HomeMy Public PortalAboutOrdinances-1975-68 ri ,7. - ''1--, 11 , ,
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;'D; € ORDINANCE NO 68
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• AN ORDINANCE authorizing the issuance
i. o $31,000 Sewer Bonds and providing
for the levy of taxes to pay the same .
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''s. ` i WHEREAS the Town of Tiffin (also known as the City of
`: ;! Tiffin) , in the County of Johnson. and State of Iowa, heretofore, pur-4
1suant to and in strict compliance with all laws applicable, lawfully
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1� .-: -Y± €`• ordered, and provided for building and constructing a sewer outlet,
illand purifying plant in and for the Town, the cost whereof to the
' amount of Thirty-one Thousand Dollars ($31,000) , is to be paid by
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, !' l Psaid Town as a whole by the issuance of bonds ; and
ii WHEREAS it is necessary and advisable that provisions be
l! made for the issuance of such bonds at this time and notice and
jlhearing on the initiation of proceedings for such issuance has
i¢ heretofore been given in manner and form required by Chapters 23
land 408A of the Code of Iowa, and no petition nor
protest has been
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filed, andno petition has been filed requesting that the proposi
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s tion of issuing said bonds be submitted to the voters of said Town;
i 11 NOW, THEREFORE, Be It Ordained by the Town Council of the
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,; Town of Tiffin (also known as the City of Tiffin) , Iowa, as follows :
i # Section 1. That pursuant to and as authorized by Section
396 . 22 of the Code of Iowa, 1973, as amended, there shall be and
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< ;; there is hereby ordered issued the negotiable Sewer Bonds of said
1,1Town of Tiffin, in the principal amount of $31,000, said bonds to b1
• 131 in number, be numbered consecutively from 1 to 31, both numbers
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,lincluded, .of:the denomination of-=$1000 each, and to be dated ,;
; December 1, 1974 . ' That 'the bonds of said issue shall bear interest
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:1 from the date thereof at the rates hereinafter specified, such
,-u liinterest being payable June 1, 1975, and semiannually thereafter
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n the first days of December and June in each year until the prin- i l'
` cipal thereof is paid: Said bonds shall be signed by the Mayor and
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'attested by the Town Clerk and the- seal of said- Town affixed, and
' - be registered as to issuance by the Town Treasurer and a" certificate
of such registration endorsed thereon. Interest on said bonds shall i
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'fbe evidenced by coupons thereto attached and maturing on the several '! '
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: days when such interest matures, which coupons shall be executed
with the facsimile signatures of said officials , and said Mayor and C
said Town Clerk by the execution of said bonds , shall adopt as and
:'. for their proper signatures their respective facsimile signatures'
! appearing 'on said coupons . Both principal and interest of said
5;`... bonds `shall be payable in lawful money of _the United States of
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'F :- America at the office of the Town Treasurer in and of the Town of
"` Tiffin, Iowa. Said bonds shall become due and payable in their
k` numerical order on June 1 of each of the respective years and shall
`bear interest at the rates as follows :
i Bond Rate of 4.:_kL
Year Amount Numbers Interest
27,7, o 4Z-As
x � / 7 1976 $3000 1 3v- 6% ?'°_ ° a �0>/7s
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1977 3000 14 6 6%
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1978 3000 7 9 6%
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1979 ,. 3000 . 10 - 12 6% `a
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1 1980 3000 13 — 15 6%
I 1981 3000 - 16 — 18 ' 5 . 4o%
11 1982 3000 19 — 21 5-1/2% .
1983 3000 22 — 24 5. 60% .
I 1984 3000 ' .p 25 — 27 5 . 7o% .
M 1985 4000 28 — 31 5 . 80% - - _ - j -
Section 2 . That each of said bonds be subject to regis-
c.
