HomeMy WebLinkAbout1986-403-07.07.1986 RESOLUTION NO. 1986-403
A RESOLUTION CONSENTING TO AN AGREEMENT TO BE ENTERED INTO
BETWEEN BLACK HAWK COUNTY, IOWA, AND THE BLACK HAWK COUNTY
SOLID WASTE MANAGEMENT COMMISSION, AND AGREEING TO BE BOUND BY
THE TERMS OF THE AGREEMENT UNTIL CERTAIN GENERAL OBLIGATION
BONDS BEING ISSUED BY BLACK HAWK COUNTY HAVE BEEN REPAID OUT OF
FEES OR ASSESSMENTS ALL IN ACCORD WITH THE 28E AGREEMENT DATED
AS OF JUNE 29, 1974, PROVIDING FOR THE DISCHARGE OF THE CITY'S
RESPONSIBILITY TO PROVIDE A SANITARY DISPOSAL PROJECT.
WHEREAS, the City of Waterloo (hereinafter City), is a member government of
the Black Hawk County Solid Waste Management Commission, (hereinafter Commission), an
Intergovernmental Agency formed pursuant to the provisions of Chapter 2.8E of the Iowa
Code, for the purpose of meeting the responsibilities imposed by the Legislature to
provide a solid waste disposal project as defined in Chapter 455B of the Iowa Code,
and
WHEREAS, Commission has purchased a site for operation as a sanitary
disposal project, and financed such acquisition with the cooperation of Black Hawk
County (hereinafter County) through the issuance of projects notes which mature in
February of 1987, and
WHEREAS, new requirements for ground water monitoring have been established
which will require the expenditure of substantial amounts of money to meet said
requirements, and
WHEREAS, the municipal bond market now appears to be favorable for the
placement of long-term bond financing, and
WHEREAS, Black Hawk County has agreed to sell $4,500,000.00 of general
obligation bonds at a sale scheduled for July 8, 1986, upon the condition that each
of the participants in the original Intergovernmental agreement specifically commit
to and agree that they will do what may be necessary in order to assure the timely
repayment of the bonds without requiring County to resort to the use of a general tax
levy including, but not limited to, the payment of assessments on a prorated basis if
user fees are inadequate.
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The proposed agreement between the Commission and County which is
attached hereto and is by this reference made a part hereof, is specifically ratified
and approved.
2. City understands that it has an obligation to pay a pro rata share of
the costs incurred by the Commission in the purchase, operation and maintenance of
the sanitary disposal site.
3. City further understands that this Resolution shall be treated as if it
were a commitment of the City to fulfill its obligation as if the bonds were revenue
bonds issued pursuant to the provisions of Section 28F.3 of the Iowa Code 1985.
4. City further agrees that Commission may continue to adjust user fees as
it has in the past in order to meet its obligations including the repayment of the
principal and interest necessary to retire the general obligation bonds to be issued
by County in the amount of $4,500,000.00.
5. The Mayor and City Clerk are hereby authorized and directed to certify
and transmit a copy of this Resolution to Commission.
DATED this 8th day of July, 1986.
r. Sri
Mayor
yor Berna►�d fl.,)6::p ,,,),.
A 1,,vvicu.4x , il —14 1
L. McKinley
1\-/kL i I j
Deputy Clerk Auditor
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AGREEMENT
This Agreement is entered into by and between Black
Hawk County, Iowa, hereinafter County, and Black Hawk County
Solid Waste Management Commission, hereinafter Commission, as
follows:
WHEREAS, Commission has purchased a site for the
operation of a sanitary waste disposal project and has used funds
provided by County through the issuance of certain project notes
pursuant to prior agreement, and
WHEREAS, subsequent to its purchase of a sanitary waste
disposal site Commission has discovered that there is a need for
additional construction and installation of monitoring equipment
as required by regulations of the Federal Environmental
Protection Agency , and
WHEREAS, consultants have recommended that the most
economical method for financing the needed monitoring
construction and equipment and refinancing the project notes
earlier issued for acquisition of the site is the sale of general
obligation bonds by the County for use by the Commission, and
WHEREAS, the parties desire to enter into an agreement
whereby the County shall issue the needed general obligation
bonds upon the agreement of the Commission to pay all costs of
issuance and principal and interest of the general obligation
bonds so that the County will not be required to resort to a
general tax levy for such repayment.
