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HomeMy WebLinkAbout26216-03.12.1979 Resolution hereinafter set out entitled "RESOLUTION PROVID FOR THE -,1„ SUANCE OF $180 , 000. 00 STREET IMPROVEMENT BOND. , and moved that . e same be adopted. Council Member _ seconded the m• _ 'on to adopt. The roll was ca -d and the vote was as follow AYES : -41011, NAY-5: - rez z z- =fries=_r ia; 4.1=t3mmzlie ¢tatd==dreL.1t_arirgt -wear.E1-44-ess== RESOLUTION NO. ce F y 1978 PAVING PlipaTI (CONTRACT NO. RESOLUTION PROVIDING FOR THE ISSUANCE OF $180,000 . 00 STREET IMPROVEMENT BONDS WHEREAS, on June 5 , 1978, the City of Waterloo, Iowa, entered into contract with Cedar Valley Corporation of Waterloo, Iowa, for the construction of the "Waterloo, Iowa, F.Y. 1978 Paving Program - Contract No. 162" , hereinafter sometimes referred to as the "project" , within the City; and WHEREAS, the construction of said improvement has been completed and was, by resolution of this Council duly passed and approved on October 23, 1978, accepted as having been constructed in accordance with the plans, specifications and contract; and WHEREAS, the Council did on November 20, 1978 , by a reso- lution duly adopted, levy and assess a special tax on all of the abutting and adjacent property within the benefited area of the "Waterloo, Iowa, F.Y. 1978 Paving Program - Contract No. 162" , and against the owners thereof in the sum of $275, 325. 69, being the portion of the cost of said improvement assessable against said benefited property, and a certificate of the levy of said tax, certified as correct by the Clerk, has been filed with the County Auditor of Black Hawk County, Iowa; and • WHEREAS, of the aforesaid assessment of tax there remain unpaid following the initial collection period assessments , 2 AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA after provision for a default fund, in total sum not less than the principal amount of the bonds hereinafter authorized as to the legality or regularity of the assessment of which no appeals have been taken, and which assessments are payable in equal annual installments payable during the month of September in each year as set forth in Section 1 hereof; and WHEREAS, it is necessary that Bonds be issued in antici- pation of the collection of said unpaid special assessments in order to provide funds for the present payment of the proper costs of said improvement project. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA: Section 1. That the said assessments heretofore levied on the property subject to assessment for the construction of said improvements and benefited by the improvement heretofore authorized and ordered to be made shall be and are hereby directed to be paid in ten equal annual installments in the same manner as the September semiannual payment of ordinary taxes as follows: First installment with the semiannual payment of taxes in September, 1979 Second installment with the semiannual payment of taxes in September, 1980 Third installment with the semiannual payment of taxes in September, 1981 Fourth installment with the semiannual payment of taxes in September, 1982 Fifth installment with the semiannual payment of taxes in September, 1983 Sixth installment with the semiannual payment of taxes in September, 1984 Seventh installment with the semiannual payment of taxes in September, 1985 Eighth installment with the semiannual payment of taxes in September, 1986 3 AHLERS, GOONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA Ninth installment with the semiannual payment of taxes in September, 1987 Tenth installment with the semiannual payment of taxes in September, 1988 Said unpaid assessments and each installment thereof shall be payable at the office of the County Treasurer of said County, on or before the time above set forth, and each installment shall include interest on the unpaid balance of the assessment from and after the date of acceptance of the improvements for which the assessment is made, not only until paid but also until the date of maturity of the bonds issued (as hereinafter provided) for the amount of such installments, at the rate of seven per centum per annum, with the September payment of ordinary taxes in each year, and the County Treasurer shall compute and shall collect such interest com- puted to the 1st day of December next succeeding the maturity of such installments. Section 2. In anticipation of the collection of the several installments of said assessments and in order to pro- vide presently for the necessary funds to pay a part of the cost of the construction of said improvements, there shall be and there are hereby ordered issued Street Improvement Bonds of said City in the aggregate amount of $180, 000. 00 . Said bonds shall consist of 36 in number, numbered from 1 to 36, both numbers inclusive, which bonds shall be in the denomina- tion of $5, 000 . 00 each. All bonds shall bear date of the 1st day of March, 1979, and shall become due and payable in their numerical order and bear interest as follows: Bond Interest Principal Maturity Numbers Rate Amount (Dec. 1st) 1 - 3 5 . 00% $15 , 000 1979 4 - 6 5. 00% $15, 000 1980 7 - 9 5. 00% $15 , 000 1981 10 - 12 5. 00% $15, 000 1982 13 - 16 6. 00% $20 , 000 1983 17 - 20 6. 00% $20, 000 1984 21 - 24 6. 00% $20 , 000 1985 25 - 28 6. 00% $20,000 1986 29 - 32 6. 50% $20, 000 1987 33 - 36 7. 00% $20 , 000 1988 4 AHLERS, COONEY, DORWEILER, HAYNIE&SMITH. LAWYERS, DES MOINES, IOWA Bonds maturing after the first optional redemption date may be called for redemption prior to maturity by notice published in a newspaper of general circulation in Waterloo, Iowa, not less than ten days prior to the date of such redemp- tion. The City may also give such notice as it may deem appropriate to the original purchaser of the bonds. The City shall have the right to call said bonds for prepayment in numerical order on or within 45 days after December 1, 1979, or any succeeding interest payment date at par and accrued interest. Said bonds shall be payable only out of special assessments levied to pay a part of the cost of the aforesaid Project. Interest on said bonds shall be payable annually, on the 1st day of December in each year, commencing with the year 1979, which said interest shall be evidenced by coupons attached to each of said bonds. Both principal and interest of said bonds shall be payable in lawful money of the United States of America, at the office of the Treasurer of the City. Section 3. The said bonds shall be negotiable and the bonds and coupons evidencing the interest thereon, shall be in form and recitals substantially as follows: ( FORM OF BOND) UNITED STATES OF AMERICA STATE OF IOWA COUNTY OF BLACK HAWK CITY OF WATERLOO STREET IMPROVEMENT BOND ( CONTRACT NO. 162) No. $5,000. 