HomeMy WebLinkAbout1986-647-11.17.1986 I
FOR YOUR RECORDS
Proceedings to Proceed
With Issuance and Sale
B0325 (Commit)
Waterloo, Iowa
November 17 , 1986
The City Council of Waterloo, Iowa, met in reg1,lar session
on the 17th day of November , 1986 , at 7 :00 o' clock
P .m. , at the City Hall Council Chambers , in the City pursuant
to law and to the rules of said Council. The meeting was called to
order and there were presentBernard L. McKinley Mayor , in the Chair ,
and the following named Council Members:
Budak, Seeber, Lichty, Angel , Wright , Dowie and Miller
Absent: None
The City Council investigated and found that notice of intention
to issue Industrial Development Revenue Bonds, Series 1986
(Waterloo Meat Pack, Inc. Project) in an aggregate principal amount not
to exceed $60, 000 , 000 had, as directed by the City Council , been duly
given according to law.
This being the time and place specified in the notice for the
conduct of a public hearing on the proposal to issue such Bonds, the
Mayor announced that all local residents attending the hearing would
now be given an opportunity to express their views for or against the
proposal to issue the Bonds. The following local residents expressed
their views as follows:
Kathy Oberle, 710 Forest Road
Bonnie Jackson , 327 Farrington
Earl Rogers , 1121 Lantern Square
Dale Smith , 617 Mulberry
The following local residents who had submitted written comments
prior to the hearing expressed their views in such written comments as
follows:
SEE EXHIBIT "A" (ATTACHED)
-1-
After all local residents who desired to do so had expressed their
views for or against the proposal to issue the Bonds, Council Member
Dowie introduced a Resolution entitled:
"Resolution to Proceed With the Issuance and Sale
of Industrial Development Revenue Bonds,
Series 1986 (Waterloo Meat Pack, Inc. Project)
in an aggregate principal amount not to exceed $60 , 000 , 000"
and moved its adoption, seconded by Council Member Miller
After due consideration of said Resolution by the Council, the Mayor
put the question on the motion and upon the roll being called, the
following named Council Members voted:
Ayes : Budak, Seeber, Lichty, Angel , Wright , Dowie and Miller
Nays: None .
Whereupon, the Mayor declared said Resolution duly adopted and
approval was signed thereto.
Upon motion and vote the meeting adjourned.
Ma4or�nar L. Mc inle
Attest:
,Oc ' 9 ,
ty rk, L y P. Burger
(Seal)
-2-
RESOLUTION 647
Resolution to Proceed with the Issuance and Sale
of Industrial Development Revenue Bonds,
Series 1986 (Waterloo Meat Pack, Inc. Project)
in an aggregate principal amount not to exceed $60, 000 , 000
WHEREAS, the City of Waterloo, Iowa, in the County of
Black Hawk, State of Iowa (the "Issuer" ) , is an incorporated
municipality authorized and empowered by the provisions of Chapter 419
of the Code of Iowa, 1985, as amended (the "Act" ) , to issue revenue
bonds for the purpose of financing the cost of acquiring, by
construction or purchase, land, buildings, improvements and equipment,
or any interest therein, suitable for the use of any industry or
industries for the manufacturing, processing or assembling of any
agricultural or manufactured products or of any commercial enterprise
engaged in storing, warehousing or distributing products of
agriculture, mining or industry, or of a national , regional or
divisional headquarters facility of a company that does multistate
business; and
WHEREAS, the Issuer has been requested by Waterloo Meat Pack, Inc.
(the "Company" ) , an Iowa corporation, to issue its industrial
development revenue bonds to finance the Company' s acquisition by
construction or purchase of land, buildings, equipment and improvements
suitable for use in the manufacturing or processing of agricultural
products, specifically the slaughter of hogs and the production of pork
products (the "Project" ) to be located at the southwest corner of 18th
Street and Sycamore Street within the Issuer , also locally known as
1600 Sycamore Street, which will promote the welfare of the Issuer and
its citizens; and
WHEREAS, it is proposed to finance the cost of the Project through
the issuance of Industrial Development Revenue Bonds, Series 1986
(Waterloo Meat Pack, Inc. Project) , of the Issuer in an aggregate
principal amount not to exceed $60, 000 , 000 (the "Bonds" ) and to loan
said amount to the Company under a Loan Agreement between the Issuer
and the Company, the obligation of which will be sufficient to pay the
principal of and redemption premium, if any, interest on the Bonds, as
and when the same shall be due; and
WHEREAS, notice of intention to issue the Bonds has , as directed
by the City Council of the Issuer , been duly given in compliance with
the Act and Section 103 (k) of the Internal Revenue Code; and
WHEREAS, a public hearing has been held on the proposal to issue
the Bonds at the time and place as specified in said notice and all
objections or other comments relating to the issuance of the Bonds have
been heard;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the Issuer ,
as follows :
-3-
Section 1. It is hereby determined it is necessary and advisable
that the Issuer proceed with the issuance and sale of the Bonds as
- authorized and permitted by the Act to finance the cost of the Project,
and such actions will be taken by the Issuer as may be required
pursuant to the provisions of the Act to authorize, issue and sell the
Bonds.
Section 2. The Issuer will enter into all agreements necessary to
be entered into by the Issuer in connection with the issuance and sale
of the Bonds. The City Attorney shall approve all agreements to be
entered into in connection with the issuance of the Bonds and such
agreements shall be authorized and approved after due consideration by
this Council prior to their execution by the Issuer .
Section 3 . The Mayor , the City Clerk and the City Attorney are
hereby authorized and directed to do any and all things deemed
necessary in order to effect the accomplishment of the Project and the
issuance and sale of the Bonds.
Section 4 . All resolutions and parts thereof in conflict herewith
are hereby repealed to the extent of such conflict.
Section 5 . This Resolution shall become effective immediately
upon its passage and approval.
Passed and approved this 17thday of November , 1986 .
6C--vv14--<-00
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Mayor , Bern r L. cKin y
Attest:
Cit Cle , Larry . Burger
(Seal)
-4-
State of Iowa
County of Black Hawk SS:
- City of Waterloo
I , the undersigned, do hereby depose and certify that I am the
duly appointed, qualified and acting City Clerk of the aforementioned
City and 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 in relation to the adoption of the Resolution to Proceed with
the Issuance and Sale of 'Industrial Development Revenue Bonds , Series
1986 (Waterloo Meat Pack, Inc. Project) in an aggregate principal
amount not to exceed $60 , 000 , 000 .
WITNESS my hand and the corporate seal of said City hereto affixed
this 18th day of November , 1986 .
/47
i y Cl , Larr . Burger
(Seal)
-5-
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