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HomeMy WebLinkAbout1982-162-05.03.1982 (Contract #213 ) (This Notice to be posted ) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Waterloo, Iowa. Date of Meeting: May 3 , 1982 . Time of Meeting: 7 : 00 o'clock p M. Place of Meeting: Council Chambers , City Hall, Waterloo, 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 : $51 ,000.00 Street Improvement Bonds. - Resolution authorizing the issuance . Such additional matters as are set forth on the addi- tional pages (s) attached hereto. (number) This notice is given at the direction of the Mayor pursuant to Chapter 28A, Code of Iowa, and the local rules of said governmental body. Cl /3 k, W erloo, Iow AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA (Contract #213 ) May 3 , 1982 The City Council of Waterloo, Iowa, met in Regular session, in the Council Chambers , City Hall , Waterloo, Iowa, at 7 : 00 o'clock p.M. , on the above date . There were present Mayor Leo P. Rooff , in the chair, and the following named Council Members: bowie, Burton, Bowers , Getty. Penaluna. Roehr Absent: Wilharm * * * * * * * - 1 - AHLERS, GOONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA Council Member Roehr introduced the Resolution hereinafter set out entitled "RESOLUTION PROVIDING FOR THE ISSUANCE OF $51,000 .00 STREET IMPROVEMENT BONDS" , and moved that the same be adopted . Council Member Getty seconded the motion to adopt. The roll was called and the vote was as follows : AYES : Dowie, Burton, Bowers , Getty, Penaluna, Roehr, Wilharm NAYS: None Whereupon the Mayor declared the Resolution duly adopted as follows : Resolution #1982- 162 RESOLUTION PROVIDING FOR THE ISSUANCE OF $51 ,000 .00 STREET IMPROVEMENT BONDS WHEREAS , on May 4 , 1981 , the City of Waterloo, Iowa, entered into contract with Cedar Valley Corporation of Waterloo, Iowa, for the construction of the Waterloo, Iowa, F.Y. 1981 Paving Program (Contract No. 213 ) , hereinafter some- times referred to as the "project" , within the City; and WHEREAS , the construction of said improvement has been completed and was , by resolution of this Council duly passed and approved on September 8, 1981 , accepted as having been constructed in accordance with the plans , specifications and contract; and WHEREAS, the Council did on October 5 , 1981 , by a resolu- tion duly adopted , levy and assess a special tax on all of the abutting and adjacent property within the benefited area of the Waterloo, Iowa, F.Y. 1981 Paving Program (Contract No. 213 ) , and against the owners thereof in the sum of $100 ,252 .94 , being the portion of the cost of said improvement assessable against said benefited property, and a certificate of the levy of said tax, certified as correct by the Clerk, has been filed with the County Auditor of Black Hawk County, Iowa; and WHEREAS , of the aforesaid assessment of tax there remain unpaid following the initial collection period assessments , after provision for a default fund , in total sum not less than the principal amount of the bonds hereinafter authorized as to the legality or regularity of the assessment of which no - 2 - AHLERS, GOONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA appeals have been taken, and which assessments are payable in equal annual installments payable during the month of September in each year as set forth in Section 1 hereof; and WHEREAS , it is necessary that Bonds be issued in antici- pation of the collection of said unpaid special assessments in order to provide funds for the present payment of the proper costs of said improvement project . NOW, THEREFORE , BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA: Section 1. That the said assessments heretofore levied on the property subject to assessment for the construction of said improvements and benefited by the improvement heretofore authorized and ordered to be made are directed to be paid in ten equal annual installments in the same manner as the September semiannual payment of ordinary taxes beginning with the installment due on July 1, 1982 . Said unpaid assessments and each installment thereof shall be payable at the office of the County Treasurer of said County, on or before the time above set forth, and each installment shall include interest on the unpaid balance of the assessment from and after the date of acceptance of the improvements for which the assessment is made , not only until paid but also until the date of maturity of the bonds issued (as hereinafter provided ) for the amount of such installments , at the rate of twelve per centum per annum, with the September payment of ordinary taxes in each year, and the County Treasurer shall compute