--- 'tration as to 'principal in the name of the holder on the books of
';the Town Treasurer, such registration being noted upon each bond so
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•e. ! registered, and after such registration payment of the principal
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co, thereof shall be made only to the registered holder. Any bond so
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. !Iregistered, upon the request in writing of such holder personally o
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V1..... ' :iby attorney-in-fact, mq/ be transferred either to a designated trans
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L3 44.:”r-- " feree or to bearer, and the principal of any bond so transferred
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` 1., and registered to bearer shall thereupon be and become payable to
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1 k.: .::' l! bearer in like manner as if such bond had never been registered.
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. Registration of any bonds as to principal shall not restrain the
' negotiability of the coupons thereto attached by delivery merely.
Section 3. That said bonds,coupons and provisions for 1
stti:'s-
' registration be in substantially the following form:
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, (Form of Bond)
UNITED STATES OF AMERICA
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STATE OF IOWA
COUNTY OF JOHNSON
3 . TOWN OF TIFFIN
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(ALSO KNOWN AS THE CITY OF TIFFIN)
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SEWER BOND
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No . $1000
KNOW ALL MEN BY THESE PRESENTS : That the Town of Tiffin
t (also known as the City of Tiffin) , in the County of Johnson and
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1:State of Iowa, for value received, promises to pay to bearer, or if
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',this bond be registered as to principal, to the registered holder here
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lort, the sum of One Thousand Dollars ($1000) on the first day of June, ,,,
1119---, with interest on said sum from the date hereof at the rate of
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,t per cent ( %) per annu- m„ Rta
qable June 1, 1975, and semiannually_thereafter_on.the-first- days,of.,,,
i. December and June in each year until said principal sum is paid, all
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t' such interest as may accrue on and prior to the maturity of this
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ilbond to be paid on presentation and surrender of the interest coupo,
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'x` 'hereto attached as they severally mature. Both principal and inter_
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, ce,' est of this bond are payable in lawful money of the United States of
O ,, . America at the office of the Town Treasurer in and of 'the Town of -
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1- Tiffin, Iowa.
x . ' This bond is one of a series of bonds issued by 'the Town
r' ; of Tiffin pursuant to and in strict compliance with the provisions
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of Section 396 . 22 and Chapter 76 of the Code of Iowa, 1973 , and all
laws amendatory thereof and supplementary thereto, and in conformity]
with an ordinance of the Town Council of said Town duly passed,
approved, recorded and posted for the purpose of building and con-
strutting °a sewer outlet and purifying plant in and for said Town.
And it is hereby certified and recited, that all acts ,
conditions and things required by the laws and Constitution of the
State of Iowa to exist, to be had, to be done ,' or to be performed
:precedent to and in the issue of this bond, were• and have been
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properly existent, had, done and performed in- regular and due form
and time; that provision has been made for the levy of a sufficient
' continuing annual 'tax on all the taxable property within said Town *.
for the payment of the principal and interest of this bond as the I ,
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: same will respectively become due ; that the faith, credit , revenues • ' -� '
and resources and all the real and personal property of said Town
;; are irrevocably pledged for the prompt payment hereof, both princi A,N:
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pal and interest ; and that the total indebtedness of- said Town,
including this bond, does not exceed any constitutional or' statutor ` g '
limitations. .
This bond is subject to registration as to principal in
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lithe name of the holder on' the books of the Town Treasurer of said
Town, such registration to be evidenced by notation of said Tr'easurdr
on the back hereof, and after such registration no transfer hereof,
except upon such book and similarly noted hereon, shall be valid
, unless the last registration shall have been to bearer. Re'gistratior, ,
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F ;!hereof shall not affect the negotiability of the coupons hereto
I'attached, which shall continue negotiable by delivery merely.
w j IN TESTIMONY WHEREOF, said Town, by its Town Council, has
r 1 1,caused this bond to be signed by its Mayor and attested by its Town
Clerk, with the seal of said Town affixed, and the coupons hereto
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I , jattached to be executed with the facsimile signatures of said Mayor
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. !`and said Town Clerk, which officials by the execution of this bond
do adopt as and for their proper signatures their respective fac-
lilsimile signatures appearing on said coupons, all the first day of
IDecember, 1974 .
