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HomeMy WebLinkAbout1980-08-26 Public hearingNOTICE OF PUBLIC HEARING ON INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS (THOMAS & BETTS CORPORTION PROJECT) Notice is hereby given that a public hearing will be con- ducted before the Council of the City of Iowa City, Iowa, in the Council Chambers at the Civic Center, 410 East Washington Street, in said City, at 7:30 o'clock P.M., on September 23, 1960, on the proposal to issue not to exceed $5,500,000 principal amount of the City's Industrial Development Revenue Bonds (Thomas & Betts Corporation Project), pursuant to the provisions of Chapter 419 of the Code of Iowa, for the purpose of defraying all or a portion of the cost of the expansion and improvement of the existing manufacturing facilities of Thomas & Betts Corporation located within the City of Iowa City, Iowa, consisting of the construction of an addition to Company's existing facility and the acquisition and installation of machinery and equipment therein, all to be suitable for use in the manufacture of electronic equipment, including stamping and gold plating metal contacts, molding plastic connectors and manufacturing flat cable. The proposed facility will be owned by Thomas & Betts Corporation, a New Jersey corporation, duly qualified and authorized to do business in the State of Iowa. It is contemplated that a Loan Agreement will be entered into between the City and Thomas & Betts Corporation, under which the City would loan to said Company the proceeds from the sale of the Bonds in return for loan payments from the Company sufficient to pay the principal of and interest and premium, if any, on such Bonds as the same shall fall due. Such Bonds, if issued, and the interest thereon will be payable solely out of the revenues derived from the said Loan Agreement and shall never constitute an indebtedness of said City within the meaning of any state constitutional provision or statutory limitation, and shall not constitute nor give rise to a pecuniary liability of said City or a charge against its general credit or taxing powers. All local residents who appear at said hearing shall be given an opportunity to express their views for or against the proposal to issue said Bonds, and at said hearing, or any adjournment thereof, the Council of said City shall adopt a resolution determining whether or not to proceed with the issuance of said Bonds. By Order of the ity Council. 10&L - Abbie Stolfus, Clerk of the City of Iowa City, Iowa ME MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES i Section 3. The City recognizes that regulations promul- gated under Section 103 of the Internal Revenue Code of 1954, as amended, may require the taking by this City Council of official action or "some other similar official action", if interest on Industrial Development Revenue Bonds issued by the City and used to acquire, construct, improve and equip such industrial development project is to be exempt from federal income taxes. In order to preserve such exemption, this Reso- lution is intended to constitute solely for federal income tax purposes official action or "some other, similar official action" with respect to the issuance of such Bonds. Section 4. That in order to assure the acquisition, con- struction, improving and equipping of these industrial facili- ties in the City of Iowa City, Iowa, with the resulting public benefits which will flow from the increased operation thereof, it is deemed necessary and advisable that the Memorandum of Agreement, in the form attached hereto as Exhibit "A", be approved and that the Mayor of the City be and hereby is authorized and directed to execute said Memorandum of Agreement and the City Clerk of the City be and hereby is authorized to attest the same and to affix the seal of the City thereto and said Memorandum of Agreement is hereby made a part of this Resolution. Section 5. In order that the Project will not be unduly delayed, Company is hereby authorized to make such commitments, expenditures and advances toward payment of the costs of the Project as it considers appropriate, subject to reimbursement from the proceeds of the Bonds when and if delivered, but otherwise without liability on the part of the City. Section 6. That officials of the City are hereby autho- rized to take such further action as may be necessary to carry out the intent and purpose of the Memorandum of Agreement. Section 7. All Resolutions and Orders or parts thereof, in conflict herewith are, to the extent of such conflict, hereby repealed, and this Resolution shall be in full force