and shall collect such interest com- puted to the 1st day of December next succeeding the maturity of such installments . Section 2 . In anticipation of the collection of the several installments of said assessments and in order to pro- vide presently for the necessary funds to pay a part of the cost of the construction of said improvements , there shall be and there are hereby ordered issued Street Improvement Bonds of said City in the aggregate amount of $51,000 .00 . Said bonds shall consist of 11 in number, numbered from 1 to 11, both numbers inclusive , which bonds shall be in the denomina- tion of $5 ,000 .00 each , except Bond #1 in the denomination of $1,000 .00. All bonds shall bear the date of May 1, 1982, and shall become due and payable in their numerical order and bear interest as follows : - 3 - AHLERS, GOONEY, DORWEILER. HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA Bond Interest Principal Maturity Numbers Rate Amount Dec. 1st 1 - 2 12% $6 ,000 1982 3 12% $5 ,000 1983 4 12% $5,000 1984 5 12% $5,000 1985 6 12% $5 ,000 1986 7 12% $5 ,000 1987 8 12% $5 ,000 1988 9 12% $5,000 1989 10 12% $5,000 1990 11 12% $5,000 1991 Bonds maturing after the first optional redemption date may be called for redemption prior to maturity by notice published in a newspaper of general circulation in Waterloo, Iowa, not less than ten days prior to the date of such redemption. The City may also give such notice as it may deem appropriate to the original purchaser of the bonds . The City shall have the right to call said bonds for prepayment in numerical order on or within 45 days after December 1 , 1982 , or any succeeding interest payment date at par and accrued interest. Said bonds shall be payable only out of special assessments levied to pay a part of the cost of the aforesaid Project. Interest on said bonds shall be payable annually, on the 1st day of December in each year, commencing with the year 1982, which said interest shall be evidenced by coupons attached to each of said bonds. Both principal and interest of said bonds shall be payable in lawful money of the United States of America, at the office of the Treasurer of the City. Section 3 . The said bonds shall be negotiable and the bonds and coupons evidencing the interest thereon, shall be in form and recitals substantially as follows: (FORM OF BOND) UNITED STATES OF AMERICA STATE OF IOWA COUNTY OF BLACK HAWK CITY OF WATERLOO STREET IMPROVEMENT BOND No. $ The City of Waterloo, in the State of Iowa, promises to pay as hereinafter stated , to the bearer hereof, on the 1st - 4 - AHLERS, COONEY, DORWEILER, HAYNIE&SMITH. LAWYERS, DES MOINES, IOWA day of December, 19 , the sum of THOUSAND DOLLARS , with interest thereon at the rate of 12 % per annum, payable annually on the 1st day of December in each year, commencing with the year 1982, on presentation and surrender of the interest coupons hereto attached as they severally become due . Both principal and interest of this bond are payable at the office of the City Treasurer in Waterloo, Iowa. This bond is issued by the City of Waterloo, Iowa, under and by virtue of Section 384 . 68 of the City Code of Iowa, and a resolution of the Council of said City duly passed. This bond is one of a series of bonds of like tenor and date , except maturity, numbered from 1 to 11 , both numbers inclusive, in the amount of $5 ,000 .00 each, except Bond #1 in the amount of $1,000.00 , and is issued for the purpose of defraying a part of the cost of construction of the Waterloo, Iowa, F.Y. 1981 Paving Program (Contract No. 213 ) within the City, which cost is payable by the benefited property abutting and adjacent to said improvement project and made by law a lien on all said property. Said assessment is payable in ten equal annual installments with interest on all deferred payments at the rate of twelve per centum per annum. This bond and the issue of which it is a part are payable only out of the Fund created by the collection of said special tax, and said Fund can be used for no other purpose. The City reserves the right and option of calling and redeeming any or all of the bonds of the series of which this bond is one , maturing after December 1, 1982 , on or within 45 days after said date or any succeeding interest payment date , in numerical order, notice of such redemption to be given by publication in a newspaper of general circulation in Waterloo, Iowa, not less than ten days prior to the date fixed for redemption, and thereafter the bonds so called for payment shall cease to draw interest from said date for redemption. It is hereby certified and recited that all the acts , con- ditions and things required to be done precedent to and in