HomeMy Public PortalAboutOrdinances-1965-58 •
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ORDINANCE NO.
An ordinance providing for the issuance of $98, 000
Sewer Revenue Bonds of the Town of Tiffin, Iowa, for
the purpose of refunding a like aggregate amount of
• presently outstanding temporary sewer revenue obligations
of said Town, prescribing the form of said proposed bonds
and providing for safeguarding, protecting and paying
said bonds.
WHEREAS, the management and control of said proposed municipal
sewage works and facilities is now and always has been vested in
the Town Council of Tiffin, and no Board of Trustees has been created
to manage and operate said sewage works and facilities; and
WHEREAS, heretofore and in strict compliance with Chapter 394 # .
. of the Code of Iowa, this Town did order constructed and did construct
a sewage works and facilities and a sewage treatment plant; and
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WHEREAS, during the construction °of said sewage works and
facilities and sewage treatment' plant, temporary sewer revenue
obligations were issued from time to time by said Town, acting by and
through its Town Council, to the contractors under the terms of their
contracts on estimates approved by the engineer for work performed and
_ materials furnished and said temporary sewer revenue obligations,
together with accrued interest thereon computed to December 1, 1965,
exceeds the sum of $98,000; and
WHEREAS, said sewage works and facilities and sewage treatment
plant have now been fully completed in accordance with the terms of
the construction contracts and have been tested and accepted by the --
Town, and over thirty days have elapsed since the final acceptance of
said work of .c.onstructing a sewage works and facilities and a sewage
treatment plant and there are no unpaid claims on file against the
construction contractors; and
WHEREAS, all of said outstanding temporary revenue obligations
hereinbefore referred to are payable- from and are secured by the net
earnings of said municipal sewage works and facilities of said Town
and do not constitute general obligations of said Town and the holders
of said temporary sewer revenue obligations have agreed to surrender
the same in exchange for a like aggregate principal amount of sewer
revenue bonds of said Town containing maturity and interest provisions
which are more advantageous to the Town and which will make possible
the orderly payment of the cost of the sewage works and facilities
and sewage treatment plant evidenced by said temporary sewer revenue
obligations, and it is desirable and for the best interests of the
Town that said outstanding temporary sewer revenue obligations be
refunded; and
WHEREAS, there are no available funds to pay said °outstanding
temporary sewer revenue obligations to the amount of $98,000 and
under the terms of Section 394.12 of the Code of Iowa, authority
exists for said Town to authorize and' issue its sewer revenue bonds
for the purpose of refunding said outstanding temporary sewer revenue
obligations; and
HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA
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ORDINANCE NO.
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An ordinance providing for the issuance of $98, 000
Sewer Revenue Bonds of the Town of Tiffin, Iowa, for
the .purpose of refunding a like aggregate amount of
presently outstanding temporary sewer revenue obligations
of said Town, prescribing the form •of said proposed bonds
and providing for safeguarding, protecting. and paying •
• said bonds.
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WHEREAS, the management and control of' said proposed municipal
sewage works and ' facilities is now and always has been vested in
the Town Council of Tiffin, and no Board of Trustees has been created .
