HomeMy WebLinkAbout26148-01.11.1979 RESOLUTION NO. 2 6 1 4 8
A RESOLUTION providing for the
issuance of $4 ,985,000 Corporate
Purpose Bonds and providing for the
levy of taxes to pay the same.
WHEREAS it is necessary and for the best interests of the
City of Waterloo, Iowa, and its inhabitants that certain streets
be paved and other street improvements be constructed in said
City and the estimate of said paving and street improvements
aggregates $535 ,000 , and these improvements constitute an "essential
corporate purpose" within the meaning of Section 384 . 24 (3a) of the
Code of Iowa, 1977, as amended, and it is proposed that the cost
thereof be paid through the issuance of General Obligation Bonds of
the City; and
WHEREAS it is necessary and for the best interests of the
City of Waterloo, Iowa, and its inhabitants that works and facilities
useful for the collection and disposal of sewage in a sanitary manner
and for the collection and disposal of surface waters be constructed
in and for said City and the estimated cost of such sanitary and
storm sewer works and facilities is $75 ,000 and the construction
thereof constitutes an "essential corporate purpose" within the
meaning of Section 384 . 24 (3d) of the Code of Iowa, 1977 , as amended,
and it is proposed that the cost thereof be paid through the
issuance of General Obligation Bonds of the City; and
WHEREAS it is necessary and for the best interests of the
City of Waterloo, Iowa, and its inhabitants that real and personal
property useful for the protection of property in said City from
the effects of flood waters be acquired, constructed and improved
and it is estimated that the cost thereof will aggregate $725 ,000
and the acquisiton, construction and improvement of such property
constitutes an "essential corporate purpose" within the meaning of
Section 384 . 24 (3i) of the Code of Iowa, 1977 , as amended, and it
is proposed that the cost thereof be paid through the issuance of
General Obligation Bonds of the City; and
WHEREAS a notice of the intention of this City Council
to take action for the issuance of $1, 335 ,000 Corporate Purpose
Bonds to pay the cost of paving and other street improvements to
the amount of $535,000 , sanitary and storm sewer works and
facilities to the amount of $75,000 , and flood protection property
to the amount of $725 ,000 , has heretofore been duly published, and
a public hearing has been held on the issuance of said Corporate
Purpose Bonds and no oral or written objections have been filed or
made; and
WHEREAS at an election duly called and held on the 8th
day of November, 1977 over 60% of the qualified voters of the City
of Waterloo, Iowa voting thereon approved the proposition of
issuing bonds in an amount not exceeding $3, 650 , 000 for the purpose
of acquiring the old Post Office Building located at the corner
of West Park Ave. and Commercial Street in said City and reconstruct-
ing, equipping and improving that building for use as a Public
Library; and
WHEREAS under the provisions of Section 384 . 28 of the
Code of Iowa, 1977, as amended, separate categories of essential
corporate purposes and general corporate purposes may be
incorporated in a single issue of bonds and authorized pursuant
to a single resolution of the City Council, and it is necessary
and for the best interests of said City that all of said bonds be sold
and issued as a single issue of $4 ,985 ,000 Corporate Purpose Bonds;
NOW, THEREFORE, Be It Resolved by the City Council of the
City of Waterloo, Iowa, as follows :
Section 1. That pursuant to and as authorized by Sections
384. 23 et seq. of the Code of Iowa, 1977 , as amended, there shall
be and there is hereby ordered issued the negotiable Corporate
Purpose Bonds of said City of Waterloo in the principal amount of
Four Million Nine Hundred Eighty-five Thousand Dollars ($4 ,985, 000),
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said bonds to be nine hundred ninety-seven (997) in number, be
numbered consecutively from 1 to 997 , both numbers included, of the
denomination of $5 ,000 each, and to be dated February 1, 1979 .
That the bonds of said issue shall bear interest from the date
thereof at the rates hereinafter specified, such interest being
payable November 1, 1979 , 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 signature of the City Clerk and said City Clerk,
by the execution of said bonds, shall adopt as and for her proper
signature her facsimile signature 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 :
Year Amount Bond Numbers Rate of Interest
1981 $135, 000 1- 27 6«3/4
1982 200 ,000 28- 67 6.3/4 %
1983 250 ,000 68-117 6-3/4 %
1984 300 , 000 118-177 6.40 %
1985 350 , 000 178-247 5.1/4 %
1986 400 ,000 248-327 5-1/4
1987 450 ,000 328-417 5.30 %
1988 500 ,000 418-517 5.30 %
1989 600, 000 518-637 5°30 %
1990 600 ,000 638-757 5.30 %
1991 600 ,000 758-877 5°30
5.30 %
1992 600 ,000 878-997
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Section 2 . That each of said bonds be subject to
registration 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 transferred 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
CORPORATE PURPOSE 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 interest on
said sum from the date hereof at the rate of per cent
( %) per annum, payable November 1, 1979 and semiannually
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
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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 Sections 384 . 23 et seq. and Chapter 76 of the Code
of Iowa, 1977 , and all laws amendatory thereof and supplementary
thereto, and in conformity with a resolution of the City Council
of said City duly passed, approved and recorded, for various
essential and general corporate purposes in said City.