and effect immediately upon its adoption. Adopted and approved this 26th day of August, 1980. of Iowa City Iowa (Seal) r �/ Atte t: �'✓ Jonn R. BalmeY, Mayor e Abbie Stolfus, Ci Clerk -7- MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES Mroy I I CLERK'S CERTIFICATE I, Abbie Stolfus, being first duly sworn do hereby depose and certify that I am the duly appointed, qualified, and acting City Clerk of the City of Iowa City, in the County of Johnson, State of Iowa; that as such I have in my possession, or have access to, the complete corporate records of said City and of its Council and officers, that I have carefully compared the transcript hereto attached with.the aforesaid corporate records; and that said transcript hereto attached is a true, correct and complete copy of all the corporate records showing the action taken by the City Council of said City at a meeting open to the public on August 26, 1980, regarding the issuance of not to exceed $5,500,000 aggregate principal amount of Industrial Development Revenue Bonds (Thomas G Betts Corporation Project), of the City of Iowa City, Iowa, directing publication of a notice of intention to issue, calling a public hearing on the proposal to issue said Bonds and authorizing execution of a Memorandum of Agreement; that said proceedings remain in full force and effect and have not been amended or rescinded in any way; that said meeting and all action thereat was duly and publicly held, with members of the public in attendance, 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 (a copy of the face sheet of said agenda being attached hereto)pursuant to the local rules of the Council and the provisions of Chapter 28A, Iowa Code, and upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by said law. Witness my hanq and the Corporate Seal of said City hereto affixed this �7 - day Of August, 1980. az_ (Seal) bie Stolfus, Cit Clerk State of Iowa ) SS.: County of Johnson ) Subscribed and sworn to before me this day, the date last above written. (Seal) /Not �CLi�Lr Notary Public -8- MICROFILMED BY JORM MICR+LAB j CEDAR RAPIDS • DES MOINES M I I CLERK'S CERTIFICATE I, Abbie Stolfus, being first duly sworn do hereby depose and certify that I am the duly appointed, qualified, and acting City Clerk of the City of Iowa City, in the County of Johnson, State of Iowa; that as such I have in my possession, or have access to, the complete corporate records of said City and of its Council and officers, that I have carefully compared the transcript hereto attached with.the aforesaid corporate records; and that said transcript hereto attached is a true, correct and complete copy of all the corporate records showing the action taken by the City Council of said City at a meeting open to the public on August 26, 1980, regarding the issuance of not to exceed $5,500,000 aggregate principal amount of Industrial Development Revenue Bonds (Thomas G Betts Corporation Project), of the City of Iowa City, Iowa, directing publication of a notice of intention to issue, calling a public hearing on the proposal to issue said Bonds and authorizing execution of a Memorandum of Agreement; that said proceedings remain in full force and effect and have not been amended or rescinded in any way; that said meeting and all action thereat was duly and publicly held, with members of the public in attendance, 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 (a copy of the face sheet of said agenda being attached hereto)pursuant to the local rules of the Council and the provisions of Chapter 28A, Iowa Code, and upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by said law. Witness my hanq and the Corporate Seal of said City hereto affixed this �7 - day Of August, 1980. az_ (Seal) bie Stolfus, Cit Clerk State of Iowa ) SS.: County of Johnson ) Subscribed and sworn to before me this day, the date last above written. (Seal) /Not �CLi�Lr Notary Public -8- MICROFILMED BY JORM MICR+LAB j CEDAR RAPIDS • DES MOINES M (This Notice to be Posted) NOTICE AND CALL OF COUNCIL MEETING Governmental Body: Date of Meeting: Time of Meeting: Place of Meeting: The City Council of Iowa City, Iowa. August 26, 1980 7:30 P.M. Council Chambers Civic Center Iowa City, Iowa PUBLIC NOTICE IS HEREBY GIVEN that the above-mentioned governmental body will meet at the date, time and place above set out. The tentative agenda for said meeting is as follows: 1. Resolution Regarding the Issuance of Not To Exceed $5,500,000 Aggregate Principal Amount of Industrial Development Revenue Bonds (Thomas & Betts Corporation Project) of the City of Iowa City, Iowa, Directing Publication of a Notice of Intention to Issue, Calling a Public Hearing on the Proposal to Issue Said Bonds and Authorizing Execution of a Memo- randum of Agreement. 