HomeMy WebLinkAbout2754-07/17/1975 Str=364
STATE OF IOWA, SS it _____________Robert-J _--M c C oy!_-------_-_-_-------_
Black Hawk County, Publisher of the Waterloo ),PRilp,(1Oarux
a daily newspaper printed in the English
+ r blished in Waterloo, Black Hawk County, Iowa do solemnly swear that
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ORDINANCE N0. 2 7 5 4
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
$520 , 000. 00 SEWER CONSTRUCTION BONDS, AND
LEVYING A TAX TO PAY SAID BONDS
WHEREAS, the City of Waterloo, in the County of Black Hawk,
State of Iowa, sometimes hereinafter referred to as the
Municipality, is a City duly incorporated, organized and
existing under and by virtue of the general laws and constitu-
tion of the State of Iowa, and is not affected by any special
legislation; and
WHEREAS, the Municipality entered into contract for (1) the
City' s share of the construction of Orange Grove Lift Station;
(2) the City' s share of the comprehensive Sewer Plan; (3) the
construction of Castle Hill and Longview storm sewer improve-
ments; and (4) certain miscellaneous construction of sewer main
extensions; and it is necessary to issue Sewer Construction
Bonds as authorized by Code Section 396 . 22 of the Code of
Iowa, as amended, 1973 , for the purpose of paying the cost
of said improvements; and
WHEREAS, it is necessary to levy a tax for the purpose
of paying principal and interest on said Sewer Construction
Bonds; and
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY
OF WATERLOO, IOWA:
Section 1. That there be and there is hereby levied
the following direct tax on all of the taxable property
within the City of Waterloo, Iowa:
(4)
AHLERS, COONEY, DORWEILER, HAYNIE&SMITH• LAWYERS, DES MOINES, IOWA
FISCAL YEAR (JULY 1 TO JUNE 30)
YEAR OF LEVY AMOUNT YEAR OF COLLECTION:
1976 $573250 1976/1977 Fiscal Year
1977 76 450 1977/1978 "
1978 73,700 1978/1979 "
1979 81,200 1979/1980 "
1980 88,200 1980/1981 "
1981 843700 1981/1982 "
1982 8 200 1982/1983 "
1983 77525 1983/1984 "
1984 73,850 1984/1985 "
(NOTE: Reference to "year of levy" is to the calendar
year during which the regular tax levy will be made.
For example the 1976 levy will be made and certified
in 1976 , will be applicable to the taxable valuations
of January 1, 1975, and will be collected during the
fiscal year commencing July 1, 1976. )
Section 2. Said tax shall be collected each year at
the same time and in the same manner as, and in addition to,
all other taxes in and for said Municipality, and when
collected they shall be converted into a fund to be known as
the "SEWER CONSTRUCTION BOND FUND 1975" , which is hereby
pledged for and shall be used only for the payment of the
principal and interest of the bonds hereinafter authorized
to be issued; and also there shall be apportioned to said
fund its proportion of taxes received by the Municipality
from railway, express, telephone and telegraph companies and
other taxes assessed by the Iowa State Department of Revenue.
Section 3. All moneys held in the "SEWER CONSTRUCTION
' BOND FUND 1975" , provided for by Section 2 of this Ordinance,
shall be deposited in banks which are members of the Federal
Deposit Insurance Corporation and the deposits in which are
insured thereby, and all such deposits exceeding the maximum
amount insured from time to time by FDIC or its equivalent
successor in any one bank shall be continuously secured by a
valid pledge of direct obligations of the United States
Government having an equivalent market value.