to manage and operate said sewage works and facilities; and
WHEREAS, heretofore and in strict compliance with Chapter .394
of the Code of Iowa, this Town did order constructed and did construct
a sewage works and facilities and a sewage treatment plant; and
WHEREAS, during the construction of said sewage works and
facilities and sewage treatment plant, temporary sewer revenue
obligations were issued from time to time by -said Town, acting by and
through its Town Council, to the contractors under the terms of their
contracts on estimates approved by the engineer for work performed and
_ materials furnished and said temporary sewer revenue obligations,
together with accrued interest thereOn computed to December 1, 1965,
exceeds. the sum of $98,000; and
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WHEREAS, said sewage works and facilities and sewage treatment
plant have now been fully completed in accordance with the terms of
the construction contracts- arid have been tested -and accepted by the
Town, and.,over thirty days have elapsed since the final acceptance of
said work of .c.onstructing a sewage works and facilities and a sewage
treatment plant and there are no unpaid, claims on file against the
construction contractors; and
WHEREAS, all of said outstanding temporary revenue obligations
hereinbefore referred to are payable from and are secured by the, net
earnings of said municipal sewage works and facilities of said Town
and do not constitute general obligations of said Town and the holders
of Said temporary sewer revenue obligations have agreed to surrender
the same in exchange for a like aggregate principal amount of sewer
revenue bonds of said Town containing maturity 'and interest provisions
which are more advantageous to the Town and which will make possible
the orderly payment of the cost of the sewage works and facilities
and sewage treatment plant evidenced by ,said temporary sewer revenue
obligations, and it .is desirable and for the best interests of the
Town that said ,outstanding temporary sewer revenue obligations be
refunded; and
WHEREAS, there are no available funds to pay said outstanding
"temporary sewer revenue obligations to the amount of $98,000 and
under the terms. of Section 394.12 of the Code of Iowa, authority
exists for said Town to authorize and issue its sewer revenue bonds
for the purpose of refunding said outstanding temporary sewer revenue
obligations; and
HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA
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WHEREAS, notice of the proposed action• by the Town Council to
authorize the issuance of $98,000 Sewer Revenue Bonds of said Town
for the purpose of refunding a like aggregate amount of presently
outstanding temporary sewer revenue obligations;of:.said Town, has
been duly published in a legal newspaper, , rinted wholly in the
English language, published in '.the& ,.aeOPOf `
Iowa, and of general circulation in said Town of Tiffin Iow, at
least fifteen days before this meeting and no petition setting forth
objections to the issuance of said bonds has been filed with the
Clerk of said Town; now therefore .
IT IS ORDAINED by the Town Council of €he Town of Tiffin, in
the County of Johnson,' State of Iowa, as follows:
Section 1. There are hereby authorized to be issued Ninety-
eight (98) negotiable interest bearing. Sewer Revenue Bonds of said
Town to the aggregate ,amount of $98,000 for the purpose of defraying
the cost of constructing. a sewage works and facilities and a sewage
• treatment plant referred to in the preamble hereof„ said bonds to be
numbered consecutively from One (1) to Ninety-eight (98) , inclusive,
in the denomination of One Thousand Dollars. ($1, 000) , each to be
dated the First -day of December, -1965, all of which bonds bear interest
at the rate of Four and One-half Per Cent (4-1/2%) per annum, said
interest being payable on the First day of July, 1966, and semi-annually
thereafter on the First day of January: and July in each 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 America, at the office of the Town Treasurer in the Town of
Tiffin, State of Iowa. Said bonds shall be due and payable in their
numerical order as follows:
Bond . No. 1 $1, 000 on January 11 1969
Bond No. • 2: $1,000 on January 1, 1970
Bond No. • 3 $1,000 on January 1, 1971
' Bond No. 4 $1,000 on January 1, 1972
Bond No. 5 -" $1,000 on January 1, 1973
