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Minutes - 1/12/1931
"Qll.sbtir io;ra, lg31 Tnwn Council of the To _n of,:el? s'�e_ _ _ _ _ in t1-. County off _ _ _ _ _ _ _ _ _ _ _ _ _ -, :Mate of Iowa, met in session, on call of the :':'ayor, at the time and place designated in 'the folloviing call, a copy of which, signed by the Yayor had '-)een personally served on each member of the Council a sufficient time before said meeting, and service of which had been duly accepted by each member. Wellsburg- - , Io,%ra, a�aru, r,7 To .........................., Councilman, 77&11�r.ur&_ _, Iowa. Dear Sir: You are hereby notified that a meeting of the rn Council of the Tc��n of-PlIzInirg_ _ _ _, in the Count of trite o _ Cr„nd�T_da�T owa, will be held on the µ - - of-laru rg- - - - 19SI at �- o' clock �T. , at the -� 72 1 sbug- - - - - -, Iowa, within purpose of adopting a resolution authorizing said the totem— for the issuance of �r - - - - - - - s of the r1pnyrn �� rr,,,,L_ _ _ _ , and for _e transac ion o _T3onJ such. other usb iness as may come before the meeting. S�a vvmtj Respectfully, .......................... r`ayor. The meeting was called to order by the 1.7ayor, and the roll heirir- called, there were Present, ing named members of the Counci . Absent: None. Mayor in the chair, and the follo•:,,,,- The mayor read the foregoing call and reported that service thereof had been duly made and accepted by each member of the Council: Councilman �tL%_. cam_ . introduced and read the follow- inf,r osoiution and moved Its a op on, seconded by Councilman %'' -� ; and after due consideration thereof by the 'council, the Mayor put the question upon the adoption thereof and the roll being called, the following named Councilmen voted Aye Nay: None. Yhcreulron the Mayor declared the resolution duly adopted as follows: I—E TMENT ps `-0. IN ANKE BNT �-• BAN KER9 DAvENPORTAOwA '"ellsbttrc.. - iorra, Jana -_ram. /, 1-931• T!� a Tewn Council of the Tg= of _ _ _ _ _ _ in tr ;un y of � ., _ _ - - - - - - - - - - :Mate of Iowa, net in session, on call of the "a;yor, at the time and place designated in the following call, a copy of which, signed by the r'ayor had been personally served on each ricrber of the Council a sufficient time before said m-;eeing, and service of which had been duly accepted by each member. ellsburg - - , Iowa, January / , 1931. TO ......................... . Councilman, -,gle_ _, Iowa. Dear air: You are hereby notified that a meeting_ of the T. Council_ of the Tn rgrof c _ _ _ _ _ _ _, in the Count? of r�_ _ _ _ _ _, t--te o owa, will be held on the i day o f - T, . ,. r�_ _ _ 1�; at o'clock ?�T. , at the f- --r.. 7ellsburg -- - - - -, Iowa, within said town_ _, for the purpose of adopting a resolution authorizing the issuance of �000- - - - , '" - - - - - - - - - - - _9onJ3 of the and for the transaction o such. other Eusiness as may come before the meeting. Sfa oud- Respectfully, .......................... r"ayor. The meeting was called to order by the Yayor, and the roll bein,- called, there were Present, Mayor in the chair, and the follo•:a- ing named members of the Council. Absent: None. The Mayor read the foregoing call and reported that service thereof had been duly made and accepted by each merber of the Council: Councilman-2$L/I-&_ - introduced and read the follow - sol ution and movo its a op ion, seconded by Councilman ,--, ; and after due consideration thereof by the Council, the Mayor put the question upon the adoption thereof and the roll being called, the following named Councilmen voted Nay: None. !Vhcreugon the Mayor declared the resolution duly adopted as follows: 1-1* 111TE-P N ILLIp9 INVESTMENT `q �.BANKERS. DAVLNPONT.IOWA - ---- RESOLUTIOIi TO P OVIDE FOR C-,� ".12,00G AT=I '7ORJrS BON'PS Or TIM TOWN OF 7-ELLSBORO, GRMMY COUK7Y, I07.:A. "-117:REAS, The Town of 7'ellsburg, in the County of Grundy, State of Iowa$ is a municipal corporation, duly organized and existing under and by virtue of the laws and Constitution of the State of Iovra; and The Council of; sai:i town heretofore, pursuant to the provisions of Chapter 319, Code of lowa, and to a sufficient peti- tion in accordance thorevith, did legally call an election, fixing the tire and placo thereof, and did legally submit thereat to the voters of said torn, to be by there voted upon, '.