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,� Mayor of the Town of Tiffin, Iowa
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,Attest : .
6{
11 Town Clerk of the Town of
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V .1 Tiffin, Iowa
it (Form of Coupon)
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On , 19 , the Treasurer of the. Town of
Tiffin (also known as the City of Tiffin) , in Johnson County, Iowa,
;will pay to bearer Dollars ($ )
lli,at the office of the Town Treasurer, Tiffin, Iowa, for interest due
that date on its` Sewer Bond, dated December 1, 1974, No. .
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�. of Mayor
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�UAttest : .
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Town Clerk
(Form forRegistration of Ownership)
ii Date of Name of Signature of
Registration Registered Owner Town Treasurer
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On the back of each 'bond there shall be endorsed a certif
4' +; icate of the Town Treasurer in the following fbrm:
• .. Town Treasurer' s Certificate
IP-
, The issue of this bond has been duly
and properly registered in my office as of
'e, the first day of December, 1974 . -
le,a,: . Treasurer of the Town of
I-.: Tiffin, Iowa
Section 4 . That said bonds be executed as herein pro-
1vided as soon after the adoption of this ordinance as may be and
thereupon they shall be delivered to the Treasurer of said Town,
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� . who shall register the fact of the issuance of same in a book
; provided for that purpose and shall deliver said bonds to the pur
chaser as determined by this Council, upon receipt of the purchase
s price, the same to be not less than the par value of said bonds with
± accrued interest thereon, and all action heretofore taken in connec '
tion with the sale and award of said bonds is hereby ratified and -
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confirmed in all respects .
Section 5 . That the principal proceeds of the sale of
said bonds shall be devoted to and used with due diligence for the,
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; completion of the facilities for which said bonds are hereby author.4 ,
,sized to be issued. The Council represents and certifies that
1 (1) the said Town has heretofore incurred a substantial
binding obligation with respect to said .facilities ; said bind-
ing' obligation comprising contracts for materials and for the
construction of the improvements in the amount of not less
[ than 2-1/2% of the .estimated total cost of said facilities ;
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(2) the Town Council expects that over 85% of the
spendable proceeds of said bonds (including investment pro- [
ceeds ) will be expended on or before July 1, 1975 , for the
Y '' purpose of paying the cost of said facilities , said date being
within three years following the date of issue of said°`bonds ;' i
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(3) work on the said facilities has proceeded and is
expected to proceed with due diligence to completion;' ,,
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Vi!, (4) said facilities .have not been and are not expected
to be sold or otherwise disposed, of in whole or in part prior
' F` :: to the last maturity of said bonds;
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(5)' 'all of the principal proceeds of the bonds are
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141' . needed for the purpose stated in the form of bond above set
Rg out, including expenses incidental to such purpose and to the
issuance of the bonds ; and 1
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(6) to the best of the knowledge and belief of the
use 1
- _ Council there are no facts, estimates or circumstances that
I would materially change the conclusions and representations
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set out in this section.
4' Said Council also certifies and further covenants with
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}{` the purchasers and holders of said bonds from time to time outstand-
ing that so long as any of said bonds remain outstanding, moneys
: ion deposit 'in any fund or account in connection with said bonds ,
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i whether or not such moneys were derived from the proceeds of the -
sale of said bonds or from any other sources, will not be used in a { :
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f manner which will cause such bonds to be "arbitrage bonds" within
the meaning of Section 103(d) of the Internal Revenue Code of 1954,
; as amended, and any lawful regulations promulgated or proposed
I ` thereunder, including Sections 1.103-13 and 1. 103-14 of the Income
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Tax Regulations (26 CFR Part 1) , as the same presently exist , or
1411 . ..may from time to time hereafter be amended, supplemented or revised.