the issuing of this series of bonds have been done , happened and performed in regular and due form as required by law and said resolution, and for the assessment, collection and payment hereon of said special tax, the full faith and diligence of said City of Waterloo, Iowa, are hereby irrevocably pledged. IN TESTIMONY WHEREOF, said City by its Council , has caused this bond to be signed by its Mayor and countersigned by its Clerk, with its corporate seal affixed, and the coupons hereto attached to be executed with the facsimile signature of said Clerk, which official by the execution of this bond does adopt - 5 - AHLERS. COONEY. DORWEILER, HAYNIE&SMITH, LAWYERS. DES MOINES, IOWA the facsimile signature appearing on said coupons , all as of this date of May 1, 1982. Mayor COUNTERSIGNED: C k (FORM OF COUPON) On December 1 , 19 , unless said bond shall have been sooner called for payment, the City of Waterloo, Iowa, promi- ses to pay to bearer as provided in said bond, the sum of $ at the office of the Treasurer, Waterloo, Iowa, being months ' interest due that day on its Street Improvement Bond, dated May 1, 1982, No. City lerk (FORM OF CERTIFICATE 0 BE PRINTED ON THE BACK OF EACH BOND) STATE OF IOWA COUNTY OF BLACK HAWK ) SS CERTIFICATE CITY OF WATERLOO I hereby certify that the within bond has been registered in a book for that purpose in my office as of this date of May 1, 1982. C . y Tr urer of Wat oo, Iowa Section 4 . Each of said bonds shall be signed by the Mayor and countersigned by the Clerk, and sealed with the cor- porate seal of said Municipality; and the interest coupons thereto attached shall be attested by the signature of said Clerk, or a facsimile thereof . After being so executed the bonds shall be delivered to the City Treasurer to be registered in a book maintained for that purpose and thereafter delivered to the purchaser thereof. Section 5. This Resolution shall constitute a contract by and between the City and the holders of the bonds herein - 6 - AHLERS, COONEY. DORWEILER. HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA authorized to be issued. The City covenants that it will warrant and defend the recitals and statements herein con- tained and fully perform the covenants herein made . After the issuance of the bonds, or any of them, this Resolution shall not be repealed or amended by the City in any respect which will adversely affect the holders of said bonds. Section 6 . The City represents that the proceeds of said bonds will be applied to the payment of contract substantially performed and completed prior to the delivery of said bonds and undertakes that it will not invest, directly or indirectly, the available proceeds of said issue of bonds at a yield higher than the yield of said bonds, as said terms are defined in Section 103 (c) of the Internal Revenue Code of the United States and regulations issued thereunder. The Treasurer is authorized to execute an Arbitrage Certificate to evidence circumstances reasonably anticipated on behalf of the City as of the date of delivery of said bonds to the purchaser against payment therefor. Section 7. That there will be printed on the back of each bond herein authorized to be issued , a copy of the legal opi- nion of Ahlers , Cooney, Dorweiler, Haynie & Smith, Attorneys, of Des Moines , Iowa, under the certificate of the Clerk cer- tifying the same as being a true copy thereof, said cer- tificate to bear the facsimile signature of said Clerk. Section 8 . This resolution is adopted pursuant to Section 384 . 68 , City Code of Iowa, and nothing herein shall be construed as in conflict therewith . All resolutions and ordinances , or parts of resolutions and ordinances in conflict herewith shall be and the same are hereby repealed. PASSED AND APPROVED this 3rd day of May , 1982 . -4g0-1rff Mayor Leo P. Rooff ATTEST: C . y Cl /Auditor Larry . Burger - 7 - AHLERS, GOONEY, DORWEILER. HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA I , the undersigned, being first duly sworn, do hereby depose and certify that I am the duly appointed , qualified and acting Clerk of the City of Waterloo, Iowa, and that as such Clerk I have in my possession or have access to the complete corporate records of said City and of its Council and officials, and that I have carefully compared the transcript hereto attached with the aforesaid corporate records and that said transcript hereto attached is a true and complete copy of all the corporate records in relation to the authorization, issuance and disposition of $51,000 .00 Street Improvement Bonds of said City dated May 1, 1982, and that said transcript hereto attached contains a true and complete statement of all the measures