-he rroposition of issuing bonds of said tovan in the sum of Rl`?,000 for the purpose of procuring funds to pay the co-st of extending, rec ,nstructing and maintaining the present wator works cy tem within said toum, and did provide for legal, sufficient and tinely notice of s.Ad lection and the {tire©, place, and purpose thereof; Nnd '." Mr: AS 9 Said election was to ally held and conducted on the 9th day of Decembor, 193D, pursuant to said call and notice, and more than a majority of the ) actors of s -.id town voting thereat voted in favor of the said proposition submitted at the aforesaid olectiongthe affirmative vote on s . id proposition being equal to a majority of all persons voting at the last preceding municipal election of said town, and said proposition was duly carried; and "TIEl"AS, 'Tone of the bonds thus legally authorized to b© issued by the aforesaid petition and the adoption of the aforesaid proposition at the aforesaid election have as ,yet been issued; II077 TIi:.REFOR R BE IT 12�OLVM, By the Town Council of the Town of Wellsburg, in the County of Grundy, State of Io:ra: Section 1, That there are hereby authorized to be issued seventeen (17) negottable 'later '"orks Bonds of said town, numbered consecutt vely from One (1) to Seventeen (17) , both numbers inclusive, Bonds numbered One (1) to Ten (10) inclusive to be of the denomination of A500 each and Bonds numbered ?leven (11) to Seventeen (17) inclusive to be of the denomination of }:1000 each, to be dated the First day of February, 1931, baring interest from and after the date thereof until paid at the rate of Four and One-half (41v') per annum, payable May 10 1931, and semi-annual'I-^ thereafter on the First days of ray and Novey"ber of each year, such interest to be evid3need by nego- tiable coupons attached to each bond, both principal and interest Pay- able in lawful money of the United States of itrrerica at the office of the Town Treasurer in and of the Town of *`'ellsburg, Io•�r�. Said bonds shall become due and payable in their numerical order as follows: "500 on November 1 of each of the years 1933 to 1942 inclusive; and �k1000 on November 1 of each of the years 1943 to 1949 inclusive. Section 2. That each of said bonds be subject to registra- tion as to principal in the name of the holder on the books of the Town Treasurer, such registration being noted upon each bond so regis- tered, and after such registration payment of the principal thereof shall be made only tothe registered holder. Any bonds so registered, upon the renuest in writing of such holder, personally or by attorney In fact, may be transferred either to a designated transferee or to bearer, and the 'principal of any bonds so transferred and registered to bearer shall thereupon be and beeore payable to bearer in like rr:an- ner as if s,ich bond had never been registered. Registration of any bonds as to principal shall not restrain the negotiability of the cou- pons thereto attached by delivery r+erely. Section 3. The bonds hereby authorized and the provisions for registration shall be in form and recital substantially as follows: THE WHITE-PHILLIPS COMPANY, INC, INVESTMENT BANKERS, DAVENPORT, IOWA ITJTIT- STATES OF AM-RICA STATE OF IO" 'A, COU177Y OF GRMOY TOINIT OF ".'RLLSBBRG No, . . • .. rATERTORKS BOIL �.... . The Town of �:ellsbur,g, in the County of Grundy, State of Iowa, zor value received, promises to pad to bearer, or, if this bond be registerod,to the registered holder thereof., ...................... Dollars, lawful �-.oney of the United states of America, on the First day of Yorenber, 19.. , rith interest on said sum frog, the date beroof until paid at the rate of four and one-half per center per annum, pay- able i'ay 10 19310 and semi-annually thereafter on the First days of Vay and Novetrber of each year, upon presentation and surrender of the interest coupons hereto attached; both principal and interest payable at the office of the Town Treasurer in and of the Torn of "4ellsburg, Iowa. This bond is one of a series of tends issued by said Tar.m or Tel srurg parsua.nt to and ir- etrict eor:_pliance with the provisions of Chapter 19, Code of Io,a, and in conformity with a resolution of the Council of said town, duly gassed ar_d aprroved, for water wor':s pur- poses, as duly authorized by the requisite majority of the electors of said torn voting at an election legally called pursuant to a suffi- cient petition with the requisite sign,.tures and legally held pursuant to legal, sufficient and ti^�ely notice duly published. !'nd It is Hereby Certiflad and recited: That all acts, con- ditions :;nd thin-s required by the laws and Constitution of tho State of Iona to exist, to be done, or to be perforried precedent to and in the issue of this bond were and have been properly existent, had, done and performed in regular and due fora and time; that the faith, credit,, revenue and resources of all the real and personal propFrty of said town are hersby irrevocably