(5)
AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES 1AOINES, IOWA
Section 4. That Sewer Construction Bonds of said
Municipality in the amount of $520,000 . 00 be issued in
anticipation of the collection of the Sewer Fund Tax levied
in Section 1 hereof, pursuant to the provisions of Section
396. 22 of the Code of Iowa, 1973, as amended, that said
bonds be designated "Sewer Construction Bond" ; that they be
104 in number, dated August 1, 1975, and shall bear interest
from the date thereof, until payment thereof, payable May 1,
1976, and semiannually thereafter on the 1st day of May and
November in each year until maturity as follows: bonds
numbered 1 to 12 , inclusive, shall bear interest at the
rate of 52 % per annum; bonds numbered 13 to 62 ,
inclusive, shall bear interest at the rate of 5.00 % per
annum; bonds numbered 63 to 90 , inclusive, shall bear
interest at the rate of 5't % per annum; bonds numbered
91 to 104 inclusive, shall bear interest at the rate of
52 % per annum✓ b--Ie -- -- -- i t
shalt bear inbetesh ab- ahe rate—e€ ___ 0 i a
i - to iaelasive, shall beau intese-}a-t:l;e-
rate of --- nnuml beRds -number-ed te-
ineliasive-,-shall bear lnteEest at the rate of --- �--per
aRRIAMP bQ^ac -- to-=--, iselasive, shall beery
and bends P;ambere4
--
to Inelusive,--shall bear interest at the rate ef
Said bonds shall be signed by the Mayor and attested by
the Clerk, and the seal of said Municipality affixed, and
certificate of registration endorsed thereon; that interest
on said bonds be evidenced by coupons thereto attached and
maturing on the several days when such interest matures;
(6)
AHLERS, COONEY. DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA
such interest coupons may be executed with the original or
facsimile signature of the Clerk; that principal and interest
be payable at the office of the City Treasurer in said
Municipality; that said bonds be numbered from 1 to 104 , both
numbers inclusive, and be in the denomination of $5 ,000. 00
each. Said bonds shall mature on May 1st in each year as
follows:
Bond No. Amount Year of Maturity
1 and 2 $10 ,000. 00 1977
3 to 12, inclusive $50, 000. 00 1978
13 to 22 , " " $50, 000. 00 1979
23 to 34 , " tv $60, 000. 00 1980
35 to 48, " if $70, 000. 00 1981
49 to 62, " $70 , 000. 00 1982
63 to 76 , " $70, 000. 00 1983
77 to 90, " $70, 000. 00 1984
91 to 104, " $70,000. 00 1985
Section 5. That upon presentation at the office of the
City Treasurer of any of said bonds, same may be registered
as to principal in the name of the owner, on the books in
his office, such registration to be noted on the reverse
side of the bonds by the City Treasurer, and thereafter the
principal of such registered bonds shall be payable only to
the registered holder, his legal representatives or assigns.
Such registered bonds shall be transferable to another
registered holder, or back to bearer, only upon presentation
to said City Treasurer with a legal assignment duly acknowledged
or proved. Registration of any such bonds shall not affect
the negotiability of the coupons thereto attached, but such
coupons shall be transferable by delivery merely.
Section 6. Bonds numbered 1 to 104 , both numbers
inclusive, shall be in form substantially as follows:
(7)
AHLERS, COONEY, DORWEILER, HAYNIE& SMITH, LAWYERS, DES MOINES, IOWA
(FORM OF BOND)
UNITED STATES OF AMERICA
STATE OF IOWA
COUNTY OF BLACK HAWK
CITY OF WATERLOO
SEWER CONSTRUCTION BOND
No.
$5,000. 00
The City of Waterloo, Iowa for value received, promises
to pay to bearer FIVE THOUSAND DOLLARS, lawful money of the
United States of America, on the 1st day of May, 19 ,
with interest on said sum from the date hereof until paid at
the rate of % per annum, payable on May 1, 1976 , and
semiannually thereafter on the lst day of May and November in
each year, on presentation and surrender of the interest
coupons hereto attached, both principal and interest payable
at the office of the City Treasurer of the City of Waterloo,
Iowa.
This bond is issued by the City of Waterloo, Iowa,
pursuant to the provisions of Section 396 . 22 of Chapter 396,
Code of Iowa, 1973, as amended, for the purpose of paying
the cost of (1) the City' s share of the construction of Orange
Grove Lift Station; (2) the City' s share of the comprehensive
Sewer Plan; (3) the construction of Castle Hill and Longview
storm sewer improvements; and (4) certain miscellaneous
construction of sewer main extensions; in conformity to an
ordinance of the Council of said City duly passed.
This bond is fully negotiable but may be registered as
to principal only in the name of the holder on the books of
said City in the office of the City Treasurer, such registration
to be endorsed by notation on the back hereof by the Treasurer,
(8)
AHLERS, COONEY, DORWEILER, HAYNIE& SMITH, LAWYERS, DES MOINES, IOWA
after which no transfer shall be valid unless made on said
books and similarly noted hereon, but it may be discharged
from said registration by being transferred to bearer, after
which it shall be transferable by delivery but it may again
be registered as before. The registration of this bond as
to principal shall not restrain the negotiability of the
coupons by delivery merely.
And it is hereby represented and certified, that all
acts, conditions and things requisite according to the laws
and constitution of the State of Iowa, to be done precedent
to the lawful issue of this bond have been performed as
required by law, and that the total indebtedness of said City,
including this bond, does not exceed the constitutional or
statutory limitations.
