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HomeMy Public PortalAboutMinutes - 12/17/1947 (2)Wellabur�, Iowa, December /,.,� 19471 The Town Council of ttie Town of ti'1e11aburg, Grundy CountYs Tows, met pursuant to lriw for the purpose of considering and passing a resolup tion providing for the issuance of �7,OQO.UU t�aterworka ,rev®nine Bonds of said town, and to transact such other business as might come before said meeting. The meeting waA called to order by the Mayor and the roll being called there were present H. J. Vahlaing, Mayor, in the Chair and the following named Councilmen: Councilmen v`"/ram-mac_,,. introducua and read the follow.i,na resolution and moved its adoption, se con ed by Councilman � and, after due consideration thereof by the Council, tha Ir[aayor put the question upon the adoption of said resolution and the roll being called the following named Coymailmen voted: aye; �1.0...,.� � �,G�-,Y es follows: Nay: � `' r Whereupon the D(ayor declared the resolution duly adopted RESQLUTION authorizing the issuance of $7,000.00 �Yaterworka Revenue Bonds o.f thR Tov�m of T"�llsburg, Iowa. ►SAS, the Totim of :Yellsburg, Grundy County, Iowa, is a Municipal corporation duly organized and existing ander and by virtue of the lava and Constitution of the State of Iowa, and t'YHI£HEAS, acid Town, by its Council, heretofore, pursuant to and in strict compliance with the provisions of the laws f the State of Iowa, did ante into certain ontracts on the�day of,;�,��,,,,,1 ,,, 1947, with �-� �-�-• and with �-G.-.--•-,r _ � for the construction and inatallatidn of additions and imprnvementa to the present Waterworks System of said Town, and WHEREAS, under the provisions of avid contracts it is pro- vided that the Contractors ghull be paid ir. cash from the proceeds of the sale of "�Vaterwo�tka Revenue Bonds, it is now deemed necessary and advisable that '�Yaterworks Itever,um isonde of said Town to the 3mDunt of �7,000•iw be issued, and i�'HEREAS, notice of the proposed action of the Town Council of said Town to t�uthorize the issuance of �7,C100.00 3I6 Vlaterworka kevenue Bonds has heretofor® been r�,iv�n as re�tuired by Chapter 23 oY the Cod, of Iowa, 1946, by publication in the J;ellsburg,HeAald, a legal newspaper having a general oir- culation within said Town, at least den days before this meeting and no appeal has been filed with the Town Clerk. NOVV, TIiF.�IEFORE, Air IT f%ESOLVED by the Town Council of the Town of lYellaburg, f3rundy County, State of Iowa, as follow: w -2- section 1. That for the purpose of paying the coat of the construction of the additions and improvements to the present Waterworks System of said Town referred to in the preamble of this Resolution th®re are hereby authorized to be issued seven (7) naogitablc� Yaterworks Revenue Ronda of said Town, in the armunt of $7,OOU.00, numUer�,d fron One (1) to Seven (7) inclusive, in denomination of �1000.00 each, all of said bonds to be elated the let day of November, 1947, each bearing interest from and after the data thereof until paid at th® rate of 3$ per annum, payable semi-annually on thc� first days of May and November in oath year, such interest to be evidenced by negotiable coupons attached to each bond, both principal and interest payable in lawful money of the United States of dmeriaa, at the office of the Town Treasurer, in the Town of l�ellahurg, State of IAll18. Said bonds shall become due and pay— able in their niamerioal order as follows: Bond Number Uenorainatj ^r_ )y(aturitp 1 1000.0U Ilove.•nber 1, ly4S 2 1000.00 November 1, 19k9 3 1000.00 ;�ovember 1, 1950 4 1000.00 November 1, 1951 5 1000.00 I�{ovember 1, 1952 6 1000.00 November 1, 1953 7 1000.00 Nuveli�ber 1, Ig j4 Seati.on 2. The tiYaterworks it®venue I3onds hereby authorized shall be in form and recital substantially as follows: x®. (Form of Bond) UNITED sTAT�:B OF na�tzcA �Tr,'I'Z oP Ion cocJ�tTx aF GRurmy T0��1 OF ��ELI,SBURG 4htATE.F�.'