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Home My WebLink About27341 RESOLUTION NO. 27341 A RESOLUTION providing for the issuance of $1, 300,000 Corporate Purpose Bonds and providing for the levy of taxes to pay the same . WHEREAS the City Council of the City of Waterloo, Iowa, did on June 23, 1980, adopt a resolution ordering that at a special City election to be held on August 12, 1980, there be submitted to the voters of said City the proposition of issuing bonds of said City in an amount not exceeding the amount of $1,300,000 for the purpose of reconstructing, improving and equipping the swimming pools owned by and located in said City; and WHEREAS notice of said election and of the submission of said proposition thereat was duly given in the manner and form required by law and said election was legally held and conducted on August 12, 1980, within the proper precincts and at the proper polling places for elections in said City, from seven o' clock A.M. until eight o ' clock P.M. , and at said election on said proposition it was and is hereby found, determined and declared that there were cast 7 ,443 ballots of which 6,469 were cast "Yes" , 945 were cast "No" and 29 were cast blank or defectively marked, and that it has been and is hereby found, determined and declared that the votes cast in favor of said proposition were equal to at least sixty per cent (60%) of the total votes cast for and against the same at said election and said proposition has heretofore been and is hereby declared to have been duly carried and adopted; and WHEREAS none of the bonds so authorized at said election have been issued and it is now necessary that provisions be made for the issuance of all of said bonds; NOW, THEREFORE, Be It Resolved by the City Council of the City of Waterloo, Iowa, as follows : BMX 2 557 Section 1. That it appears from the records of this City Council that it is now authorized to issue bonds of said City in an amount not exceeding the amount of $1, 300,000 for the purpose of reconstructing, improving and equipping the swimming pools owned by and located in said City, as referred to in the preamble hereof, and it is necessary that all of said bonds be issued at this time for the purpose aforesaid. Section 2. That in furtherance of the foregoing there shall be and there is hereby ordered issued the negotiable Corporate Purpose Bonds of said City of Waterloo in the aggregate principal amount of One Million Three Hundred Thousand Dollars ($1,300,000) , said bonds to be two hundred sixty (260) in number, to be numbered consecutively from 1 to 260, inclusive, of the denomination of $5000 each, and to be dated November 1, 1980. That the bonds of said issue shall bear interest from the date thereof at the rates here- inafter specified, such interest being payable May 1, 1981 , and semiannually thereafter on the first days of November and May 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 with the facsimile signature of the City Treasurer of said City. 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 his proper signature his facsimile signature appear- ing 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 numerical order on -2- :Jim( ?36 PACE 5N3 • May 1 of each of the respective years and shall bear interest at the rates as follows : Year Amount Bond Numbers Rate of Interest 1984 $100 ,000 1 - 20 8 .40% 1985 100, 000 21 - 40 8. 40% 1986 100,000 41 - 60 7 .10% 1987 100, 000 61 - 80 7. 10% 1988 200,000 81 - 120 7 .10% 1989 200, 000 121 - 160 7.20% 1990 500 ,000 161 - 260 7 .30% Section 3 . 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 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 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 4 . That said bonds, coupons and provisions for registration be in substantially the following form: -3- OOh' 236 PAGE 9 (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 May 1, 1981, and semiannually thereafter on the first days of November and May 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 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, 1979, and all laws amendatory thereof and supplementary thereto, and as authorized by the requisite majority vote cast at an election legally called and held for that purpose in and for said City and in conformity with a resolution of the City Council of said City duly passed, approved and recorded. —4— erdr 2�r U PAGE 560 It is Hereby Certified and Recited that all acts, con- ditions 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. 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 -5- am 235 HIGE 1 of this bond does adopt as and for his proper signature his facsimile signature appearing on said coupons , all the first day of November, 1980. Idt &It' a or of the Cit of Waterloo, Iowa Leo P. Rooff Attest : City Cle of th ity of Wat ,rlo , Iowa Larry P. Burger 04 t re -6- B001( 236 flGE 562