HomeMy WebLinkAbout1988-573-10.10.1988 RESOLUTION NO. 1988-573
7 tri cV
v ro nJ RESOLUTION OF INTENT TO AUTHORIZE THE ISSUANCE AND SALE
n OF GENERAL OBLIGATION BONDS FOR THE CONSTRUCTION COSTS
H Ei j ri ASSOCIATED WITH THE PERMANENT COLLECTION GALLERY AND 60
H Ht7, n SEAT LECTURE HALL AT THE WATERLOO RECREATION AND ARTS
t, s H '-' CENTER.
n
_. WHEREAS, the Waterloo Recreation Commission has proposed the
construction of an addition to the Waterloo Recreation and Arts
Center located at 225 Cedar Street, Waterloo, Iowa to house a
permanent collection gallery and 60 seat lecture hall; and
WHEREAS, the estimated construction costs of said facility is
$267,000; and
WHEREAS, cash on hand received by the Waterloo Recreation
Commission from various trusts, gifts and bequests is $132 , 000 ;
and
WHEREAS, an additional $135 , 000 is needed to commence
construction of said project; and
WHEREAS, the Waterloo Recreation Commission has requested
that the City consider financing the $135, 000 for the issuance of
General Obligation Bonds in Spring, 1989 .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WATERLOO, IOWA, that
1 . The City of Waterloo will issue General Obligation Bonds
in the amount not to exceed $135 ,000 in Spring, 1989 .
2. That the Waterloo Recreation Commission commits itself
to repay said $135, 000 through funds received by unobligated gifts
and bequests within a five year period of the Bond Sale.
PASSED AND ADOPTED this 10th day of October, 1988 .
I
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Bernard L. McK" ley, Mayor
ATTEST:
G
ar y P. B rger,' ity Clerk/Auditor
E172-889.1 .OVI ZOITUL-10225-1
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