adopted and proceedings , acts and things had, done and performed up to the present time, in relation to the authorization, issuance and disposition of said bonds, and that said Council consists of a Mayor and seven Council Members , and that said offices were duly and lawfully filled by the individuals listed in the attached transcript as of the dates and times referred to therein. I further certify that said City is and throughout the period of said proceedings has been governed under the Mayor-Council form of municipal government authorized by Chapter 372, City Code of Iowa, under the provisions of its charter as recorded with the Secretary of State . I further certify that all meetings of the City Council of said City at which action was taken in connection with said bonds were open to the public at all times in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and was duly given at least twenty-four hours prior to the commencement of the meeting by notification of the communications media having requested such notice and posted on a bulletin board or other prominent place designated for the purpose and easily accessible to the public at the principal office of the (Continued Over) AHLERS, GOONEY. DORWEILER, HAYNIE&SMITH. LAWYERS, DES MOINES, IOWA CITY TREASURER'S CERTIFICATE I , the undersigned, do hereby certify that I am the duly qualified and acting City Treasurer of Waterloo, Iowa, and by ordinance charged with responsibility for the delivery of its bonds and custody of the proceeds and other city funds. As such officer, I further certify that $51,000 .00 of Street Improvement Bonds of the City of Waterloo, Iowa, dated May 1, 1982, numbered, bearing interest and maturing as follows : Bond Interest Principal Maturity Numbers Rate Amount Dec. 1st 1 - 2 12% $6,000 1982 3 12% $5,000 1983 4 12% $5,000 1984 5 12% $5,000 1985 6 12% $5,000 1986 7 12% $5 ,000 1987 8 12% $5 ,000 1988 9 12% $5 ,000 1989 10 12% $5,000 1990 11 12% $5,000 1991 duly signed, sealed and registered and the certificate of such registration on the back of each bond , having been signed by the undersigned , have been delivered to the purchasers thereof, namely: Shaw, McDermott & Co. , of Des Moines , Iowa, that said bonds have been paid for in full by said purchasers in accordance with the terms of the contract of sale and at a price of par and accrued interest plus a premium of $ N o n e . I further certify that the officers whose signatures appear on said Bonds were in occupancy and possession of their respective offices at the time of the delivery of said bonds as aforesaid . IN`�,WITNESS WHEREOF, I live hereunto set my official hand this y„,., day of , 1982. Tre urer a er oo, wa (SEAL) AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA DELIVERY CERTIFICATE We , the undersigned , Mayor, City Clerk, and Treasurer, do hereby certify that we are the officers , respectively above indicated , of a municipal corporation in the State of Iowa, known as the City of Waterloo, Iowa; that in pursuance of the provisions of Chapter or Section 384 .83 , Code of Iowa, there have been heretofore lawfully authorized and this day by us lawfully executed, issued and delivered 11 negotiable Street Improvement Bonds of said City of Waterloo, Iowa, in the aggregate amount of $51,000 .00 , dated May 1, 1982 , numbered , bearing interest and maturing as follows : Bond Interest Principal Maturity Numbers Rate Amount Dec. 1st 1 - 2 12% $6 ,000 1982 3 12% $5,000 1983 4 12% $5 ,000 1984 5 12% $5 ,000 1985 6 12% $5 ,000 1986 7 12% $5,000 1987 8 12% $5,000 1988 9 12% $5,000 1989 10 12% $5 ,000 1990 11 12% $5,000 1991 Each of said bonds being executed with the genuine signature of the Mayor and City Clerk of said City, and each of the interest coupons attached to each of said bonds being executed with the facsimile signature of said City Clerk, the cer- tificate on the back of each bond being executed with the genuine signature of the registering officer of said City. We further certify that no controversy or litigation is pending , prayed or threatened involving the incorporation , organization, existence or boundaries of said City, the titles of the aforesaid officers to their respective positions , the jurisdiction of the City to carry out and assess the costs of the project , the validity of the aforesaid bonds, or the power and duty of said City to provide for the collection of assessments and apply proceeds thereof for the full and prompt payment of the principal and interest of the aforesaid bonds as provided in the Resolution authorizing their issuance; and that the proceedings authorizing the issuance and delivery of said bonds remain in full force and effect and have not