion based upon necessary investigations that the net revenues of the System for the preceding fiscal year (with adjustments as hereinafter provided) were equal to at least 1. 20 times the maximum amount that will be required in any fiscal year prior to the longest maturity of any of the then outstanding Bonds for both principal of and interest on all Bonds then outstanding which are payable from the net earnings of the System and the Bonds then proposed to be issued. For the purpose of determining the net revenues of the System for the preceding fiscal year as aforesaid , the amount of the gross revenues for such year may be adjusted by an independent Consulting Engineer or by a Certified Public Accountant not a regular employee of the Issuer, so as to reflect any changes in the amount of such revenues which would have resulted had any revision of the schedule of rates or charges imposed at or prior to the time of the issuance of any such additional Bonds been in effect during all of such preceding fiscal year. Section 2. The City Clerk/Auditor is hereby authorized and directed to endorse this change as ordered in Section 1 above upon the original of the Resolution No. 1985. 700 adopted by this Council on December 9, 1985. PASSED AND APPROVED this 2nd day of June , 1986. v 3,--- riitra/yj lLMayor , Bernar inle y ATTEST: C ' ty Clerk , Larr . Burger -3- Ahlers,Cooney,Dorweiler,Haynie,Smith&Allbee,lawyers,Des Moines,Iowa CIG-3 4-85 CERTIFICATE STATE OF IOWA ) SS COUNTY OF BLACK HAWK ) I , the undersigned City Clerk of Waterloo, Iowa , do hereby certify that attached is a true and complete copy of the portion of the corporate records of said Municipality showing proceedings of the Council , and the same is a true and complete copy of the action taken by said Council with respect to said 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 ( 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, 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 said 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 said 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 said Municipality hereto affixed this 4th day of June , 1986. -- Th-, _ � C /1 � , ea- city C1 Waterloo, Iowa Laf , �/ ry , Burge SEAL Ahlers,Cooney,Dorweiler,Haynie,Smith&Allbee,Lawyers,Des Moines,Iowa rIl 0 C/) �n-Ca 0 0 0 • a\ � � H H H O H H 0 0 H o x ot=1C7 o 0 0 Pi Pi • C/� t17 trJ C/� t11 I-' OH Co • H Z • H W tri 0 I-' C Z Z Co tl Z9Z • C7 t=1H xb rd0z 07d0 Z C1NH cn H C� ZZ aOC) rt m x • R•rr1 dHr (I) Cnt'1 n CA "PV (D C� H cr CDCr ri t=i F-'