The Council reserves the right, however, to make any investment of
' such moneys t
y permitted by state law if, when and to the extent that
74 ; said Section 103 (d) or regulations promulgated thereunder shall be
4_ ,. r. epealed or relaxed or shall be held void by final decision of a
L court of competent jurisdiction, but only if any investment made by
virtue of such repeal, relaxation or decision would not , in the
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4. ; opinion of counsel of recognized competence in such matters , result•
in making the interest on said bonds subject, to federal income
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taxation.
Section 6 . That as required by Chapter 76 of the Code
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of a direct annual tax sufficient to pay the interest on said bonds
as it falls due, and also to r
pay and discharge the principal thereof
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at maturity, there be and there is hereby' ordered levied on all the
f taxable property within said Town a direct annual tax for each of
,• the years while said bonds or any of them are outstanding, in' amouns
sufficient for that
purpose, and that there be and there is hereby
, levied upon all the taxable property in said Town the following
,,; direct annual tax, to-wit :
In the 'yea± 1975 for collection in the fiscal year .
ending June 30, 1976, a tax sufficient to produce
o the sum of $5697 for principal and interest;
In the year 1976 for collection in the fiscal year
E ending June 30, 1977, a tax sufficient to produce ,
" the sum of $4618 for principal and interest ;
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In the year 1977 for collection in the fiscal year
i! . ending June 30, 1978, a- tax sufficient to produce
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the sum of $4438 for principal and interest;
; In the year 1978 for- collection in the fiscal year
l_ ending June 30, 1979, a tax sufficient to produce
- y; the sum 'of $4258 for principal and interest; .;•
F
' f•• In the
year 1979 for collection in the fiscal year
ending June 30, 1980, a tax sufficient to produce
;f the sum of $4078 for principal' and interest ;
'I -- In the
�f year 1980 for collection in the fiscal year
{ ending June 30, 1981, a tax sufficient to produce
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i the sum of $3898 for principal ' and interest ;
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'; ,-In the year 1981• for collection in the fiscal year
it ending June 30, 1982, a tax sufficient to produce
,1 ;the sum. of $3736 for principal and interest;
/ In the year 1982 for collection in the fiscal year
,, ending June 30, 1983, a tax sufficient to produce '''
r the sum of $3571 for principal and interest; . f
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' t /, In the year 1983 for collection in the fiscal year
r "; ;I ending June 30, 1984, a tax sufficient to, produce
the *sum of $3403 for principal and interest ; ` ,
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e( ~ , / In the year 1984 for collection in the -fiscal year - 1
esa ending June 30, 1985, a tax sufficient to_ produce
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s the sum of $4232 for principal and interest . .
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A certified copy ofrthis ordinance shall be filed with
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^A. the County Auditor of Johnson County and said Auditor shall be and
' he is hereby instructed in and for each of the years 1975 to 1984,
inclusive, to enter for collection and assess the tax hereby author-
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sized. When annually entering said taxes for collection, the County
Auditor shall include the same as a part of the tax levy for debt
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service fund purposes of said Town, and when collected, the proceedd
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of said taxes shall be converted into the debt service fund of said
; Town and set aside therein as a special account to be used solely
and only for the payment of principal and interest of the bonds
thereby authorized and for no other purposes whatsoever.
it That the principal or interest coming due at any time
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; when there are insufficient funds on hand to pay the same be 1
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promptly paid when due from current funds on hand, and reimburse- 1
ment be made to such current funds in the sums thus advanced when E
the taxes herein provided shall have been collected. 1
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That if in any year funds shall be realized from sources !
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other than the tax above provided which funds shall be properly
applicable to the payment of the principal of and interest on these !
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bonds, °such tax for the succeeding year shall be abated and not
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' extended for collection to the extent of the funds so available 1
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and actually set aside and pledged for that purpose . • •
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It is hereby declared to be the purpose and intent of !