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 principal
and interest; and that the total indebtedness of said City, including
this bond, does not exceed any constitutional or statutory 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 transfer 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.
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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 signature of said City
Clerk, which official by the execution of this bond does adopt as
and for her proper signature her facsimile signature appearing on
said coupons, all the first day of February, 1979 .
Mayor of the City of Waterloo, Iowa
Attest:
City Clerk of the City of Waterloo, Iowa
(Form of Coupon)
No. $
On , 19 , the City of Waterloo, in Black
Hawk County, Iowa, will pay to bearer at the office of the City
Treasurer, Waterloo, Iowa, the amount shown hereon, for interest
due that date on its Corporate Purpose Bond, dated February 1 , 1979 ,
No.
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:
City Treasurer' s Certificate
The issue of this bond has been duly
and properly recorded in my office as of the
first day of February, 1979 .
Treasurer of the City of Waterloo,
Iowa
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Section 4 . That said bonds be executed as herein provided
as soon after the adoption of this resolution 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 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, all action heretofore taken in connection with
the sale and award of said bonds being 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. Said City of Waterloo certifies and
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 derived from the
prcceeds 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 (c) of the Internal Revenue
Code of 1954 , as amended, and any lawful regulations promulgated
or proposed thereunder, including Sections 1. 103-13, 1. 103-14 and
1. 103-15 of the Income Tax Regulations, as the same presently
exist, or may from time to time hereafter be amended, supplemented
or revised. The City 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 (c) 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 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. The Mayor or the City Clerk be and is
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hereby authorized and directed to execute and deliver, for and on
behalf of said City of Waterloo, in connection with the delivery
of said bonds to the purchaser thereof, such certificate or
certificates as shall be appropriate to demonstrate that said
bonds are not arbitrage bonds.
Section 6 . That as required by Chapter 76 of the Code
of Iowa and for the purpose of providing for the levy and
collection 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:
In the year 1979 for collection in the fiscal year
ending June 30 , 1980 , a tax sufficient to produce
the sum of $ 344,516o96for interest;
In the year 1980 for collection in the fiscal year
ending June 30 , 1981, tax sufficient to produce
the sum of $ 410,612fo' principal and interest;
In the year 1981 for collection in the fiscal year
ending June 30 , 1982 , a tax sufficient to produce
the sum of $ 4669500 for principal and interest;
In the year 1982 for collection in the fiscal year
ending June 30 , 1983, a tax sufficient to produce
the sum of $ 503,,000 for principal and interest;
In the year 1983 for collection in the fiscal year
ending June 30 , 1984 , a tax sufficient to produce
the sum of $ 536,125 for principal and interest;
In the year 1984 for collection in the fiscal year
ending June 30 , 1985 , a tax sufficient to produce
the sum of $ 566,925 for principal and interest;
In the year 1985 for collection in the fiscal year
ending June 30 , 1986 , a tax sufficient to produce
the sum of $ 5982550 for principal and interest;
In the year 1986 for collection in the fiscal year
ending June 30 , 1987 , a tax sufficient to produce
the sum of $ 6279550 for principal and interest;
In the year 1987 for collection in the fiscal year
ending June 30 , 1988 , a tax sufficient to produce
the sum of $ 653_1,700 for principal and interest;
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In the year 1988 for collection in the fiscal year
ending June 30 , 1989 , a tax sufficient to produce
the sum of $ 727,200 for principal and interest;
In the year 1989 for collection in the fiscal year
ending June 30, 1990 , a tax sufficient to produce
the sum of $ 695,400 for principal and interest;
In the year 1990 for collection in the fiscal year
ending June 30 , 1991, a tax sufficient to produce
the sum of $ 6632600 for principal and interest;
In the year 1991 for collection in the fiscal year
ending June 30 , 1992 , a tax sufficient to produce
the sum of $ 631,800 for principal and interest;
A certified copy of this resolution shall be filed with
the County Auditor of Black Hawk County and said Auditor shall be
and is hereby instructed in and for each of the years 1979 to
1991, 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 reimbursement
be made to such current funds in the sums thus advanced when the
taxes herein provided shall have been collected.
Section 7 . That this resolution become effective
immediately upon its passage and approval and that all resolutions
or parts thereof in conflict herewith be and the same are hereby
repealed to the extent of such conflict.
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Passed and approved January 11, 1979 .
Mayor
Attest:
City Clerk
Recorded January 11 , 1979 .
City Clerk
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