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HomeMy WebLinkAbout1981-10-26 ResolutionRESOLUTION 81-281 Resolution fixing a date for hearing on proposed Industrial Development Revenue Bonds, Series 1981 (I.C.B.B., Inc. Project) WHEREAS, the City of Iowa City, Iowa, in the County of Johnson, State of Iowa (the "Issuer") is an incorporated municipality authorized and empowered by the provisions of Chapter 419 of the Code of Iowa, 1981, as amended (the "Act") to issue revenue bonds for the purpose of financing the cost of acquiring, by construction or purchase, land, buildings, improvements and equipment, or any interest therein, suitable for the use of any industry or industries for the manufacturing, processing or assembling of any agricultural or manufactured products or of any commercial enterprise engaged in storing, warehousing or distri- buting products of agriculture, mining or industry, or of a national, regional or divisional headquarters facility of a company that does multistate business; and WHEREAS, the Issuer has adopted an urban renewal plan, Project No. Iowa R-14 (the "Urban Renewal Plan") for the urban renewal area desig- nated therein (the "Urban Renewal Area") and in furtherance of its efforts to carry out the urban renewal plan the Issuer proposes to issue its revenue bonds pursuant to the Act for the purpose of financing certain improvements and equipment (the "Project") suitable for use by I.C.B.B., Inc. (the "Company") in its commercial enterprise, located within the Urban Renewal Area; and WHEREAS, it is proposed to finance the cost of the Project through the issuance of Industrial Development Revenue Bonds, Series 1981 (I.C.B.B., Inc. Project) of the Issuer in an aggregate principal amount not to exceed S 460.000 (the "Bonds") and to loan said amount to the Company under a Loan Agreement between the Issuer and the Company, upon mutually acceptable terms, the obligation of which will be sufficient to pay the principal of and redemption premium, if any, and interest on the Bonds as and when the same shall be due and payable; 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 for by Section 419.9 of the Act; NOW, THEREFORE, BE IT RESOLVED by the City Council of the Issuer, as follows: Section 1. This Council shall meet at the Civic Center, City Hall, in Iowa City, Iowa, on the 94th day of Nnvpmhpr 1981, at 7:30 o'clock, g.m., at which time and place a public -2- MICROFILMED BY JORM MIC:ROLAB CEDAR RAPIDS -DES MOINES W hearing shall be held on the proposal to issue the Bonds referred to in the preamble hereof, at which hearing all local residents who appear shall be given an opportunity to express their views for or against the proposal to issue the Bonds. Section 2. The Clerk is hereby directed to give notice of inten- tion to issue the Bonds, setting forth the amount and purpose thereof, the time when and place where the hearing will be held, by publication at least once not less than fifteen (15) days prior to the date fixed for the hearing, in_'" newspaper published and having a genera c rcu at on wit n t e ssuer. The notice shall be in substantially the following form: -3- MICROFILMED BY `JORM MICROLAB CEDAR RAPIDS -DES MOINES 4'. Section 3. All resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved this 26th day of October 1981. o Attest: L J -5- j MICROFILMED BY JORM MICROLAB -CEDAR RAPIDS -DES MOINES State of Iowa County of Johnson SS: City of Iowa City I, the undersigned, do hereby certify that I am the duly appointed, qualified and acting City Clerk of the aforementioned City and that as such I have in my possession or have access to the official records of said City and of its officials and that I have compared the transcript hereto attached with the said official records and that the same constitutes a true and correct and complete copy of such official records showing the action taken by the City Council of said City to set a date for a public hearing on the proposal to issue Industrial Development Revenue Bonds, Series 1981 (I.C.B.B., Inc. Project) in an aggregate principal amount not to exceed S 460,000 WITNESS my official signature and the seal of said City this 26th day of October , 1981. CITY 4.1e (Seal) I MICROFILMED BY JORM MICROLAB CEDAR RAPIDS•DES 1401NES I NOTICE OF INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS SERIES 1981 (I.C.B.B., Inc. Project) The City Council of the City of Iowa City, Iowa, (the "Issuer") will meet on the24 day of November , 19B1, at the Civic Center, City ate, in Iowa Ci yla, at 7:30 o'clock, for the purpose of conducting a public hearing on the proposal to issue Industrial Development Revenue Bonds, Series 1981 (I.C.B.B., Inc. Project) of the Issuer, in an aggregate principal amount not to exceed $ 460.000 (the "Bonds"), and to loan said amount to I.C.B.B., Inc. (the "Company"), for the purpose of defraying all or a portion of the cost of certain improvements or equipment suitable for the use of its commercial enter- prise consisting of a retail facility located within the Urban Renewal Area designated in the Issuer's urban renewal plan, Project No. Iowa