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? said Town to issue the bonds hereby authorized as general municipal )
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I :; obligations pledging the full faith and credit of said Town for 1
1 their payment by means of taxation, but at the same time
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permitting
the pledging and use of funds available from any other source which ,
fir. f; may be properly applied to the payment of said principal and
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interest . iy
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Section 7. That this ordinance become effective immedi
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ately upon its passage, approval and posting and that all ordinance
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9• resolutions or parts thereof in conflict herewith be and the
same
''ik` ' - rl are hereby repealed to the extent of such .conflict .
{� Passed and approved 'January 8, 1975 .
y
t4Mayor
`. Attest :
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•W Town Clerk
•SSS 3
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' r Recorded January 8
r Y 1975.
' Posted
, / , 1975
, ' Town Clerk R
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LLM:EP
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being first duly sworn, do
hereby depose and certify that I an the duly appointed, qualified
and acting Town Clerk of the Town of Tiffin (also known as the City ,
of Tiffin) , in the County of Johnson State of Iowa, and 'that as
such I have in my possession, or have access to, the complete
corporate records of said Town and of its Council and officers ; andl
that I have carefully compared the _transcript hereto attached with
the aforesaid corporate records and that said transcript hereto
attached is a true, correct and complete copy of all the corporate
records in relation to the authorization and issuance of $31,000
Sewer Bonds of said Town to be dated December I, 1974, and that
said transcript hereto attached contains a true, correct and complete
statement of all the measures adopted and proceedings, acts and
things had, done and performed up to the present time in relation
to the authorization and issuance or the said bonds .
I further certify that no petition of protest or objec-
tions of any kind have been filed or made objecting to the issuance
of said bonds or to the levy of taxes to pay the principal thereof
and interest thereon, and that no petition has been filed in my
office requesting that the proposition of issuing said bonds be
submitted to the voters of said Town.
WITNESS my hand and the corporate seal of said Town
hereto affixed at Tiffin, Iowa, this /.:7 day of Tanuaey
1975.
(SEAL) (4- iown Clerk
STATE OF IOWA
COUNTY OF JoHNSON )
Subscribed and sworn to before me by said Mary Formanek
this day, the date last above written,
, -/
No ,ary blic
LLM:EP My commission expires ___aesagiallaraiL1116.,____
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STATE OF IOWA )
) SS
COUNTY OF JOHNSON )
)
T, County Auditor of the
County of Johnson, i. the State of Iowa, do hereby certify that
on the day of 1975 the Town Clerk of the
Town of Tiffin (a1 known as the City of Tiffin) , in said County
and State, filed in mioffice d certified copy of an ordinance
of said Toiin, shown tc: have been finally adopted by the Council
thereof on the 8th day of January, 1975, approved by the Mayor on
the ,8111,_ day of jady 1975, and posted on the day
of 1975, and entitled 4Ordinance No. An
Ordinance authorizing the issuance of $31,000 Sewer Bonds and
, providing for the levi, of taxes to pay the same" , and that I have
duly placed said copy of said ordinance on file in my records.
WITNESS my band and the County Seal hereto affixed at
Iowa City, Iowa, this /Lf._ day of ___ Jelluely 1975 ,
/ • 4.
County
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(SEAL)
I, C. E. "Bill" Bream , being first duly sworn,
so hereby depose and state that I am a duly elected, qualified and
cting member of the Town Council of the Town of Tiffin (also known
Hs the City of Tiffin) , Iowa, and that as such I received ample
b
otice of the time and place of the spedial meeting of said Town
ouncil which was held on December 18, 1974, at the City all in
aid Town at 7 :00 o' clock P.M. , and of the matters to be considered
t said meeting, but that I was nevertheless unable to attend the
•- ame.
T do further certify that I have examined the official
ecords of the Town showing the action taken by the Town Council at
aid meeting, particularly with reference to the adoption of a
esolution providing for the sale and award of $31,000 Sewer Bonds
4f said Town and the adoption of a resolution initiating proceedings
or the issuance of said bonds and that I am in full accord
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herewith. • ,
WITNESS my offIcial signature this 8th day of Tatuaor )
.1975 .