2. Such additional matters as are set forth on the additional �_ page(s) attached hereto ( attach copy of agenda) . This notice is given at the direction of the Mayor, pur- suant to Chapter 28A, Iowa Code, as amended, and the local rules of said governmental body. Abbie Stolfus, C,E!Elwor the City of Iowa City, Iowa X46 ' ��u?aPO �,'DSRg, J11rX1� ryA /v 4','1 f? -9- J. /,3s'y MICROFILMED BY DORM MIC R�4AB CEDAR RAPIDS • DES MOINES t I; (This Notice to be Posted) NOTICE AND CALL OF COUNCIL MEETING Governmental Body: Date of Meeting: Time of Meeting: Place of Meeting: The City Council of Iowa City, Iowa. August 26, 1980 7:30 P.M. Council Chambers Civic Center Iowa City, Iowa PUBLIC NOTICE IS HEREBY GIVEN that the above-mentioned governmental body will meet at the date, time and place above set out. The tentative agenda for said meeting is as follows: 1. Resolution Regarding the Issuance of Not To Exceed $5,500,000 Aggregate Principal Amount of Industrial Development Revenue Bonds (Thomas & Betts Corporation Project) of the City of Iowa City, Iowa, Directing Publication of a Notice of Intention to Issue, Calling a Public Hearing on the Proposal to Issue Said Bonds and Authorizing Execution of a Memo- randum of Agreement. 2. Such additional matters as are set forth on the additional �_ page(s) attached hereto ( attach copy of agenda) . This notice is given at the direction of the Mayor, pur- suant to Chapter 28A, Iowa Code, as amended, and the local rules of said governmental body. Abbie Stolfus, C,E!Elwor the City of Iowa City, Iowa X46 ' ��u?aPO �,'DSRg, J11rX1� ryA /v 4','1 f? -9- J. /,3s'y MICROFILMED BY DORM MIC R�4AB CEDAR RAPIDS • DES MOINES EXHIBIT "A" MEMORANDUM OF AGREEMENT THIS MEMORANDUM OF AGREEMENT is between the City of Iowa City, in Johnson County, Iowa, party of the first part j(hereinafter referred to as the "City"), and Thomas & Betts Corporation, a New Jersey corporation, duly qualified and authorized to do business in the State'of Iowa, party of the second part (hereinafter referred to as the "Company"). 1. Preliminary Statement. Among the matters of mutual inducement which have resulted in the execution of this Agreement are the following: (a) The City is an incorporated municipality of the State - of Iowa, authorized and empowered by the provisions of Chapter 419 of the Code of Iowa ( the "Act") , to issue Industrial Development Revenue Bonds for the purpose of defraying all or a portion of the cost of acquiring and improving land, buildings and equipment suitable for industrial projects as defined therein; and (b) In order to provide for industrial development and maintain employment opportunities for the inhabitants of the City and to add to the welfare and prosperity of the City and of such inhabitants, the City proposes to loan to the Company funds to finance the expansion and improvement of Company's exisin9 manufacturing nufacturin facilities located within the City, con- sisting of the construction of an addition to Company's existing facility and the acquisition and installation of machinery and equipment therein, all to be suitable for use in the manufacture of electronic equipment, including stamping and gold plating metal contacts, molding plastic connectors and manufacturing flat cable (herein referred to as the "Project"); and (c) In view of the rising costs and the competitive market for the products of the Project, it is considered essential that acquisition and construction related to the Project com- mence at the earliest practicable date, and that orders be placed for acquiring the necessary improvements and equipment. At the same time, in view of the possibility of financing faci- lities similar to the Project in other states and communities under conditions beneficial to the Company and the difficulty 1 of obtaining other financing for the Project, the Company desires satisfactory assurances from the City that the proceeds from the sale of Industrial Development Revenue Bonds of the MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS DES MOINES r, City will be made available in an amount sufficient to finance all or a portion of the cost of the Project, which cost, including the expenses related to the issuance of the Bonds, is Presently estimated not to exceed $5,500,000. i (d) Representatives of the City have indicated the will- ingness of the City to proceed with and effect such financing i as an inducement to jl the Company to expand and locate the Project in the City