HomeMy WebLinkAbout2539-09.15.1970 4- 10.16
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ORDINANCE NO. 2 5 3 9
AN ORDINANCE authorizing the issuance of
S1,700,000 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 building
and constructing sewers in and for said City, the cost whereof, to
the amount of One Million Seven Hundred Thousand Dollars (S1,700,000),
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 sucn bonds at this time and notice and
hearing on the initiation of proceedings for such issuance has here-
tofore 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 proposition of
issuing said bonds be submitted to the voters of said City;
NOW, THEEEFORE, 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, 1966, there shall be and there is hereby
ordered issued the negotiable Sewer Bonds of said City of Waterloo
in the principal amount of S1,700,000, said bonds to be three
hundred forty (340) in number, be numbered consecutively from 1 to
340, botn numbers included, of the denomination of 85000 each, and
to be dated September 1, 1970. That the bonds of said issue shall
bear interest from the date thereof at the rates hereinafter speci-
fied, such interest being payable May 1, 1971, and semiannually
thereafter 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 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 November 1 of
each of the respective years and shall bear interest at the rates
as follows :
Bond Rate of
Year Amount Numbers Interest
1971 S100,000 1 - 20 5.00
1972 100,000 21 - 40 . 5J:10
1973 loo,000 41 - 6o 5.00
1974 200,000 61 - 100 5.00 %
1975 200,000 101 - 140 5.00
1976 200,000 141 - 180 5 .00
1977 200,000 181 - 220 5.00
1978 200,000 221 - 260 5.00
1979 200,000 261 - 300 5. 10
1980 200,000 301 - 340 5.20 %
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 (35000) 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 May 1, 1971, and semiannually
thereafter on the first days of November and May 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 provision-
of Section 396.22 and Chapter 76 of the Code of Iowa, 1966, and all
laws amendatory thereof or supplementary thereto, and in conformity
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with an ordinance of the City Council of said City duly passed,
approved, recorded and published, for the purpose of building and
constructing sewers in and for said City.
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 Treasur-r
on the back hereof, and after such registration no transfer hereof,
except upon such books and similarly noted hereon, shall be valid
unless the last registration shall have been to bearer. Registra-
tion hereof shall not affect the negotiability of the coupons
hereto attached which shall continue negotiable by delivery merely.
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 per-
formed 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 prop-
erty of said City are irrevocably pledged for the prompt payment
hereof, both principal and interest; and that the total indebted-
ness of said City, including this bond, does not exceed any
constitutional or statutory limitations.
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
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of this bond do adopt as and for their proper signatures their
respective facsimile signatures appearing on said coupons, all
the first day of September, 1970.
Mayor of the City of Waterloo,
Iowa
Attest :
City Clerk of the City of
Waterloo, Iowa.
(Form of Coupon)
No. S
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 September 1, 1970, No.
Mayor
Attest :
City Clerk
(Form for Registration of Ownership)
Date of Name of Signature of
Registration Registered Owner CityTreasurer
g
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 September, 1970.
Treasurer of the City of Waterloo,
Iowa
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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 purchasers
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 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 outstanding,
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 1970 a tax sufficient to produce the
sum of $ 199,868 for principal and interest;
For the year 1971 a tax sufficient to produce the
sum of S 180,600 for principal and interest;
For the year 1972 a tax sufficient to produce the
sum of $ 175,600 for principal and interest;
For the year 1973 a tax sufficient to produce the
sum of S 270,600 for principal and interest;
For the year 1974 a tax sufficient to produce the
sum of S 260,600 for principal and interest;
For the year 1975 a tax sufficient to produce the
sum of $ 250,600 for principal and interest;
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For the year 1976 a tax sufficient to produce the
sum of S 240,600 for principal and interest;
For the year 1977 a tax sufficient to produce the
sum of $ 230,600 for principal and interest;
For the year 1978 a tax sufficient to produce the
sum of S 220,600 for principal and interest;
For the year 1979 a tax sufficient to produce the
sum of $ 210,400 for principal and interest.
That all action heretofore taken for the levy of taxes
hereinbefore provided to be levied in the year 1970 for collection
in the year 1971 is hereby ratified and confirmed in all respects.
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 1970 to
1979, 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 purpose 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
1 the taxes herein provided shall have been collected.
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 September 15 , 1970.
or
Atte
City Clerk
Recorde September 15 , 1970.
Published September 18 , 1970.
Ca. y Clerk
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Str--326
Db1--12.
STATE OF IOW A, I, __caber ._A_.__l4cC oy
SS
Black Hawk County, Publisher of the Waterloo II1a tn 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 Ordinance No. 2539
ORDINANCE No..25 9 notice was published in the English language only r iiivaly
AN ORDINANCE authorizing the issu-I
pace of rovid na for the�levy ofrtaxesdto Ps Y' once a for consecutive
the same. ,
WHEREAS the City of Waterloo, in thel commencing on the day of 19
'County of Black 'hawk, and State Of,
Iowa, heretofore,plincewith
all ntla to and e, in the issues of September 18, 1970
strict compliance with all laws applicable,
lawfully ordered and provided for build-
Ina and constructing sewers o the In and
for
said City,the co"OTamount of said newspaper, and
of One Million Seven Hundred Thousand P P
Dollars ($1,700,000), is to'be paid by said that the annexed rate of advertising is the regular legal rate of
City as a whole by the issuance of bonds;
and
It is necessary and advis said newspaper, and that the following is a correct bill for pub-
that suciefboe be made foe end
lishing said notice.
issuance of such bonds at this time nndl
notice and ri the
n of
Proceedings for such ri nlssuancehaso here-
tofore been given in manner and form Printer's Bill $ _
required by Chapters 23 and AMA of the
Code of Iowa, and no petition nor pro-I
test has been filed, and no petition has -
been filed reauestina that the proposition _
of Issuing said bonds be submitted to
the voters of said City;
NOW, THEREFORE,of 'Be It Ordained Subscribed and sworn to before a this
loo,Iowa,as follows: _....__
by the'City Council of the City of Water-
Section 1. That pursuant to and as au-
thorized by Section 396.22 of the Cade of of September A. D., 19 70
Iowa, 1966, there shall be and there is
hereby ordered Issued the neaotiaiblesew- �C�fy�(
sew-
er Bonds of said City of Waterloo in the _�.(j x'.
principal amount of'S1,700,000, said bonds r otary Fublla _
to be three hundred forty (340) In num-
ber, be numbered consecutively from 1
nominatioto 340, n numbersh included,
of$5,000each, and to be dat-
ed September 1, 1970. That the bonds of Received of
said issue shall bear interest from thet the sum of
date thereof at the rates hereinafter Dollars
'specified, such interest belna payable
IMay 1, 1971, and semiannually thereaft-
er on the first days of November and: in full for publication of the above notice.
May In each year until the principal there-
at Is paid. Said bonds shall be stoned by
the Mayor and attested by the City Clerk
and the seal of said City affixed, and be Publishers
registered as to issuance by the City
Treasurer and a certificate of such rea-
Iistration endorsed thereon. Interest on
said bonds shall be evidenced by coupons)
thereto attache find maturing on thei
several days when such interest malures,l
which coupons shall be executed with me
facsimile signatures of said offi ois, and