HomeMy WebLinkAbout2012-1158-12/10/2012Prepared by Carol Failor, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703.
RESOLUTION NO. 2012-1158
A RESOLUTION AUTHORIZING EXECUTION OF A
MEMORANDUM OF AGREEMENT RELATING TO THE
ISSUANCE OF NOT TO EXCEED $14,000,000 IN
AGGREGATE PRINCIPAL AMOUNT OF MIDWESTERN
DISASTER AREA REVENUE BONDS (NEW EMPIRE, LLC
PROJECT) SERIES 2012, OF THE CITY OF
WATERLOO, IOWA.
WHEREAS, the City of Waterloo, Iowa (hereinafter "Issuer"),
is authorized and empowered by Chapter 419 of the Code of Iowa,
as amended, (hereinafter "Act") to issue revenue bonds or notes
and loan the proceeds from the sale of said bonds to one or more
parties to be used to defray all or a portion of the cost of
acquiring, constructing, and improving land, buildings and
improvements for a "project," as that term is defined in the
Act, specifically including a project which is suitable for use
for a purpose authorized under the Emergency Economic
Stabilization Act of 2008, Pub. L. No. 110-185, within or within
eight (8) miles of Issuer in order to create jobs and employment
opportunities, facilitate recovery from the flooding of 2008 and
to improve the welfare of the residents of the Issuer and of the
State of Iowa; and
WHEREAS, based upon representations of the Borrower, the
Issuer declares (a) that the Borrower proposes to undertake the
Project, (b) that except for (i) expenditures aggregating no
more than the lesser of One Hundred Thousand Dollars ($100,000)
or five percent (50) of the proceeds of the Bonds,
(ii) preliminary expenditures (as described in the Regulations)
in an amount not to exceed twenty percent (200) of the issue
price of the Bonds, (iii) other expenditures made not earlier
than sixty (60) days before the date hereof, and
(iv) expenditures made within the period of June 13, 2008, to
December 31, 2009, no expenditures for the Project have been
made by the Borrower and no expenditures will be made by the
Borrower until after the date hereof, and (c) the Borrower
reasonably expects to reimburse the expenditures made for costs
of the Project with the proceeds of the Bonds. This Resolution
is a declaration of official intent with respect to the Project
as described in the Resolution adopted pursuant to Section
1.150-2 of the Regulations under the Code.
WHEREAS, in order to assure the acquisition, construction,
and improvement of the Project in the City, and the resulting
public benefits which will flow from the Project, it is deemed
necessary and advisable that the Memorandum of Agreement, in the
form attached hereto as Exhibit "A," incorporated by reference
herein, be approved and that the Mayor or Mayor Pro Tempore of
the City Council be and hereby is authorized and directed to
execute the Memorandum of Agreement and the City Clerk or her
deputy be and hereby is authorized to attest the same and to
affix the seal of the Issuer thereto.
Resolution No. 2012-1158
Page 2
THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, IOWA, that the officials of the Issuer are hereby
authorized to take such further action as may be necessary to
carry out the intent and purpose of the Memorandum of Agreement.
This Resolution shall be in full force and effect immediately
upon its adoption.
PASSED AND ADOPTED this 10th day of December, 2012.
Quentin Hart, Mayor Pro Tem
ATTEST:
Suzy Scha es, CMC
City Clerk
•
Resolution No. 2012-1158
Page 3
CITY CLERK'S CERTIFICATE
I, Suzy Schares, do hereby certify that I am the duly
appointed, qualified, and acting City Clerk of the City of
Waterloo, Iowa, and that I have in my possession or have access
to the complete corporate records of the City and its City
Council and officers and that I have carefully compared the
transcript hereto attached with the official records and that
the attached transcript is a true, correct and complete copy of
all the corporate records showing action taken by the City
Council of the City of Waterloo, Iowa at a meeting open to the
public on December 3, 2012, relating to the issuance of not to
exceed $14,000,000 aggregate principal amount of Midwestern
Disaster Area Revenue Bonds (New Empire, LLC Project) Series
2012, of the City of Waterloo, Iowa, authorizing execution of
the Memorandum of Agreement with New Empire, LLC, and that the
proceedings remain in full force and effect and have not been
amended and rescinded in any way; that the meeting and all
action thereafter was duly and publicly held in accordance with
the notice of meeting and tentative agenda as required pursuant
to the rules of the City Council and the provisions of the Code
of Iowa.
WITNESS my hand and seal of office this 10th day of
December, 2012.
i
SEAL Suzy Sc res, CMC
City Clerk