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
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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:
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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
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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)
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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
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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)
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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.
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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.
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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
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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)
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