been withdrawn, amended or rescinded. We further certify that the status of certified assessments which secure the payment of said bonds is as follows : (Continued Over) AHLERS. COONEY. DORWEILER, HAYNIE&SMITH. LAWYERS, DES MOINES, IOWA NO ARBITRAGE CERTIFICATE CITY OF WATERLOO, Treasurer and is made by th(the Issuer" ) e Certificate Iowa► 10 ,ree of the This No Arbitrage officer of Waterloo, the chief financial for purposes of Section ��Code" ) , and mayn be vn relied Codeupo of 1954 , as amended (the has made an The undersigned pertaining Internal Revenue bonds• circumstances p relating to arbitrageestimates and $51 ,000 .00 Waterloo , ation of facts , issuance1982 (the investigation dated May 1, to and in connection with o the delivered simultaneously Street Improvemente Bonus , investigation, Iowa, issued andexpects which are to be basis of this "Bonds" ) On the that the Issuer reasonably withe nher certificate . the undersigned certifies as follows . the Bonds , the purchaser pre- mium the date of issue of for $51►OOO .p® ► plus to the publ On the purchase the Bonds sale wille , plus accrued interest on the Bonds t of $ N ° n for the Bonds. and payment o f the issue as used herein. date of closing original proceeds Saidc constitute the interest will be deposited in themenbtose service e Said forrupd rayment , including Bond n December to the Thesremainingtpp proceeds , with investmentnnds n Depro ee 1 , will be applied in accordance the c with e procoedng., The price paid by (underwriters) sers n C lowith of the Bonds is reasonable under customary standards applicable in the market. * * * respect to original proceeds of the Bonds inD vtheon C. With purpose f bli ations) , treated as a separate the amount of $51,000 .00 (not issued for the p as issue refunding outstandin to g obligations) , guire a project described he a and Io be wa , F.Y. 1981cPaving Program (Contract No. 213 ) , Waterloo, to-wit: 1 . The Issuer will within six months i.ssof the dedate erof the issue (the date on which said Bonds delivered , and paid for) of said Bonds incur a substantial binding gs and xobligag n to acquireano thea prpercentct financed the by said of acquiring said two and one-half p project. All work has been completed. 2 . Not less than eighty-five percent of the principal proceeds of the Bonds ls to ofbe otherefands for expendedproject to costs , including the reimbursementthirty-six months from date within a temporary period ending y- (Continued Over) - 1 - AHLERS, GOONEY, DORWEILER. HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA On the basis of all the facts , estimates and circumstances now in existence and set forth in the documents relating to the issuance of the Bonds, including without limitation this No Arbitrage Certificate , it is now expected that the Issuer will apply proceeds, including sinking fund procees , in accor- dance with the terms of the bond resolution and that the pro- ceeds of the Bonds will not be used in a manner that would cause the Bonds to be "arbitrage bonds" within the meaning of Section 103 (c) of the Code and the Regulations thereunder. This certificate is being executed and delivered pursuant to Sections 1 . 103-13 , 1.103-14 , and 1 .103-15 of the income tax regulations under the Internal Revenue Code of 1954 , as amended , (the "Regulations" ) and the undersigned is an officer charged by law and by resolution of the governing body of the Issuer with the responsibility of issuing the bonds. Terms used in this certificate have the same meaning as those terms which are used in Section 103 (c) of the Code and the Regulations , which are to the extent of said definitions incorporated herein by reference . For the purposes of this certificate , the terms "original proceeds" , "investment proceeds" , "substantial binding obligation" , "temporary period" , "materially higher" , "sinking fund" , and "proceeds" shall have the same meaning as provided in the Regulations. To the best of our knowledge and belief the Issuer ' s expectations stated herein are reasonable and there are no other facts, estimates or circumstances that would materially change the foregoing expectations. No matters have come to our attention which make unreasonable or incorrect the repre- sentations made in this certificate . It is further certified that said Issuer has never been listed by the Internal Revenue Service of the United States or the Commissioner thereof as not to be relied upon with respect to certification in connection with the issuance of its obligations . WITNESS my official signature this 4 day of " -et,/ 1982 . T asu r of e Ci f W rloo, Iowa (SEAL) - 3 - AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA