HomeMy WebLinkAbout5475-09.18.1923 1
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RESOLUTION NO. _ ) -_
D IRE TING T I bb UAT'ZCE OP STREET IMPROVEIvENT
BOND IN PAY ENT OP PAVING ON CEDAR ST. ,
WEST Al K, 0 OiviiviERC IA , Vil P O'URTH, LAFAYETTE.
o N TR,1 C:T /y 0, 13
i REAS on the 27th day of march, 1923 , the City of
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'' aterloo , Iowa, did enter into a contract with the Bryant Paving
Company, of Waterloo , black Ea-ATk Counter, Iowa , for the construction
of improvements under paving contract No . 13 by reconstruction or
resurfacingold brick pavement with sheet asphalt paving on the
following streets to-wit :
Cedar street from the no rthwe. t line of br id;se street to
the southeast line of Park avenue .
lest Pc: k avenue from the northeast line of Cedar street
to the southwest curb line of bluff street .
Commercial street from the northwest curb line of Park
avenue to the northwest lino of Third street .
West Fourth street from the northeast line of Baltimore
street to the south line of in.p;bard avenue.
Lafayette street from the northwest line ofEa.st Fourth
street to the northwest line of Park avenue .
WHEREAS the Bryant Paving Company, contractor , has fully
completed the said work, in accordance with the terms of its contract,
and the said work has bean duly accepted by this Council as fully com-
plyin with all terms, cont3 iti ohs, stipulations and requi fements of
said contract and the plans and specifications for the said work; and
VARSAS under t he terms of t he said contract , and o f the
resolution ordering the construction of said improvement , so muun of
the cost and expenses of t h said improvement as is by ] . w assessable
against property abutting thereon or adjacent thereto ( and against
the real estate and personal property of railway and street railway
companies whose tracks , station grounds or rights of way are located
thereon, abut thereon or are hd jacent thereto ) is so to be assessed ,
and bonds are to be issued in anticipation of the collection of such
assessments , and payment is to be made to the contractor under the
terms of his contract to the amount of such special assessment by
issuing and delivering such bonds to him; and
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WHEREAS the amoun - which can be assessed is Q58 ,476.17 .
NOW THEREiOvel;, 3e It Resolved by the Council of the City
of Waterloo , Iowa, that in anticipation of the collection of the
special assessments which have been made against private property abut-
ting upon or adjacent to the streets for and on account of the cost
and expense of such improvement ( including railwais anc, street rail-
ways liable for the payment thereof) there be issued by the City of
e_terloo , Iowa, Street Improvement Bonds to the amount of . 58,476.17 .
Said bonds shall be issued under the provisions of Chapter Eight ,
Title 5 of the Code of Iowa , and amendments thereto , shall bear date of
August 20th, 1923 O .D . and shall be of the denomination of 41,000 each,
except there snail be one bond of the anount of Q476.17 . They snail
be numbered from 25 to 83 both inclusive, and shall be aivided in nine
series , of which the bonds numbered from 25 to .35both inclusive shall
constitute the first series and shall be payable on hay 1 -t, 194;
bonds numbered from 36 to 41 both inclusive shall constitute the second
series and shall be payable :may 1st, 1925; oonds numbered from 42 to
47 both inalusive shall constitute the third series and shall be pay-
able luay let, 1926; bonds numbered from 48 to 53 both inclusive
shall constitute the fourth series and shall be payable May lot, 1927 ;
bonds numbered from 54 to 59 both inclusive shall constitute the fifth
series and shall be payable hay 1st, 1928; bonds numbered from 60 to
65 both inclusive shall constitute the sixth series and shall be pay-
able May 1st, 1929 ; bonds numbered from 66 to 71 both inclusive shall
constitute the seventh series and shall be payable hay let , 1930 ;
bonds numbered from 72 to 77 , both inclusive shall constitute the
eighth series and shall be pay-ble ',day let, 1931; bones numbered from
78 to 83 both inclusive shall constitute the ninth series and shall
be payable 1,,ay 1st , 1932.