R- 14. The Bonds, when issued, will be limited obligations and will not constitute general obligations of the Issuer nor will they be payable in any manner by taxation, but the Bonds will be payable solely and only from amounts received by the Issuer under a Loan Agreement between the Issuer and the Company, the obligation of which will be sufficient to pay the principal of and interest and redemption premium, if any on the Bonds as and when the same shall become due. At the time and place fixed for said public hearing all local residents who appear will be given an opportunity to express their views for or against the proposal to issue the Bonds, and at the hearing or any adjournment thereof, the Issuer shall adopt a resolution determining whether or not to proceed with the issuance of the Bonds. By order of the City Council, this 6th day of November 1981. CityerK —TT -4- MICRDFILMED BY `JORM MICROLAB CEDAR RAPIDS -DES MOINES 4' yEEr���c. Memorandum of Agreement Iowa City, Iowa October 26 1981 i The City Council of Iowa City, Iowa, met in special session on the 26th day ofOctober 1981, at 3:00 o'clock, P .m., at the Civic Center, City a , in Iowa City, Iowa. The meeting was called to order and there were present John R. Balmer, Mayor, in the chair, and the following named Council Members: Erdahl, Perret, Roberts, Vevera Absent: Lynch, Neuhauser Matters were discussed relative to the financing of a project pursuant to Chapter 419 of the Iowa Code. Whereupon, Council Member Perret introduced a resolution entitled "A Resolution aut or zing t execution of a Memorandum of .Agreement with I.C.B.B., e Inc." and moved its adoption; seconded by Council Member Roberts After due consideration of said resolut on by t e Counc , e Mayor put the question on the motion and the roll being t called, the following named Council Members voted: Ayes: Balmer, Erdahl, Perret, Roberts, Vevera Nays: None Whereupon, the Mayor declared said resolution duly adopted and approval was signed thereto. / Upon motion and vote, the meeting adjourned. I i v ayor iAttest: i City Clerk (Seal) -1- I MICROFILMED BY JORM MICROLAB CEDAR RAPIDS-DES MOINES i i 1„_ RESOLUTION 81-280 A Resolution authorizing the execution of a Memorandum of Agreement with I.C.B.B., Inc. WHEREAS, the City of Iowa City, Iowa, in the County of Johnson, State of Iowa (the "Issuer") is an incorporated municipality authorized and empowered by the provisions of Chapter 419 of the Code of Iowa, 1981, as amended (the "Act") to issue revenue bonds for the purpose of financing the cost of acquiring, by construction or purchase, land, buildings, improvements and equipment, or any interest therein, suitable for the use of commercial enterprises which the City Council of the Issuer, as the governing body, finds is consistent with an urban renewal plan, adopted by the Issuer pursuant to Chapter 403 of the Code of Iowa; and WHEREAS, the Issuer has adopted an urban renewal plan, Project No. Iowa R-14 (the "Urban Renewal Plan") for the urban renewal area desig- nated therein (the "Urban Renewal Area") and in furtherance of its efforts to carry out the Urban Renewal Plan the Issuer proposes to issue its revenue bonds pursuant to the act for the purpose of financing certain improvements and equipment (the "Project") suitable for use by I.C.B.B., Inc. (the "Company") in its commercial enterprise, located within the Urban Renewal Area; and WHEREAS, a Memorandum of Agreement in the form and with the contents set forth in Exhibit A attached hereto, has been presented to the Issuer under the terms of which the Issuer agrees, subject to the provisions of such Agreement, to pursue proceedings necessary under the Act to issue its revenue bonds for such purpose; NOW, THEREFORE, BE IT RESOLVED by the City Council of the Issuer, as follows: Section 1. The Memorandum of Agreement in the form and with the contents set forth in Exhibit A attached hereto be and the same is hereby approved and the Mayor is hereby authorized to execute said Memorandum of Agreement and the Clerk is hereby authorized to attest the same and to affix the seal of the Issuer thereto, said Memorandum of Agreement which constitutes and is hereby made a part of this Resolution to be in substantially the form, text and containing the provisions set forth in Exhibit A attached hereto. Section 2. 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. -2- MICROFILMED BY JORM MICROLAB CEDAR RAPIDS•DES MOINES MICROFILMED BY `JORM MICROLAB CEDAR RAPIDS•DES � MOINES EXHIBIT A MEMORANDUM OF AGREEMENT THIS MEMORANDUM OF AGREEMENT is between the City of Iowa City, Iowa, (the "Issuer") and I.C.B.B., Inc. (the "Company"). 