HomeMy WebLinkAbout2578-11.23.1971 ORDINANCE NO. 2 5 7 8
AN ORDINANCE authorizing the issuance
of $300,000 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 Three Hundred Thousand Dollars (S300,000) ,
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 Sec-
tion 396.22 of the Code of Iowa, 1971, 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 S300,000, said
bonds to be 6o in number, be numbered consecutively from 1 to 6o,
both numbers included, of the denomination of S5000 each, and to be
dated November 1, 1971. That the bonds of said issue shall bear
interest from the date thereof at the rates hereinafter specified,
such interest being payable May 1, 1972, and semiannually there-
after on the first days of November and May 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 certif-
icate 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 November 1 of each of the respective years
and shall bear interest at the rates as follows :
Bond Rate of
Year Amount Numbers Interest
1976 S 50,000 1 - 10 3.80
1977 100,000 11 - 30 3.60
1978 150,000 31 - 60 3.60
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
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
e i to r g s red. Registration of anybonds as to principal
p shall not
P
restrain the negotiability of the coupons thereto attached by
delivery merely.
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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. S5000
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 (S5000) on the first day of November, 19 , with
interest on said sum from the date hereof at the rate of
per cent ( %) per annum, payable May 1,
1972, and semiannually thereafter on the first days of November and
May in each year until said principal sum is paid, all such inter-
est 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 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 provisions
of Section 396.22 and Chapter 76 of the Code of Iowa, 1971, and
all laws amendatory thereof and supplementary thereto, and in con-
formity 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.
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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
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 respective
facsimile signatures appearing on said coupons, all the first day
of November, 1971.
Mayor of the City of Waterloo,
Attest : Iowa.
City Clerk of the City of Waterloo,
Iowa.
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i
(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 November 1, 1971, No. •
Mayor
Attest :
City Clerk
(Form for Registration of Ownership)
Date of Name of Signature of
Registration Registered Owner City Teasurer
On the back of each bond there shall be endorsed a
certificate of the City Treasurer in the following form :
City Treasurer 's Certificate
The issue of this bond has been duly and
properly registered in my office as of the first
day of November, 1971.
Treasurer of the City of
Waterloo, 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 shall deliver said bonds to the pur-
chaser as determined by this Council, upon receipt of the purchase
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price, the same to be not less than the par value of said bonds
with accrued interest thereon, and all action heretofore taken in
connection with the sale and award of said bonds is hereby ratified
and confirmed in all respects.
Section 5. 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 levied upon all the taxable property in said City
the following direct annual tax, to-wit :
For the year 1972 a tax sufficient to produce the
sum of S 21,800 for interest;
For the year 1973 a tax sufficient to produce the
sum of $ 10,900 for interest;
For the year 1974+ a tax sufficient to produce the
sum of S 10,900 for interest;
For the year 1975 a tax sufficient to produce the
sum of S 60,900 for principal and interest;
For the year 1976 a tax sufficient to produce the
sum of S 109,000 for principal and interest;
For the year 1977 a tax sufficient to produce the
sum of S 155,400 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 1972 to
1977, inclusive, to enter for collection and assess the tax hereby
authorized. When annually entering said taxes for collection, the
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
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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 6. 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 November 23, 1971.
iC.3'eC�„1—
Mayor
Attest:
City Clerk
Recorded November 23 , 1971.
Published November 29 , 1971.
City Clerk
LLM:F2 -7-
Str--329
Tab-_7
2 i__5
STATE !OF IOWA, I, _ x 't JNicC o�
SS o y
Black Hawk County, Publisher of the Waterloo Pa i ottrier
a daily newspaper printed in the English
language and published in Waterloo, Black Hawk County, Iowa do solemnly swear that
the annexed copy of Ordinance No. 2578
ORDINANCE NO. 2578 notice was published in the English language only YY�yy�y�'y7 i
AN ORDINANCE authorizing the issu-
ance of $300,000 Sewer Bonds and once a
pay heprovidin9samfoe. the levy of taxes to for consecutive
WHEREAS the City of Waterloo, in commencing on the dayof
the County of Black Hawk and State of lg
Iowa, heretofore,
�str(ct compliance with vall�aw5nt ta and in
lawfully ordered and for b applicable, in the issues of November 29 1971
ing and const provided for uild• f
czg
and for the C t in sewers in
st Whereof
the amount of Three Hundred Thousand of said newspaper, and
Dollars ($300,000), is to be paid by said
btdsaand whole by the issuance of that the annexed rate of advertising is the regular legal rate of
WHEREAS It is necessary and advis-
able that provisions be made for the
issuance of such bonds at this time and
notice and hearing on the initiation of lishing said notice. .' ''.
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required for such issuance has here- 69•4O /tofore been given in manner and form Printer's Bill $ 7
required by Chapters 23 and 408A of the
Code of Iowa, and nod
pro-
test has been filed,tinandt petition nor been filed requesting that thepetition has ;of issuinProtted to
g said bonds be submitted to :2-''',...,..„
the voters of said City; -
I NOW, THEREFORE, Be It Ordained
by the City Council of the City of Wat• Subscribed and sworn to before me ti. his 29t
erloo, Iowa, as follows:
Section 1. That pursuant to and as
authorized by Section 396.22 of the of November A. D., 19 71
Code of Iowa, 1971, as amended, there
Shall be and there is hereby ordered C issued the negotiable Sewer Bonds of al ,_„
Cp
said City of Waterloo, in the principal
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amount of $300,000, said bonds to be. lot Public
60 in number, be numbered consecutive-
ly cuded, of the denomination of
from
to 60, both numbers
each, and to be dated November 1, Received of
bear interest
the
from dthe date said ssueofhat
the sum of
the rates hereinafter specified, such Dollars
in full for publication of the above notice.
Interest being payable May 1, 1972, and semiannually thereafter on the first days
of November and May in each year until
the principal thereof ;s paid. Said bonds
shall be signed by the Mayor and at-
tested by the City Clerk and the seal
of said City affixed, and be registered Publishers
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 maturi:g on the several.
days when such interest matures, w