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HomeMy WebLinkAbout26957 RESOLUTION NO. (r 957 RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $290,000.00 STREET IMPROVE- MENT BONDS (CONTRACT #170) , $220,000.00 STREET IMPROVEMENT BONDS (CONTRACT #166) AND $95,000.00 STREET IMPROVEMENT BONDS (CONTRACT #168) 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. 1979 Paving Program No. 2 (Contract No. 170) , and it is deemed necessary and advisable that said City should issue its Street Improvement Bonds (Contract #170) 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, said City hereinafter sometimes referred to as the "City" , is also in need of funds to pay a part of the cost of the Waterloo, Iowa, F.Y. 1979 Paving Program No. 1 , Contract #166, and it is deemed necessary and advisable that said City should issue its Street Improvement Bonds (Contract #166) to the amount of $220,000.00, 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, said City hereinafter sometimes referred to as the "City" , is also in need of funds to pay a part of the cost of the Waterloo, Iowa , San Marnan Drive Paving, 1978 - Contract No. 168, and it is deemed necessary and advisable that said City should issue its Street Improvement Bonds (Contract #168) , to the amount of $95,000.00, 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: Section 1 . That the bonds 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 bonds for two successive weeks in the Waterloo Courier, a legal newspaper, printed wholly in the English language, published in the City of Waterloo, County of Black Hawk, State of Iowa, such newspaper being located in the County where the bonds are to be offered for sale, pursuant to the provisions of Chapter 75 of the Code of Iowa, said notice to state that this Council , on the 19th day of May, 1980, at 7 o'clock P.M. , will hold a meeting to receive and act upon bids for said bonds; said notice to be in substantially the following form: 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 o'clock P.M. , on the 19th day of May, 1980. 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 (CONTRACT #170) , in the principal amount of $290,000.00, to be dated June 1 , 1980, in the denomination of $5,000.00 each, and to mature as follows: Principal Maturity Amount Dec. 1st $25,000 1980 $25,000 1981 -2- Principal Maurity Amount Cont. Dec. 1st Cont. $30,000 1982 $30,000 1983 $30,000 1984 $30,000 1985 $30,000 1986 $30,000 1987 $30,000 1988 $30,000 1989 Optional Redemption: All bonds due after December 1 , 1980, 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 constitute a general obligation but shall be payable only from the special fund created by assessments to property benefited by Waterloo, Iowa, F.Y. 1979 Paving Program No. 2 (Contract No. 170) . Interest: Interest on said bonds will be payable on December 1 , 1980, and annually on the 1st day of December thereafter. Principal and interest will be payable at the office of the Treasurer of the City. No bond shall bear interest at a rate exceeding the highest rate permitted by law on the date of sale, expressed as a percent per annum. STREET IMPROVEMENT BONDS (CONTRACT #166) , in the principal amount of $220,000.00, to be dated June 1 , 1980, in the denomination of $5,000.00 each, and to mature as follows: Principal Maturity Amount Dec. 1st $20,000 1980 $20,000 1981 $20,000 1982 $20,000 1983 $20,000 1984 $20,000 1985 $25,000 1986 $25,000 1987 $25,000 1988 $25,000 1989 Optional Redemption: All bonds due after December 1 , 1980, 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 constitute a general obligation but shall be payable only from the special fund created by assessments to property benefited by the Waterloo, Iowa, F.Y. 1979 Paving Program No. 1 , Contract #166. Interest: Interest on said bonds will be payable on December 1 , 1980, and annually on the 1st day of December thereafter. Principal and interest will be payable at the office of the Treasurer of the City. No bond shall bear interest at a rate exceeding the highest rate permitted by law on the date of sale, expressed as a percent per annum. -3- STREET IMPROVEMENT BONDS (CONTRACT #168) , in the principal amount of $95,000.00, to be dated June 1 , 1980, in the denomination of $5,000.00 each, and to mature as follows: Principal Maturity Amount Dec. 1st $ 5,000 1980 $10,000 1981 $10,000 1982 $10,000 1983 $10,000 1984 $10,000 1985 $10,000 1986 $10,000 1987 $10,000 1988 $10,000 1989 Optional Redemption: All bonds due after December 1 , 1980, will be subject to call prior to maturity in whole or from time to time in part, in num- erical 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 const- itute a general obligation but shall be payable only from the special fund created by assessments to property benefited by the Waterloo, Iowa, San Marnan Drive Paving, 1978 - Contract No. 168. Interest: Interest on said bonds will be payable on December 1 , 1980, and annually on the 1st day of December thereafter. Principal and interest will be payable at the office of the Treasurer of the City. No bond shall bear interest at a rate exceeding the highest rate permitted by law on the date of sale, expressed as a percent per annum, Bid Security: All bids shall be accompanied by a certified 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 Bonds (Contract #170) , in the amount of $4,400.00 on the $220,000.00 Street Improvement Bonds (Contract #166) , and in the amount of $1 ,900.00 on the $95,000.00 Street Improvement Bonds (Contract #168) . The proceeds of said check will be forfeited as liqui- dated damages in case the bidder to whom said bonds are awarded should withdraw his bid or fail to complete his purchase in accordance with the terms thereof. 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. 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. 4. The maximum coupon rate of interest shall not be exceeded. -4- Delivery: The bonds will be delivered, without expense to the purchaser at any mutually acceptable bank and trust company at anywhere 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 with- draw 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. ) 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 num- bers. 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 num- bers 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 statements 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. /71P Cl k of e City of Waterlo , Iowa PASSED AND APPROVED this 28th day of April , 1980. Mayor ATTEST: /1012