�-ORIi: REVENUE 1;i0NA �1,000.00 �he Town of T�ellaburg, in the State of Iowa, for v alwe received promiwes to pay to bearer, in the tne.nner hereinafter specified, the sum of One Ttsouaar.d 7ollara, lawful money of the United States of ..merles, on the let day of November, 19,___, wlth interest on said sum frc�an November 1, 19k7, until paid at the rate of three per cunt per annum, payable aerai-annually an the let day oP li�ay and November in each year, on presentation and aur�render• of the interest'coupons hereto attaci',ed; both principal and interest payable at the office of the Ton�n Treasurer, �"Jellsburp,, Iowa. This bond is issued by the Town of �tiellsburg pursuant to the prevision$ of ChaQtera 23 and 397 of the Code of .Lows, 1946, and in oon- fortrity to a resolution of the Counbil of said Town, duly passed on the �- day of Deoeraber, 1947. This bond is one of a aeries of bonds of like tenor end data, numbered from Gne to Seven inclusive, ias�ued for the purpose of $efray- ing the coat of construction of additions and improvements to the water�vorka system; and is not s general obligation, but is payable solely and only out of the future earnings of ea.id Waterrrorka State; said property purchased and the net earninµ;a of said PTaterworka System are pledged to the payraAnt hereof. Said bond is not payable in any manner by taxation, and under no ciraumatanaea shall the town be in any manner liable by reason of the failure of the said net earnings to be sufficient for the payment thereof. '� � In Testiso� i�?hereof said Town by itm Counai]. has caused this bond to be signed by its Mayor and attested by :its Clerk, with the seal of said Town attached, this lst day of November, 1947J. /� liAyor, Town o llebur , owt�. Attest: Town Clerk, W�elleburg, Iowa. (Form of Coupon) �la._�r____ S].g.t�o The Treasurer of the Town of 4�e11aburg, Iowa, will pay to bearer out of the future earnings of its �Yater+rorka System Fifteen Rc No,r1.C+0 Dollar9, on �l, 19_,_,_, a.t the office of the Town Treae�irAr, Wellatiuig, Iowa, for semi-annual interest on its ►Vaterworks Revenue Bond, Number, dated November 1, 1947. �" Tgwn Clerk. (Form of Town Treasurer�a certificate to be printed on the back of eadh bond) STATE OF IOZYA ) SS . COUNTY OF GkUNDY ) This bond duly end properly re�;iatered in my office as of the let day of November, 1947• Town Treasurer, Wellsburg, Iowa. (Tree following to be printed in bold f�►ce type on the face of the bond) This bond is not a general obligation uond nor• payable in any rsanner by taxation, but is payable only from the net eF;rniii�;s oP tho �dunicipal 4�e.terworlc€a System of the Town o! �lellaburg. Section 3. I{,ach of the bonds her®by authorized aha11 be signed by the Mayor of said Town and countersign©d by the Town Clerk and the interest coupons hereto attached shall each be e�aacuted with the ailnature of the Clerk or a tacsi�si].e thereof and said officials are heroby authorized and directed to ao execute said bonds and cour�ona, and when so executed they shall be delivered to tl-�e '['own Treasurer of said 't��wn for regi.strati.on of aa.id bonds, after which they shall be delivered by said Treasurer to the 1'eoplea Savings Bank, YVella- burg, Iowa. Section k. That in order to pravicie sufficient lands to pay tho intex•eat on said bonds ae it falls due and also to pay and discharge the principal. ae the sacze raatur©s, trie future net earnings of the GTaterworka System of said Town are hereb;; irrevocably pledged and Said net earnings shall be held separate and apart in trust for such pi3rpaee and shall be used Par no other purpose whatever. The Town Treasurer of said Town i8 hereby authorized and dirocted in each year whil® said bands ar ax�y of them are outstanding, to set aside from the said net earnings an amount sufficient to meet all principal and interest requirQrnents, which anounts shall be as followsa -4— For the year 19k6 �1,210.00 for interest and principal For the year 1949 1,180.00 for interAat and principal For the yltar 1950 1,150.00 for interest and principal For the year 1951 1,120.00 for interest and principal For the year 1952 1,090.G0 for interest and principal For the year 1953 1,060.00 for interest and principal For the year 1954 1,030.00 Yor interest and principal Section 5. This Resolution shall constitute the contract oP payment for paid Extensions grid i.mprov®vents to quid �;";aterwori;s 3yatem. fJi in the schedule of nlaxi.