HomeMy WebLinkAbout1988-499-09.06.1988 - - P1:46E . 00LI
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Waterloo, Iowa
September 6, 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 City Council investigated and found that notice of
intention to issue Wheaton Franciscan Services, Inc. System
Revenue Refunding Bonds, Series 1988 (Covenant Medical Center,
Incorporated) of said City in an aggregate principal amount not
to exceed $15,000,000 has been duly given by publication on
August 19, 1988, in the Waterloo/Cedar Falls Courier , a legal
newspaper published and having a general circulation within said
City. This being the time and place specified in said notice for
the conduct of a public hearing on the proposal to issue said
bonds, the Mayor announced that any local resident attending the
hearing would now be given an opportunity to express his or her
views for or against the proposal to issue the bonds . After all
local residents who appeared at the hearing who desired to do so
had expressed their views for or against the proposal to issue
=:=IF = _ = 15 : 28 FF r HHP CUT CH61.,
the bonds, the public hearing was declared closed and
Councilmember Brown introduced and caused to read
499
Resolution No. 1988- entitled,
RESOLUTION determining to proceed with the
issuance of not to exceed $15,000,000 in
aggregate principal amount of Wheaton
Franciscan Services, Inc. System Revenue
Refunding Bonds, Series 1988 (Covenant
Medical Center, Incorporated) of the City of
Waterloo, Iowa,
and moved its adoption; seconded by Councilmember
Dell 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
Councilmembers 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.
Bernard L. McKinletlayor
Attest :
ity Cler
Larry P. urger
lam'
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RESOLUTION NO. 1988-499
RESOLUTION DETERMINING TO PROCEED WITH 'i'fik
ISSUANCE OF NOT TO EXCEED $15,000,000
IN AGGREGATE PRINCIPAL AMOUNT OF
WHEATON FRANCISCAN SERVICES, INC.
SYSTEM REVENUE REFUNDING BONDS, SERIES 1988
(COVENANT MEDICAL CENTER, INCORPORATED)
OF THE CITY OF WATERLOO, IOWA
* * * * * *- * * * *
WHEREAS, the City of Waterloo, in the County of Black
Hawk, State of Iowa (the "City" ) , proposes to issue its 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 "Series 1988
Bonds") for the purpose of advance refunding its $10 ,250,000
Hospital Facility Revenue Bonds, Series 1979 (St. Francis
Hospital Project) (the "Series 1979 Bonds" ) and refunding 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 1980B (Schoitz Memorial
Project) (the "Series 1980B Bonds" ) pursuant to the provisions of
Chapter 419 of the Code of Iowa, 1987 , as amended (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;
and
SE F' E, __ �9 F'�-:�f1 =HHP I_IT C H61 . PA6E . Ou
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 Series 1988 Bonds and loan the proceeds of the Series
1988 Bonds to the Corporation and Wheaton Franciscan Services,
Inc. , an Illinois not for profit corporation ( "WFSI" ) which
controls the Corporation, to be used to advance refund the Series
1979 Bonds and refund the Series 1980A and Series 1980E Bonds;
and
WHEREAS, pursuant to published notice of intention , to
issue the Series 1988 Bonds this City Council has conducted a '
public hearing, as required by Section 419 .9 of the Act and
Section 147 (f) of the Internal Revenue Code of 1986, and this
City Council deems it necessary and advisable to proceed with the
issuance of the Series 1988 Bonds and the loan of the proceeds of
the Series 1988 Bonds to the Corporation and WFSI;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF WATERLOO, IOWA, AS FOLLOWS:
Section 1. That at the public hearing conducted by
this City Council pursuant to published notice all local
residents who appeared were given an opportunity to express their
views for or against the proposal to issue the Series 1988 Bonds.
Section 2_ That this City Council deems it necessary
and advisable, and hereby determines, to proceed with the
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=EF' CHHP ':uT i_Hi')
t-'H �L lllit,
issuance of the Series 1988 Bonds and the loan of the proceeds of
the Series 1988 Bonds to the Corporation and WFSI, all upon terms
and conditions mutually satisfactory to the City, the Corporation
and WFSI.
Section 3. That this Resolution shall become effective
immediately upon its passage and approval. •
Passed and approved September 6, 1988.
CITY OF WATERLOO, IOWA
� - /191
Mayor
Bernard L. McKinley
Attest:
C. Cle
ry P. Bu r
-3-
' =EP E, = E 1 _,U FR�_�M CHAP CUT CH ; F'HaL . Ot_��
STATE OF IOWA
) SS
COUNTY OF BLACK HAWK )
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 the County of
Black Hawk, State of Iowa, and as such I have in my possession,
or have access to, the complete official records of said City and
of its Council and officers; that I have carefully compared
transcript hereto attached with said aforesaid official records
and that said transcript hereto attached is a true, correct and
complete copy of all the official records in relation to the
adoption of Resolution No. 1988-499 entitled:
RESOLUTION determining to proceed with the
issuance of not to exceed $15,000,000 in
aggregate principal amount of Wheaton
Franciscan Services, Inc. System Revenue
Refunding Bonds, Series 1988 (Covenant
Medical Center, Incorporated) of the City of
Waterloo, Iowa.
WITNESS my hand and the seal of said City hereto
affixed at Waterloo, Iowa, this 6th day of September, 1988.
(SEAL) Y
a . Bu er
Subscribed and sworn to before me this day, the date
last above written.
NotaryjPublic in and for
(Notarial seal) the State of Iowa
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