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HomeMy WebLinkAbout26245-04.09.1979 • Council ricmbcr i ntrndur'ed the following Resolution entitled "RESOLUTION DIRECTING THE ADVERTISE^ ENT FOR SALE OF $33, 000 . 00 SEWER IMPROVEME BONDS" , and` •.ved its adoption. Council Member seconded the mo - ' .n to adopt. The roll was c= ed and the vote was, AYES: • S: 'hereupon, the Uayor 3ecl r 3 I-hp resolution duly adopte s follows: RESOLUTION NO 2 6 2 4 5 HUNr1N(aON ROAD STORM SEWER DISTRICT IMPROVEMENT PROJECT, 1977 (CONTRACT #95) RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $33, 000 . 00 SEWER IMPROVE- MENT BONDS WHEREAS, the City of Waterloo, Iowa, hereinafter some- times referred to as the "City" , is in need of funds to pay a part of the cost of the construction of the "Waterloo, Iowa, Huntington Road Storm Sewer District Improvement Project, 1977 ( Contract #95) " , and it is deemed necessary and advisable that said City should issue its Sewer Improvement Bonds to the amount of $33, 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. 2 AHLERS. GOONEY. DORWEILER. HAYNIE&SMITH. LAWYERS. DES MOINES. IOWA p • 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 to state that this Council on the 7th day of FJay , 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: • • AHLERS, GOONEY,DORWEILER. HAYNIE&SMITH, LAWYERS, DES MOINES, IOWA (Two publications required ) ( CONTRACT #95) 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 , 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 : SEWER IMPROVEMENT BONDS, in the principal amount of $33, 000 . 00, to be dated April 1, 1979 , in the denomination of $1, 000. 00 each, and to mature as follows: Principal Maturity Amount (Dec. 1st) $3, 000 1979 $3, 000 1980 $3, 000 1981 $3, 000 1982 $3, 000 1983 $3,000 1984 $3,000 1985 $4, 000 1986 $4 , 000 1987 $4,000 1988 • AHLERS, COONEY. DORWEILER.HAYNIE&SMITH. LAWYERS. DES MOINES. IOWA 4 • 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, 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, Huntington Road Storm Sewer District Improvement Project, 1977 (Contract #95) " . 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. 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 exceeded. No rate of interest named shall be more than two percent higher than the lowest rate of interest named. AHLERS. GOONEY. DORWEILER, HAYNIS&SMITH. LAWYERS, DES MOINES. IOWA • • 5. Coupon rates 'of interest named shall not exceed four 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. 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. AHLERS, COONEY. DORWEILER, HAYNIE&SMITH, LAWYERS, DES MOINES. IOWA 6 • J V • By order of the Council of the City of Waterloo, Iowa. Clerk of the City of Waterloo, Iowa ( End of Notice) • • AHLERS, COONEY. DORWEILER, HAYNI,&SMITH. LAWYERS, DES MOINES, IOWA PASSED AND APPROVED, this 9th day of April 1979. Mayor ATTEST: • Clerk AHLERS. GOONEY. DORWEILER, HAYNIE t SMITH. LAWYERS. DES MOINES, IOWA