HomeMy WebLinkAbout2025-492-09.02.2025_Authorizing_Resolution_-_2025G_Loan_Forgiveness_(Sewer_SRF_Series_2023B).docxDocusign Envelope ID: C4978F2E-82F2-46F0-871A-D36AF8715D03
ITEMS TO INCLUDE ON AGENDA
FOR THE COUNCIL MEETING ON SEPTEMBER 2, 2025
CITY OF WATERLOO, IOWA
$2,051,981 Sewer Revenue Capital Loan Note, Series 2025G (Reissuance of Sewer Revenue
Capital Loan Notes, Series 2023B) (2025 Loan Forgiveness)
• 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 issuance of Sewer Revenue Capital Loan Note, Series 2025G
(Reissuance of Sewer Revenue Capital Loan Notes, Series 2023B (2025 Loan
Forgiveness).
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
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September 2, 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:
Present: Dave Boesen, Rob Nichols, Belinda Creighton Smith, John Chiles,
Steven Simon, Nia Wilder and Ray Feuss
Vacant: None
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Council Member Nichols 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 ISSUANCE
OF THE SEWER REVENUE CAPITAL LOAN NOTE, SERIES 2025G (REISSUANCE OF
THE SEWER REVENUE CAPITAL LOAN NOTES, SERIES 2023B) (2025 LOAN
FORGIVENESS), OF THE CITY", and moved its adoption. Council Member Chiles 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:
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RESOLUTION NO: 2025-492
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 ISSUANCE OF THE SEWER REVENUE CAPITAL LOAN
NOTE, SERIES 2025G (REISSUANCE OF THE SEWER
REVENUE CAPITAL LOAN NOTES, SERIES 2023B) (2025
LOAN FORGIVENESS), OF THE CITY
WHEREAS, the City of Waterloo (hereinafter the "Issuer") previously issued its Sewer
Revenue Capital Loan Note, Series 2023B, dated August 25, 2023, in the initial amount of
$4,045,000 (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
$4,045,000; 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 September 26, 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
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.
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 2023B in the amount of $1,636,794, resulting in
a final loan amount of $2,051,981 as of the date of reissuance on
September 26, 2025.
Section 2. That the substitute Loan and Disbursement Agreement in substantially in
the form attached to this Resolution as Exhibit A, and the substitute Note
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Section 3.
Section 4.
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 2nd day of September, 2025.
ATTEST:
"—Signed by:
Kelley FLU&
(i0k3' F (.' tS.
Kelley`Felc`ii�e, City Clerk
.—DocuSigned by:
ntin art49 Mayor
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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 2nd day of September,
2025.
Signed by:
f
Kettey`iMMe, City Clerk, City of Waterloo,
State of Iowa
(SEAL)
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