Bond No. 6 $1, 000 on January 1, 1974
Bonds Nos. 7 and 8 $2, 000 on January 1, 1975
Bonds Nos. 9 and 10 $2,000 on January 1., 1976
Bonds Nos. ll' and 12 $2,000 on .January 1, 1977
Bonds Nos. 13 and 14 $2,000 on January l., 1978
Bonds Nos. 15 and 16 $2,000 on January 1, 1979
Bonds Nos. 17 and 18 $2,000 on January 1, 1980
Bonds Nos. 19 and 20 : $2, 000 on January 1, 1981 -
Bonds Nos. 21 and 22'. $2, 000 on January• 1, 1982
Bonds Nos, 23 and 24 $2,000 on January 1, 1983
Bonds Nos. 25 and 26 $2,000 on January 1, 1984
Bonds Nos. ` 27- to 29 '$3,000 on January 1, 1985
Bonds Nos. 30 to 32 • $3, 000 on January 1, 1986
Bonds Nos. 33 to 35 $3,000 on January 1, 1987
Bonds Nos. 36 to 38 $3,000 on January 1, 1988
Bonds Nos. 39 to 41 $3, 000 on January 1, 1989
Bonds Nos. 42 to 44 $3, 000 on January 1, 1990
Bonds Nos. 45 to 47 $3, 000 on January 1, 1991
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• HERRICK, LANGDON.SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA
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Bonds Nos. 48 to 51 , $4,000 on January 1, 1992
Bonds Nos. 52 to 55 $4,000 on January 1, 1993
Bonds Nos. 56 to 59 $4,000 on January 1, 1994
Bonds Nos. 60 to 63 $4,000 on January 1, 1995 1
Bonds Nos, 64 to 68 $5,000 on January 1, 1996
Bonds Nos. 69 to. 73 $5, 000 on January 1, 1997
Bonds Nos. 74 to 78 $5,000 on January 1, 1998
• Bonds Nos'. 79 to 83 _ $5,000 on January 1, 1999
Bonds Nos. 84 to 88 $5,000 on January 1, 2000"
Bonds Nos. 89 to '93 $5,000 on January 1., 2001
Bonds Nos. 94 to 98 . $5,000 on January .1, 2002 • �
The right is reserved to the Town of Tiffin, Iowa, to call and
retire said bonds numbered 21 to 98, both inclusive, in their
inverse numerical order on January 1, 1981, or on anyinter_est
paying date thereafter prior to maturity, at'par and accrued interest, j
provided 'notice shall have been; given. by publication once in
a n.ewsp:ape:r :of, general . circulation
in the State of Iowa, .not less than thirty `(30) ,days nor more than
forty-five (45) . days prior to the interest payment date?,.upon which it
is proposed . to call and -prepay.:the said bonds or any of them. -
Section' 2. That the said bonds shall be in form -substantially
as follows: •
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(Form of Bond) '.
United States of. America ,
State of Iowa County of' Johnson
TOWN OF TIFFIN SEWER REVENUE BOND
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No. • $1, 000
The Town of Tiffin, in the -County of .Johnson, State of Iowa, for
value received promises to pay to bearer in' the manner hereinafter
specified,- the sum of One Thousand Dollars, in lawful money of the
United, States of America, on the First day of January, 19 , with
interest on said sum from the date hereof at the rate ,of Four and
One-half Per Cent (4-1/2%) per annum, payable July 1, 1966, and semi-
annually thereafter on the First day of July and January in each year,
on presentation and surrender of the interest coupons hereto attached
as they severally become due; both principal and interest payable at
the office of the Town Treasurer in the Town of Tiffin, Iowa.
This bond is issued -by the Town of .Tiffin, Iowa, pursuant to
and in strict compliance with the provisions of Chapter 394 of the
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Code of Iowa, and all laws amendatory thereof and supplemental thereto,
and in conformity with an ordinance of the- T•wn Council of said Town
duly passed and approved_o.n the al day.of . r e , 1965,
for the purpose of constructing 'a sewage works and facilities and a
sewage treatment plant .
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HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS. DES MOINES, IOWA
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'(Form of Coupon)
Tiffin, Iowa
No. $
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' On 1, 19 , the .Treasurer of the Town
of Tiffin, Iowa, will pay to bearer out of the future net revenues
of its sewage works, and facilities,
Dollars,, at the office of the Town Treasurer, Tiffin, Iowa, for
semi-annual interest then due on its Sewer Revenue Bond (provided
said bond has not been previously prepaid) dated December 1, 1965,
No. i
Town Clerk
(Form of Town Treasurer' s; certificate' to be printed on the back of
each bond, )
STATE OF IOWA
COUNTY OF JOHNSON ) ss; • TOWN TREASURER'S CERTIFICATE
TOWN OF TIFFIN - ) - J .