IN TESTIMONY WHEREOF, said City, by its Council has
caused this bond to be signed by its Mayor and attested by
its City Clerk, with the seal of said City affixed, and the
coupons hereto attached to be executed with the facsimile
signature of said City Clerk, which official, by the execution
of this bond does adopt as and for her own proper signature her
facsimile signature appearing on said coupons, all this 1st
day of August, 1975.
Mayor
ATTEST:
) -City Clerk
(9)
AHLERS, COONEY. DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA
(FORM OF COUPON)
The Treasurer of the City of Waterloo, Iowa, will pay
to bearer $ on the 1st day of ,
19 , at his office in the City of Waterloo, Iowa, for
months' interest on its Sewer Construction Bond,
dated August 1, 1975, No.
City Clerk
And on the back of each bond there shall be endorsed a
certificate of the City Treasurer in the following form:
(FORM OF CITY TREASURER'S CERTIFICATE)
This bond has been duly and properly registered
in my office as of the 1st day of August, 1975.
City Treasurer of Waterloo, Iowa
There shall also be printed on the back of the bonds the
following form of registration:
Date of
Registration In Whose Name Registered Signature of City Treasurer
Section 7. That principal and interest coming due at
any time when the proceeds of said tax on hand shall be
insufficient to pay the same shall be promptly paid when due
from current funds of said Municipality available for that
purpose and reimbursement shall be made from such special
fund in the amounts thus advanced.
Section 8. That this Ordinance constitutes a contract
between said Municipality and the purchaser of the bonds;
(10)
AHLERS, GOONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA
that when said bonds have been executed as aforesaid, they
shall be delivered to the Treasurer of said Municipality,
who shall register the same in a book provided for that
purpose and shall thereupon deliver said bonds to the purchaser
thereof, as directed by the Council.
Section 9 . That a certified copy of this Ordinance be
filed with the County Auditor of Black Hawk County, Iowa,
and that said Auditor be and he is hereby instructed in and
for each of the years 1976 to 1984 , both years inclusive, to
levy and assess the tax hereby authorized in Section 1 of
this Ordinance, in like manner as other taxes are levied and
assessed, and that such taxes so levied in and for each of
the years aforesaid be collected in like manner as other
taxes of said Municipality are collected, and when collected
be used for the purpose of paying principal and interest on
said bonds issued in anticipation of said tax, and for no
other purpose whatsoever.
Section 10. That there be printed on the back of each
bond herein authorized to be issued, a copy of the legal
opinion of Ahlers, Cooney, Dorweiler, Haynie & Smith, Attorneys ,
of Des Moines, Iowa, under the certificate of the City Clerk
certifying the same as being a true copy thereof, said
certificate to bear the facsimile signature of said City Clerk.
Section 11. The City represents that the proceeds of
said bonds will be applied to the payment of contract to be
completed within thirty-six months after the sale and delivery
of said bonds. The City further undertakes that it will not
invest, directly or indirectly, the available proceeds of
said issue of bonds at a yield materially higher (presently
defined as more than one-eighth of one percent) than the yield
(11)
AHLERS, COONEY. DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA
on said bonds, as said terms are defined in Section 103 (d)
of the Internal Revenue Code of the United States and regula-
tions issued thereunder, for more than the aforesaid temporary
construction period, and in no event exceeding such other
temporary period as may be authorized in said statute or
regulations, unless the City has first obtained an Internal
Revenue Service ruling that such investment would be in
compliance with said statute and regulations. The City further
covenants and agrees that it will immediately prior to the
commencement of each fiscal year, commencing with the year
in which said temporary construction period expires , prepare
a budget determination of the available proceeds of said
bonds, together with a plan for the investment thereof
during said year in compliance with said statute, regulations
thereunder and this section; subject to such modifications
as may be necessary from time to time. The City will furnish
a copy of said investment budget to the original purchaser
and any holder or holders of said bonds upon written request
therefor. The Treasurer is authorized to execute the Arbitrage
Certificate in the form hereto attached and approved hereby
on behalf of the City as of the date of delivery of said
bonds to the purchaser against payment therefor.
Section 12. That all ordinances and resolutions and parts of
ordinances and resolutions in conflict herewith are hereby
repealed.
PASSED AND APPROVED this 17th day of July ,
1975 .
ATTEST:
9
City Clerk
(12)
AHLERS, COONEY, DORWEILER, HAYNIE& SMITH, LAWYERS, DES MOINES, IOWA
Published in Waterloo Daily Courier
on the 23rd day of July 1975.
(13)
AHLERS, COONEY. DORWEILER, HAYNIE& SMITH, LAWYERS, DES MOINES, IOWA
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