and the City has advised the Company that, subject to due compliance with all requirements of law and the obtaining of all necessary consents and approvals and to the happening of all acts, conditions and things required to exist, happen and be performed precedent to and in connection with such financing in due time, form and manner as required by law, the City, by virtue of such statutory authority as may now exist or may hereafter be conferred, will issue and sell its Bonds in an amount sufficient to finance all or a portion of the cost of the Project. (e) The City considers that the undertaking of the Project will promote industrial development of the City, provide em- ployment opportunities for the inhabitants of the City, enhance the tax base of the City and overlapping taxing jurisdictions, increase the City's commerce and add to the welfare and pros- perity of the City and that of its inhabitants. 2. Undertakings on the Part of the City. The City agrees as follows: (a) That it will authorize, or cause to be authorized, the issuance and sale of an issue of its Bonds, pursuant to the terms of the Act as then in force, in an aggregate principal amount sufficient to finance all or a portion of the cost of the Project, which cost, including the expenses related to the issuance of the Bonds, is presently estimated not to exceed $5,500,000. (b) That it will cooperate with Company to sell the Bonds upon mutually agreeable terms, and it will adopt, or cause to be adopted, such proceedings and authorize the execution of such documents as may be necessary or advisable for the autho- rization, issuance and sale of the Bonds and the financing of the Project as aforesaid, and the entering into a Loan Agree- ment with the Company with respect to the Project, all as shall be authorized by law and mutually satisfactory to the City and the Company. (c) That the aggregate basic payments (i.e. the payments to be used to pay the principal of and premium, if any, and -2- MICROFILMED BY JORM MICR¢LAB CEDAR RAPIDS • DES MOINES interest on the Bonds) payable under the Loan Agreement shall be such sums as shall 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 and payable. (d) That it will take or cause to be taken such other acts and adopt such further proceedings as may be required to imple- ment the aforesaid undertakings or as it may deem appropriate in pursuance thereof. 3. Undertakings on the Part of the Companv. The Company covenants and agrees as ollows: (a) That it will cooperate with the City to sell the Bends in an aggregate principal amount as above stated; provided, however, that the terms of the Bonds and of the sale and deli- very thereof shall be mutually satisfactory to the City and the Company. (b) That it has not, prior to the execution of this agree- ment and the taking of "official action" toward the issuance of the Bonds by the City, acquired or commenced construction of the Project, or any part thereof, and has not entered into any cdhtracts or paid or incurred any costs related thereto, which will be paid or reimbursed from the proceeds of the Bonds, when and if issued. The Company does, however, represent that it now intends to enter into a contract or contracts for the acquisition, construction, improvement and equipping of the Project and take, with reasonable diligence, the other necessary steps toward the realization of the Project. (c) That contemporaneously with the sale of the Bonds it will execute a Loan Agreement with the City under the terms of which the Company will obligate itself to pay to the City sums sufficient in the aggregate to pay the principal of and interest and redemption premium, if any, on the Bonds as and when the same shall become due and payable, such instrument to contain other provisions required by law and such other provi- sions as shall be mutually acceptable to the City and.the Company. (d) That it will take such further action and adopt such further proceedings as may be required to implement its afore- said undertakings or as it may deem appropriate in pursuance thereof. 4. General Provisions. (a) All commitments of the City under paragraph 2 hereof and of the Company under paragraph 3 hereof are subject to the condition that on or before December 31, 1981 (or such other -3- MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES i i i interest on the Bonds) payable under the Loan Agreement shall be such sums as shall 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 and payable. (d) That it will take or cause to be taken such other acts and adopt such further proceedings as may be required to imple- ment the aforesaid undertakings or as it may deem appropriate in pursuance thereof. 