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HomeMy WebLinkAbout3849 RESOLUTION authorizim, the isue of $50,000 Funding Bonds of the City of Waterloo, Iowa. * * 31. * * * WHEREAS, the City of Waterloo, in the County of :Black Hawk, and State of Iowa, has outstanding legal, binding and subsistim7 indebtedness to an amount in excess of l' n, OJO, evidenced by warrants in all respects duly, properly and legal- ly issued and now outstanding; and WHEREAS, each and every of the sid warrants now outstanding was drawn and signed by the City Clerk of said City and sealed with the corporate seal of said City upon a vote of the City Council of said City and for a proper purpose, and each and every of said warrants wad, at the date of. the drawing, signing and delivery thereof, within the appropria- tion made by the City Council for the respective years during which each of said warrants was respectively drawn, and for the fund against which each of said warrants was respectively drawn; and WERFAS, it is deemed for the best interests of said City that the indebtedness thereof, evidenced by the war- rants aforesaid, be settled, adjusted, renewed, extended and funded and that Funding Bonds of said City be issued there- for: NOW, THEREFORE, be it resolved by the City Council of the City of Waterloo, Iowa, as follows: Section 1 . There is hereby ordered issued the ne- gotiable coupon bonds of said city of Waterloo, County of Black Hawk, and State of Iowa, in the agrep2;ate amount of $1,,0,000, -1- for the purpose of settlin7, adjusting, renewing, extending and funding the legal , binding and subsisting indlotedness of said City now outstanding and evidnced by warrants of said City in all respects duly, properly and legally issued, in an aggregate amount in excess of $50,000. Section 2. That the bonds hereby authorized to be issued be denominated Funding Bonds, be of the denomination of $.500 each, numbered from 1 to 100, both numbers included, be dated October 1, 1915 , become due and payable in numerical order $2500 on the first day of November in each of the years kvvi, 1911 to 1954 inclusive, and $5000 on the first day of 4nn4y 1935 ; that such bonds bear interest at the rate of five per cent per an-um, yable qay 1 , 1916 and semi-annually there- after on the first day of May and of November of each year. That interest on said bonds be evidenced by proper coupons at- tached to each of said bonds and that both principal and in- terest be payable at the office of the City Treasurer in the City of Waterloo, Iowa. Sectionl. That such bonds and coupons be in sub- stantially the following forms: (FORM OF BOND) UNITED STATES 07 AERICA STAT14; OF IOWA COUNTY OF BLACK HAWK CITY OF WATERLOO FUSING 730ND "o. V,00 The City of Waterloo , in the County of 'Black Hawk, and State of Iowa, for value r,?ceiv,,A., promises to pay to bearer five hundred dollars ( 500) lawful money of the United -2- - States of kmerica on , 19 with interest on said sum from the date hereof until paid, at the rate of five (5) per oent per annum, payable ;ay 1, 193e> and semi-annually thereafter on the first day of ay and of November in each year, on presentation and surrender of the interest coupons hereto attached; both principal and interest payable at the office of the City Treasurer in said City of Waterloo, Iowa. Thie bond is issued by the City of Waterloo for the purpose of funding a like amount of its legal,binding and sub- sisting indebtedness evidenced by warrante in all respects 'Ides legally and properly issued and outstanding at the date ef the passage of the resolution hereinafter mentioned, pur- suant to the provisions of Section 905 et seq, Charter 12, Title 5 of the Code of Iowa and in conformity to a resolution of the Council of said city duly passed, a true and complete copy whereof is printed on the back of this bond . And it is her-by certified and recited that all acts, conditions and things required by the laws and the constitu- tion of the State of Iowa to be done precedent to and in i2:1,2 issue of this bond, have been properly done, happened and been performed in regular and due form as required by law and that the total indebtedness of said cit including this bond , does not exceed the constitutional or statutory limitations . IN TESTIMONY WHEREOF The said City, by its Council, has caueed this bond to be signed by it Mayor and attested by its Clerk, 'ith the seal of said city attached, this first day of October 1915 . Tayor ofTE717 of Waterloo . A test: T-the city- of Water fo o. -5- 1 (FORM 0,T COUPON) No. , — The Treasurer of the City of Waterloo, Illack Hawk County, Iowa, will pay 1-.0 bearer on 19 , at his office in said city of Water- ce-ct loo, Ioa, for eem4—ftnN4a1 int.:!restkon its Fundin '-'.ond dated October 1, 1915 , No. _ ; ayor of the City of Watr2rloo. ATTEST: Clerk of the City of Waterio-o . On the back of each bond there shall be printed a-. true and complete copy of this resolution and the certificate of the City Treasurer in the following form : This bond duly and properly registered in my office this day of 1915 . Treasurer of the City of Wa- terloo, Iowa . Section 4. That such bonds shall be signed by the Mayor and attested by the Clerk with the seal of the city affixed. The interest coupons attached thereto shall be ‘xe- cuted in the same manner and when executed said bonds shall be delivered to the City Treasurer to be by him duly register- ed, as provided by law, and said Treasurer shall sign the certificate herA.nbefore set out and endorsed upon the back ° of each of said bonds and deliver said bonds to puruant to a certain con- tractt of purchase for sicI bonds heretofore entered into at a price not less than the paw value thereof and shall simultane- ously with the delivery of said bonds, pay off and cancel -4-. outstanding warrants mentioned in the preamble of this reso- lution in the like amount so that the indebtedness of said citW shall not , by the deliv-ry of such bonds, be increased for any moment of time. Such Treasurer may deliver on,: or - ore of such bonds fro time to time as the warrants mentioned in the preaml-le ht.-)rcof are surrendered for cancellation. Section That the City Council of the City of Waterloo, -2hall, in each year ftereafter, until all such bonds are paid and, at the time of levying taxes for general city purposes, cause to be a essed and levied upon all the taxa- ble property in said city a sufficient tax to meet the inter- est on the bonds hereby authorized as the same accru a and also to create and maintain a sinking fund which shall be suf- ficient to discharge the principal of said bonds at their maturity. .5-