HomeMy WebLinkAbout2593-05.01.1972 rfir
ORDINANCE NO.
AN ORDINANCE authorizing the issuance
OT S800,000 Sewer Bonds and providing
for the levy of taxes to pay the same.
WHEREAS the City of Waterloo, in the County of Black Hawk
d State of Iowa, heretofore, pursuant to and in strict compliance
with all laws applicable, lawfully ordered and provided for building,
and constructing certain sewers in and for the City, the cost where
of to the amount of Eight Hundred Thousand Dollars (S800,000), 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, 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 S800,000, said bonds
to be 160 in number, be numbered consecutively from 1 to 160, both
numbers included, of the denomination of $5000 each, and to be date '
May 1, 1972. That the bonds of said issue shall bear interest from
the date thereof at the rates hereinafter specified, such interest
being payable November 1, 1972, 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
J
attested by the City Clerk and the seal of said City affixed, and
be registered as to issuance by the City Treasurer and a certifi-
cate 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
1974 S100,000 1 - 20 4.00
1975 100,000 21 - 40 4.00
1976 100,000 41 - 6o 4.00
4.00
1977100 000 61 80 0
� �
1978 100,000 81 - 100 4.00
1979 100,000 101 - 120 4.00 %
1980 100,000 121 - 140 4. 10
1981 100 000 141 - 160 4.25
9 � %
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
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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 Waterlo. ,
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 Thousan.
Dollars ($5000) on the first day of November, 19 , with interest o
said sum from the date hereof at the rate of
per cent ( %) per annum, payable November 1, 1972, 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
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 provi-
sions of Section 396.22 and Chapter 76 of the Code of Iowa, 1971,
and all laws amendatory thereof and supplementary thereto, and in
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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
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
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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 May, 1972.
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 May 1, 1972, No.
Mayor
Attest :
City Clerk
(Form for Registration of Ownership)
Date of Name of Signature of
Registration Registered Owner City Treasurer
On the back of each bond there shall be endorsed
a
certificate of the City Treasurer in the following form:
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City Treasurer 's Certificate
issue of this bond has been duly ss and
properly registered in my office as of the first
day of May, 1972.
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
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 $ 48,525 for interest;
For the year 1973 a tax sufficient to produce
the sum of $ 132,350 for principal
and interest;
For the year 1974 a tax sufficient to produce
the sum of $ 128,350 for principal
and interest;
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For the year 1975 a tax sufficient to produce
the sum of $ 124,350 for principal
and interest;
For the year 1976 a tax sufficient to produce
the sum of S 120,350 for principal
and interest;
For the year 1977 a tax sufficient to produce
the sum of $ 116,350 for principal
and interest;
For the year 1978 a tax sufficient to produce
the sum of $ 112,350 for principal
and interest;
For the year 1979 a tax sufficient to produce
the sum of S 108,350 for principal
and interest;
For the year 1980 a tax sufficient to produce
the sum of $ 104,250 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
1980, 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
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
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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.
DILL udu i A l i1 16,
Passed and approved April 24, 1972.
Mayor
Attest
City Clerk
{
Recorded April 25 , 1972.
Published April 27 , 1972.
City er
LLM:EP -8-
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STATE OF IOWA, _��
SS �'-f-- (. M(
''etl
Mack Hawk County, Publisher of the Waterloo pailp Courier
a daily newspaper printed in the English
language and published in Waterloo, Black Hawk County, Iowa do solemnly swear that
the annexed copy of & �-ne-r- - 5- J._5
ORDINANCE NO. 2593 notice was published in the English language only rogulasly
AN ORDINANCE authorizing the Issu-I
once of $800, Sewer Bonds and pro- once a for consecutive
viding for the '-es to pay the same.
WHEREAS the City of Waterloo, in the commencingon the dayof 19____
County of Black Hawk and State of
Iowa, heretofore, pursuant to and in �.L, �/7
strict compliance with all taws appiica- in the issues of -!� > f /`
97`Z
ble, lawfully ordered and provided for
building and constructing certain sewers
in and for the City, the cost whereof of said newspaper, and
to the amount of Eight Hundred Thous-
and Dollars ($800,000), is to be paid by that the annexed rate of advertisingis the regular legal rate of
said City as a whole by the issuance of g g
bonds; and
WHEREAS it is necessary and advis-, said newspaper, •and that the folio g-, a correct bill for pub-
able that provisions be made for the
issuance of such bonds at this time and lishing said notice.
notice and hearing on the Initiation of `
proceedings for such issuance has here- PIinter's Bill $__f�1 _ _ //
tofore been given in manner and form ---- '
required by Chapters 23 and 408A of C_
the Code of Iowa, and no petition nor
protest has been filed, and no petition -a ___
has been filed requesting that the propo-
sition of Issuing said bonds be submitted ,
to the voters of said City;
NOW, THEREFORE, Be It Ordained Subscribed and sworn to before me 'this
terioo,
ihS cool b That
opursuan of the Code u-
by the City Council of the City of Wa•I
Section 1. That pursuant to and as au- Of owa, as follows: z,
,,r, A. 1D 19 7v
Iowa, 1971, as amended, there shall be ,may-}—''�J
and there is hereby ordered issued the y_ > _tirA-
negotiable Sewer Bonds of said City of UNotary Public
Waterloo, in the principal amount of
$800,000, said bonds to be 160 In number,
be numbered consecutively from 1 to 160, Received of
both numbers included, of the denomina-
tion of $5,000 each, and to be dated
May 1, 1972. That the bonds of said the sum of
issue shall bear interest from the date Dollars
thereof at the rates hereinafter s{3ecified,
such Interest being payable November in full for publication of the above notice.
1, 1972, 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 Publishers
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 eaidenced by coupons
.thereto attached and maturing on the -- --- - __- - _-- ----