HomeMy WebLinkAbout1988-164-04.11.1988 Waterloo, Iowa
April 11, 1988
The City Council of the City of Waterloo, Iowa, met in
regular session at 7: 00 o 'clock P.M. , at the Council Chambers
in the City Hall in said City. The meeting was called to order
and there were present Bernard L. McKinley, Mayor, and the
following named Councilmembers:
Brown, Dell, Buck, Fox, Angel, Wright, Budak
Absent: None
* * * * * * * *
The Mayor introduced and caused to be read Resolution
No . 1988-1E4entitled, "RESOLUTION fixing a date for hearing on
proposed Industrial Development Revenue Bond (Albert Trostel &
Sons Company Project) , Series 1988" , and moved its adoption;
seconded by Councilmember Angel . After due consideration
of said resolution by the Council, the Mayor put the question
and, upon the roll being called, the following voted:
Aye: Brown, Dell, Buck, Fox, Angel, Wright, Budak
Nay: None
Whereupon, the Mayor declared said resolution duly
adopted and signed his approval thereto.
* * * * * * * *
On motion and vote the meeting adjourned.
Mayor , Berna d L. McKi ley
Attest :
Cit Cler
Larry P. urger
•
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RESOLUTION NO. 1988- 164
RESOLUTION FIXING A DATE FOR HEARING ON PROPOSED INDUS-
TRIAL DEVELOPMENT REVENUE BOND, NOT TO EXCEED $8, 000 , 000
SERIES 1988 (ALBERT TROSTEL & SONS COMPANY PROJECT)
* * * * * * * *
WHEREAS, the City of Waterloo, a municipality and
political subdivision in the County of Blackhawk, State of Iowa
(the "City" ) is authorized by Chapter 419 of the Code of Iowa,
as amended (hereinafter sometimes referred to as the "Act" ) to
issue revenue bonds and loan the proceeds to one or more
contracting parties to be used to pay the cost of land,
buildings, equipment and improvements suitable for the use of
any industry or industries for the manufacturing, processing or
assembling of any agricultural or manufactured products ; and
WHEREAS, the City proposes to make the necessary
arrangements with Albert Trostel & Sons Company (the
"Corporation" ) , a Wisconsin corporation, for the financing (as
hereinafter described) of, or the improvement of, and purchase
of equipment for a facility for the processing of leather and
for related business purposes located in the City (hereinafter
sometimes referred to as the "Project" ) ; and
WHEREAS, the location of this Project within the City
will improve the general welfare of the inhabitants of the
City; and
WHEREAS, in order to expedite the anticipated public
benefits and avoid delays which would otherwise occur pending
the completion of the procedures necessary to be carried out by
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the City to make the required funds available, and to enable
the Corporation to proceed with and complete the Project, it is
considered necessary and desirable that the City provide
satisfactory assurances that the proceeds of the sale of the
proposed Industrial Development Revenue Bond, when issued, will
be made available to finance the Project; and
WHEREAS, it is deemed necessary and advisable for the
promotion of the general welfare of the inhabitants of the
City, that the Project be acquired, improved and equipped, as
aforesaid, and that the City take such action as may be
required under applicable statutory provisions to authorize and
issue the Series 1988 Bonds, as hereinafter defined, to finance
the cost of the Project; and
WHEREAS, the aggregate cost of the Project, has been
estimated not to exceed $8 , 000, 000, and it is proposed to pay
the cost of the Project, to that amount, through the issuance
of the Industrial Development Revenue Bonds (Albert Trostel &
Sons Company Project) Series 1988 (the "Series 1988 Bonds") but
it is first necessary to conduct a public hearing on the
proposal to issue the Series 1988 Bonds, as required and
provided by Section 419 . 9 of the Act;
NOW, THEREFORE, Be It Resolved by the City Council of
the City of Waterloo, Iowa, as follows :
Section 1 . That this Council meet at the Council
Chambers in the City Hall in said City on the 25th day of
April, 1988, at 7 : 00 o ' clock P.M. , at which time and place a
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public hearing shall be held on the proposal to issue the
Series 1988 Bonds in an amount currently estimated not to
exceed $8, 000, 000, as referred to in the preamble hereof, and
at which hearing all local residents who appear shall be given
an opportunity to express their views for or against the
proposal to issue the Series 1988 Bonds .
Section 2 . The City Clerk is hereby directed to give
notice of intention to issue the Series 1988 Bonds by
publication at least once not less than fifteen (15) days prior
to the date fixed for the hearing in the Waterloo Courier, a
legal newspaper published and having a general circulation
within said City, in substantially the following form:
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Section 3 . That the City hereby recognizes that
actions taken and to be taken by the Corporation in connection
with the acquisition and construction of the Project have been
and will be taken in reliance upon the willingness of the City
to issue the Series 1988 Bonds .
Section 4 . That all resolutions or parts thereof in
conflict herewith be and the same are hereby repealed, and this
resolution shall be effective forthwith upon its passage and
approval .
Passed and approved April 11, 1988 .
1-1/C914:1)?,
Mayor , Bernard L. McKinley
Attest :
i y C rk
L rry . Burge
-8 •
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STATE OF IOWA )
) SS.
COUNTY OF BLACKHAWK )
I , Larry P. Burger, being first duly sworn, do hereby
depose and certify that I am the duly appointed, qualified and
acting City Clerk of the City of Waterloo, in Blackhawk County,
Iowa, and that as such I have in my possession or have access
to the official records of said City and of its officials and
that I have compared the transcript hereto attached with said
official records and that the same constitutes a true, correct
and complete copy of such official records showing the action
taken by the City Council of said City on April 11, 1988, to
fix a date for a public hearing on the proposal to issue not to
exceed $8, 000, 000 Industrial Development Revenue Bonds (Albert
Trostel & Sons Company Project) , Series 1988, of said City.
WITNESS my official signature and the seal of said
City at Waterloo, Iowa, this lltlalay of April, 1988 .
® ,
Cit :000(k
La ry Burger
(SEAL)
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Subscribed and sworn to before me this day, the date
last above written.
Notarblic in and for the State
of Iowa
(Notarial Seal)
1300f
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