HomeMy WebLinkAbout26428-07.23.1979 RESOLUTION NO. 2 6 4 2 8
RESOLUTION to fix a date of meeting at which
it is proposed to institute proceedings for
the issuance of $75, 000 Corporate Purpose
Bonds.
WHEREAS the City of Waterloo, Iowa has established a
transit system in and for said City; and
WHEREAS said transit system constitutes a "city
enterprise" within the meaning of Section 384. 24 of the Code
of Iowa, 1979, as amended; and
WHEREAS it is necessary and for the best interest of
said City and its inhabitants that said transit system be improved
and equipped; and
WHEREAS the improvement and equipping of said transit
system constitutes a "general corporate purpose" within the meaning
of Section 384. 24( 4a) of the Code of Iowa, 1979, as amended; and
WHEREAS it is estimated that the cost of improving
and equipping said transit system aggregates $75, 000, and it is
proposed that the cost thereof be paid through the issuance of
General Obligation Bonds of the City; and
WHEREAS the City of Waterloo, Iowa is a city having a
population of more than five thousand and the amount of General
Obligation Bonds of the City proposed to be issued to finance
the cost of improving and equipping said transit system is not
more than $75, 000; and
WHEREAS it is necessary to fix a date of meeting of
this City Council at which it is proposed to institute proceedings
for the issuance of Corporate Purpose Bonds of the City of Waterloo,
Iowa, in the aggregate amount of $75, 000 to pay the cost of
improving and equipping said transit system and to give notice
as required by Section 384. 26 of the Code of Iowa, 1979, as
amended;
NOW, THEREFORE, Be It Resolved by the City Council of
the City of Waterloo, Iowa as follows :
Section 1. That this Council meet at the Council Chambers
in the City Hall in said City on the 13th day of August , 1979, at
7 :00 o ' clock P.M. , at which time and place proceedings will be
instituted and action taken for the issuance of $75, 000 Corporate
Purpose Bonds to pay the cost of improving and equipping the
transit system in and for said City, as referred to in the
preamble hereof.
Section 2. That the City Clerk is hereby directed to
give notice of the proposed action for the issuance of said bonds,
setting forth the amount and purposes thereof and the time when
and the place where said meeting will be held, by publication at
least once not less than ten (10 ) nor more than twenty ( 20) days
before the date of said meeting in the "Waterloo Daily Courier" ,
a newspaper published and having a general circulation within
said City. Said notice shall be in substantially the following
form:
NOTICE OF MEETING FOR THE ISSUANCE
OF CORPORATE PURPOSE BONDS
The City Council of the City of Waterloo, in Black Hawk
County, Iowa, will meet on the 13thday of Atg ust , 1979, at the
Council Chambers in the City Hall, Waterloo, Iowa, at 7 :00
o ' clock P.M. , at which time and place proceedings will be instituted
and action taken for the issuance of $75, 000 Corporate Purpose
Bonds of said City for the purpose of defraying the cost, to that
amount, of improving and equipping the transit system in and for
said City. The maximum rate of interest which said Corporate
Purpose Bonds are to bear is Seven percent (7%) per annum.
At any time prior to the date fixed for said meeting,
as set forth above, a petition may be filed with the City Clerk
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of the City of Waterloo, Iowa, in the manner provided by Section
362. 4 of the Code of Iowa, 1979, as amended, asking that the
question of issuing said Corporate Purpose Bonds be submitted to
the qualified voters of said City.
By order of the City Council July 23 �979.
City Clerk
Section 3. That all resolutions or parts thereof in con-
flict herewith be and the same are hereby repealed and this resolu-
tion shall be effective forthwith upon its passage and approval.
Passed and approved July 23 , 1979.
Mayor
Attest:
City Clerk
Recorded July 24 1979.
City Clerk
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