HomeMy WebLinkAbout2663-12.27.1973 ORDINANCE NO. „ & s'3
AN ORDINANCE authorizing the issuance
5Y $410,000 Sewer Bonds and providing
for the levy of taxes to pay the same.
WHEREAS the City of Waterloo, in the County of Black Hawk
and State of Iowa, heretofore, pursuant to and in strict compliance
with all laws applicable, lawfully ordered and provided for build-
ing and constructing certain sewers in and for the City, the cost
whereof to the amount of Four Hundred Ten Thousand Dollars
($410,000) , is to be paid by said City as a whole by the issuance
of bonds; and
WHEREAS it is necessary and advisable that provisions be
made for the issuance of such bonds at this time and notice and
hearing on the initiation of proceedings for such issuance has
heretofore been given in manner and form required by Chapters 23
and 408A of the Code of Iowa, and no petition nor protest has been
filed, and no petition has been filed requesting that the proposi-
tion of issuing said bonds be submitted to the voters of said City;
NOW, THEREFORE, Be It Ordained by the City Council of the
City of Waterloo, Iowa, as follows :
Section 1, That pursuant to and as authorized by Section
396.22 of the Code of Iowa, 1973, as amended, there shall be and
there is hereby ordered issued the negotiable Sewer Bonds of said
City of Waterloo, in the principal amount of $410,000, said bonds
to be 82 in number, be numbered consecutively from 1 to 82, both
numbers included, of the denomination of $5000 each, and to be
dated February 1, 1974. That the bonds of said issue shall bear
interest from the date thereof at the rates hereinafter specified,
such interest being payable November 1, 1974, and semiannually
thereafter on the first days of May and November in each year until
the principal thereof is paid. Said bonds shall be signed by the
Mayor and attested by the City Clerk and the seal of said City
affixed, and be registered as to issuance by the City Treasurer
and a certificate of such registration endorsed thereon. Interest
on said bonds shall be evidenced by coupons thereto attached and
maturing on the several days when such interest matures, which
coupons shall be executed with the facsimile signatures of said
officials, and said Mayor and said City Clerk by the execution of
said bonds, shall adopt as and for their proper signatures their
respective facsimile signatures appearing on said coupons. Both
principal and interest of said bonds shall be payable in lawful
money of the United States of America at the office of the City
Treasurer in and of the City of Waterloo, Iowa. Said bonds shall
become due and payable in their numerical order on May 1 of each of
the respective years and shall bear interest at the rates as
follows:
Bond Rate of
Year Amount Numbers Interest
1976 s60,000 1 - 12 4t
1977 50,000 13 - 22 4k
1978 50,000 23 - 32 44
1979 50,000 33 - 42 44
198o 50,000 43 - 52 4 4 ;o
1981 50,000 53 - 62 4. 10
1982 50,000 63 - 72 4.10
1983 50,000 73 - 82 4.10
Section 2. That each of said bonds be subject to regis-
tration as to principal in the name of the holder on the books of
the City Treasurer, such registration being noted upon each bond
so registered, and after such registration payment of the principal
thereof shall be made only to the registered holder. Any bond so
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registered, upon the request in writing of such holder personally
or by attorney-in-fact, may be transferred either to a designated
transferee or to bearer, and the principal of any bond so trans-
ferred and registered to bearer shall thereupon be and become
payable to bearer in like manner as if such bond had never been
registered. Registration of any bonds as to principal shall not
restrain the negotiability of the coupons thereto attached by
delivery merely.
Section 3. That said bonds, coupons and provisions for
registration be in substantially the following form:
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF IOWA
COUNTY OF BLACK HAWK
CITY OF WATERLOO
SEWER BOND
No. $5000
KNOW ALL MEN BY THESE PRESENTS: That the City of
Waterloo, in the County of Black Hawk and State of Iowa, for value
received, promises to pay to bearer, or if this bond be registered
as to principal, to the registered holder hereof, the sum of Five
Thousand Dollars ($5000) on the first day of May, 19 , with inter-
est on said sum from the date hereof at the rate of
per cent ( %) per annum, payable November 1, 1974, and semi-
annually thereafter on the first days of May and November in each
year until said principal sum is paid, all such interest as may
accrue on and prior to the maturity of this bond to be paid on
presentation and surrender of the interest coupons hereto attached
as they severally mature. Both principal and interest of this bond
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are payable in lawful money of the United States of America at the
office of the City Treasurer in and of the City of Waterloo, Iowa.
