HomeMy WebLinkAbout26176-02.05.1979 RESOLUTION NO. 26176
RESOLUTION DIRECTING THE ADVERTISE-
MENT FOR SALE OF $180, 000 . 00 STREET
IMPROVEMENT BONDS AND $200 , 000 . 00
(F.Y11.978 Pay : t ac t and T i.aigle T rrace
u ur anHeights Sa ita�`y ewer mprovement Prof ct, contract #189)
WHEREAS, the City of Waterloo, Iowa, hereinafter someti-
mes referred to as the "City" , is in need of funds to pay a
part of the cost of the "Waterloo, Iowa, F.Y. 1978 Paving
Program - Contract No. 162" , and it is deemed necessary and
advisable that said City should issue its Street Improvement
Bonds to the amount of $180,000 . 00 , as authorized by Section
384. 68 of the City Code of Iowa, for the purpose of providing
funds to pay the aforesaid costs; and
WHEREAS, before said Improvement Bonds may be issued and
sold it is deemed necessary and appropriate that action be
WHEREAS, the City of Waterloo, Iowa, hereinafter sometimes
referred to as the "City" , is in need of funds to pay a part
of the cost of the "Waterloo, Iowa, Triangle Terrace and
Suburban Heights Sanitary Sewer Improvement Project, 1978 #1
(Contract No. 189 ) " , and it is deemed necessary and advisable
that said City should issue its Sewer Improvement Bonds to the
amount of $200 ,000 . 00, as authorized by Section 384. 68 of the
City Code of Iowa, for the purpose of providing funds to pay
the aforesaid costs; and
WHEREAS, before said Improvement Bonds may be issued and
sold it is deemed necessary and appropriate that action be
taken as hereinafter directed;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA:
Section 1. That the bonds hereinafter described be
offered at public sale, pursuant to advertisement as required
by law.
Section 2. That the Clerk is hereby directed to publish
notice of sale of said bonds for two successive weeks in the
Waterloo Courier , a legal newspaper, printed
wholly in the English language, published in the City of
Waterloo, County of Black Hawk, State of Iowa, such newspaper
being located in the County where the bonds are to be offered
for sale, pursuant to the provisions of Chapter 75 of the Code
of Iowa, said notice td state that this Council on the 26th
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AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA
day of February , 1979, at 7: 00 o'clock P. .M. , will
hold a meeting to receive and act upon bids for said bonds;
said notice to be in substantially the following form:
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AHLERS, GOONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA
(Two publications required)
NOTICE OF BOND SALE
Time and Place of Sale: The sale of bonds of the City of
Waterloo, Iowa, will be held at the Council Chambers, in the
City Hall, in the City of Waterloo, Iowa, at o'clock
.M. , on the day of , 1979 . Sealed
bids will be received at the office of the Clerk and all
sealed bids received prior to the time of the sale will be
referred to the City Council at the meeting then to be held.
After the receipt of such sealed bids , if any, open bids will
be received, and after the close of open bidding, the sealed
bids will be opened and the bonds will then be sold to the
best and most favorable bidder for cash.
The Bonds . The bonds to be offered are the following:
STREET IMPROVEMENT BONDS, in the principal amount
of $180 ,000 . 00 , to be dated March 1, 1979,
in the denomination of $5,000 . 00 each, and
to mature as follows:
Principal Maturity
Amount (Dec. 1st)
$15 ,000 1979
$15, 000 1980
$15, 000 1981
$15, 000 1982
$20, 000 1983
$20, 000 1984
$20, 000 1985
$20, 000 1986
$20 , 000 1987
$20 , 000 1988
Optional Redemption: All bonds due after
December 1, 1979, will be subject to call
prior to maturity in whole or from time to
time in part, in inverse numerical order on
numerical order on or within forty-five days
after said date, at the option of the Issuer,
upon terms of par plus accrued interest to
date of call. Said Improvement Bonds shall
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AHLERS, COONEY, DORWEILER, HAYNIE&SMITH. LAWYERS, DES MOINES, IOWA
not constitute a general obligation, but
shall be payable only from the special fund
created by assessments to property benefited
by the "Waterloo, Iowa, F.Y. 1978 Paving
Program - Contract No. 162" .
Interest: Interest on said bonds will be payable
on December 1, 1979, and annually on the
1st day of December thereafter.
Principal and interest will be payable
at the office of the Treasurer of the City.
No bond shall bear interest at a rate
exceeding seven percent per annum.
