HomeMy WebLinkAbout2025-167-03.17.2025- Pre-Levy Proceedings 2025 GO BONDSITEMS TO INCLUDE ON AGENDA
FOR THE COUNCIL MEETING ON MARCH 17, 2025
CITY OF WATERLOO, IOWA
General Obligation Bonds, Series 2025
• Resolution authorizing the issuance and levying a tax for the payment thereof.
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
March 17, 2025
The City Council of the City of Waterloo, State of Iowa, met in regular session, in the
Council Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 5:30 P.M., on the above
date. There were present Mayor Quentin Hart, in the chair, and the following named Council
Members:
Boesen, Nichols, Chiles, Simons, Wilder, and Feuss
Absent: Creighton -Smith
Vacant: None
1
Council Member Nichols introduced the following Resolution entitled "RESOLUTION
AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2025,
AND LEVYING A TAX FOR THE PAYMENT THEREOF", and moved that the same be
adopted. Council Member Chiles seconded the motion to adopt. The roll was called and the
vote was,
AYES: Boesen, Nichols, Chiles, Simons, Wilder, and Feuss
NAYS: None
Whereupon, the Mayor declared the Resolution duly adopted as follows:
RESOLUTION NO. 2025-167
RESOLUTION AUTHORIZING THE ISSUANCE OF
GENERAL OBLIGATION BONDS, SERIES 2025, AND
LEVYING A TAX FOR THE PAYMENT THEREOF
WHEREAS, the City of Waterloo, State of Iowa ("Issuer"), is a municipal corporation,
organized and existing under the Constitution and laws of the State of Iowa, and is not affected
by any special legislation; and
WHEREAS, the Issuer is in need of funds to pay costs of the opening, widening,
extending, grading, and draining of the right-of-way of streets, highways, avenues, alleys and
public grounds, and the removal and replacement of dead or diseased trees thereon; the
construction, reconstruction, and repairing of any street improvements; the acquisition,
installation, and repair of traffic control devices; the acquisition, construction, improvement, and
installation of street lighting fixtures, connections, and facilities; the construction, reconstruction,
and repair of sidewalks and pedestrian underpasses and overpasses, and the acquisition of real
estate needed for such purposes; the acquisition, construction, reconstruction, enlargement,
improvement, and repair of bridges, culverts, retaining walls, viaducts, underpasses, grade
crossing separations, and approaches thereto; the acquisition, construction, reconstruction,
extension, improvement, and equipping of works and facilities useful for the collection,
treatment, and disposal of sewage and industrial waste in a sanitary manner, and for the
collection and disposal of surface waters and streams; the acquisition of peace officer
communication equipment and other emergency services communication equipment and
systems; the acquisition, restoration, or demolition of abandoned, dilapidated, or dangerous
buildings, structures or properties or the abatement of a nuisance and for the establishment or
funding of programs to provide for or assist in providing for the acquisition, restoration, or
demolition of housing; the rehabilitation and improvement of parks already owned, including the
removal, replacement and planting of trees in the parks, and facilities, equipment, and
improvements commonly found in city parks; the reconstruction and improvement of dams; the
equipping of fire, police and street departments; the acquiring, developing, and improving of a
geographic computer data base system suitable for automated mapping and facilities
2
management; the acquisition, construction, reconstruction, and improvement of all waterways,
and real and personal property, useful for the protection or reclamation of property situated
within the corporate limits of cities from floods or high waters, and for the protection of property
in cities from the effects of flood waters, including the construction and improvement of levees;
the construction, reconstruction, improvement, renovation, and equipping of downtown parking
ramps and garages; the construction, reconstruction, improvement, renovation and equipping of
public works garages and facilities; the equipping of city utilities, public improvements and city
buildings, including the acquisition of vehicles; the construction, reconstruction, improvement,
renovation, and equipping of recreation buildings and grounds, libraries, parks, golf courses,
sporting facilities, community centers, and other public buildings; and the construction,
reconstruction, enlargement, improvement and equipping of city hall, recreational buildings, fire
stations, police stations, downtown parking ramps, libraries and other public buildings, including
security and technology upgrades (the "Project"), and it is deemed necessary and advisable that
General Obligation Bonds, in one or more series, be issued; and
WHEREAS, the City Council has taken such acts as are necessary to authorize issuance
of the Bonds.