This bond is one of a series of bonds issued by the
City of Waterloo pursuant to and in strict compliance with the pro-
visions of Section 396.22 and Chapter 76 of the Code of Iowa, 1973,
and all laws amendatory thereof and supplementary thereto, and in
conformity with an ordinance of the City Council of said City duly
passed, approved, recorded and published for the purpose of build-
ing and constructing sewers in and for said City.
And it is hereby certified and recited that all acts,
conditions and things required by the laws and Constitution of the
State of Iowa to exist, to be had, to be done, or to be performed
precedent to and in the issue of this bond, were and have been
properly existent, had, done and performed in regular and due form
and time; that provision has been made for the levy of a sufficient
continuing annual tax on all the taxable property within said City
for the payment of the principal and interest of this bond as the
same will respectively become due; that the faith, credit, revenues
and resources and all the real and personal property of said City
are irrevocably pledged for the prompt payment hereof, both prin-
cipal and interest; and that the total indebtedness of said City,
including this bond, does not exceed any constitutional or statu-
tory limitations.
This bond is subject to registration as to principal in
the name of the holder on the books of the City Treasurer of said
City, such registration to be evidenced by notation of said
Treasurer on the back hereof, and after such registration no trans-
fer hereof, except upon such books and similarly noted hereon,
shall be valid unless the last registration shall have been to
bearer. Registration hereof shall not affect the negotiability of
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the coupons hereto attached, which shall continue negotiable by
delivery merely,
IN TESTIMONY WHEREOF, said City by its City Council, has
caused this bond to be signed by its Mayor and attested by its
City Clerk, with the seal of said City affixed, and the coupons
hereto attached to be executed with the facsimile signatures of
said Mayor and said City Clerk, which officials by the execution of
this bond do adopt as and for their proper signatures their respec-
tive facsimile signatures appearing on said coupons, all the first
day of February, 1974.
Mayor of the City of Waterloo,
Iowa.
Attest :
City Clerk of the City of
Waterloo, Iowa,
(Form of Coupon)
No. $
On , 19 , the Treasurer of the City of
Waterloo, in Black Hawk County, Iowa, will pay to bearer
Dollars ($ ) at the office of the
City Treasurer, Waterloo, Iowa, for interest due that date on its
Sewer Bond, dated February 1, 1974, No.
Mayor
Attest:
City Clerk
(Form for Registration of Ownership)
Date of Name of Signature of
Registration Registered Owner City Treasurer
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On the back of each bond there shall be endorsed a
certificate of the City Treasurer in the following form:
City Treasurerts Certificate
The issue of this bond has been duly and
properly registered in my office as of the first
day of February, 1974.
reasurer o e -i y o Wa er oo,
Iowa.
Section 4, That said bonds be executed as herein pro-
vided as soon after the adoption of this ordinance as may be and
thereupon they shall be delivered to the Treasurer of said City,
who shall register the fact of the issuance of same in a book pro-
vided for that purpose and shallcbl iver said bonds to the purchaser
as determined by this Council, upon receipt of the purchase price,
the same to be not less than the par value of said bonds with
accrued interest thereon, and all action heretofore taken in connec
tion with the sale and award of said bonds is hereby ratified and
confirmed in all respects.
Section 5. That the principal proceeds of the sale of
said bonds shall be devoted to and used with due diligence for the
completion of the facilities for which said bonds are hereby
authorized to be issued. The Council represents and certifies that :
(1) the said City has heretofore incurred a substan-
tial binding obligation with respect to said facilities; said
binding obligation comprising contracts for materials and for
the construction of the improvements in the amount of not less
than 2-1/2% of the estimated total cost of said facilities;
(2) the City Council expects that over 85% of the spend-
able proceeds of said bonds (including investment proceeds)
will be expended on or before January 1, 1975, for the purpose
of paying the cost of said facilities, said date being within
three years following the date of issue of said bonds;
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(3) work on the said facilities has proceeded and is
expected to proceed with due diligence to completion;
(4) said facilities have not been and are not expected
to be sold or otherwise disposed of in whole or in part prior
to the last maturity of said bonds;
(5) all of the principal proceeds of the bonds are needed
for the purpose stated in the form of bond above set out,
including expenses incidental to such purpose and to the issu-
ance of the bonds; and
(6) to the best of the knowledge and belief of the
Council there are no facts, estimates or circumstances that
would materially change the conclusions and representations
set out in this section.
Said Council also certifies and further covenants with the
purchasers and holders of said bonds from time to time outstanding
that so long as any of said bonds remain outstanding, moneys on
deposit in any fund or account in connection with said bonds,
whether or not such moneys were dervied from the proceeds of the
sale of said bonds or from any other sources, will not be used in
a manner which will cause such bonds to be "arbitrage bonds" within
the meaning of Section 103(d) of the Internal Revenue Code of 1954,
as amended, and any lawful regulations promulgated or proposed
thereunder, including Sections 1.103-13 and 1.103-14 of the Income
Tax Regulations (26 CFR Part 1), as the same presently exist, or
may from time to time hereafter be amended, supplemented or revised.
