HomeMy WebLinkAbout1981-336-06.24.1981 • 3 Ce,
Frank Dowie introduced the following
Resolution entitled "RESOLUTION DIRECTING THE ADVERTISEMENT
FOR SALE OF $4, 360, 000. 00 GENERAL OBLIGATION BONDS, " and moved
its adoption. James Burton seconded the motion to adopt .
The roll was called and the vote was,
AYES: Getty, Wilharm, Roehr, Dowie,
•
Penaluna, Bowers and Burton.
NAYS: None
Whereupon, the Mayor declared the resolution duly adopted
as follows :
RES . NO. 1981-336
RESOLUTION DIRECTING THE ADVERTISEMENT
FOR SALE OF $4, 360, 000. 00 GENERAL OBLIGATION
BONDS
WHEREAS, the City of Waterloo, Iowa, is in need of funds
to pay costs of (1 ) constructing certain permanent street
improvement projects in said City, generally described as
(a) Annual Street Paving (Klingaman Area) , (b) Hackett Road
(Advance Acquisition) , (c) Shaulis Road Paving, (d) San Marnam
Frontage Road, (e) 6th Year Block Grant Paving, ( f) Fletcher
and Ansborouqh Railroad Crossing Repairs, and (g) Downtown
UDAG Street Improvements (TIF) ; (2 ) constructing certain
improvement projects to the storm sewer system of said City,
generally described as (a) Castle Hill, (b) Ackermant,
(c) Columbus , (d) Rachael, and (e) Carriage Hill; (3) 18th
Street Bridge Repair Project; (4) Traffic Signal Replacement
Project; (5 ) Airport Runway and Apron Improvements Project;
(6) Riverview By-Pass Channel Project; (7 ) Dawson Sidewalk
Repair Project; (8 ) Castle Hill Lawsuit Judgment; and
(9 ) Lowder Road Sanitary Sewer Project, essential corporate
purpose projects, and it is deemed necessary and advisable that
the City issue general obligation bonds for said purposes to
the amount of $3, 970, 000. 00, as authorized by Section 384. 25 of
the City Code of Iowa; and
WHEREAS, pursuant to notice published as required by
Section 384. 25 this Council has held a public meeting and
hearing on June 1, 1981, upon the proposal to institute pro-
ceedings for the issuance of the above described bonds, and
all objections, if any, to such Council action made by any
resident or property owner of said City were received and con-
sidered by the Council ; and it is the decision of the Council
that additional action be taken for the issuance of said
bonds, and that such action is considered to be in the best
interests of said City and the residents thereof; and
AHLERS. COONEY. DORWEILER. HAYNIE&SMITH. LAWYERS. DES MOINES. IOWA
WHEREAS, the City of Waterloo, Iowa, is in need of funds
to pay costs of acquiring ertain Conway Civic Center equip-
ment and accessories, a ge eral corporate purpose project, and
it is deemed necessary and advisable that the City issue
general oligation bonds fol said purpose to the amount of
$90, 000.00 as authorized b1 Section 384.26 of the City Code
of Iowa; and
WHEREAS, the City of Waterloo, Iowa, is in need of funds
to pay costs of acquiring ertain Municipal Transit System
equipment, a general corpo ate purpose project, and it is
deemed necessary and advisable that the City issue general
oligation bonds for said i rpose to the amount of $150, 000.00
as authorized by Section 3'4. 26 of the City Code of Iowa; and
WHEREAS, the City of Waterloo, Iowa, is in need of funds
to pay costs of acquiring ertain real property to be used as
an activity center by the awkeye Valley Area Agency on Aging,
which facility is necessar , for the health and welfare of the
citizens of the City, a general corporate purpose project, and
it is deemed necessary and advisable that the City issue
general oligation bonds fo said purpose to the amount of
$150, 000. 00 as authorized oy Section 384. 26 of the City Code
of Iowa; and
WHEREAS, said City has a population in excess of 75, 000
and the amount of said boni issue for each general corporate
purpose project is not mor: than $150, 000.00; and
WHEREAS, pursuant to notices published as required by
Section 384. 26 of the City Code of Iowa, this Council has held
a public meeting and heariigs on June 1, 1981, upon the propo-
sal to institute proceedin• s for the issuance of the above
described bonds; and no pe . ition was filed in the manner pro-
vided by Section 362 . 4 of .he City Code of Iowa, pursuant to
the provisions of Section 84. 26 of said Code; and it is the
decision of the Council th. t additional action be taken for
the issuance of said bonds and that such action is considered
to be in the best interest- of said City and the residents
thereof; and
WHEREAS, pursuant to Section 384. 28 of the City Code of
Iowa, it is deemed appropr 'ate that the various general obli-
gation bonds hereinabove d=scribed be combined for purposes of
issuance and sale in a sin• le issue of corporate purpose bonds
as hereinafter set forth:
NOW, THEREFORE, BE IT •,ESOLVED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA:
- 3 -
AHLERS. GOONEY. DORWEILER. AYNIE&SMITH.LAWYERS, DES MOINES. IOWA
Section 1 . That the b.nds hereinafter described be
offered at public sale, pursuant to advertisement as required
by law.