NOW, THEREFORE, IT IS AGREED AS FOLLOWS:
1. ISSUANCE OF BONDS: County shall proceed to sell
and issue $4 ,500, 000. 00 of general obligation bonds on the 8th of
July, 1986, and shall make available the proceeds of such sale as
soon as possible thereafter to Commission in order that the
project notes earlier issued by County for Commission benefit may
be retired, and for the purchase acquisition and installation of
monitoring equipment as required by the Federal Environmental
Protection Agency, and for the further use at the discretion of
the Commission.
2. CONDITION PRECEDENT PERFORMANCE BY COUNTY: The
performance by County is conditioned upon Commission 's obtaining
from the participating cities a specific assurance of their
commitment to provide for the retirement of the bonds on
schedule, either through the collection of user fees or
participant assessment as may be necessary.
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3. CONSIDERATION BY COMMISSION: In consideration of
the issuance of $4,500, 000. 00 of general obligation bonds by
County the Commission agrees that it will pay to County that
amount which together with interest will be sufficient and upon
the same terms and conditions to retire the general obligation
bonds which were issued by County. At such time as the total
amount of bonds issued and the bond repayment schedule is known,
an addendum to this Agreement shall be executed and attached
hereto setting forth the actual repayment schedule.
4 . RESPONSIBILITY FOR OPERATION: The Commission shall
have the sole responsibility for the operation and maintenance of
the sanitary waste disposal project. County, except in its role
as a governmental member of the Commission shall have no more or
no less responsibility than any other of the participating member
governments of the Commission for the ownership, operation or
maintenance of the landfill.
5 . DEFAULT BY COMMISSION: In the event Commission
should default on any of the obligations to County to provide for
the repayment of the retirement of bonds , then the County at its
option may, in addition to any other remedies it may have =at law,
have the right to the following:
A. Declare this Agreement to be void and retake
possession and ownership of the sanitary waste disposal site,
exercising rights which it would have to forfeit this Agreement
as if it were a real estate contract pursuant to the provisions
of Chapter 656 of the Iowa Code .
B. Demand that the Commission assess its members pro
rata upon population to pay any unpaid obligations including
obligations to repay bonds . This right may be enforced by
appropriate summary judicial action including mandamus and
Commission hereby consents to such action.
6. PRIOR AGREEMENT: This Agreement shall replace in
its entirety the agreement between the parties dated January 30,
1984, as soon as the project notes which were issued pursuant to
said agreement have been retired and fully paid .
7 . WARRANTIES OF COMMISSION: Commission warrants and
represents that it has the power and authority to enter into this
Agreement pursuant to the provisions of Chapter 455B, Chapter 28E
and Chapter 28F of the Iowa Code 1985 , which Chapters permit the
formation of an intergovernmental agency for the purpose of
meeting the obligations imposed in Chapter 455B for the disposal
of solid waste and •the acquisition by purchase, lease or contract
such facilities as may be necessary for that purpose.
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DATED this 11-1,t. day of July, 1986 .
BLACK HAWK 9 NTY, IOWA BLACK HAWK COUNTY SO ID WASTE
MANAGEMENT C IS 0
BY : //� ���7 BY .
ohn P . Rooff, Bruce Bottorff, airman
CM ' man , Black Hawk County
:oard of Supervisors
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BY ,./ „,,,„„ „I/„, BY :
Isabelle Frerichs , Auditor Joh R. Rooff, III iirecretary