HomeMy WebLinkAbout2025-273-05.05.2025 - 2024A Rate Reduction SRFSewer RevenueDocusign Envelope ID: B11AD449-4074-4A41-A9C4-BABBA72CA27C
ITEMS TO INCLUDE ON AGENDA FOR MAY 5, 2025
CITY OF WATERLOO, IOWA
Sewer Revenue Capital Loan Note, Series 2024A (Rate Reduction)
• Resolution approving and authorizing Amendment to 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 $7,948,000 (original amount) Sewer Revenue Capital
Loan Note, Series 2024A (Rate Reduction for Sponsored Project).
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
Docusign Envelope ID: B11AD449-4074-4A41-A9C4-BABBA72CA27C
May 5, 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, Creighton -Smith, Chiles, Simon, Wilder and Feuss
Absent: None
Vacant: None
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Council Member Feuss introduced the following Resolution entitled "A RESOLUTION
APPROVING AND AUTHORIZING AN AMENDMENT TO 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 $7,948,000 (ORIGINAL AMOUNT) SEWER REVENUE CAPITAL
LOAN NOTE, SERIES 2024A (RATE REDUCTION FOR SPONSORED PROJECT) OF THE
CITY", and moved its adoption. Council Member Nichols seconded the motion to adopt. The
roll was called and the vote was:
AYES: Boesen, Nichols, Creighton -Smith, Chiles, Simon, Wilder and Feuss
NAYS: None
Whereupon the Mayor declared the following Resolution duly adopted:
RESOLUTION NO: 2025-273
A RESOLUTION APPROVING AND AUTHORIZING AN
AMENDMENT TO 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 $7,948,000 (ORIGINAL AMOUNT) SEWER REVENUE
CAPITAL LOAN NOTE, SERIES 2024A (RATE REDUCTION
FOR SPONSORED PROJECT) OF THE CITY
WHEREAS, the City of Waterloo (hereinafter the "Issuer") previously issued its Sewer
Revenue Capital Loan Note, dated March 22, 2024, in the original amount of $7,948,000
(hereinafter the "Notes"), and of which $7,354,223.56 was drawn, and is currently outstanding in
the amount of $7,354,223.56, pursuant to a Loan and Disbursement Agreement between Issuer
and the Iowa Finance Authority, dated of like date (the "Agreement"), for the purpose of defraying
the costs of the Project (as defined in the resolution authorizing issuance of the same (hereinafter
the "Resolution")); and
WHEREAS, the Iowa Finance Authority, as Original Purchaser and current holder of the
Notes, has authorized a reduction in the interest rate on the Notes to 1.74% to allow for the issuance
of a new 0% interest loan to the Iowa Finance Authority to allow for the construction of a
sponsored project; and
WHEREAS, an Amendment to the Loan and Disbursement Agreement (hereinafter the
"Amendment") has been prepared to reflect said interest rate reduction, a copy of which is attached
hereto as Exhibit A; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, IN THE COUNTY OF BLACK HAWK, STATE OF IOWA:
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Section 1.
Section 2.
Section 3.
Section 4.
That the Resolution is hereby amended to reflect the interest rate reduction
to 1.74% per annum on the outstanding principal amount from and after
December 1, 2024 for the remainder of the life of the Notes.
That the Amendment in substantially in the form attached to this Resolution
is hereby authorized to be executed and issued on behalf of the Issuer by the
Mayor and attested by the City Clerk.
That the Finance Director is hereby authorized to execute and deliver a
Supplemental Tax Certificate in connection with the Amendment, affirming
the tax covenants made by the City with respect to the Note at the time of
the issuance thereof.
Except as amended herein, all of the other terms and conditions of the
Resolution and Agreement are in all respects ratified, confirmed and
approved and shall remain in full effect.
PASSED AND APPROVED this 5th day of May 2025.
ATTEST:
DocuSigned by:
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Kelley Felchle, City Clerk
DocuSigned by:
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Quentin Hart, Mayor
3
Docusign Envelope ID: B11AD449-4074-4A41-A9C4-BABBA72CA27C
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.
SEAL
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WITNESS my hand and the seal of the Council hereto affixed this 5th day of May, 2025.
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Docusign Envelope ID: B11AD449-4074-4A41-A9C4-BABBA72CA27C
EXHIBIT A
AMENDMENT TO LOAN AND DISBURSEMENT AGREEMENT
The Loan and Disbursement Agreement (Sewer Revenue) (the "Agreement") entered into
as of March 22, 2024 by and between the City of Waterloo, Iowa (the "City" or "Participant"),
and the Iowa Finance Authority, as lender (the "Lender" or "Issuer"), relating to a loan from the
Lender to the City in the original amount of $7,948,000, currently outstanding in the amount of
$7,354,223.56, is hereby amended as follows:
1. The applicable interest rate for the Agreement shall be changed to 1.74%,
effective as of December 1, 2024, and the Agreement shall thereafter be payable in accordance
with the debt service schedule attached hereto and incorporated herein by this reference.
2. The Participant has entered into a Water Resource Restoration Sponsored Project
Performance Agreement (the "Performance Agreement") with the Iowa Department of Natural
Resources, an agency of the State of Iowa (the "Department"), to ensure that the Project (as
defined in the Performance Agreement) is constructed in accordance with the applicable design
checklist and plans and specifications as approved by the Department; and the Participant hereby
confirms compliance with the Performance Agreement and agrees the Issuer may enforce and
raise the interest rate of this amended Loan to the initial rate of interest to ensure compliance by
the Participant with the Performance Agreement and in accordance with the Original Agreement.
3. Except as amended herein, all of the other terms and conditions of the Agreement
are in all respects ratified, confirmed and approved and shall remain in full effect.
IN WITNESS WHEREOF, we have hereunto affixed our signatures all as of the 5th day
of May, 2025.
ATTEST:
,-DocuSigned by:
KeECej FePd&
kei y Mt e; City Clerk
(SEAL)
CITY OF WATERLOO, IOWA
(—DocuSigned by:
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Quentin Hart, Mayor
Docusign Envelope ID: B11AD449-4074-4A41-A9C4-BABBA72CA27C
IOWA FINANCE AUTHORITY
By:
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