HomeMy Public PortalAbout2024-036 Resolution Authorizing the Issuance, Execution, Delivery, and Sale of Private School Facility Revenue NotesRESOLUTION 2024-036
Resolution Authorizing the Issuance, Execution, Delivery, and Sale of Private School
Facility Revenue Notes (St. Joan of Arc School Project), Series 2024B, in the Aggregate
Principal Amount not to Exceed $10,000,000, of Riverdale, Iowa, the Execution and
Delivery of a Loan Agreement and a Bond Purchase Agreement and Other Matters
Relating Thereto
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 2024B (the "Notes") 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, a public hearing on the proposal to issue the Notes has previously been held in compliance
with Section 147 of the Internal Revenue Code of 1986 and Chapter 419 of the Code of Iowa; and
WHEREAS, the City will loan the proceeds from the sale of the Notes to the Borrowers pursuant to the
provisions of a Loan Agreement among the City, the Borrowers and Blackhawk Bank & Trust (the "Bank"),
as purchaser (the "Loan Agreement"), pursuant to which the obligations of the Borrowers will be sufficient
to pay the principal of and interest and premium, if any, on the Notes as and when the same shall be due;
and
WHEREAS, arrangements have been made for the sale of the Notes to the Bank; and
WHEREAS, there have been presented to this meeting the following documents, which the City proposes
to enter into:
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 1 (563) 355-2511 1 www.riverdaleia.org
1. The form of Loan Agreement;
2. The form of Notes, as set forth in the Loan Agreement; and
3. The form of Bond Purchase Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF RIVERDALE, IOWA, AS FOLLOWS:
SECTION 1: That the Notes be and the same are hereby authorized and ordered to be issued by the
City in accordance with the Loan Agreement. The actual principal amount of the Notes
and the maturity dates for the Notes shall be set forth in the Loan Agreement and the
interest rate to be borne by the Notes shall be a variable rate as set forth in and subject to
the terms and conditions of the Loan Agreement. That the Mayor and City Clerk of the
City are hereby authorized and directed to execute and deliver the Notes.
SECTION 2: That the City loan to the Borrowers the proceeds of the Notes pursuant to the Loan
Agreement. The forms of the Loan Agreement and the Bond Purchase Agreement are
hereby approved in substantially the same form as submitted to the City, with such final
changes as approved by the officers of the City and its Issuer's Counsel. The Mayor and
the City Clerk are hereby authorized and directed to execute and acknowledge the Loan
Agreement and Bond Purchase Agreement and affix the seal of the City thereto, which
Loan Agreement and Bond Purchase Agreement, with such changes therein as shall be
approved by the officers executing such document and its Issuer's Counsel, approval to be
conclusively evidenced by the execution thereof,
SECTION 3: That the sale of the Notes to Bank be and the same is hereby approved and confirmed and
the Mayor and the City Clerk are hereby authorized to execute and deliver any appropriate
instrument to evidence the sale of the Notes to the Bank.
SECTION 4: THAT THE NOTES SHALL BE SPECIAL LIMITED OBLIGATIONS OF THE CITY. THE PRINCIPAL
OF, PREMIUM, IF ANY, AND INTEREST ON THE NOTES SHALL BE PAYABLE SOLELY OUT OF
THE REVENUES DERIVED FROM THE LOAN AGREEMENT OR OTHERWISE PLEDGED,
ASSIGNED OR SECURED THEREUNDER AND ARE NOT OTHERWISE AN OBLIGATION OF
CITY. THE NOTES AND INTEREST THEREON SHALL NEVER CONSTITUTE AN INDEBTEDNESS
OF THE CITY WITHIN THE MEANING OF ANY STATE CONSTITUTIONAL PROVISION OR
STATUTORY LIMITATION, AND SHALL NOT CONSTITUTE NOR GIVE RISE TO A PECUNIARY
LIABILITY OF THE CITY OR A CHARGE AGAINST ITS GENERAL CREDIT.
SECTION 5: That the Mayor and the City Clerk are hereby authorized and directed to execute any and
all documents and certificates, and do any and all things deemed necessary in order to effect
the issuance and sale of the Notes and the execution and delivery of the Loan Agreement
and Bond Purchase Agreement and to carry out the intent and purposes of this resolution.
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 1 (563) 355-2511 1 www.riverdaleia.org
SECTION 6: That the Issuer is designating the Notes as "qualified tax-exempt obligations" for the
purposes of Section 265(b) of the Internal Revenue Code of 1986, as amended, to the extent
that the Notes qualify for such designation.
SECTION 7: That the provisions of this resolution are hereby declared to be separable and if any section,
phrase or provision shall for any reason be declared to be invalid, such declaration shall not
affect the validity of the remainder of the sections, phrases and provisions.
SECTION 8: That all resolutions and parts thereof in conflict herewith are hereby repealed, to the extent
of such conflict.
SECTION 9: That this resolution shall become effective immediately upon its passage and approval.
Passed and approved this 9th day of April, 2024.
APPRO ED:
Anthony Heddlesten, Mayor
ATTESTED:
i(et
Kelly Krelr Citj Clerk/Treasurer
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 (563) 355-2511 www.riverdaleia.org
STATE OF IOWA
COUNTY OF SCOTT
)
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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 on 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.
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Kelly Krell, City Clerk/Treasurer
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 1 (563) 355-2511 1 www.riverdaleia.org