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This bond duly and properly registered in my office as of the
First day of December, 1965.
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Town Treasurer
Section 3. The bonds hereby authorized shall each be signed by
the Mayor and attested by the Town- Clerk with the seal of the .
Town affixed and the interest coupons thereto attached shall each
be executed with the' signature of the Town Clerk or a facsimile
thereof and said officials are hereby authorized and directed so to
execute said bonds and coupons and when so executed, said bonds shall
be delivered, to the Town Treasurer and shall be by him registered and
delivered in exchange for and uponsurrender and cancellation of a like
aggregate amount of outstanding temporary sewer revenue obligations
of said Town authorized to be refunded in this ordinance.
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Section 4. That upon the issuance of the bonds hereby
authorized and thereafter Co long as any of said bonds or any
additional bonds ranking on a parity therewith are outstanding the
municipal sewage works. and facilities of said `Town of Tiffin shall
be operated as a revenue producing and self-liquidating undertaking
and the revenues derived from the rates and charges for sewer services
furnished by and through said system shall be set aside into a separate •
• special fund to be used (1) to pay the reasonable expenses of operation,
repair and maintenance of, the works and facilities; (2) to pay when
due the interest on and principal of the bonds hereby authorized and
any additional bonds ranking on a parity therewith from time to time
outstanding; (3) to accumulate and maintain a margin of safety and
reserve for the :payment of said bonds and interest thereon; and (4) to
pay the cost of additional sewage works and facilities and sewage
treatment plant or necessary improvements and extensions to the sewage
works and facilities of said Town or. bonds issued for account thereof
or for any lawful purpose, as hereinafter provided.
HERRICK, LANGDON,SANDBLOM & BELIN. LAWYERS, DES MOINES, IOWA
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There shall be and there is hereby created a special fund to be
designated as the "Operation and Maintenance Fund" into which on the
first day of each month there shall be set apart and paid an amount
which with any unexpended balance therein is considered necessary and .
sufficient to pay the reasonable current expenses of operating,
repairing and maintaining said works and facilities for the current
month, and said fund shall be used and disbursed only for that purpose.
There shall be and there is hereby created and there shall be
maintained an account to be known as the "Sewer Revenue Bond Sinking
Fund", sometimes }hereinafter • referred to as the "Sinking Fund", into
Which there shall be set aside from the future net earnings of said
works and facilities such portion thereof as will be sufficient to
pay the interest upon and principal. of the bonds at any time outstanding
as the same become due, and it. is .hereby determined, covenanted and
agreed that the minimum amount -to be so set aside into said Sinking
Fund ,during each month of each year shall be not less than as .follows:
A sum equal to one-twelfth (1/12th) of the principal of all bonds
maturing on the, January 1 next succeeding plus a sum equal to
one-sixth (1/6th) of the 'interest becoming due on the next
succeeding interest payment date on all of the then outstanding
bonds issued pursuant to this ordinance and bonds ranking on a
parity therewith.
Such payments into said Sinking Fund shall be made in equal
monthly installments as hereinbefore provided on the first 'day of ;
each month, except that when the first day of any month shall be a
Sunday or a legal holiday, then such payments shall be made on the
next succeeding secular day. Such Sinking Fund shall be used solely
and only and is hereby pledged for the purpose of paying the interest
on and principal of said bonds and bonds ranking on a parity therewith
and for no other purpose. If and to whatever extent additional bonds
are issued ranking on a parity with the bonds herein authorized, under
• the conditions and restrictions set forth in Section 8 of this
ordinance, provision shall be made for increasing such payments into
said Sinking Fund to meet maturing installments of principal of and
interest on such additional bonds. If at any time there be a failure
to pay into said Sinking Fund the full amount above stipulated, then
an amount equivalent to the deficiency shall be set apart and paid ,into
said Sinking Fund from the net earnings of said works and facilities
as soon as available and same shall be in addition to the amount
otherwise required to be so set apart and paid into said Sinking Fund.
