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HomeMy WebLinkAbout5464-08.27.1923 RESOLUTION NO. � ^T DIRECTING THE ISSJANCE OP STREET rii- PhOVEMENTBOI\U.S IN PATMENT OP PAVING ON WEST 'IFT i, LELANL AVE. , LIRE, AbT T?i l L , udEST: 'I&LL, EAST PARK AVE . Contract No . 12. f hereas on the 27th day of 1:arch 1923, the City of '` aterl oo , Iowa , did enter into a contractwith the Bryant Paving Company of " aterloo , Black. Lawk County, Iowa , for the construction of im- provements by resurfacing of old asphalt paving on the following streets: "Vest fifth street from the C .G.W.h.R. tracks on .31uff street to the northeast line of ashington street . Leland. avenue from the west line of bunnysid_e avenue to the east line of Belmont avenue . Lime street from the we :.t line of East fourth street to the southwest curb li-e of '' alnut street . East Third street from the northeast line of 'ra . klin street to the northeast line of Walnut street. Westfield avenue from the southeast line of iuryea street to the northwest line of %uer .ges street . East Park avenue from the north _ast line of Lafayette street to the northeast line of Mulberry street . -Whereas, the Bryant Paving Company, contractor, ha_ fully completed the said work, in accordance with the terms of it contract and the said work has been duly accepted by this Council as fully complying with all terms, conditions , stipulations ard requirements of said contract and, the plans ail specifications for the said work: and ' hereas , under the terms of the said contract, and of the resolution ordering the construction of said improvement , so much of the cost and expenses of the ilia improvement as is by law assessable against property abutting thereon or adjacent thereto ( and against the real estate and personal property of railway and street railway companies wholse tracts , station grounds or rights of way are lo- cated thereon, abut thereon or are adjacent thereto) is so to be __ /QM assessed, and bonds are to be issued in antici oation o f the coll- ection of such assessments, and payment is to be made to the con- tractor under the terms of his contract to the amount o-f such special assessment by issuing and delivering such bonds to him; and hrea , the amount which can be assessed:_ is 023,701.17 , Now Tlerefore, Be It :esoived by the Council of :he City of '' aterloo , Iowa, that in anticipation of the collection of the special assessments which have been made against private property abutting upon or adjacent to the streets for and on account of the cost and expense of such improvement ( including railways and street railways liable for the payment thereof, ) there be issued by the City of '.{aterloo, Iowa , `street Improvement :Bonds to the amount of 23,701.17 . said bonds shall be issued under the provisions of Chapter fight, Title V of the Code of Iova, and amendments thereto, shall bear date of July 2nd , 1923 A.D. , and shall be of the denomina- tion of 01,000 each, except there shall be one bond of the amount of 0701.17 . They shall be numbered from 1 to 24 inclusive, and shall be civided into nine series , of which the bonds numbered from 1 to 5 inclusive shall constitute the first series , and shall be payable on May 1st , 1924 ; the bonds numbered from 6 to 7 inclusive shall constitute the second series , and shall be payable on .ay 1st , 1925; the bonds numbered 8 and 9 shall constitute the third series, ane shall be payable on may 1st , 1926; the bonds numbered 10 and 11 shall constitute the fourth series, and shall be payable on May 1st 1927 ; the bonds numbered 12 add 13 shall constitute the fifth series , and shall be payable on May 1st, 1928; the bonds numbered 14 and 15 shall constitute the sixth series and shall be payable and, 18 on tviay 1st , 1929 ; the bonds numbered 16 and 17/shall constitute Lay the seventh series and shall be payable on Lay 1st, 1930; the bonds a S1 numbered 19' and 2 ;..hall constitute the eighth series and shall be payable on i iay 1st, 1931; the bonds numbered 22,23, and 24 shall constitute the ninth series and shall be payable on May 1st , 1932. Said bonds ahll bear interest at the rate of 6o percent per si - 3 _ • annum, which interest shall be payable annually, in accordance with the terms of the coupons thereto attached, and said bonds shall be payable out of the proceeds of the special assessment above referred to. 3oth principal and interest shall be payable at the office of the City Treasurer in t le City of .aterloo, Iowa . Said bonds shall be substantially the following form: No.