TATE OF IOWA )
) SS
COUNTY OF JOHNSON ). • .
Subscribed and sworn to before me by said C. E. "Bill"
is day, the date last above written.
Bream this
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- Notary Pu_ lc
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My commission expires September 30 1976, I
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I, , being first duly sworn,
do hereby depose and state that I am a duly elected, qualified and
acting member of the Town. Council of the town of Tiffin (1%1s0 known
as the. City of Tiffin) , Iowa, and that as such I received ample
notice of the time and place of the special meeting of said Town
Council -which was held on December 18, 1974, at the City Hall in
said Town at 7:00 o'clock P.M. , and of the matters to be considered (.
at said meeting, but that I was nevertheless unable to attend the
same. - '
I do fuxrther certify that I have examined- the official
records of the Town showing the action taken by the Town Council at
said meeting, particularly with reference to the adoption of a
resolution providing for the sale and award of $31,000 Sewer Bonds
of said Town and the adoption of a resolution initiating proceedings
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for the issuance of said bonds, and that I am in full accord
therewith.
WITNESS my o `ficial `signature this day oi'JarrUa 7
1975.
, STATg OP IOWA )
) SS
COUNTY OF JOHNSON. )
Subscribed and sworn to before me by said
this day, the date, last above written.
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AF ,/ A '
Notary ' lid
My commission expires 5 `
ep em•er •
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Tiffin, Iowa
January 8, 1975
The Town COuncil of the Town of Tiffin (also known as
the City of Tiffin) , Iowa, net in . amllor .session
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at the City Hall in said Town at 8 :00 O'clock P.M. The meeting was
called to order and there were present Brotherton
mayor, in the chair, and the following named Councilmen Birtcher.
----Sezieb,-BrealneePaLter__ _
- "Absent : UNIN. Janssen
The Town Council investigated and found that notice of
eIntention to issue $31,000 Sewer Bonds of said Town had heretofore
been published on the 27th day of Nevember, 1974 , in the "Iowa City
PresseCitinen“ , a newspaper published in Johnson County , Iowa, and
having a general circulation in said Town, and that this Council
met on December 13, 1974, at the time and place specified in said
published notice and no petition of protest or appeal or objections
of any kind having been filed in the office of the Town Clerk or
' epresented to the Coutell, and no petition having been filed with
the Town Clerk or presented to the Council asking that the question
of issuing said bond S be submitted to the voters Of said Town, the
hearing on the issuance of said bonds had been adjourned from time
to time to the time and place of the present meeting of the Council.
Whereupon Councilman Bream introduced and
to be read in full a erepotWOrdinance Mo. 68
- entitled °An Ordinance authorising
the issuance of $31 ,000 Sewer
eeelee anu Dr-ovIul.ng rte levy of teeedt—to 157ay the sate. It was
moved by Councilman Bream that the rules 'require-
Ing ordinances to be read in full on three separate days be suspended
and that said ordinance be now placed on its final adoption. The
motion was seconded by Councilman Smith
whereupon the Mayor put the question on the motion and the roll
being, called, the following named Councilmen,votod:
Aye: argain,...aatat,,Z-Itter.
Nay : .lone.
Whereupon the Mayor declared the motion duly carried and
said ordinance was placed on its final adoption.
_ Councilman a_ Potter moved that said
ordinance he adopted, seconded by Councilmah Birtcher
and after due consideration thereof by the Council, the Mayor put
the question on the motion for the, passage and adoption of said
ordinance and, the roll being called the following voted:
- Aye : Bream, Smith, Potter, Birtcher
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Nay : None.
Whereupon the Mayor declared said ordinance duly passed
and adopted and signed his 1poroval thereto.
On motion and vote the m-- ing adjourned,.
417
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A • rr/
Mayor
Attest:
own Clerk
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