SEWER IMPROVEMENT BONDS, in the principal amount
of $200, 000. 00 , to be dated March 1, 1979 ,
in the denomination of $5, 000. 00 each, and
to mature as follows:
Principal Maturity
Amount (Dec. 1st)
$20,000 1979
$20,000 1980
$20, 000 1981
$20 , 000 1982
$20,000 1983
$20, 000 1984
$20, 000 1985
$20 ,000 1986
$20,000 1987
$20, 000 1988
Optional Redemption: All bonds due after December 1,
1979, will be subject to call prior to maturity
in whole or from time to time in part, in
numerical order on or within forty-five days
after said date or any succeeding interest
payment date, at the option of the Issuer,
the Issuer, upon terms of par plus accrued
interest to date of call. Said Improvement
Bonds shall not constitute a general obligation
but shall be payable only from the special fund
created by assessments to property benefited
by the "Waterloo, Iowa, Triangle Terrace and
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AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA
Suburban Heights Sanitary Sewer Improvement
Project, 1978 #1 (Contract No. 189 ) " .
Interest: Interest on said bonds will be payable
on December 1, 1979, and annually on the
1st day of December thereafter.
Principal and interest will be payable
at the office of the Treasurer of the City.
No bond shall bear interest at a rate
exceeding seven percent per annum.
Bid Security: All bids shall be accompanied by a cer-
tified check or a cashier' s check drawn upon a solvent bank
doing business in the United States, in favor of the City, in
the amount of $3, 600. 00 for the Street Improvement Bonds and
in the amount of $4, 000. 00 for the Sewer Improvement Bonds.
The proceeds of said check will be forfeited as liquidated
damages in case the bidder to whom said bonds are awarded
should withdraw his bid or fail to complete his purchase in
accordance with the terms thereof. Checks of unsuccessful
bidders will be returned promptly.
Form of Bids : All bids shall be unconditional except as
provided in this notice, for an entire issue of bonds and
shall specify the rate or rates of interest in conformity to
the limitations of the following paragraph, and all other
things being equal, the bid at par and accrued interest and
bid for the lowest interest rate will be given preference.
The bonds will be awarded to the bidder offering the lowest
interest cost, which will be determined by aggregating the
interest payable by the Issuer over the life of the bonds in
accordance with the terms of each bid presented, and deducting
therefrom the premium, if any, stipulated in said proposal.
Rates of Interest: The rates of interest specified in the
bidder' s proposal must conform to the limitations following:
1. All bonds of each annual maturity must bear the same
interest rate.
2. No bond shall bear more than one interest rate and no
bid calling for supplemental coupons will be accepted.
3 . Rates of interest bid must be in multiples of one-
eighth or one-twentieth of one percent.
4 . The maximum coupon rate of interest shall not be
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AHLERS, GOONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA
exceeded. No rate of interest named shall be more than
two percent higher than the lowest rate of interest named.
5. Coupon rates of interest named shall not exceed six in
number. Repeating a previously named rate shall not be
considered an additional interest rate.
Delivery: The bonds will be delivered at Des Moines ,
Iowa, or at such other place as may be agreed upon with the
successful bidder against full payment in immediately
available cash or federal funds; however, if delivery is
requested and made outside the State of Iowa, the bidder shall
pay the additional expenses of delivery to that place. The
bonds are expected to be delivered within thirty days after
the sale. Should delivery be delayed beyond sixty days from
date of sale for any reason without the fault of the Issuer,
or except failure of performance by the purchaser, the
purchaser may withdraw his check and thereafter his interest
in and liability for the bonds will cease. (When the bonds
are ready for delivery, the Issuer may give the successful
bidder five working days notice /of the delivery date and the
Issuer will expect payment in full on that date, otherwise
reserving the right at its option to determine that the bidder
has failed to comply with the offer of purchase. )
CUSIP Numbers: The bonds will be printed without CUSIP
numbers, unless requested by the purchaser who must agree in
his bid proposal to pay the cost thereof and to waive any
extension of delivery time due to the use of said numbers. In
no event will the Issuer be responsible for or Bond Counsel
review or express any opinion of the correctness of such num-
bers, and incorrect numbers on said bonds shall not be cause
for the purchaser to refuse to accept delivery of said bonds.
Legal Opinion: Said bonds will be sold subject to the
opinion of Ahlers , Cooney, Dorweiler, Haynie & Smith,
Attorneys of Des Moines, Iowa, as to the legality and their
opinion will be furnished together with the printed bonds
without cost to the purchaser and all bids will be so con-
ditioned. Except to the extent necessary to issue their opi-
nion as to the legality of the bonds, the attorneys will not
examine or review or express any opinion with respect to the
accuracy or completeness of documents, materials or statements
made or furnished in connection with the sale, issuance or
marketing of the bonds . The opinion will be printed on the
back of the bonds.
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AHLERS, GOONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES (MINES, IOWA
Rights Reserved : The right is reserved to reject any or
all bids, and to waive any irregularities as deemed to be in
the best interests of the public.
By order of the Council of the City of Waterloo, Iowa.
Clerk of the City of Waterloo,
Iowa
( End of Notice)
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AHLERS, COONEY, DORWEILER. HAYNIE&SMITH. LAWYERS, DES MOINES, IOWA
PASSED AND APPROVED, this 5th day of February
1979.
Mayor
ATTEST:
Clerk
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AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA