HomeMy WebLinkAbout2025-220-04.07.2025Docusign Envelope ID: ElFF0F93-3B01-482D-A407-31FCA1796F00
ITEMS TO INCLUDE ON AGENDA
FOR THE COUNCIL MEETING ON APRIL 7, 2025
CITY OF WATERLOO, IOWA
$162,532 Sewer Revenue Capital Loan Note, Series 2025 (Reissuance of Series 2022D Sewer
SRF loan)
• Resolution approving and authorizing a Loan and Disbursement Agreement by and
between the City of Waterloo and the Iowa Finance Authority, and authorizing and
providing for the reissuance of the Sewer Revenue Capital Loan Note, Series 2022D
(2025 loan forgiveness).
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
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April 7, 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 Pro Tem Ray Feuss, in the chair, and the following named
Council Members:
Nichols, Creighton -Smith, Chiles, Simon, Wilder and Feuss
Absent: Boesen
Vacant: None
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Council Member Chiles introduced the following Resolution entitled "A RESOLUTION
APPROVING AND AUTHORIZING A LOAN AND DISBURSEMENT AGREEMENT BY
AND BETWEEN THE CITY OF WATERLOO AND THE IOWA FINANCE AUTHORITY,
AND AUTHORIZING AND PROVIDING FOR THE REISSUANCE OF THE SEWER
REVENUE CAPITAL LOAN NOTE, SERIES 2022D (2025 LOAN FORGIVENESS), OF THE
CITY", and moved its adoption. Council Member Nichols seconded the motion to adopt. The
roll was called and the vote was:
AYES: Nichols, Creighton -Smith, Chiles, Simon, Wilder and Feuss
NAYS: None
Whereupon the Mayor declared the following Resolution duly adopted:
RESOLUTION NO: 2025-220
A RESOLUTION APPROVING AND AUTHORIZING A LOAN
AND DISBURSEMENT AGREEMENT BY AND BETWEEN
THE CITY OF WATERLOO AND THE IOWA FINANCE
AUTHORITY, AND AUTHORIZING AND PROVIDING FOR
THE REISSUANCE OF THE SEWER REVENUE CAPITAL
LOAN NOTE, SERIES 2022D (2025 LOAN FORGIVENESS),
OF THE CITY
WHEREAS, the City of Waterloo (hereinafter the "Issuer") previously issued its Sewer
Revenue Capital Loan Note, Series 2022D, dated December 16, 2022, in the initial amount of
$1,068,000 (the "Original Loan"); and
WHEREAS, upon completion of the Project (as defined in the resolution authorizing
issuance of the same (hereinafter the "Resolution"), and the issuance of a final amortization
schedule reflecting actual disbursements of the loan, the final amount of the Original Loan was
$1,068,000; and
WHEREAS, the Iowa Finance Authority, as Original Purchaser and current holder of the
Original Loan, has authorized a reduction in the principal amount of the Original Loan effective
as of May 2, 2025, assuming compliance with the requirements of the Iowa Water Pollution
Control Works Financing Program; and
WHEREAS, a substitute Loan and Disbursement Agreement (hereinafter the
"Agreement"), a copy of which is attached hereto as Exhibit A, and a substitute Note, a copy of
which is attached hereto as Exhibit B, have been prepared to reflect said loan forgiveness; and
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WHEREAS, pursuant to IRS regulations, amendment of the Original Loan and execution
of the Agreement constitutes a reissuance of the Note.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WATERLOO, IN THE COUNTY OF BLACK HAWK, STATE OF IOWA:
Section 1.
Section 2.
Section 3.
Section 4.
That the Resolution is hereby amended to reflect loan forgiveness in the
form of a reduction to principal of the previously issued Sewer Revenue
Capital Loan Note, Series 2022D in the amount of $850,128, resulting in a
final loan amount of $162,532 as of the date of reissuance on May 2,
2025.
That the substitute Loan and Disbursement Agreement in substantially in
the form attached to this Resolution as Exhibit A, and the substitute Note
in substantially the form attached to this Resolution as Exhibit B, are
hereby authorized to be executed and issued on behalf of the Issuer by the
Mayor and attested by the City Clerk.
That the City Treasurer is hereby authorized to execute and deliver a
Supplemental Tax Certificate in connection with the Agreement, affirming
the tax covenants made by the City with respect to the Notes at the time of
issuance thereof.
Except as amended herein, all of the other terms and conditions of the
Resolution are in all respects ratified, confirmed and approved and shall
remain in full effect.
PASSED AND APPROVED this 7th day of April, 2025.
ATTEST:
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DocuSigned by: d eat
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Kelley Felchle, City Clerk
Signed by:
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Mayor Pro Tem, Ray Feuss
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EXHIBIT A
[Form of LDA]
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EXHIBIT B
[Form of Note]
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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 7th day of April, 2025.
(SEAL)
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