HomeMy WebLinkAbout1981-135-03.23.1981 Bowers introduced the following
"RESOLUTION entitled RESOLUTION DIRECTING THE ADVERTISEMENT
FOR SALE OF $290, 000. 00 STREET IMPROVEMENT BONDS AND
$50, 000.00 SEWER IMPROVEMENT BONDS, " and moved its adoption.
Getty seconded the motion to adopt. The roll was
called and the vote was,
AYES: Bowers , Burton, Getty,
Penaluna, Roehr, Wilharm
Absent : Dowie
NAYS: NONE
Whereupon, the Mayor declared the resolution duly adopted
as follows :
Res . No. 1981-135
RESOLUTION DIRECTING THE ADVERTISEMENT
FOR SALE OF $290, 000.00 STREET IMPROVE-
MENT BONDS AND $50, 000. 00 SEWER
IMPROVEMENT BONDS
WHEREAS, the City of Waterloo, Iowa, hereinafter sometimes
referred to as the "City" , is in need of funds to pay a part
of the cost of the Waterloo, Iowa, F.Y. 1980 Paving Program
No. 1 - Contract No. 176, and it is deemed necessary and advi-
sable that said City should issue its Street Improvement Bonds
to the amount of $290, 000. 00, as authorized by Section 384.68
of the City Code of Iowa, for the purpose of providing funds
to pay the aforesaid costs; and
WHEREAS, the City of Waterloo, Iowa, hereinafter sometimes
referred to as the "City" , is in need of funds to pay a part
of the cost of the Waterloo, Iowa, Sans Souci Drive Sanitary
Sewer Program, 1979 (Contract No. 192 ) , and it is deemed
necessary and advisable that said City should issue its Sewer
Improvement Bonds to the amount of $50, 000.00, as authorized
by Section 384. 68 of the City Code of Iowa, for the purpose of
providing funds to pay the aforesaid costs; and
WHEREAS, before said Improvement Bonds may be issued and
sold it is deemed necessary and appropriate that action be
taken as hereinafter directed:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA:
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AHLERS, COONEY, DORWEILER, HAYNIE&SMITH. LAWYERS, DES MOINES, IOWA
(Two publications required)
NOTICE OF BOND SALE
Time and Place of Sale: The sale of bonds of the City of
Waterloo, Iowa, will be held at the Council Chambers, City
Hall, in the City of Waterloo, Iowa, (the "Issuer" ) at 7 :Do
o' clock p .M. , on the 20th day of April , 1981 .
Sealed bids will be received at the office of the Clerk and
all sealed bids received prior to the time of the sale will be
referred to the Council at the meeting then to be held. After
the receipt of such sealed bids, if any, open bids will be
received, and after the close of open bidding, the sealed bids
will be opened and the bonds will then be sold to the best and
most favorable bidder for cash.
The Bonds . The bonds to be offered are the following:
STREET IMPROVEMENT BONDS, in the principal amount of
$290, 000.00, to be dated April 1, 1981, in the
denomination of $5, 000.00 each, and to mature as
follows :
Principal Maturity
Amount Dec. 1st
$25, 000 1981
$25, 000 1982
$30, 000 1983
$30, 000 1984
$30, 000 1985
$30, 000 1986
$30, 000 1987
$30, 000 1988
$30, 000 1989
$30, 000 1990
Optional Redemption: All bonds due after
December 1, 1981 , will be subject to call prior
to maturity in whole or from time to time in
part, in numerical order on or within forty-five
days after said date or any succeeding interest
payment date, at the option of the Issuer, upon
terms of par plus accrued interest to date of
call. Said Improvement Bonds shall not consti-
tute a general obligation but shall be payable
only from the special fund created by
assessments to property benefited by the
Waterloo, Iowa, F.Y. 1980 Paving Program No. 1 -
Contract No. 176.
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AHLERS, COONEY. DORWEILER, HAYNIE&SMITH. LAWYERS, DES MOINES, IOWA
Interest: Interest on said bonds will be payable
on December 1, 1981, and annually on the 1st day
of December thereafter. Principal and interest
will be payable at the office of the Treasuer of
the City. No bond shall bear interest at a rate
exceeding ten percent per annum.
