HomeMy WebLinkAbout2540-09.15.1970 y- 1 4.
f V
W.l
ORDINANCE NO. 2 5 4 0
AN ORDINANCE authorizing the issuance
of S1,000,000 Sewage Treatment Plant
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 improv-
ing the municipal sewer outlet and purifying plant in and for said
City, the cost whereof to the amount of One Million Dollars
(S1,000,000) , 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, there shall be and there is hereby
ordered issued the negotiable Sewage Treatment Plant Bonds of said
City of Waterloo, in the principal amount of $1,000,000, said bonds
to be 200 in number, be numbered consecutively from 1 to 200, both
numbers included, of the denomination of S5000 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 specified,
such interest being payable May 1, 1971, and semiannually thereafte ,
on the first days of November and May in each year until the princi-
pal 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 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
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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 S30,000 1 - 6 6.00 %
1972 45,000 7 - 15 6.00
1973 45,000 16 - 24 6.00 %
1974 50,000 25 - 34 6.00
1G75 50,000 35 - 44 5.00
1976 50,000 45 - 54 5.00
1977 50,000 55 - 64 5.00
1978 50,000 65 - 74 5.00
1979 50,000 75 - 84 5.40
1980 50,000 85 - 94 5.40
1981 55,000 95 - 105 5.40
1982 60,000 106 - 117 5.50
1983 60,000 118 - 129 5.80
1984 65,000 130 - 142 5.80
1985 70,000 143 - 156 5.80
1986 70,000 157 - 170 6.00
1987 75,000 171 - 185 6 .00 %
1988 75,000 186 - 200 6.00
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 ;
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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 pay-
able 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
SEWAGE TREATMENT PLANT 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 (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,
1971, 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
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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 and supplementary thereto, and in conformit
with an ordinance of the City Council of said City duly passed,
approved, recorded and published for the purpose of improving the
municipal sewer outlet and purifying plant 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, shal
be valid unless the last registration shall have been to bearer.
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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 September, 1970.
Mayor o e Ci y o er oo,
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 (S ) at the office of the
City Treasurer, Waterloo, Iowa, for interest due that date on its
Sewage Treatment Plant Bond, dated September 1, 1970, 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 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.
Section 4. That said bonds be executed as herein provided
as soon after the adoption of this ordinance as may be and there-
upon they shall be delivered to the Treasurer of said City, who
shall register the fact of the issuance of same in a book provided
for that purpose and shall deliver 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 connection
with the sale and award of said bonds is hereby ratified and con-
firmed 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 1970 a tax sufficient to produce the
sum of S 95,777 for principal and interest;
For the year 1971 a tax sufficient to produce the
sum of S 99,580 for principal and interest;
For the year 1972 a tax sufficient to produce the
sum of $ 96 ,880 for principal and interest;
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For the year 173 a tax sufficient to produce the
sum of S 99,180 for principal and interest;
For the year 1974 a tax sufficient to produce the
sum of $ 96,180 for principal and interest;
For the year 1975 a tax sufficient to produce the
sum of S 93,680 for principal and interest;
For the year 1976 a tax sufficient to produce the
sum of $ 91,180 for principal and interest;
For the year 1977 a tax sufficient to produce the
sum of $ 88,680 for principal and interest;
For the year 1978 a tax sufficient to produce the
sum of $ 86,180 for principal and interest;
For the year 1979 a tax sufficient to produce the
sum of S 83,480 for principal and interest;
For the year 1980 a tax sufficient to produce the
sum of $ 85,780 for principal and interest;
For the year 1981 a tax sufficient to produce the
sum of $ 87 ,810 for principal and interest;
For the year 1982 a tax sufficient to produce the
sum of $ 84,510 for principal and interest;
For the year 1983 a tax sufficient to produce the
sum of S 86 ,030 for principal and interest;
For the year 1984 a tax sufficient to produce the
sum of S 87 ,260 for principal and interest;
For the year 1985 a tax sufficient to produce the
sum of S 83,200 for principal and interest;
For the year 1986 a tax sufficient to produce the
sum of S 84,000 for principal and interest;
For the year 1987 a tax sufficient to produce the
sum of S 79 ,500 for principal and interest.