Said bonds shall bear interest at the rate of 620 per
annum, which interest shall be payable annually, in accordance Aith
the terms of the coupons thereto attached , and said bonds shall be
payable out of the proceeds of the special assessment above referred
to . Both principal and interest shall be payable at t _e office of
the City Treasurer in the ..ity of 7sterloo , Iola. Said bonds shall
be substantially the following form:
__ 3 __ 51 75-
NO. 01,000.00
STREET I ,:-ROVE vIE BOI'W OF
THE CITY OF WATERLOO, BLACK HA - COUNTY, IOWA .
THE CITY OF WATERLOO, IOWA, promises to pay, as herein-
after stated , to the bearer hereof, on the first day of hiay 19
A.L . , or at any other time before that date at t he option of the
City of Waterloo , Iowa, upon givin, t irty days notice to the holder
of same as shown by the City Treasurer' s records , the sum of ONE
THOUSA L COLLAR>: with interest thereon at the rate of six percent ,
( 6;0) per annum, payable on the presentation and surrender of the in-
terest coupons hereto attached. 3oth principal and interest of this
bond are payable at the office o the City Treasurer in the City of
Waterloo , Iowa.
This bond is issuea by the City of aterloo , Iowa, under
and by virtue of tie provisions of Chapter Night , Title 7, of the Code
of Iowa, and amendments thereto, and a certain resolution of the City
Council of said city, duly passed on the 12th day of aeptemper, 1923 .
This bond is one of a series of bonds of like tenor, date,
and amount , except one bond is for 0476.17 numbered from 25 to 83 both
inclusive , and is issued for paying the cost of constructing improve-
ments by reconstruction or resurfacing old prick pavement with sheet
asphalt paving on Cedar, "";pest nark, Conuer3ial , '.`.pest Li'ourtr , and Laf-
ayette streets as described in said re volution in said CitT>, 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 privately
owned p •operty between the :try_et Improved and the next street, v nether
such privately owned property abuts upon said street or not, but in
no case shall privately owned property situated more than three hundred
feed from the street so i sproved be so assessed ; and it is mlde by law
a lien against all of said abutting and adjacent property as hereinbe-
fore mentioned and payable in ten annual installments with interest on
all deferred payments at the rate of six per cent ( 60) per annum, and
this bond is payer ble only out of a fund created by special assessment
against said property, the proceeds of which can be used for no other
purpose.
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AND IT IS HEREBY CE TIPIFID AM tECIT that all the acts,
conditions 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 said law and restlutions; and
for the assessment collections and payment hereon of said special tax
the full faith and filigence of said. City of Waterloo , Iowa , are ir-
revocably pledged.
IN TESTIMONY WITI°.RE02, the City of Waterloo, Iowa by its
City Council, has caused this bond to be signed by its Mayor and
counters ianec by its City Cl rk with the seal of said City affixed,
and this bond to be date& on the 20th day of August , 1923 A.D.
Countersi9:ned mayor of City of Waterloo , Iowa .
City Clerk of City of Waterloo , 'ova.
BACK OP BOND.
Street Improvement Bond of the Iowa .
City of Waterloo , Black Hawk County,
.000.00
Payable at the office of the Treas-
urer of the City of Waterloo , Iowa.
Dated August 20th, 1923.
Rate of Interest -- Six per cent.
Interest Payable annually.
Matures May 1st, 19 .
Contract No. 13 .
Registered in my office this day
of ,A.D. , 19 .
City Treasurer.
FORM OP COUPON
• `
Bond No.
Contract No. 13 .
On the first day of May, ,
the City of `:aterloo, Iowa«
promises zs to pay the bearer as provided on said bond the sum of
at the
office of the City Treasurer of said City, being one year's
interest on its street improvement bond dated. August 20th, 1923.
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Countersigned: — ylayor
City Clerk #�
Be It Further Resolved that the Mayor and City Clerk be
and they are hereby instructed to eause subh 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 purpose, and to ghen deliver the same to the City
Treasurer, who shall also register the same in a book to be kept by
him for that purpose , aria deliver the bonds to the Bryant Paving Com-
pagy or its assigns.
Adopted, passed and approved this llgth day of September,
1923.
.+iayor
ity Clerk
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