SEWER IMPROVEMENT BONDS, in the principal amount of
$50, 000. 00, to be dated April 1, 1981, in the
denomination of $5, 000. 00 each, and to mature as
follows :
Principal Maturity
Amount Dec. 1st
S 5, 000 1981
$ 5, 000 1982
S 5, 000 1983
$ 5, 000 1984
$ 5, 000 1985
$ 5, 000 1986
$ 5, 000 1987
$ 5, 000 1988
$ 5, 000 1989
$ 5, 000 1990
Optional Redemption: All bonds due after
December 1, 1981, will be subject to call prior
to maturity in whole or from time to time in
part, in numerical order on or within forty-five
days after said date or any succeeding interest
payment date, at the option of the Issuer, upon
terms of par plus accrued interest to date of
call. Said Improvement Bonds shall not consti-
tute a general obligation but shall be payable
only from the special fund created by
assessments to property benefited by the
Waterloo, Iowa, Sans Souci Drive Sanitary Sewer
Program, 1979 (Contract No. 192 ) .
Interest: Interest on said bonds will be payable
on December 1 , 1981 , and annually on the 1st day
of December thereafter. Principal and interest
will be payable at the office of the Treasuer of
the City. No bond shall bear interest at a rate
exceeding ten percent per annum.
Registration: None.
Bid Security: All bids shall be accompanied by a cer-
tified check or a cashier ' s check drawn upon a solvent bank
doing business in the United States, in favor of the City, in
the amount of $5, 800.00 on the $290, 000. 00 Street Improvement
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AHLERS, COONEY, DORWEILER, HAYNIE&SMITH. LAWYERS, DES MOINES, IOWA
Bonds and $1, 000. 00 on the $50, 000. 00 Sewer Improvement Bonds.
If the bidder to whom the bonds are awarded withdraws its bid
or fails to complete the purchase in accordance with the terms
hereof, the Issuer shall have the right in its sole discretion
to elect to treat the bid security either as liquidated dama-
ges or as a credit against the Issuer' s claim for actual dama-
ges occasioned thereby. Checks of unsuccessful bidders will
be returned promptly.
Form of Bids: All bids shall be unconditional except as
provided in this notice, for an entire issue of bonds and
shall specify the rate or rates of interest in conformity to
the limitations of the following paragraph, and all other
things being equal, the bid at par and accrued interest and
bid for the lowest interest rate will be given preference.
Bids must be submitted on or in substantial compliance with
the official bid form provided by the Issuer. The bonds will
be awarded to the bidder offering the lowest interest cost,
which will be determined by aggregating the interest payable
by the Issuer over the life of the bonds in accordance with
the terms of each bid presented, and deducting therefrom the
premium, if any, stipulated in said proposal .
Rates of Interest: The rates of interest specified in the
bidder' s proposal must conform to the limitations following:
1 . All bonds of each annual maturity must bear the same
interest rate.
2. No bond shall bear more than one interest rate and no
bid calling for supplemental coupons will be accepted.
3 . Rates of interest bid must be in multiples of one-
eighth or one-twentieth of one percent.
Delivery: The bonds will be delivered, without expense to
the purchaser at any mutually acceptable bank and trust com-
pany at any place in the continental United States, against
full payment in immediately available cash or federal funds .
The bonds are expected to be delivered within thirty days
after the sale. Should delivery be delayed beyond sixty days
from date of sale for any reason except failure of performance
by the purchaser, the purchaser may withdraw his bid and
thereafter his interest in and liability for the bonds will
cease. (When the bonds are ready for delivery, the Issuer may
give the successful bidder five working days notice of the
delivery date and the Issuer will expect payment in full on
that date, otherwise reserving the right at its option to
determine that the bidder has failed to comply with the offer
of purchase. )
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AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA
CUSIP Numbers: The bonds will be printed without CUSIP
numbers, unless requested by the purchaser who must agree in
his bid proposal to pay the cost thereof and to waive any
extension of delivery time due to the use of said numbers . In
no event will the Issuer be responsible for or Bond Counsel
review or express any opinion of the correctness of such
numbers, and incorrect numbers on said bonds shall not be
cause for the purchaser to refuse to accept delivery of said
bonds .