� 4 1,000.00 STREET ImPilOVELIENT BOIW OF THE CITY OP WAT RLOO, BLACK _HAWK CO JNTY, I OWA. TH3 CITY OP WATERLOO, IOWA, promises to pay, as hereinafter stated , to the bearer hereof, on the first day of �� ay, A. I, . 19 or at any time before that d:.: to at the option of the City of ' ater- loo, Iowa, upon giving thirty days notice to the holder of same as shown by the City Treasurer' s records , the sum of ONI THOUSA ISM: D OLLAR;S with interest thereon at the rate of six per cent ( 6 0) per annum, payable on the presentation and surrender of the interest coupon hereto attacned. . oth principal and interest of thi ,v bond are pay- able at the office of the City Treasurer in the City of Waterloo, Iowa. This bond is 'Issued by the. Cit of 4 aterloo, Iowa,, under and by virtue of the provisions of Chapter sight, Title V of the Code of Iova , and amendments thereto , and a certain resolution of the City Council of said City, duly passed on the 27th day of August, A. L. 1923. This bond is one of a series of bondiof like tenor , date, and amount , except one bond is for 4701.17 , numbered from 1 to 24 in- clusive , a d is issued for payin the cost of reconstructing or re- surfacing paving on a portion of estfield avenue, Vest L'ifth street, Leland_ avenue , Lime street , east Third street , and east avaaue, as described in said resolution in said "City, which cost and expense are payable by assessment of all lots and parcels of land according to area so as to include one-half of the private IT owned property be- tween the street improved and the next street , whether such privately owned property abuts upon aid street or not , but in no case shall privately owned property situated more than three hundred feet from -- 4 -- > the street so improved be so assessed ; and it is aaad e by law a lien against all of said abutting and adjacent property ,s herein- before mentioned and payable in ten annual installments with inter- est on all deferred payments at ,he rate of six per cent ( 6 %) per annum, and this bond is payable only out of the fund createa by special assessment against said property, the proceeds of which can be used for no other purpose. ANL IT IS hE± LBY CE TIPIEL UL RECITp,T, that all the acts, con- ditions and things required to be done precedent to and in the issu- ing of this series of bonds have been done , happened and performed, in regular ane due form as required by said law and resolution; and for the assessment, collection and payment hereon of said: special tax the full faith and diligence of said CITY OP WATERLOO, IOWA, are irrevocably pledged. IN TESTIMONY WHEREOF, the City of '°.aterloo , Io.7�a, 'b its City Council , has caused this bond to be signed by its hiayor and counter- signed by its Aty 21e4 with the seal of said City affixed , and this bond to be dated on the 2nd day of July A.L. 1923. Mayor of City of ` ester loo,Iowa. Countersigned City Clerk of the City of ' aterloo , Iowa. BACK OF BOJ . Street Improvement 3ond of the City of ? aterloo , slack Hawk County, Iowa. : 1000.00 sayable at the office of the Treasurer of the City of ate rloo , Iowa. -Dated July and , 1923. Rate of Interest -- Six per cent . Interest Payable Annually. Matures May 1st, 19 Contract No. 12. Registered in my office this =` day of A.D., 19 ;. City Treasurer. _... 5 -.. 6A6{ ?ORM OP COUPON Bond No. q Contract No . 12 . On the first day of lay, , the City of ' a ter loo, Iowa , promises to pay the bearer as provided on said bond the sum of , at the office of the City Treasurer of said ity, being one year's interest on its street improvement bond dated July gnu, 1923. Countersigned l is o r City Clerk Be it further resolved that the ..Mayor and City Clerk be and they are hereby instructed to cause sue , bonds to be prepared and when so prepare& to execute said bonds; and that the City Clerk be and he is hereby instructed to register the said bonds in a book to be kept for the ►cur p o s e, and to then deliver the same to the City Treasurer, who shall also register the same in a book to be kept by him for that purpose , „lad deliver the bonds to the Bryant Paving Com- pany or its assigns . Adopted, passed and approved this 27th day of August, 1923. ---(_, x... .›.-__ c3it.._ e,\\ -\ laYOR , r -_ •, , ./ _ (4 -✓' 1 CITY CLERK ti 1 €i s 4i' ii 3.:.