There shall be and there is hereby created a special fund to be
known and designated as the . "Bond 'and Interest Reserve Fund" into
which there shall be set apart and paid from the balance of the net
earnings remaining after first making the required payments into the
"Sewer Revenue Bond Sinking Fund" the.. sum of $50.00 on the first day
of each month in each year until. the sum of $6,000.00 •has been
accumulated in said Reserve Fund, or until such time as all of the
bonds herein authorized and bonds ranking on a parity therewith have
been paid in full as to both principal and interest or funds sufficient •
therefor have been set aside and pledged for that purpose, and whenever
the sum on deposit in said Reserve Fund has been reduced to less than
$6, 000.00 by the expenditure of all or a portion of said funds for any
HERRICK. LANGDON, SANDELOM & BELIN, LAWYERS, DES MOINES, IOWA
of the purposes specified herein, the sum of $50.00 shall again be
paid into said Reserve Fund on the first • day of each month in each
year until the sum on. deposit in said Reserve Fund has been restored
to $6, 000.00. All moneys credited to said Reserve Fund shall be used
for the payment of the principal. of and interest on the bonds authorized
to be issued under the terms of this ordinance and bonds ranking on a
parity .therewith whenever for any reason the funds on deposit in the,
"Sewer Revenue Bond Sinking Fund" are insufficient to pay such principal
and interest when due. If and to whatever 'extent additional bonds
shall be issued ranking on a parity with the bonds herein authorized
under the conditions' set forth in 'section 8 of this ordinance
provision shall be made. for increasing such payments into said Reserve
Fund to create and maintain a reasonable reserve therefor.
There shall be and there is hereby created a special fund to be '
known and designated as the "Depreci'ation, ,Extension and Improvement
Fund" into which there shall be set apart and paid each year from
the balance of the net .earnings remaining after first making the
required payments into the "Sewer Revenue Bond Sinking Fund" and the
"Bond and Interest Reserve Fund" the sum..of $50.00 on the first day
of each month of each calendar year until the sum of $6, 000.00 has
been accumulated in said Depreciation Fund, and whenever the sum on
• deposit in said Depreciation Fund has been reduced to less than
$6, 000.00 by the expenditure of all or a portion of• said funds forany
of the purposes specified herein, the ,sum of $50.00 shall 'again be
paid into said Depreciation Fund on the first day of each month in •
each year until the• sum on deposit in ' said Depreciation Fund has been
restored to '$6,000.00. All moneys .credited to said Depreciation Fund
shall be used to pay any extraordinary cost of maintaining the works -
and facilities in an efficient . operating condition or to repair the
same, and to pay the cost .of constructing additional works and
facilities and •.sewage -treatment plant or 'improvements or extensions.
The moneys on deposit in .said Depreciation Fund shall be transferred
and credited to the "Sewer Revenue Bond Sinking .Fund" whenever necessary
to prevent or remedy a default in the 'payment of the principal of or
interest on the bonds authorized to. be issued under the terms of this
ordinance or bonds ranking on a parity therewith, or shall be transferred
and credited to the "Bond and Interest Reserve Fund" whenever any
deficiency may exist in said Fund.
