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HomeMy Public PortalAbout2024-035 Resolution to Proceed with the Issuance of Private School Facility Revenue NotesRESOLUTION 2024-035 Resolution to Proceed with the issuance of Private School Facility Revenue Notes (St. Joan of Arc School Project), Series 2024B, in an Amount not to Exceed $10,000,000 WHEREAS, the City of Riverdale, Iowa (hereinafter referred to as the "City"), is a municipal corporation and political subdivision organized and existing under the laws and the Constitution of the State of Iowa (the "State"), and is authorized and empowered by Chapter 419 of the Code of Iowa, as amended (hereinafter referred to as the "Act"), to issue 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, improving and equipping a "project" (as defined in the Act) for the purpose of securing and developing industry and trade within or near the City in order to create jobs and employment opportunities and to improve the welfare of the residents of the City and the State; and, WHEREAS, the City has been requested by Our Lady of Lourdes Church of Bettendorf, Iowa, and St. John Vianney Church of Bettendorf, Iowa, both of which are wholly -owned 501(c)(3) organizations for the Diocese of Davenport (the "Borrowers") to authorize and issue its Private School Facility Revenue Notes (St. Joan of Arc School Project), Series 2024E pursuant to the provisions of the Act for the purpose of (1) financing the construction, improving and equipping of a new 79,990 square foot co-educational, regional Catholic school known as the St. Joan of Arc School located on land located at the Northwest corner of Hopewell Avenue and Criswell Street in Bettendorf, Iowa (altogether, the "School"); (ii) refunding debt previously issued to purchase land where the School will be built; (iii) paying capitalized interest; and (iv) paying costs of issuance (altogether, the "Project"); and, WHEREAS, it is proposed that the City issue not to exceed $10,000,000 aggregate principal amount of Private School Facility Revenue Notes (St. Joan of Arc School Project), Series 2024E (the "Notes") and loan said amount to the Borrowers under a Loan Agreement among the City, the Borrowers, and Blackhawk Bank & Trust, as purchaser (the "Loan Agreement"), the obligation of which will be sufficient to pay the principal of and interest and redemption premium, if any, on the Notes as and when the same shall become due; and, WHEREAS, notice of a public hearing on a proposal to issue the Notes has been duly given in compliance with Section 147 of the Internal Revenue Code of 1986 and Chapter 419 of the Code of Iowa; and, WHEREAS, a public hearing has been held on the proposal to issue the Notes at the time and place as specified in said notice and all objections or other comments relating to the issuance of the Notes have been heard. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF RIVERDALE, IOWA, AS FOLLOWS: SECTION 1: That it is hereby determined that it is necessary and advisable that the City proceed with the City of Riverdale, Iowa 110 Manor Drive, Riverdale, Iowa 52722 1 (563) 355-2511 1 www,riverdaleia.org 0 U • est i950 issuance of the Notes of the City in an amount not to exceed $10,000,000 as authorized and permitted by the Act to finance the Project to that amount. Section 2: That the officers of the City are hereby authorized and directed to do any and all things deemed necessary related to the issuance and the sale of the Notes. Section 3: That the publication of the notice of the public hearing on the issuance of the Notes is hereby ratified, confirmed and approved. Section 4: That all resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 5: That this Resolution shall become effective immediately upon its passage and approval. Passed and approved this 9th day of April, 2024. APPROVED: Anthony Heddlesten, Mayor Kelly Krell, ity lerk/Treasurer ATTESTED: 1 City of Riverdale, Iowa 110 Manor Drive, Riverdale, Iowa 52722 1 (563) 355-2511 www.riverdaleia.org STATE OF IOWA COUNTY OF SCOTT SS: I, Kelly Krell, City Clerk/Treasurer of Riverdale, Iowa, do hereby certify that I have in my possession or have access to the complete corporate records of the City Council of said City; and that I have carefully compared the transcript hereto attached with the aforesaid records and that said transcript hereto attached is a true, correct and complete copy of all of the records showing the action taken with respect to the matters set forth therein by the City Council of said City on April 9, 2024, which proceedings remain in full force and effect, and have not been amended and rescinded in any way; that such meeting was duly and publicly held in accordance with the 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 rules of the Council and the provisions of Chapter 21, Code of Iowa, as amended, upon reasonable advance notice to the public and media at least twenty-four (24) hours prior to the commencement of the meeting as required by said law and with members of the public in attendance. I further certify that the individuals named in the attached proceedings were an the date thereof duly and lawfully possessed of their respective offices as indicated therein, that no vacancy on the City Council existed except as may be stated in said proceedings, and that there is no controversy or litigation pending, prayed or threatened involving the incorporation, organization and existence of the City or the right of the individuals named therein as members to their respective positions. WITNESS my hand and the seal of said City hereto affixed this 9th day of April, 2024. 01r;i c (SEAL -2i, 7 °LI( Ke ly Krell ity Clerk/Treasurer City of Riverdale, Iowa 110 Manor Drive, Riverdale, Iowa 52722 (563) 355-2511 www.riverdaleia.org