3. Undertakings on the Part of the Companv. The Company covenants and agrees as ollows: (a) That it will cooperate with the City to sell the Bends in an aggregate principal amount as above stated; provided, however, that the terms of the Bonds and of the sale and deli- very thereof shall be mutually satisfactory to the City and the Company. (b) That it has not, prior to the execution of this agree- ment and the taking of "official action" toward the issuance of the Bonds by the City, acquired or commenced construction of the Project, or any part thereof, and has not entered into any cdhtracts or paid or incurred any costs related thereto, which will be paid or reimbursed from the proceeds of the Bonds, when and if issued. The Company does, however, represent that it now intends to enter into a contract or contracts for the acquisition, construction, improvement and equipping of the Project and take, with reasonable diligence, the other necessary steps toward the realization of the Project. (c) That contemporaneously with the sale of the Bonds it will execute a Loan Agreement with the City under the terms of which the Company will obligate itself to pay to the City sums sufficient in the aggregate to pay the principal of and interest and redemption premium, if any, on the Bonds as and when the same shall become due and payable, such instrument to contain other provisions required by law and such other provi- sions as shall be mutually acceptable to the City and.the Company. (d) That it will take such further action and adopt such further proceedings as may be required to implement its afore- said undertakings or as it may deem appropriate in pursuance thereof. 4. General Provisions. (a) All commitments of the City under paragraph 2 hereof and of the Company under paragraph 3 hereof are subject to the condition that on or before December 31, 1981 (or such other -3- MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES a i date as shall be mutually satisfactory to the City and the Company), the City and the Company shall have agreed to mutually acceptable terms for the Bonds and of the sale and delivery thereof, and mutually acceptable terms and conditions of the documents referred to in paragraph 3 and the proceedings referred to in paragraphs 2 and 3 hereof. (b) Whether or not the events set forth in (a) of this paragraph take place within the.time set forth or any extension thereof, the Company agrees that it will reimburse the City for all reasonable and necessary direct out-of-pocket expenses which the City may incur, including but not limited to, legal fees, printing and publication costs and filing fees arising from the execution of this Agreement and the performance, or preparation to perform by the City of its obligations here- under, or done at the request of the Company. (c) All commitments of the City hereof are further subject to the conditions that the City, and its elected and appointed officials, shall in no event incur any liability for any act or omission hereunder, and that the Bonds described herein shall not constitute an indebtedness of the City within the meaning of any constitutional or statutory provision and shall not constitute nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers. IN WITNESS WHEREOF the parties hereto have entered into this Agreement by their officers thereunto duly authorized as of the 26th day of August, 1980. Ci of Iowa City, Iowa (Seal of City) % hn R. Balmer, May' r Attest: Abbie Stolfus, City fierk Thomas & Betts Corporation (Seal of Company) AK arny Hi�T6ar , Treasurer J 'ice II. Way, Secrets y x —n- ------_---- ....._ MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES i I. a i date as shall be mutually satisfactory to the City and the Company), the City and the Company shall have agreed to mutually acceptable terms for the Bonds and of the sale and delivery thereof, and mutually acceptable terms and conditions of the documents referred to in paragraph 3 and the proceedings referred to in paragraphs 2 and 3 hereof. (b) Whether or not the events set forth in (a) of this paragraph take place within the.time set forth or any extension thereof, the Company agrees that it will reimburse the City for all reasonable and necessary direct out-of-pocket expenses which the City may incur, including but not limited to, legal fees, printing and publication costs and filing fees arising from the execution of this Agreement and the performance, or preparation to perform by the City of its obligations here- under, or done at the request of the