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Home My WebLink About1983-07-11 Resolution. , RESOLUTION NO. 83-225 RESOLUTION ENGAGING AUDITOR FOR YEAR ENDING JUNE 30, 1983. BE IT RESOLVED by the City Council of Iowa City, Iowa, that the firm of McGladrey, Hendrickson and Company, Certified Public Accountants, be engaged to conduct the audit for the City of Iowa City for the year ending June 30, 1983. BE IT FURTHER RESOLVED that the City Clerk be appointed to notify the State Auditor. It was moved by McDonald and seconded by Dickson the Resolution be adopted, an upon roll call there were: t AYES: NAYS: ABSENT: x Balmer 3 x x Dickson 6 x Erdahl x x x Lynch j T_ McDonald ' x Neuhauser x x x Perret f 1 Passed and approved this 11th day of July 1983. f � 3 � MAYOR 1p��id1��.1 YOR V ATTEST: � ) I C , MICROFILMED BY t+ ::JORM MICRO_ LAB I -CEDAR RAPIDS -DES MOINES Received 3 Approved dr � �9 Depertmenl e • / 3ss Iowa City, Iowa, July 11, 1983. The City Council of Iowa City, Iowa, met on the above date in the Civic Center, in Iowa City, Iowa, at 7:30 o'clock P.M., in open special session, pursuant to law and the rules of said Council. The meeting was called to order by Mary C. Neuhauser, Mayor, presiding, and on roll call the following Council Members were present: Dickson Lynch McDonald Neuhauser Perret Absent: Balmer Erdahl -1- AHLERS. COONEY. DORWEILER. HAYNIE &SMITH. LAWYERS. DES MOINES, IOWA MICROFILMED BY JORM MICROLAB!. �CEDAR RAPIDS�OES'MOINES"'r--- 1 I /3S1 I j. 'i• I j I j ■ r I Matters were discussed relative to the request from Pipeyard Partners, regarding the issuance of not to exceed $550,000 in aggregate principal amount of the City's Commercial i Development Revenue Bonds (Pipeyard Partners Project). i Following an explanation of the proposed Project by representatives of the Company and a discussion of the proposal, Council Member Lynch introduced the following Resolution in written form and moved its adoption. Council Member McDonald seconded the motion to adopt. After due consideration of said motion, the roll was called and the Resolution was adopted by the following vote: AYES: Dickson, Lynch, MCDonald Neuhauser, Perret NAYS: None The Resolution was thereupon signed by the Mayor and in evidence of her approval, was attested by the City Clerk, and was declared to be effective. The Resolution is as follows: - 2- AHLEAS. COONEY. DORWEILER. HAYNIE&SMITH. LAWYERS. DEB MOINES. IOWA k MICROFILMED BY "JORM MICROLAB CEDAR RAPIDS-DESM01NE5-� I i i J. of Iowa City, Iowa, on the proposal to issue not to exceed $550,000 in aggregate principal amount of the City's Commercial Development Revenue Bonds (Pipeyard Partners Project) pursuant to the provisions of the Act, for the purpose of financing all or a portion of the cost of acquiring, constructing, improving and equipping the Project, including necessary expenses incidental thereto, and all local residents who appear at said hearing shall be given an opportunity to express their views for or against the proposal to issue such Bonds; and at said hearing, or any adjournment thereof, this City Council shall adopt a resolution determining whether or not to proceed with the issuance of said Bonds. Section 2. The City Clerk of the City is hereby directed to publish one time, not less than fifteen (15) days prior to the date fixed for said hearing, in the Iowa City Press -Citizen, a legal newspaper published and having a general circulation within the City, a Notice of Intention to issue said Bonds in substantially the following form: -5- AHLERS. COONEY. DORWEILER. HAYN IESSMITH• LAWYERS. DEB MOINES. IOWA �.MICROFILMED BY JORM MICROLAB. (CEDAR RAPIDS•DES'MOINES'_ 1 WHEREAS the City has determined that the amount necessary to defray all or a portion of the cost of acquisition, con- struction, improving and equipping the Project, including necessary expenses incidental thereto, will require the issuance by the City of not to exceed $550,000 in aggregate principal amount of its Commercial Development Revenue Bonds pursuant to the provisions of the Act, and it is proposed that the City loan said amount to Company under a Loan Agreement between the City and Company pursuant to which loan payments will be made by the