The Council reserves the right, however, to make any investment of
such moneys permitted by state law if, when and to the extent that
said Section 103(d) or regulations promulgated thereunder shall be
repealed or relaxed or shall be held void by final decision of a
court of competent jurisdiction, but only if any investment made by
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virtue of such repeal, relaxation or decision would not, in the
opinion of counsel of recognized competence in such matters, result
in making the interest on said bonds subject to federal income
taxation.
Section 6. That as required by Chapter 76 of the Code
of Iowa and for the purpose of providing for the levy and collec-
tion of a direct annual tax sufficient to pay the interest on said
bonds as it falls due, and also to pay and discharge the principal
thereof at maturity, there be and there is hereby ordered levied
on all the taxable property within said City a direct annual tax
for each of the years while said bonds or any of them are outstand-
ing, in amounts sufficient for that purpose, and that there be and
there is hereby ivied upon all the taxable property in said City
the following direct annual tax, to-wit :
For the year 1974 a tax sufficient to produce the
sum of S 98,701 for principal and interest;
For the year 1975 a tax sufficient to produce the
sum of $ 64,650 for principal and interest;
For the year 1976 a tax sufficient to produce the
sum of $ 62,525 for principal and interest;
For the year 1977 a tax sufficient to produce the
sum of $ 60,400 for principal and interest;
For the year a tax a l 8 to produce the
y 97
sum of $ 58,275 for principal an interest;
For the year 1979 a tax sufficient to produce the
sum of $ 56,150 for principal and interest;
For the year 1980 a tax sufficient to produce the
sum of $ 54,100 for principal and interest;
For the year 1981 a tax sufficient to produce the
sum of S 52,050 for principal and interest.
A certified copy of this ordinance shall be filed with
the County Auditor of Black Hawk County and said Auditor shall be
and he is hereby instructed in and for each of the years 1974 to
1981, inclusive, to enter for collection and assess the tax hereby
authorized. When annually entering said taxes for collection, the
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County Auditor shall include the same as a part of the tax levy for
debt service fund purposes of said City, and when collected, the
proceeds of said taxes shall be converted into the debt service
fund of said City and set aside therein as a special account to be
used solely and only for the payment of principal and interest of
the bonds hereby authorized and for no other purposes whatsoever.
That the principal or interest coming due at any time
when there are insufficient funds on hand to pay the same be
promptly paid when due from current funds on hand, and reimburse-
ment be made to such current funds in the sums thus advanced when
the taxes herein provided shall have been collected.
That if in any year funds shall be realized from sources
other than the tax above provided which funds shall be properly
applicable to the payment of the principal of and interest on these
bonds, such tax for the succeeding year shall be abated and not
extended for collection to the extent of the funds so available
and actually set aside and pledged for that purpose.
it is hereby declared to be the purpose and intent of
said City to issue the bonds hereby authorized as general municipal
obligations pledging the full faith and credit of said City for
their payment by means of taxation, but at the same time permitting
the pledging and use of funds available from any other source which
may be properly applied to the payment of said principal and interest.
Section 7, That all ordinances, resolutions or parts
thereof in conflict herewith be and the same are hereby repealed
to the extent of such conflict .
Passed and approved December 27, 1973.
'ayor
Attest•
7
c/;
ity Clerk
Recorded December 27 , 1973.
Published December 28 , 1973,
City Clerk
i
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:, ,STATE OF IOWA, Str=407
Black Ha wk County, SS h --------__ _Robert_ ____r 1_ Coy _
Publisher of the Wa#extup _ --
a daily newspaper �Rt��•�OUZICZ
language and published in Waterloo, Black Hawk County, Iowa do sol in the English
the annexed copy of____ ______ -r-q i n a n c e PJ o . 2 6 6 3 solemnly swear that
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notice was published in the English language onI
once a___ Y �R
-------------------for_
____________consecutive
commencing on the_____
----------- day of ------- ------19
in the issues of___ __December 28 , 1973
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sai , an
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er
that the annexed rate of advertising is the regular legalprate of
said newspaper, and that the following is a correct bill for pub-
lishing said notice.
Printer's Bill 97 . 68
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Subscribed and sworn to before a m -e th'is____-28- da
of __ ---Dec-embe_e r --____day
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A. D., 19?3__
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-- - otary Public
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Received of
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the sum of------------------------------------- --- -- - __
in full for publication of the above notice. - Dollars
Publishers