Section 2 . That the Clerk is hereby directed to publish
notice of sale of said bons for two successive weeks in the
-t-rloo Courier , a legal newspaper, printed
wholly in the English lang age, published in the City of
Waterloo, County of Black awk, State of Iowa, such newspaper
being located in the Count. where the bonds are to .be offered
for sale, pursuant to the .rovisions of Chapter 75 of the Code
of Iowa, said notice to st,:te that this Council, on the 16th
day of July, 1981 , at 11 : O4 o' clock A.M. , will hold a
meeting to receive and act upon bids for said bonds; said
notice to be in substantia ly the following form:
- 4 -
AHLERS. GOONEY. DORWEILER. AYNIE&SMITH. LAWYERS, DES MOINES. IOWA
OFFICIA NOTICE OF SALE
84 , 360, 000
CITY OF WATERLOO, IOWA
CORPORATE PURPOSE BONDS
Sealed bids will be re eived until 11 :00 A.M. Local. Time,
on the 16th day of July, 1 :81 , at the office of the City Clerk
in the City Hall, Waterloo Iowa, for the purchase of
$4, 360, 000 Corporate Purpo.e Bonds of the City of Waterloo,
Iowa, at which time such b ds will be referred to the City
Council of said City. Pro ptly thereafter open bids will be
called for at said meeting If no open bids are then made,
such open bidding will the be closed, but if commenced, open
bidding will be concluded Tot later than 11 : 30 A.M. on the
date of sale. After the b st open bid, if any, has been
determined, the sealed bid will be opened and the bonds will
be sold to the highest bidiers . Sealed bids will be fully
protected and will remain .ealed until open bidding has been
concluded. All bids must oe reduced to writing on the
Official Bid Form.
Said bonds will : be d. ted August 1, 1981; be in the deno-
mination of $5, 000 each; bar interest payable May 1, 1982,
and semiannually thereafte , ; be registrable as to principal
only; and mature in numeri•al order on May 1 of each of the
years as follows :
Principal Maturity
Amount May 1st
$360, 000 1983
$500, 000 1984
$500, 000 1985
$500, 000 1986
$500, 000 1987
$500, 000 1988
$500, 000 1989
$500, 000 1990
$500, 000 1991
None of said bonds will be optional for redemption prior
to maturity. Both principal and interest will be payable at
the office of the City Treasurer, Waterloo, Iowa. Each bid
must be for all of said bonds upon terms of not less than par
and accrued interest and shall specify the interest rate or
rates for the bonds in a multiple of one-quarter or one-tenth
of one percent (1/4 or 1/10 of 1%) provided that no interest
rate may exceed ten percent (10%) per annum, only one rate
- 5 -
AHLERS. GOONEY. DORWEILER. HAYNIE&SMITH. LAWYERS, DES MOINES. IOWA
shall be specified for a single maturity and not more than
five (5 ) rates may be name. for the issue. Repeating a pre-
viously mentioned rate will not constitute an additional
interest rate. The differ-nce between the highest and lowest
rate of interest bid shall not exceed one and one-half percent
( 1 1/2%) per annum. Each 'nstallment of interest will be
represented by a single co pon on each bond. The bonds will
be awarded to the best bid.er determined upon the basis of the
lowest total interest cost at the rate or rates designated in
his bids from August 1, 19'1 , to the respective final maturity
dates, after deducting any premium.
These bonds will constitute general obligations of the
City payable from taxes le ied upon all taxable property in
the City without limitatioi as to rate or amount. Said bonds
are expected to be deliver,d within thirty (30) days after the
sale against full payment n immediately available funds at
any mutually agreeable ban or trust company in the City of
Chicago, Illinois, Des Mons or Waterloo, Iowa, without
expense to the purchaser. Should delivery be delayed beyond
sixty (60) days from date of sale for any reason not due to
the fault of the City, except failure of performance by the
purchaser, the City may ca cel the award or the purchaser may
withdraw his check and the . eafter his interest in and liabi-
lity for the bonds will cease. When the bonds are ready for
delivery, the City will gi e the successful bidder five days
notice of the delivery date and the City will expect payment
in full in immediately ava lable funds on that date, otherwise
reserving the right at its option to determine that the bidder
has failed to comply with 'is offer of purchase.