Company in amounts sufficient to pay the principal of and interest and premium, if any, on said Bonds, as and when the same shall be due; and WHEREAS, the Bonds, if issued, shall be limited obligations of the City, and shall not constitute nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers, and the principal of and interest and premium, if any, on the Bonds shall be payable solely out of the revenues derived from the Project to he financed by the Bonds; and WHEREAS, regulations promulgated under Section 103 of the Internal Revenue Code of 1954, as amended, may require that the Issuer of such Bonds adopt a Resolution with respect to such Bonds or take "some other similar official action" toward the issuance of such Bonds prior to the commencement of construction or acquisition relating to the proposed Project, and it is intended that this Resolution shall constitute "some other similar official action" toward the issuance of the Bonds within the meaning of said federal income tax regulations; and WHEREAS, there has been presented to the Council a Memo- randum of Agreement, attached hereto as Exhibit "A" which sets forth certain mutual undertakings and agreements between the City and Company, relating to the further processing and issu- ance of said Bonds, and the City believes it desirable and in its best interest that said Memorandum of Agreement be executed for and on behalf of the City; and WHEREAS, before the Bonds may be issued, it is necessary to conduct a public hearing on the proposal to issue the Bonds, all as required and provided by Section 419.9 of the Act, NOW, THEREFORE, Be It and It Is Hereby Resolved by the City Council of the City of Iowa City, Iowa, as follows: Section 1. A public hearing shall be conducted on August 2, 1983, at 7:30 o'clock P.M., before this City Council in the Council Chambers at the Civic Center in the City AHLE Re, COON EY, DORW FILE R. HAYNIE ASMITH. LAWYERS, DES MOINES. IOWA 3✓ cr IMICROFILMED BY �JORM MICROLAB .CEDAR RAPIDS•DES MOINES J. I . f r RESOLUTION NO. 83-226 A RESOLUTION REGARDING THE ISSUANCE OF NOT TO EXCEED $550,000 IN AGGREGATE PRINCIPAL AMOUNT OF COMMERCIAL DEVELOPMENT REVENUE BONDS (PIPEYARD PARTNERS PROJECT) OF THE CITY OF IOWA CITY, IOWA, DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE, CALLING A PUBLIC HEARING ON THE PROPOSAL TO ISSUE SAID BONDS AND AUTHORIZING EXECUTION OF A MEMORANDUM OF AGREEMENT. WHEREAS, the City of Iowa City, Iowa (hereinafter referred to as the "City") is a municipal corporation organized and existing under the Constitution and laws of the State of Iowa, and is authorized and empowered by Chapter 419 of the Code of Iowa (hereinafter referred to as the "Act"), to issue Commercial Development Revenue Bonds, 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, improving and equipping land, buildings and improvements suitable for the use of any commercial enterprise which the City Council, as the governing body, finds is consistent with an urban renewal plan adopted by the City, pursuant to the Act and Chapter 403, Code of Iowa; and WHEREAS, the City has been requested by Pipeyard Partners, an Iowa general partnership (hereinafter referred to as the " Company"), to authorize and issue its Commercial Development Revenue Bonds (the "Bonds") pursuant to the provisions of the Act for the purpose of financing all or a portion of the cost of acquiring, constructing, improving and equipping a multi- unit residential apartment facility (hereinafter referred to as the "project"); and WHEREAS, said Project is located within the area of and is consistent with and authorized by the Neighborhood Development Plan adopted by the City, and will promote urban renewal, rehabilitation and redevelopment of the City, will eliminate blighted areas, and will provide employment opportunities for residents of the City and the surrounding area; will enhance the tax base of the City and overlapping taxing jurisdictions and will provide and induce other public benefits which will add to the welfare and prosperity of the City and its inhabitants; and -3- AHLERS. GOONEY. DORWEILER. HAYNIE 6 SMITH. LAWYERS. DES MOINES. IOWA yu, IG{ MICROFILMED BY !JORM MICROLAB CEDAR RAPIDS•DES*MOINES 'r �35L I.1