That there shall'be and there is hereby created a special fund
to be known and designated as the "Surplus Fund" into which there
shall be set apart and paid all of the net earnings remaining after
first making the required payments into the "Sewer Revenue Bond
• Sinking Fund", the "Bond and Interest Reserve Fund" and the "Depreciation,
Extension and Improvement Fund". All moneys credited to said "Surplus
Fund" shall be transferred and credited to the "Sewer Revenue Bond
Sinking Fund" whenever necessary to prevent or remedy a default in the
payment of the •principal bf or interest on the bonds authorized to be
issued under the terms of this ordinance or bonds ranking on a
_ parity therewith, or shall be transferred 'and credited to the "Bond
and Interest Reserve Fund" whenever any deficiency may exist in said
Bond Reserve Fund, or shall be transferred and credited to the
"Depreciation, Extension and Improvement Fund" whenever any deficiency
may exist in said Depreciation Fund, and. may be used to pay necessary
operating and maintenance ,expenses, to pay. the cost of additional
sewage works and facilities and sewage treatment plant or improvements
HERRICK. LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA
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and extensions to the works and facilities:, to purchase any of the
then outstanding bonds issued pursuant to this ordinance-and bonds
ranking on a parity therewith at not exceeding par and -accrued
interest, or to call and redeem such bonds as may be then subject to
redemption, or as otherwise lawfully directed by the Town Council.
All moneys held in the several separate funds created under the
terms of this ordinance shall be deposited in banks and all such
deposits exceeding ',$10, 000.00 in any one bank shall be continuously
secured by a valid pledge of direct obligations of the United States
Government having an equivalent market value or may be invested in
direct obligations _.of the- United States Government; provided, however,
that sale shall be made of a sufficient amount of such obligations in
the event that it shall prove necessary to draw upon said reserve so
invested. ' •
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Section 5. For the purpose of safeguarding the interest of
any 'holder of said bonds-,- it is hereby provided that the Town shall
maintain the sewage works and facilities' in good condition and operate
the same in an efficient manner and at' a reasonable cost. So long as
any of the bonds herein authorized shall .be outstanding, 'the Town shall
maintain insurance for the benefit of the bond holders on the insurable
parts of the sewage works and facilities of .a kind and in an amount
which normally would be carried by private companies engaged in a•similar kind of business. • ' '"
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Section 6. Any holder or holders of twenty-five -per centum in
• aggregate principal amount of said bonds,, at the time then outstanding .
shall have the right at all reasonable times to inspect the sewage
works and facilities and all records, accounts and data of the Town
relating thereto.
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-Section 7. The Town shall cause a separate accounting system to
be set up and maintained for the :-sewage works and -facilities the same ,
to be under the supervision of the superintendent of the sewage
works and facilities who shall 'keep proper books of' records and
accounts in which complete and correct entries shall be made of all
transactions relating to said plant. ' So long as any of the bonds
herein authorized shall be 'outstanding, the Town 'shall furnish the
original purchaser thereof, -and to any holder or holders of any of
the bonds, at the written request' of such holder or .holders, no
later than thirty days after the close of each six months' fiscal
period, complete operating and income statements of said plant in
reasonable detail covering, such six months ' period, and not later than
sixty days after the close of each fiscal year complete financial
• statements of the said plant covering such fiscal year.
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Section 8. The bonds hereby authorized and from time to time
outstanding shall not be entitled to priority, or preference, one over
the other., in the application of the net earnings Of said sewage works '
and facilities securing their payment, regardless of the time or times
of the issuance of such bonds, it being the intention that there shall
be no priority among the bonds authorized to be issued under this
ordinance regardless of the fact that they may have been actually P`
issued and delivered - at different times.
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HERRICK, LANGDON, SANDBLOMA BELIN, LAWYERS, DES MOINES, IOWA.
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Said Town hereby covenants andagrees- that so long as any of the
bonds issued pursuant to this ordinance are outstanding and unpaid •
no other bonds or obligations payable from the net revenues of said
sewage works and facilities will be issued except upon the basis of
such additional bonds or obligations being subject to the priority as
to security and payment of any of the bonds herein authorized which
are then outstanding; provided, however, that said Town hereby
reserves the right and privilege of issuing- additional bonds from time
to time payable from 'the same source and ranking on a parity with the
bonds herein authorized in order to pay the cost of future improvements
and extensions to said sewage works and facilities•,, but only if the
officially reported net revenues of said sewage works and facilities
for the last p receding calendar or fiscal year prior to the issuance of
• such additional bonds. was equal to at least one and three tenths •
times the total of (1) the maximum amount of principal and interest • •
that will become due in any calendar year 'on the bonds then outstanding
under the terms of this ordinance and (2) the maximum amount of
principal and interest falling due in any calendar year prior to the
. last year in which any of the' bonds issued pursuant to this ordinance
mature on the bonds then proposed to le issued, and provided also that
the interest payment dates for any such additional bonds shall be
semiannually on July 1 and ,January 1 of each year, and the principal
maturities of such additional bonds shall be on January 1 of any year
in which any of' such principal is scheduled to become due.