The City will furnish .t its expense the printed bonds and
the approving opinion of M=ssrs . Ahlers, Cooney, Dorweiler,
Haynie & Smith, Attorneys, Des Moines, Iowa, which opinion
will be printed on the rev:rse of each bond and which will
recite that, based on curr-nt rulings and official
interpretations, interest on said bonds is exempt from present
federal income taxes . At .he time of delivery the City will
also furnish the purchaser with the transcript of proceedings,
including a currently date. certificate that no litigation is
then pending affecting the validity of said bonds, or the
authority of the City to i-sue the same. Each bidder must
furnish a certified or cas ier ' s check drawn on a solvent
state or national bank or rust company for S87, 200 payable to
the order of the City Treasurer of said City as a guarantee of
good faith, this amount to be retained pending full perfor-
mance by the successful bi.der and to be forfeited to the City
as agreed liquidated damages upon failure of the purchaser to
take up and pay for the bonds when ready in accordance with
his bid.
- 6 -
AHLERS. COONEY. DORWEILER. AYNIE&SMITH. LAWYERS, DES MOINES. IOWA
The City Council reserves the right to waive informalities
in any bid, to reject nonconforming bids, and to reject all
bids.
The City Council has authorized the preparation of an
Official Statement containing pertinent information relative
to the City. For copies of that Statement and the Official
Bid Form, on which all bids must be submitted, or for any
additional information, any prospective purchaser is referred
to the undersigned at the City Hall, Waterloo, Iowa, or the
Municipal Finance Consultants to the City, Duff and -Phelps,
Speer & Co. , 55 East Monroe Street, Suite 4510, Chicago,
Illinois, 60603 . Telephone: Area 312- 346-0858.
By order of the City Council of the City of Waterloo,
Iowa .
City Clerk, Larry P. 'Burger
- 7
AHLERS, COONEY. DORWEILER. HAYNIE&SMITH. LAWYERS. DES MOINES. IOWA
PASSED AND APPROVED this 22 day of June
1981 .
Mayor, Leo P. Roo
ATTEST:
Clerk, Larry P . Barger
- 8 -
AHLERS, COONEY. DORWEILER. HAYNIE&SMITH. LAWYERS, DES MOINES. IOWA
txai0 AC1,I0" +'IaSang • Axa Z
.4d 7//.7,1 _ _ _ _,„,.., .
v?(7°
aokew 'ii.00) •d oaq
#V--"afribr ti
•18 6 I ' -) Li \`'--1 -.,
dO AVG /_i7 SIH,L 3DIdd0 dO 1VES QNd SCINYH Zf10 SSEN,LIM
•T861 ' 2 -a `.fr n uo BMoI
' ocipalx o AID auk. jo Ttouno0 A4TD aq4 Aq pa4dop'e puB passed
su1 g.- l / •oN uoT4nTosag jo Xdoo anal. B st SutoSaaoj puB
anoqu alp 4B143 Arnaao Agaaaq '8MoI 'ooTaa3uM jo A4T3 alp, do
'XaaID AAt0 'aa8ang •d "CIau7 pup 'IoABy4 'J Joou •d ow' 'am
H,LV0I dl aH0
)L.QTO Ala 'aaBln d 44.1111
r
ISH,L.LV
aoAuli `jjoog •d oa7
i").--4-&-_,)4-,-"i '''' fr'V, -' :AE!
YMOI 'o01111LVM dO £LI0 HILL
'uot3nTosall pTIE 04 saan2uu8ts
az9113 xzjJu puB AJT3aao 04 pa3oaaTp puB pazTaog3nB Agaaaq aaB
'BMoI ' ooTaa3BM jo A4TD all. Jo xaaID X4IO 91.14 pug aoXBw alp puB
'paAoaddu Agaaaq sT 4T puB aq `BMoI 'Al.uno0 ptBI Anuig 'ooTaal.BM
`VZVId 1VNO9VIQ Jo 3BTd TButd auP l.Bg2 'uiol 'ooTaa3BM Jo A4TO
alp jo TTnunop A4TD 0114 Aq OEAZOSH2I II Hg 'FixodE2[HH.L 'MON
• ITouno3 sTgl. jo TBnoaddu aql, antaoai
pinogs puu paaapzsuoo uaaq sEcl fluid TButd peps ` SVdliEHM
puB :not ssiurwop
UtBafioad puB we'd '3t0 ooIIa3BM all. Aq panoaddB uaaq suq puB
o3 pa33Twgns AlsnoTnaad uaaq sBzl 4BId Tuuid pzus `SVEUHHM
purr I YBAo1ddB , of"pa3.uasaad sum 'BMoI 'Xl,uno0
Amull xoBTj ' ooIaa3VM 'YZV'Id 'IVNOEWIG Jo 3uTd Tuuzd aql. 'BMoI
'ooIaa4BM jo AID ap o ITouno0 A3TO aq3 jo 2uT4aaw aBTnBaa
u 3B ` I86I ' 1 { :w-;Jo Asp ?'( sill. uo 'SVEUEHM
yMOI `,L,LNtlOO 4MVH NDV IEI
'00'RiE.LVM `VZW'Id 'IWNODYIG dO ,LY'Id ZVNId UHI ONIAOliddY NOI,LfI'IOSau
9 EE -- / 3 6/ •ON NOlLfl'IOSalt