��ura rates herein set out, the To•r�n of ��ellsburg agrees to estahlish, maintain, charge and collect such reasonable rates for water service as will be sufficient to pray the r®aeonable aoata of operation and maintenance of said waterworks system, and the principal and interest of the bonds herein authorized. The schedule of maximum rates which ma3► be charged so ].onp, flA any oY the revenue bonds or interest coupons herel.n authorized are outstanding ie as Yollows: The present schvdulo aY rates for water service now in effect shall continue i.n th®ir present form as follows: • -5- In event the Toren or any department, agency* or instru- mentality thereof, uses or is served by said waterworks system, the rates or charges provided for such service shall be paid by the Town from its corporate funds, or by ouch department, agency or i_nataumentality thereof. Andy revenue collected from the To�tin or such department, agency or instrumentality thereot, sh�rll be used and Accounted for in the acme manner as p:�y other revenue de- rived from the operation of the waterworks system. Section 6. There is hereby created a special fund to be known as the "i�Jaterworka System Borrland Interest 3lnking FundN for the payaea4 of the bonds herein authorized to be issued, and the interest thereon, into sihich fund the Town shall r.►onttly set aside and pay all of the net earnings (such net earnings ieing the gross revenues oP the Waterworks System remaining after the payr+aent of the proper and reasonable expenses of operation and main- tenance of said system) of tYie waterworks system, as improved, which required payments into the "�Qaterworka SystemBand � intesreat Sin:ting lTund" shall con- stitute an exclusive first lien upon all of the neat revenues of said Y�aterwork� Syste;�, as improved. The "waterworks $ysteru i3ond & Interest Sinking I�'undn is hereby pledged to the payment of the principal of and interest on said bonds. A11 of the property purchased and constituting a part of the improvement$ to said Yaterworks Systo^t for the payment of which these bonds are issued, ie hereby pledged as additional security for the prompt payment of the principal of and interest osi aai$ bonds. 5®ction 7. The �rovisiorls of this resvlution aha� con- stitute the contract of payment fur said inipraverients between the Town and the holders of the $onda herein authorized to be iaeued, and r►fter the iaeuanae of said bonds this resolution shall not be repta].ed or ariended by the Town is any respect which will adversely affect the holders of said bonds, nor shall the Town adopt any resolution or Ordinance which in any way affects the rights of such holders so long ae any of s�sid bonds or the interest thereon remaiaa unpaid. Section P. All resolutions or parts of resolutiana or orders in conflict with tine provisions her©of be and the same are hereby re- pealed. Passed and approved this / �1 day of tiecerober, 19k7. �. ]ia;,� , Town of �lellsbur , owe. Atteats� - ., Town Clerk. Kecordeds o�-�- i d'� , 1947. �n rnation and vote the rveeting adjourned. Town Clork. • ��.. Y sTaxr ��F To a ) ss. COUNTY OF ��ftUNDY ) T, the undarsi��ned, do hereby certify that I am the duly elected, ��ua].ifiad and acting Clerk of the Tovrn of ��7ellsburg, County of Grundy, State of Iowa, and that as such C'Lerk T h eve in nay possession or have aceeea to the record of th� minutes of the proeeedii��s of the Town Council 01' said Town. i do further certify that the attached is a true and complete copy of the minutes of the proceedings had by the Town Council at A _,_ ��,_ meeting thereof on the �� 7�� tray of Deoember, 19t,7, and that the Resolution hereto attached ie a true, correct and complete copy of the resolution passed by the Gouncil for tV:o issuance of ��7,000.00 Waterworks Revenue Bonds of the Town of C��ellsburg, Iowa, at ea.id meeting. In Z��eati��rony Whereof, I have hereunto set �� hand and official Beal at ��"lellsburg, Iowa, this%?,day- of December, 19k7. ... Town Clerk. T��