Company. (c) All commitments of the City hereof are further subject to the conditions that the City, and its elected and appointed officials, shall in no event incur any liability for any act or omission hereunder, and that the Bonds described herein shall not constitute an indebtedness of the City within the meaning of any constitutional or statutory provision and shall not constitute nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers. IN WITNESS WHEREOF the parties hereto have entered into this Agreement by their officers thereunto duly authorized as of the 26th day of August, 1980. Ci of Iowa City, Iowa (Seal of City) % hn R. Balmer, May' r Attest: Abbie Stolfus, City fierk Thomas & Betts Corporation (Seal of Company) AK arny Hi�T6ar , Treasurer J 'ice II. Way, Secrets y x —n- ------_---- ....._ MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES Pavl F. Abh,, 'lemn Evans Cooney phitip I. f)urweilrr 11. Rich d ,iih 11. m.vt arJ Smith Ahlcrs, Cooney, Dorweiler, Y Haynie & Smith UG 19 1980 lamas L. Kmmbtxk lohn F. A&Kinn.y, Ir. Lawyers L. W. Rm.brool R;.hard G. &,ti I 1 Pavl F. Abh,, 'lemn Evans Cooney phitip I. f)urweilrr 11. Rich d ,iih 11. m.vt arJ Smith Ahlcrs, Cooney, Dorweiler, Y Haynie & Smith UG 19 1980 lamas L. Kmmbtxk lohn F. A&Kinn.y, Ir. Lawyers L. W. Rm.brool R;.hard G. &,ti 300 Liberty building Edx., ti. 0n n. Sixth and Grand Trrry L. Wnwn Lana A. Coppor4 Des Moines, Iowa 50309 Eli 1. win, David It. Lupinbill (515) 243.7611 Mirk K Re.rman Edward W. Nemdmrg Thomas E. Slanberry August 18, 1980 Ms. Rosemary Vitosh Director, Department of Finance City of Iowa City Civic Center 410 East Washington Iowa City, IA 52240 Re: $5,500,000 - City of Iowa City, Iowa Industrial Development Revenue Bonds (Thomas & Betts Corporation Project) Dear Ms. Vitosh: At your request we are furnishing this letter in connection with the proposed City Council proceedings which we previously forwarded to you for adoption by the City Council of Iowa City on August 26, 1980 regarding the proposed Industrial Development Revenue Bond issue for Thomas & Betts Corporation. We have prepared these proceedings taking into con- sideration all known applicable State and Federal laws, rules or regulations and accordingly, these proceedings are legally sufficient for the intended purposes. Very ruly yours, MILERS, COO] RWEILER, HA-YNIEn& SMITH TES:gra By. ' /� Thomas E. S MICROFILMED DY JORM MIC R+LAB 7 s j I; CEDAR RAPIDS • DES MOINES 1 ■ -1 N, NOTICE OF PUBLIC HEARING OF INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE INTERIM BONDS (YOUNKERS, INC. PROJECT) INDUSTRIAL DEVELOPMENT REVENUE BONDS (YOUNKERS, INC. PROJECT) Notice is hereby given that a public hearing will be conducted before the Council of the City of Iowa City, Iowa, in the Council Chambers at the Civic Center, 410 E. Washington, Iowa City, Iowa, at 7:30 o'clock P.M., on August 26, 1980, on the proposal to issue not to exceed $1,800,000 principal amount of the City's Industrial Development Revenue Interim Bonds (Younkers, Inc. Project) pursuant to the provisions of Chapter 419 of the Code of Iowa, for the purpose of temporarily financing all or a portion of the cost of acquiring certain fixtures, equipment and miscellaneous appointments, and of installing said items in an existing building to be leased from Old Capitol Associates, all to be suitable for use as a commercial enterprise consisting of retail facilities, located within the area of and consistent with the City's Project No. Iowa R-14 Urban Renewal Plan, in anticipation of the issuance of not to exceed $1,800,000 aggregate principal amount of the City's Industrial Development Revenue Bonds (Younkers, Inc. Project). The proposed retail facilities will be owned by Younkers, Inc., a wholly-owned subsidiary of Equitable of Iowa Companies. It is contemplated that a Loan. Agreement will be entered into between the City and Younkers, Inc., under which the City would loan to said Company the proceeds from the sale of the Interim Bonds and the Bonds in return for loan payments from the Company sufficient to pay the principal of and interest and premium, if any, on such Bonds as the same shall fall due. Such Interim Bonds and the Bonds, if issued, and the interest thereon will be payable solely out of the revenues derived form the said Loan Agreement and shall never constitute an indebtedness of said City within the meaning of any state constitutional provision or statutory limitation, and shall not constitute nor give rise to a pecuniary liability of said City or a charge against its general credit or taxing powers. All local residents who appear at said