The term "net revenues" is defined as gross revenues less
operating expenses which shall include salaries; wages, cost of
maintenance and operation, materials, rand supplies, pumping costs,
and insurance, as well as all other items as are normally included
under recognized accounting practices, but shall not include allowance
for depreciation .in the value of physical properties.
Section 9. That there has heretofore been established by
• ordinance of said Town, and said Town -hereby covenants to maintain,
just and equitable rates or charges for the use of or the service
rendered by the sewage works and facilities of said Town, and. that
so long as any sewer revenue bonds remain outstanding and unpaid,
rates or charges shall be revised, and_at all times maintained so '
as to be sufficient in .each' year for the payment of the proper and
reasonable expenses of operation, repair, replacements and maintenance
of the sewage works and facilities, and for the payment of the sums
therein required to be paid into aforesaid sinking fund •to meet the
. principal of and interest on` the outstanding revenue bonds issued
hereunder.
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Section 10. . All. rates and charges for the use and service
rendered by. said. sewage -works and facilities if not paid when due
• shall constitute a lien upon the premises served by such sewage
works and facilities and ,shall be collected in the same manner as
taxes and when so collected shall become •a part of the funds.
aforedescribed.
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HERRICK, LANGDON, SANDELOM 6o BELIN, LAWYERS. DES MOINES. IOWA
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Section 11. The provisions of this ordinance shall constitute .
. a° contract- by and between the Town and the holders of the bonds
herein authorized to be issued, and after the issuance .of said ,
• bonds, or any of them, this ordinance shall not be repealed or , .
' amended by the Town in ' any respect which will 'adversely affect
the holders of said bonds nor shall the Town adopt any ordinances,
by-laws, or resolution which in any way adversely affects the rights •
of such holders - so long as any of said bonds or the interest thereon
remain unpaid. • '
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Section 1.2. All ordinances,• resolutions and by-laws, or any
parts thereof, of the Town in conflict with this ordinance are
hereby repealed to the extent of such conflict.
Section 13. It Is Hereby Declared that the sections, clauses, ' •
sentences and parts of this ordinance are severable and are not
matters of mutually essential inducement; it being the intention of
the Town to comply in all respects with the constitution and statutes
of the State of Iowa, and if any one or more sections, clauses, sentences
or parts of this ordinance shall for any reason be questioned in any
• court, or shall be judged unconstitutional or invalid, such judgment
shall not impair or invalidate the remaining provisions of this
ordinance, and shall be confined in its operation- to the specific
'provision or provisions so held unconstitutional or invalid, and the
inapplicability Or invalidity of any section, clause, sentence or
part of this ordinance in any one or more instances shall not be taken «'
to affect or prejudice in any way its applicability or validity in
any- other instance.
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Section 14. This ordinance shall take effect and be. in full •
force, from 'and _after its passage,, approval and publication as, by
law' provided.
Passed r day of ee'' �" , 1965.
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Attest: / Ks= , Ss'u (S-' )o---0 6-
Town Clerk
- - (SEAL) . .
/ �' u '�--------, 1965. '
Approved this day of . Z'
_ • Mayor • 6/ ' . .
Attest: G/kG.� i
Town Clerk
(SEAL) ' .
Recorded in
• the records of said Town thiff • day of
- -J ? -e-C� 1965. '
' Town Clerk
HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERF' )ES MOINES, IOWA
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