That all action heretofore taken for the levy of the taxe-
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 1987,
inclusive, to enter for collection and assess the tax hereby author-
ized. When annually entering said taxes for collection, the County
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Auditor shall include the same as a part of the tax levy for debt
service fund purposes of said City, and when collected, the proceed
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
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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.
1 Section 6. That all ordinances, resolutions or parts
' thereof in conflict herewith be and the same are hereby repealed
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to the extent of such conflict.
Passed and approved September 15 , 1970.
�. sr ..v.�,,
ie Mayor
At t,,e t :
4,1,,,1 „ % g, ,4
e'i y Clerk
Recor ed September 15 , 1970.
Pu 4ished September 18 , 1970.
, .teg./ 7,7 -g,")-YNZI
V, City Clerk
LLM:EP -8-
Str--377
mb1--20
ail pCvpztex
STATE OF IOW A., SS Watexloa p• lash
Publisher of th printed in the English
Black Hawk County, a daily newspaper language and published in Waterloo, swear that
Black Hawk County Iowa do solemnly
Igo, 254C _
------------------------------
Ordinance_
only x� g
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- ------------------ -- -
the annexed copy of ------------------- -- -- English language
— notice was published in the L.
ORDINANCE NO. 2540 --_°OII$eC1]t1Ve--------------"'
f
AN Issu-
ance Si 000 n0dputhpoeoage Treatment
once a--------------'------- or of __--_-____-______---------
19______
the
levy of taxes to pay the same. -------day
on the_________ __ _
WHEREAS the City of Waterloo, in the commencing r 18 ,
-� 1970
COVfity m Black Hawk and State of. _________________ and
Iowa, heretofore, pursuant to and In issues of ____-____- newspaper,
strict compliance with all laws applicable,) in the of said
lawfully ordered and provided for im-1 legal rate Of
proving the muni•:t;sndewer"said
and is the regular
--'--"---'---'------
purifying plant in and for said City, rate of advertising for pub-
of the cost whereof to the amount of One that thea correct b
Million Dollars ($1,000,0001, is to be paid annexedand that the following-- s
by said City as a whole by the issuance
of bonds; and said newspaper,
WHEREAS it is necessary and advisable notice. 87 . �- `_,.
that provisions be made'for the issuance lisping said
of such bonds at this time and notice
and hearing on the initiation of pro-
ill $__ _ _
Printer's B' - - ___
been gi for such Issuance has heretofore --
been given in manner anti form re- "`--
auired by Chapters 23 and 408A of the _ __--
been filed requesting That the proposition, - --` __ evil
Code of Iowa, and no petition n r pro-
test has been filed, and no petition has _____ t a}•�
of issuing said bonds be submitted to the to before me `"'i8-_"_ _
voters of said City; and sworn
NOW.THEREFORE,Be It Ordained by Subscribed 7-� 19_70_ �p
the City Council of the City of Waterloo, tiembE'r __A. L f !�
Iowa, as follows: Of ___ -J e f
Section 1. That pursuant To and de ____--- ,,/ W' -:_S+y 1.1/- -' --
--G=O. puhlin
authorized by Section 396.22 a the Code -________ otary
S Iowa, there shall Plant
and there is ____-__-------
hereby ordered issued the negotiable -__---
Sewage Treatment Plant Bonds of said ,���
City of Waterloo, s the principal _ __ -------
amount of $7,000,000, said bonds to be _______---------"-" "
200 in number,be numbered consecutively ------- Dollars
from 1 to 200, both numbers included,
Received o _________-
of The denomination at $5,000 each, and
to be doled September i, interest
That The the
of ---- -- ----- -- - --notice.
bonds of said issue shall bear interest sum the above
tram the date thereof at the rates here- full for publication of
inafter specified, such interest being publication
May 1, 1971, and semiannually in ------ publishers
thereafter on the first days of November ----
and May in each year until the princi-
pal 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 issu-
ance by the City Treasurer and a certifi-
cate of such registration endorsed there-
on. Interest on said bonds shall be evi-
denced by coupons thereto attached and
maturing on the several days when such
interest mature �•" coupons shall
be executed � ' 'e signatures
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