hearing shall be given an opportunity to express their views for or against the proposal to issue said Interim Bonds and the Bonds, and at said hearing, or any adjournment thereof, the Council of said City shall adopt a resolution determining whether or not to proceed with the issuance'of said Interim Bonds and the Bonds. By Order of the City Council. Abbie Stolfus, Clerk of t City of Iowa City, Iowa JORM, MICR+LAB CEDARRAPIDS • DES MOINES �1��7II q Iowa City, Iowa, August 26, 1980. The City Council of Iowa City, Iowa, met on the above date in the Council Chambers, Civic Center, 410 East Washington Street, in Iowa City, Iowa, at 7:30 o'clock P.M., in open iregular session, pursuant to law and the rules of said Council. The meeting was called to order by John R. Balmer, Mayor, presiding, and on roll call the following Council Members were present: Erdahl, Lynch, Neuhauser, Perret, Roberts, Vevera Absent: None * ,t ,t * ,r • ,t ,t -1- I MICROFILMED BY JORM MICR+LAO CEDAR RAPIDS • DES MOINES M /461 1 5 ` �1��7II q Iowa City, Iowa, August 26, 1980. The City Council of Iowa City, Iowa, met on the above date in the Council Chambers, Civic Center, 410 East Washington Street, in Iowa City, Iowa, at 7:30 o'clock P.M., in open iregular session, pursuant to law and the rules of said Council. The meeting was called to order by John R. Balmer, Mayor, presiding, and on roll call the following Council Members were present: Erdahl, Lynch, Neuhauser, Perret, Roberts, Vevera Absent: None * ,t ,t * ,r • ,t ,t -1- I MICROFILMED BY JORM MICR+LAO CEDAR RAPIDS • DES MOINES M /461 (Other Business) The Mayor announced that the purpose of the meeting was to hold a public hearing on the proposal to issue not to exceed $1,800,000 aggregate principal amount of the City's Industrial Development Revenue Interim Bonds (Younkers, Inc. Project), pursuant to the provisions of Chapter 419, Code of Iowa, for the purpose of temporarily financing all or a portion of the cost of acquiring certain fixtures, equipment and miscellaneous appointments, and of installing said items in an existing building to be leased from Old Capitol Associates, all to be suitable for use as a commercial enterprise consisting of retail facilities, located within the area of and consistent with the City's Project No. Iowa R-14 Urban Renewal Plan, in anticipation of the issuance of not to exceed $1,800,000 aggregate principal amount of the City's Industrial Development Revenue Bonds (Younkers, Inc. Project). It is proposed that the proceeds from the sale of said Interim Bonds and said Bonds be loaned by the City to Younkers, Inc., with loan payments sufficient to pay principal of, interest and premium, if any, on such Interim Bonds and such Bonds as the same shall fall due. The Mayor then asked if there was any person or persons present to express views for or against the proposal to issue said Interim Bonds and said Bonds, notice of said hearing having been published as required by law. Written objections or other comments were filed by the following: (List names of persons filing objections and attach copies of same. If none, insert the word "None".) Oral objections or other comments were made by the following: (List names of persons appearing and a summary of any views expressed. If none, insert the word "None".) -2- MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES After ample opportunity had been given to all persons who appeared at the hearing to express their views for or against the proposal to issue the interim Bonds and the Bonds, Council Member Vevera proposed the following Resolution and moved its adoption.• Council Member Lynch 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: Erdahl, Lynch, Neuhauser, Perret Roberts, Vevera, Balmer NAYS: None The Resolution was thereupon signed by the Mayor and in evidence of his approval, was attested by the City Clerk, and was declared to be effective. The Resolution is as follows: -3- MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES r i i y� I I / After ample opportunity had been given to all persons who appeared at the hearing to express their views for or against the proposal to issue the interim Bonds and the Bonds, Council Member Vevera proposed the following Resolution and moved its adoption.• Council Member Lynch 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: Erdahl, Lynch, Neuhauser, Perret Roberts, Vevera, Balmer NAYS: None The Resolution was thereupon signed by the Mayor and in evidence of his approval, was attested by the City Clerk, and was declared to be effective. The Resolution is as follows: -3- MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES r i i After ample opportunity had been given to all persons who appeared at the hearing to express their views for or against the proposal to issue the interim Bonds and the Bonds, Council Member Vevera proposed the following Resolution and moved its adoption.