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RESOLUTION NO. 85 -13 <br /> RESOLUTION <br /> Resolution fixing a date for hearing on proposed Industrial <br /> Development Revenue Bonds, Series 1985 <br /> (Wittern Realty, Inc. Project) <br /> WHEREAS, the City of Clive, in the County of Polk, State of Iowa <br /> (the "Issuer "), is an incorporated municipality authorized and <br /> empowered by the provisions of Chapter 419 of the Code of Iowa, 1983, <br /> as amended (the "Act "), to issue revenue bonds for the purpose of <br /> financing the cost of acquiring, by construction or purchase, land, <br /> buildings, improvements and equipment or any interest therein, suitable <br /> for the use of any industry or industries for the manufacturing, <br /> processing or assembling of any agricultural or manufactured products <br /> • or of any commercial enterprise engaged in storing, warehousing or <br /> distributing products of agriculture, mining or industry, or of a <br /> national, regional or divisional headquarters facility of a company <br /> that does multistate business; and <br /> WHEREAS, the Issuer has been requested by Wittern Realty, Inc. <br /> (the "Company "), an Iowa corporation, to issue its revenue bonds to <br /> finance the cost of the acquisition by construction or purchase of an <br /> addition to an existing building, equipment and improvements suitable <br /> for use as a manufacturing facility of approximately 30,000 square feet <br /> to be located at 8040 University Blvd. and leased to Fawn Engineering, <br /> Inc. for the manufacture of vending machines and related products (the <br /> "Project "), which will promote the welfare of the Issuer and its <br /> citizens; and <br /> WHEREAS, it is proposed to finance the cost of the Project through <br /> the issuance of Industrial Development Revenue Bonds, Series 1985 <br /> (Wittern Realty, Inc. Project), of the Issuer in an aggregate principal <br /> amount not to exceed $750,000 (the "Bonds ") and to loan said amount to <br /> •'the Company under a Loan Agreement between the Issuer and the Company <br /> the obligation of which will be sufficient to pay the principal of and <br /> redemption premium, if any, and interest on the Bonds as and when the <br /> same shall be due and payable; and <br /> WHEREAS, before the Bonds may be issued, it is necessary to <br /> conduct a public hearing on the proposal to issue the Bonds, all as <br /> required and provided for by Section 419.9 of the Act and Section <br /> 103(k) of the Internal Revenue Code; <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the Issuer, <br /> as follows: <br /> Section 1. This Council shall meet at t e c � f k i n C live n the t( f <br /> Iowa , � �f �� ay <br /> —11\ <br /> 1�' G LA <br /> A, , 1985, at - 7;15 o'clock 6J .m., at which time <br /> and place a public hearing shall be held on the proposal to issue the <br /> Bonds referred to in the preamble hereof, at which hearing all local <br /> residents who appear shall be given an opportunity to express their <br /> views for or against the proposal to issue the Bonds. <br /> -2- <br /> III i <br /> . ...n -. +cAATNFY i rcc,r• , , vF n r-, . , • ,. A <br />