00 The City of Waterloo, in the State of Iowa, promises to pay as hereinafter stated, to the bearer hereof, on the 1st day of December, 19 , the sum of FIVE THOUSAND DOLLARS, with interest thereon at the rate of % per annum, payable annually on the 1st day of December in each year, commencing with the year 1979, on presentation and surrender of the interest coupons hereto attached as they severally become due. Both principal and interest of this bond are payable at the 5 AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA office of the City Treasurer in Waterloo, Iowa. This bond is issued by the City of Waterloo, Iowa, under and by vir- tue of Section 384. 68 of the City Code of Iowa, and a resolu- tion of the Council of said City duly passed. This bond is one of a series of bonds of like tenor and date, except maturity and interest rate, numbered from 1 to 36, both numbers inclusive, in the amount of $5, 000 . 00 each, and is issuedfor the purpose of defraying a part of the cost of construction of the "Waterloo, Iowa, F.Y. 1978 Paving Program - Contract No. 162" , within the City, which cost is payable by the benefited property abutting and adjacent to said improvement project and made by law a lien on all said property. Said assessment is payable in ten equal annual installments with interest on all deferred payments at the rate of seven per centum per annum. This bond and the issue of which it is a part are payable only out of the Fund created by the collection of said special tax, and said Fund can be used for no other purpose. The City reserves the right and option of calling and redeeming any or all of the bonds of the series of which this bond is one, maturing after December 1, 1979 , on or within 45 days after said date or any succeeding interest payment date, in numerical order, notice of such redemption to be given by publication in a newspaper of general circulation in Waterloo, Iowa, not less than ten days prior to the date fixed for redemption, and thereafter the bonds so called for payment shall cease to draw interest from said date for redemption. It is hereby certified and recited that all the acts, con- ditions and things required to be done precedent to and in the issuing of this series of bonds have been done, happened and performed in regular and due form as required by law and said resolution, and for the assessment, collection and payment hereon of said special tax, the full faith and diligence of said City of Waterloo, Iowa, are hereby irrevocably pledged. IN TESTIMONY WHEREOF, said City by its Council, has caused this bond to be signed by its Mayor and countersigned by its Clerk, with its corporate seal affixed, and the coupons hereto attached to be executed with the facsimile signature of said Clerk, which official by the execution of this bond does adopt 6 AHLERS, COONEY. DORWEILER. HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA the facsimile signature appearing on said coupons , all this 1st day of March, 1979. Mayor COUNTERSIGNED: City Clerk (FORM OF COUPON) On December 1 , 19 , unless said bond shall have been sooner called for payment, the City of Waterloo, Iowa, promises to pay to bearer as provided in said bond, the sum of $ at the office of the City Treasurer, Waterloo, Iowa, `�— being months ' interest due that day on its Street Improvement Bond, dated March 1, 1979, No. City Clerk ( FORM OF CERTIFICATE TO BE PRINTED ON THE BACK OF EACH BOND) STATE OF IOWA ) I COUNTY OF BLACK HAWK ) SS CERTIFICATE CITY OF WATERLOO ) I hereby certify that the within bond has been registered in a book for that purpose in my office as of the 1st day of March, 1979. City Treasurer of Waterloo, Iowa Section 4 . Each of said bonds shall be signed by the Mayor and countersigned by the Clerk, and sealed with the cor- porate seal of said Municipality; and the interest coupons thereto attached shall be attested by the signature of said Clerk, or a facsimile thereof . After being so executed the bonds shall be delivered to the City Treasurer to be 7 AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA registered in a book maintained for that purpose and thereafter delivered to the purchaser thereof. Section 5 . The City represents that the proceeds of said bonds will be applied to the payment of contract substantially performed and completed prior to the delivery of said bonds and undertakes that it will not invest, directly or indirectly, the available proceeds of said issue of bonds at a yield higher than the yield of said bonds , as said terms are defined in Section 103(c) of the Internal Revenue Code of the United States and regulations issued thereunder. The City Treasurer is authorized to execute an Arbitrage Certificate to evidence circumstances reasonably anticipated on behalf of the City as of the date of delivery of said bonds to the purchaser against payment therefor. Section 6 . That there will be printed on the back of each bond herein authorized to be issued, a copy of the legal opi- nion of Ahlers, Cooney, Dorweiler, Haynie & Smith, Attorneys , of Des Moines, Iowa, under the certificate of the Clerk cer- tifying the same as being a true copy thereof , said cer- tificate to bear the facsimile signature of said Clerk. Section 7 . This resolution is adopted pursuant to Section 384. 68, City Code of Iowa, and nothing herein shall be construed as in conflict therewith. All resolutions and ordi- nances, or parts of resolutions and ordinances in conflict herewith shall be and the same are hereby repealed. PASSED AND APPROVED this 12th day of March 1979. Mayor ATTEST: City Clerk 8 AHLERS, COONEY, DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA PASSED AND APPROVED, this 12th day of March 1979. Mayor ATTEST: Clerk AHLERS, COONEY, DORWEILER, HAYNIE> SMITH, LAWYERS, DES MOINES, IOWA