NOW, THEREFORE, IT IS RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, STATE OF IOWA:
Section 1. Authorization of the Issuance. General Obligation Bonds, Series 2025, in the
amount of not to exceed $6,400,000 shall be issued pursuant to the provisions of Iowa Code
Sections 384.25, 384.26 and 384.28 for the purposes covered by the hearing.
Section 2. Levy of Annual Tax. For the purpose of providing funds to pay the principal
and interest as required under Chapter 76.2, there is levied for each future year the following
direct annual tax upon all the taxable property in the City of Waterloo, State of Iowa, to wit:
FISCAL YEAR (JULY 1 TO JUNE 30)
AMOUNT YEAR OF COLLECTION
$598,265.00 2025/2026
$716,205.00 2026/2027
$711,017.50 2027/2028
$715,137.50 2028/2029
$718,160.00 2029/2030
$715,035.00 2030/2031
$581,000.00 2031/2032
$577,600.00 2032/2033
$578,600.00 2033/2034
$578,800.00 2034/2035
$578,200.00 2035/2036
$566,800.00 2036/2037
3
Principal and interest coming due at any time when the proceeds of the tax on hand are
insufficient to pay the amount due shall be promptly paid when due from current funds available
for that purpose and reimbursement must be made.
Section 3. Amendment of Levy of Annual Tax. Based upon the terms of the future sale
of the Bonds to be issued, this Council will file an amendment to this Resolution ("Amended
Resolution") with the County Auditor.
Section 4. Filing. A certified copy of this Resolution shall be filed with the County
Auditor of County of Black Hawk, State of Iowa, who shall, pursuant to Iowa Code Section 76.2,
levy, assess and collect the tax in the same manner as other taxes and, when collected, these
taxes shall be used only for the purpose of paying principal and interest on the Bonds.
PASSED AND APPROVED this 17th day of March 2025.
ATTEST:
Kelley Felchle
Kelley Felchle, City Clerk
Qttertan Ilar
Quentin Hart, Mayor
4
CERTIFICATE
STATE OF IOWA
) SS
COUNTY OF BLACK HAWK
I, the undersigned City Clerk of the City of Waterloo, State of Iowa, do hereby certify
that attached is a true and complete copy of the portion of the records of the City showing
proceedings of the Council, and the same is a true and complete copy of the action taken by the
Council with respect to the matter at the meeting held on the date indicated in the attachment,
which proceedings remain in full force and effect, and have not been amended or rescinded in
any way; that meeting and all action thereat was duly and publicly held in accordance with a
notice of meeting and tentative agenda, a copy of which was timely served on each member of
the Council and posted on a bulletin board or other prominent place easily accessible to the
public and clearly designated for that purpose at the principal office of the Council pursuant to
the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable
advance notice to the public and media at least twenty-four hours prior to the commencement of
the meeting as required by law and with members of the public present in attendance; I further
certify that the individuals named therein were on the date thereof duly and lawfully possessed of
their respective City offices as indicated therein, that no Council vacancy existed except as may
be stated in the proceedings, and that no controversy or litigation is pending, prayed or
threatened involving the incorporation, organization, existence or boundaries of the City or the
right of the individuals named therein as officers to their respective positions.
WITNESS my hand and the seal of the Council hereto affixed this 17th day of March
2025.
Kelley Felchle
DIGITALLY
SIGNED
Kelley Felchle, City Clerk, City o
State of Iowa
�TtttNfl/IINft}f}<fI
Illll.11lllllllllllll
aterloo,
COUNTY AUDITOR'S CERTIFICATE
I, Kc y.Qfrk S6ww(4 - , County Auditor of Black Hawk County, State of Iowa,
hereby certify that on the 2-043` day of I4'ia vck , 2025 there was filed in my
office the Resolution of the City Council of the City of Waterloo, State of Iowa, adopted on the
17th day of March, 2025, such Resolution levying a tax for the purpose of paying principal and
interest on General Obligation Bonds, Series 2025, and authorizing the issuance of the Bonds.
(COUNTY SEAL) County Auditor of Black Hawk County, State
of Iowaa
cu /1.R.4- Ps �r x /�fic�rgc3-P�
11310.176
4913-1397-6091