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HomeMy WebLinkAbout5496-10.22.1923 RESOLUTION NO. DIRECTING THE ISSUANCE OF SST IMPROVEMENT BONDS IN PATMENT FOR PAVING ON WEST FOURTH, SYCAMORE, EAST ELEVENTH AND LOGAN AVENUE. CONTRACT NO. 16 WHEREAS on the 4th day of June, 1923, the City of Waterloo, Iowa, did enter into a contract with the Bryant Paving Company, of Waterloo, Black Hawk County, Iowa, for the construction of street im- provements reader Paving Contract No. 16 by reconstruction or resurfac- ing the old brick and asphalt pavement with sheet asphalt paving con- sisting of a 1 inch binder course, 1-.1/2 inches sheet asphalt wearing surface, Class "C" Bermudez Lake asphalt upon the following streets, to-wit West Fourth Street from the Southwest line of Wellington Street to the Southwest line of Allen Street; Sycamore Street from the Southeast line of Seventh Street to the Illinois Central Belt Line; East Eleventh Street from the Eleventh Street Bridge to the Southwest line of Sycamore Street ; Logan Avenue from the North line of Walnut Street to the South line of Argyle Street; Logan Avenue from the North line of Dane Street to the Illinois Central Railroad- track right of way except new paving on Virden Creek Bridge. 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 been duly accepted by this Council as fully com- plying with all terms, conditions, stipulations and requirements of said contract and the plans and specifications for the said work; and WHEREAS under the terms of the said contract, and of the resolution ordering the construction of said improvement, so much of the cost an( expenses of the said 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 whose tracks, station grounds or rights of way are located thereon, abut thereon or are adjacent 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 WHEREAS the amount which can be assessed is $37,518.31. NOW THEREFORE, Be 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 railways and street rail- ways liable for the payment thereof ) there be issued by the City of Waterloo, Iowa, Street Improvement Bonds to the amount of 437,518.31. 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 September 13th, 1923 A. D. , and shall be of the denomination of $1,000 each, except there shall be one bond of the amount of $518.31. They shall be numbered from 84 to 121 both inclusive, and shall be divided in nine series, of which the bonds numbered from 84 to 89 both inclusive shall constitute the first series and shall be payable on May 1st, 1924; bonds numbered from 90 to 93 both inclusive shall constitute the second series and shall be payable May 1st, 1925; bonds numbered from 94 to 97 both inclusive shall constitute the third series and shall be payable May 1st, 1926; bonds numbered from 98 to 101 both inclusive shall con- stitute the fourth series and shall be payable May let, 1927; bonds numbered from 102 to 105 both inclusive shall constitute the fifth series and shall be payable May 1st, 1928; bonds numbered from 106 to 109 both inclusive shall constitute the sixth series and shall be pay- able May 1st , 1929; bonds numbered from 110 to 113 both inclusive shall constitute the seventh series and shall be payable May 1st, 1930; bonds numbered 114 to 117 both inclusive shall constitute the eighth series and shall be payable May 1st, 1931; bonds numbered from 118 to 121 both inclusive shall constitute the ninth series and shall be payable May let, 1932, Said bonds shall bear interest at the rate of 6% per annum, which interest shall be payable annually, in accordance with the terms of the coupons thereto attached, and said bonds shall be payable out of •3- the proceeds of the special assessment above referred to. Both principal and interest shall be payable at the office of the City Treasurer in the City of Waterloo, Iowa. Said bonds shall be sub- stantially the following form; NO. 41,000.00 S$ ET IMPROVNT BOND OF THE CITY OF WATERLOO BLACK HAWK COUNTY, IA. THE CITY OF WATERLOO, IOWA, promises to pay, as hereinafter stated, to the bearer hereof, on the first day of May, A. D. 19 or at any time before that date at the option of the City of Waterloo, Iowa, upon giving thirty dayst notice to the holder of same as shown by the City Treasurer's records, the sum of ONE THOUSAND DOLLARS with interest thereon at the rate of six per cent ( 6%) per annum, payable on the presentation and surrender of the interest coupon hereto attached. Both principal and interest of this bond are payable at the office of the City Treasurer in the City of Waterloo, Iowa. This bond is issued by the City of Waterloo, Iowa, under and by virtue of the provisions of Chapter Eight, Title V of the Code of Iowa, and amendments thereto, and a certain resolution of the City Council of said City, duly passed on the 22nd day of 3ctober, A. D. 1923. This bond is one of a series of bonds of like tenor, date, and amount, except one bond is for 018.31, numbered from 84 to 121 inclusive and is issued for paying the cost of reconstructing or resurfacing paving on a portion of West Fourth Street, Sycamore Street, East Eleventh Street and Logan Avenue, 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 privately owned property between the street improved and the next street, whether such privately owned property abuts upon said street or not, but in no case shall privately owned property situated more than three hundred feet from the street so improved be so assessed; and it is made by law a lien against all of said abutting and adjacent property as hereinbefore men- tioned and payable in ten annual installments with interest on all de- 5-14' -4 s ferred payments at the rate of six per cent ( 6%) per annum, and this bond is payable only out of the fund erected by special assessment against said property, the proceeds of which can be used for no other purpose. AND IT IS HEREBY C.ERT IF IED AND RECITED 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 resolution; and for the assessment , collection and payment hereon of said special tax the full faith and diligence of said CITY OF WATERLOO, IOWA, are irrevocably pledged. IN TESTIMONY WINF,REOF, the City of Waterloo, Iowa, by its Ctty Council, has caused this bond to be signed by its Mayor and counter- signed by its City Clerk with the seal of said City affixed, and this bond to be dated on the 13th day of September, A. D. 1923. Mayor of City of Waterloo, Iowa, Countersigned C'i y Clerk of- City oi' Waterloo, Iowa. BACK OF BOND. Street Improvement Bond of. the City of Waterloo, Black Hawk County, Iowa. 41000.00 Payable at the office of the Treasurer of the City of Waterloo, Iowa, Dated September 13th, 1923. Rate of Interest -- Six per cent. Interest Payable Annually. Matures May 1st, 19 . Contract No. 16. Registered in my office this day of A. D., 19 • City Treasurer. 6-1& .5- FORM OF COUPON Bond. No. Contract No. 16 On the first day of hzy, , the City of Waterloo, Iowa, promises to pay the bearer as provided on said bond the sum of 4 at the office of the City Treasurer of said City, being one year's interest on its street improvement bond dated September 13, 1923. Countersigned: Mayor amity Clerk Be it Further Resolved that the Mayor and City Clerk be and they are hereby instructed to cause such bonds to be prepared and when so prepared 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 then deliver the same to the City Treasurer, who shall also register the same in a book to be kept by him for that pur- pose, and deliver the bonds to the Bryant Paving Company or its assigns. Adopted, passed and approved this 22nd day of October, 1923. M1 y or, ty lerk,