1. Preliminary Statement. Among the matters of mutual inducement which have —res u to In t e execution of this Agreement are the following: (a) The Issuer is authorized by Chapter 419 of the Code of Iowa, 1981, as amended (the "Act") to issue revenue bonds for the purpose of financing the cost of acquiring, by construction or purchase, land, buildings, improvements and equipment, or any interest therein, suitable for the use of any industry or industries for the manufacturing, pro- cessing or assembling of any agricultural or manufactured products or of any commercial enterprise engaged in storing, warehousing or distributing products of agriculture, mining or industry, or of a national, regional or divisional headquarters facility of a company that does multistate business. (b) The Issuer has adopted an urban renewal plan, Project No. Iowa R-14 (the "Urban Renewal Plan") for the urban renewal area designated therein (the "Urban Renewal Area") and in furtherance of its efforts to carry out the urban renewal plan the Issuer proposes to issue its revenue bonds pursuant to the Act for the purpose of financing certain improvements and equipment (the "Project") suitable for use by I.C.B.B., Inc. (the "Company") in its commercial enterprise, located within the Urban Renewal Area. (c) The Issuer considers that the acquisition and construc- tion of the Project and the financing of the same will promote the welfare and prosperity of the Issuer and its citizens. Z. Undertakings on the Part of the Issuer. (a) The Issuer will begin the proceedings necessary to authorize the issuance of such bonds, in an aggregate principal amount not to exceed S 460.000 (b) Subject to due compliance with all requirements of law, including the provisions of and the public hearing required by the Act, and upon reaching mutually acceptable terms regarding such bonds, it will cooperate with the Company, in the issuance and sale of such bonds, and the proceeds from the issuance of such bonds shall be loaned to the Company upon terms sufficient to pay the principal of and interest and redemption premium, if any, on such bonds, as and when the same shall become due. -4- MICROFILMED BY 'JORM MICRO_ LAB CEDAR RAPIDS•DES MOINES 4' e 'Ti i 3. Undertakinqs on the Part of the Company. (a) It will use all reasonable efforts to cooperate with the Issuer and comply with the Act and all other provisions of law relating to the Project and the issuance and sale of such bonds. (b) It will enter into a Loan Agreement with the Issuer under the terms of which the Company will obligate itself to pay to the Issuer sums sufficient to pay the principal of and interest and redemp- tion premium, if any, on such bonds as and when the same shall become due and payable. 4. General Provisions. (a) All commitments on the part of the Issuer and the Company herein are subject to the condition that on or before one year from the date hereof (or such other date as shall be mutually agreed to) the Issuer and the Company shall have agreed to mutually acceptable terms relating to the issuance and sale of such bonds. (b) The Company agrees that it will reimburse the Issuer for all reasonable and necessary direct out-of-pocket expenses which the Issuer may incur at its request arising from the execution of this Agreement and the performance by the Issuer of its obligation hereunder. (c) All commitments of the Issuer hereunder are further subject to the conditions that the Issuer shall in no event incur any liability for any act or omission hereunder, and that such bonds described herein shall not constitute an indebtedness of the Issuer within the meaning of any constitutional or statutory provision and shall not constitute nor give rise to a pecuniary liability of the Issuer or a charge against its general credit or taxing powers. (d) It is expressly understood by both parties to this Agreement that its execution by the Issuer is intended both as an expres- sion of the Issuer's current intention to proceed with the issuance of the bonds and to constitute "some other similar official action" for purposes of the Treasury Regulations promulgated under Section 103 of the Internal Revenue Code of 1954, as amended. The execution of the agreement by the Issuer is not intended to nor does it create a binding commitment of the Issuer to proceed with the issuance of the bonds. It is further understood that the issuance of the bonds is subject to further review by the City Council of the Issuer and is conditioned upon, among other things, full compliance with all provisions of the Industrial Revenue Bond Policy and Procedures for the City of Iowa -5- MICROFILMED BY JORM MICROLAB CEDAR RAPIDS•DES 1401NES 4. r Dated this 26th day of October , 1981. Iowa City, Iowa ayor Attest: City Clerk (Seal) State of Iowa I.0 R R Tur By By County of Johnson SS: City of Iowa City I, the undersigned, do hereby certify that I am the duly appointed, qualified and acting City Clerk of the aforementioned City and that as such I have in my possession or have access to the complete official records of said City and of its Council and officers; and that I have carefully compared the transcript hereto attached is a true, correct and complete copy of all of the official records showing the action taken by the City Council of said City to authorize the execution of a Memorandum of Agreement by and between I.C.B.B., Inc. and said City. WITNESS my hand and the seal of said City hereto affixed this 26th day of October , 1981. City Clerk (Seal) 10 i MICROFILMED BY 'JORM MICROLAB CEDAR RAPIDS -DES MOINES