HomeMy WebLinkAbout1988-474-08.15.1988 Waterloo, Iowa
August 15, 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 Bernie McKinley, Mayor, and the following
named Councilmembers:
Brown, Dell, Buck, Fox, Angel, Wright and Budak
Absent: none
* * * * * * * * * *
The Mayor introduced and caused to be read Resolution
No. 1988-474 entitled, "RESOLUTION fixing a date for hearing
on proposed City of Waterloo, Iowa, Wheaton Franciscan Services,
Inc. , System Revenue Refunding Bonds, Series 1988, (Covenant
Medical Center, Incorporated) in an aggregate principal amount
Buck
not to exceed $15,000,000", and /moved its adoption; seconded by
Councilmember Fox 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 and Budak
Nay: none
Whereupon, the Mayor declared said resolution duly
adopted and signed his approval thereto.
* * * * * * * * * *
On motion and vote the meeting adjourned.
Mayor
Attest: Bernard L. McKinley
A Y.Y.
De u City Clerk
Michelle Temeyer •
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RESOLUTION NO. 1988-474
RESOLUTION FIXING A DATE FOR HEARING ON PROPOSED
CITY OF WATERLOO, IOWA
WHEATON FRANCISCAN SERVICES, INC.
SYSTEM REVENUE REFUNDING BONDS, SERIES 1988
(COVENANT MEDICAL CENTER, INCORPORATED)
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $15,000,000
* * * * * * * * * *
WHEREAS, the City of Waterloo, a municipality and
political subdivision in the County of Black Hawk, State of Iowa
(the "City") , has heretofore issued its $10, 250,000 Hospital
Facility Revenue Bonds, Series 1979 (St. Francis Hospital
Project) (the "Series 1979 Bonds") , its $1,325,000 Hospital
Facility Revenue Bonds, Series 1980A (Schoitz Memorial Project)
( the "Series 1980A Bonds" ) and its $4,965,000 Hospital Facility
Revenue Bonds, Series 1980E Bonds (Schoitz Memorial Project) (the
"Series 1980E Bonds" and, together with the Series 1979 Bonds and
the Series 1980A Bonds, the "Prior Bonds" ) pursuant to the
provisions of Chapter 419 of the Code of Iowa, 1987, as amended
(hereinafter sometimes referred to as the "Act" ) ; and
WHEREAS, the City is authorized by the Act to issue its
revenue refunding bonds in such amount as the city council deems
necessary to refund any outstanding revenue bonds issued pursuant
to the provisions of the Act ; and
WHEREAS, the proceeds of the Series 1979 Bonds were
loaned by the City to St. Francis Hospital of Franciscan Sisters
( "St . Francis" ) and the proceeds of the Series 1980A Bonds and
the Series 1980B Bonds were loaned to Schoitz Memorial Hospital
( "Schoitz") and were applied, in each case for the construction
and equipping of a "project" as such term is defined in the Act
(collectively, the "Project") ; and
WHEREAS, St. Francis and Schoitz have consolidated to
form Covenant Medical Center, Incorporated, an Iowa non-profit
corporation ( the "Corporation" ) ; and
WHEREAS, the Corporation has requested that the City
issue its revenue refunding bonds pursuant to the act to advance
refund the Series 1979 Bonds and to refund the Series 1980A Bonds
and the Series 1980E Bonds and the City is amenable thereto; and
WHEREAS, the Project is located in the City and it is
deemed necessary and advisable for the promotion of the general
health and welfare of the inhabitants of the City that the Prior
Bonds be refunded and advance refunded, as aforesaid, and that
the City take such action as may be required under applicable
statutory provisions to authorize and issue its Wheaton
Franciscan Services, Inc. System Revenue Refunding Bonds, Series
1988 (Covenant Medical Center, Incorporated) ( the "Series 1988
Bonds" ) , such bonds to be issued in one or more series as
determined by the City and the Corporation; and
WHEREAS, the aggregate principal amount of the Series
1988 Bonds necessary, together with other available moneys, to
refund and advance refund the Prior Bonds, to pay certain
expenses incurred in connection with the issuance of the Series
1988 Bonds and, if determined advisable by the Corporation, to
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establish a debt service reserve fund for the Series 1988 Bonds,
has been estimated to be $15,000,000; and
WHEREAS, pursuant to the provisions of Section 419.9 of
the Act and Section 147(f) of the Internal Revenue Code of 1986
it is necessary that prior to the incurrence of the Series 1988
Bonds the City conduct. a public hearing on the proposal to issue
the Series 1988 Bonds;
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 6th day of
September, 1988, at 7:00 o'clock P.M. , at which time and place a
public hearing shall be held on the proposal to issue the Series
1988 Bonds in an amount currently estimated not to exceed
$15,000,000, 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/Cedar Falls Courier, a
legal newspaper published and having a general circulation within
said City, in substantially the following form:
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NOTICE OF INTENTION TO ISSUE
CITY OF WATERLOO, IOWA
WHEATON FRANCISCAN SERVICES, INC.