• Council Member Lynch 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: Erdahl, Lynch, Neuhauser, Perret Roberts, Vevera, Balmer NAYS: None The Resolution was thereupon signed by the Mayor and in evidence of his approval, was attested by the City Clerk, and was declared to be effective. The Resolution is as follows: -3- MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES r i y� I I I After ample opportunity had been given to all persons who appeared at the hearing to express their views for or against the proposal to issue the interim Bonds and the Bonds, Council Member Vevera proposed the following Resolution and moved its adoption.• Council Member Lynch 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: Erdahl, Lynch, Neuhauser, Perret Roberts, Vevera, Balmer NAYS: None The Resolution was thereupon signed by the Mayor and in evidence of his approval, was attested by the City Clerk, and was declared to be effective. The Resolution is as follows: -3- MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES i r I NOTICE OF PUBLIC HEARING An Ordinance opening the eastern terminus of Melrose Court to motor vehicular traffic from only Greenwood Drive by relocating the existing traffic island directly west of Greenwood Drive on Myrtle Avenue. A public hearing will be held to seek comment upon the above-named ordinance at 7:30 P.M. on the 26th day of August, 1980 in the Council Chambers at the Civic Center, 410 E. Washington Street, Iowa City, Iowa. The purpose of this ordinance is to open vehicular traffic on Melrose Court from the south off Greenwood Drive and inhibit access to Melrose Court from Myrtle Avenue. ABBIE STOLFUS, CITY CLERK MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES 15i; 7 i I I' I i � r i i v DIVISION I SECTION A NOTICE OF PUBLIC HEARING ON PLANS, SPECIFICATIONS, FORM OF CONTRACT AND ESTIMATED COST FOR CENTRAL BUSINESS DISTRICT STREETSCAPE IMPROVEMENT PROJECT PHASE II -C IN THE CITY OF IOWA CITY, IOWA TO ALL TAXPAYERS OF THE CITY OF IOWA CITY, IOWA, AND TO OTHER PERSONS INTERESTED: Public notice is hereby given that the City Coun- cil of the City of Iowa City, Iowa, will conduct a public hearing on plans, specifications, form of contract and estimated cost for the construc- tion of the CENTRAL BUSINESS DISTRICT STREETSCAPE IMPROVEMENT PROJECT PHASE II -C in said City at 7:30 o'clock P.M. , on the 26th day of Aua—US t lgB0, said meeting to be held in the Council Chambers in the Civic Center in said City. Said plans, specifications, form of contract and estimated cost are now on file in the office of the Clerk in the Civic Center in Iowa City, Iowa, and may be inspected by any persons interested. Any persons interested may appear at said meeting of the City Council for the purpose of making objections to said plans, specifications or con- tract or the cost of making said improvement. This notice given by order of the City Council of the City of Iowa City, Iowa. Abbie Sto fus City Clerk of Iowa City, Iowa MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES /e-7 L J \ i DIVISION I SECTION A NOTICE OF PUBLIC HEARING ON PLANS, SPECIFICATIONS, FORM OF CONTRACT AND ESTIMATED COST FOR CENTRAL BUSINESS DISTRICT STREETSCAPE IMPROVEMENT PROJECT PHASE II -C IN THE CITY OF IOWA CITY, IOWA TO ALL TAXPAYERS OF THE CITY OF IOWA CITY, IOWA, AND TO OTHER PERSONS INTERESTED: Public notice is hereby given that the City Coun- cil of the City of Iowa City, Iowa, will conduct a public hearing on plans, specifications, form of contract and estimated cost for the construc- tion of the CENTRAL BUSINESS DISTRICT STREETSCAPE IMPROVEMENT PROJECT PHASE II -C in said City at 7:30 o'clock P.M. , on the 26th day of Aua—US t lgB0, said meeting to be held in the Council Chambers in the Civic Center in said City. Said plans, specifications, form of contract and estimated cost are now on file in the office of the Clerk in the Civic Center in Iowa City, Iowa, and may be inspected by any persons interested. Any persons interested may appear at said meeting of the City Council for the purpose of making objections to said plans, specifications or con- tract or the cost of making said improvement. This notice given by order of the City Council of the City of Iowa City, Iowa. Abbie Sto fus City Clerk of Iowa City, Iowa MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES /e-7 L J