Legal Opinion: Said bonds will be sold subject to the
opinion of Ahlers, Cooney, Dorweiler, Haynie & Smith,
Attorneys of Des Moines, Iowa, as to the legality and their
opinion will be furnished together with the printed bonds
without cost to the purchaser and all bids will be so
conditioned. Except to the extent necessary to issue their
opinion as to the legality of the bonds, the attorneys will
not examine or review or express any opinion with respect to
the accuracy or completeness of documents, materials or state-
ments made or furnished in connection with the sale, issuance
or marketing of the bonds . The opinion will be printed on the
back of the bonds .
Rights Reserved: The right is reserved to reject any or
all bids, and to waive any irregularities as deemed to be in
the best interests of the public.
By order of the City Council of the City of Waterloo,
Iowa.
ir��/ ..-Z--(9-)
Clo he City o
W :a)- E:1/-
1 5, Iowa , L y P . Burger
(End of Notice)
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AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA
PASSED AND APPROVED this 23rd day of March
1981 .
Mayor, Leo P . Ro
ATTEST:
Clerk , L y P. Bur r
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AHLERS, COONEY, DORWEILER, HAYNIE&SMITH. LAWYERS, DES MOINES, IOWA
CiG-3-1-79
CERTIFICATE
STATE OF IOWA )
SS.
COUNTY OF BLACK HAWK• )
I, the undersigned City Clerk of Waterloo
Iowa, do hereby certify that attached is a true and, complete
copy of the portion of the corporate records of said Municipality
showing proceedings of the Council, and the same is a true
and complete copy of the action taken by said Council with
respect to said matter at the meeting held on the date
indicated in the attachment, which proceedings remain in
full force and effect, and have not been amended or rescinded
in any way; that meeting and all action thereat was duly and
publicly held in accordance with a 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 local rules of the
Council and the p ov ,,_. .s oz C.. :� _ ._k A, Code of Iowa,
upon reasonable advance notice to the public and media at
least twenty-four hours prior to the commencement of the
meeting as required by said law and with members of the
public present in attendance; I further certify that the
individuals named therein were on the date thereof duly and
lawfully possessed of their respective city offices as
indicated therein, that no council vacancy existed except as
may be stated in said proceedings, and that no controversy
or litigation is pending, prayed or threatened involving the
incorporation, organization, existence or boundaries of the
City or the right of the individuals named therein as officers
to their respective positions.
WITNESS my hand and theeal of said nice ity
hereto affixed this � 4',s day of �
19 81 .
•
/21A11°."
Clerk f t ity o a oo , Iowa
SEAL
AHLERS, COONEY, DORWEILER. HAYNIE&SMITH. LAWYERS, DES MOINES. IOWA
STATE OF IOWA )
SS
COUNTY OF BLACK HAWK )
I, Larry P. Burger , do hereby certify that
I am now and was at the times hereinafter mentioned, the
duly qualified and acting Clerk of the City of Waterloo
in the County of Black Hawk , State of Iowa, and that as
such Clerk of said City and by full authority from said City
Council, I have caused a
NOTICE OF BOND SALE
of which the clipping annexed to the publisher' s affidavit
hereto attached is in words and figures a correct and complete
copy, to be published in Waterloo Courier , a legal
newspaper published regularly and mailed through the post office
of current entry for more than two years and which has had for
more than two years a bonafide paid circulation recognized by
the postal laws of the United States, and which is published
in said W (County) and has a general circulation therein,
and that said Notice was published in said newspaper in all of
the issues thereof published and circulated on each of the
following dates :
March 27 , 1981
April 3 , 1981
WITNESS my official signature at Waterloo
Iowa, this 151 )-` day of I11 a r e. , 19 81.
44-te /2 '
__::)
ty Cler, rry P. Burger
AHLERS, COONE'Y, DOI:WEILER, HAYNIE & SMITH, LAWYERS, DES MOINES, IONA