SYSTEM REVENUE REFUNDING BONDS, SERIES 1988
(COVENANT MEDICAL CENTER, INCORPORATED)
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $15,000,000
The City Council of the City of Waterloo, in Black Hawk
County, Iowa ( the "City") , will meet on the sixth day of
September, 1988, at the Council Chambers in the City Hall,
Waterloo, Iowa, at 7: 00 o'clock P.M. for the purpose of
conducting a public hearing on the proposal to issue its Wheaton
Franciscan Services, Inc. System Revenue Refunding Bonds, Series
1988 (Covenant Medical Center , Incorporated) (the "Bonds" ) , in a
principal amount not exceeding $15,000 ,000 and in one or more
series . The proceeds of the Bonds will be loaned to Covenant
Medical Center, Incorporated, an Iowa non-profit corporation (the
"Corporation" ) , and used, together with certain other moneys, to
( 1) advance refund the outstanding portion of the $10, 250,000
Hospital Facility Revenue Bonds, Series 1979 (St. Francis
Hospital Project) ( the "Series 1979 Bonds" ) previously issued by
the City, ( 2) refund the outstanding portions of the $1, 325,000
Hospital Facility Revenue Bonds, Series 1980A (Schoitz Memorial
Project) and the $4,965,000 Hospital Facility Revenue Bonds,
Series 1980B (Schoitz Memorial Hospital) (collectively the
"Series 1980 Bonds" ) previously issued by the City, ( 3) pay
certain expenses incurred in connection with the issuance of the
Bonds and (4) if deemed advisable, establish a debt service
reserve fund for the Bonds. The proceeds of the Series 1979
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Bonds were used to construct certain additions to and
improvements of the health care facilities of St. Francis
Hospital of Franciscan Sisters ( "St . Francis" ) , to construct a
professional office building, to pay a portion of the interest on
the Series 1979 Bonds, to prepay certain indebtedness, the
proceeds of which were applied to the construction and equipping
of certain other health care facilities, to pay certain expenses
and to establish a debt service reserve fund for the Series 1979
Bonds (collectively, the "1979 Project" ) . The proceeds of the
Series 1980 Bonds were used to construct, renovate and equip
certain patient areas in the health care facilities of Schoitz
Memorial Hospital ( "Schoitz" ) , to construct a professional office
building and to construct new parking areas, to pay a portion of
the interest on the Series 1980 Bonds, to establish a debt
service reserve fund for the Series 1980 Bonds and to pay certain
expenses (the "1980 Project" ) . The Corporation is the resulting
Corporation from the consolidation of St. Francis and Schoitz.
The 1979 Project is located at 3421 West 9th Street, Waterloo,
Iowa. The 1980 Project is located at 2101 Kimball Avenue,
Waterloo, Iowa. The Bonds, when issued, will be limited
obligations of the City and will not constitute general
obligations of the City nor will they be payable in any manner by
taxation, but said Bonds will be payable solely and only out of
the revenues to be derived by the City from a Loan Agreement to
be entered into by the City and the Corporation.
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At the time and place fixed for said public hearing,
all local residents who appear will be given an opportunity to
express their views for or against the proposal to issue said
bonds. In addition, written comments may be submitted to the
City Clerk at the office of the City Clerk located at 715
Mulberry Street, Waterloo, Iowa, 50703, until September 6, 1988 .
The public hearing is required by Chapter 419 of the
Code of Iowa, 1987, as amended, and by Section 147(f) of the
Internal Revenue Code of 1986, as. amended.
By order of the City Council August 15 , 1988.
i.,..,,,
D Pu y City Clerk
4u y
Michelle Temeyer
Section 3. That the City hereby recognizes that
actions taken and to be taken by the Corporation in connection
with the advance refunding and refunding of the Prior Bonds 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.
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Passed and approved August 15th, 1988.
a or
Attest: Bernard L. McKinley /
"' 4(
Deputy ity Clerk ` f
Michelle Temeyer
-7-
STATE OF IOWA )
SS.
COUNTY OF BLACK HAWK )
I, Michelle Temeyer, being first duly sworn, do hereby
depose and certify that I am the duly appointed, qualified and
Deputy
acting ,City Clerk of the City of Waterloo, in Black Hawk 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 August 15, 1988, to fix a
date for a public hearing on the proposal to issue not to exceed
$15,000,000 of the City's Wheaton Franciscan Services, Inc.
System Revenue Refunding Bonds, Series 1988 (Covenant Medical
Center, Incorporated) .
WITNESS my official signature and the seal of said City
at Waterloo, Iowa, this 15th day of August, 1988.
J t i `�
Deputy City Clerk ` M'
Michelle Temeyer
(SEAL)
Subscribed and sworn to before me this day, the date
last above written.
\- -n,(1.41,6e:(1, 1/4(cli_
Notary Public in and Tor
(Notarial Seal) the' State of Iowa
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