pledged for the prompt n_ayment of the rrincipal and interest hereof at maturity; and that the total indebt- edness of said torn, including this bond, does not exceed the consti- tutional or statutory limitations. This bond is subject to registration as to principal in the name of the holder on the books of tho. UtV Treasurer of said -eAtT . such registration to be evidenced by notation of said Treasurer on the back hereof, and after such registration no transfer hereof, except upon such books and similarly noted hereon, shall be valid unless tho last reZistration•shall have been to bearer. RAgistration hereof shall not affect the negotiability of the coupons hereto attach©d, which shall continue negotiable by delivery merely. I I TESTT'OrY 71PE0F said town, by its Council, has caused thts bond to be signed by its Mayor and attested by its Torn Clark, with the seal of said town affixed, and the couponshereto attached to be executed by said CloVk by his tacsi-rile signature, Which officer, by the execution hereof, does adopt as and for his signature his fac- simile signature appearing on said coupons, all as of the First dray of February, 1931. .............................. _uyor, Town of 7,ellsburg, Io.va Att0st: ..........................0... Clark, Town of 7ellsburg, Io:-a (Fo m of Coupon) No. "r'FLLSBT7RG, IOVIA ..... On the First dal of ........., 19..9 the Treasurer of the Term of Flellsburg, 1.4rundy County, Io,::a, will pay to bearer ......... es THE WHITE-PHILLIPS COMPANY, INC., INVESTMENT BANKERS, DAVENPORT, IOWA ����������. . . . . . . . . . . . . r o l l a r s a t t h e o f f i c e o f t h e T o w n T r e a s u r e r i n a n d o f t h e T o w n o f ' : e l l s b u r g , T o g a , f o r i n t e r e s t d u e t h a t d a t a o n i t s " a t e r . o r ' . s B o n d , d a t e d F e b r u a r y 1 , 1 J 3 1 , l i o . 0 0 0 0 0 A t t e s t : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C l a r k , T o w n o f W e l l s b u r g , T o < < . a ( F o r m f o r r e g i s t r a t i o n o f m m a r s h i p ) P a t e o f R e g i s t r i t i o n , F a m e o f R e g i s t o r e d 0 y - n e r . S i g n a t u r e o f T o w n T r e a s u r e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Y . . . . . . . . . . . . . o n t h e b a c k o f e a c h b o n d t h e m s h a l l b e e n d o r s e d a c o r t i f i - c a t e o f t h e T b W p r 7 r c a s - u r e r i n t h e f o l l o w i n g f o r m : t _ ( F o r m o f t 6 * V T r e a s u r r o r ' s C e r t i f i c a t e ) T I M M T r e a s u r e r ' s C e r t i f i c a t e T l - l e i s s u e o f t h i s b o n d h a s b e e n d u l y a n d p r o p e r l y r e d s t e r e d i n m y o f f i c e a s o f t h e F i r s t d a l o f F e b r u a r 7 , 1 9 3 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . T r e a s u r e r , l C a t k �� o f ' : ' e l l s b u r h , I o n a . o e t i o n 4 . T h a t s u c h b o n d s s h a l l b e s i g n e d b y t h e : : a y o r a n d a t t e s t e d b y t h e T o n n , C l e r k , w i t h t h e s e a l o f s a i d t o t . m a f f i x e d . T h e i n t e r e s t c o u p o n s a t t a c h e d t h e r e t o s ' ^ a l l b e a t t e s t e d b y t h e f a c s i m i l e s i g n a t u r e o f t h e T o m m C l e r k . 4 . f t e r : ��e i n o - e x e c u t e d a s a b o v e p r o v i d e d s a i d b o n d s s h a l l b e d e l i v ^ r o d t o t h e T r e a s u r e r o f s t A d t o w n , t o b e b y h i m r e g i s t e r e d a s p r o v i d e d b y e c t i o n 6 2 5 6 0 C o d e o f I o ^ r a , a n d s a i d T r e a s u r e r s h a l l s i g n t h e c e r t i f i c a t e h e r e i n b e f o r e s o t o u t a n d e n d o r s e d u p o n t h e b F z c k o f e a c h o f s a i d b o n d s , a n d h e s h a l l t h e r e u p o n d e l i v e r s a i d b o n d s t o t h e p u r c h a s e r s t h e r e o f a t a p r i c e o f n o t l e s s t h a n p a r a n d a c c r u e d i n t e r e s t . S e c t i o n 5 . T h a t , i n o r d e r t o p r o v i d e f o r t l : e c o l l e c t i o n o f a d i r e c t a n n u a l t a x s u f f i c i e n t t o p a y t h e i n t e r e s t o n s u c h b o n d s a s i t f a l l s d u e a n d a l s o t o p a y a n d d i s c h a r g e t h e p r i n c i p a l t h e r e o f a t r ��, a t u r i t y , ��t h e r e b e : : n d t h e r e i s h e r e b y l e v i e d u p o n a l l t h o t a x a b l e p r o p e r t y w i t h i n s a i d t o r n , i n e a c h y e a r w h i l e a n y o f s a i d b o n d s a r e o u t : s t a n d i n g e a d i r e c t a n n u a l t a x s u f f i c i e n t f o r t h a t p u r p o s e , a n d t h a t t h e r e b e ! e n d t h e r e i s h e r e b y l e v i e d u p o n a l l t a m a b l e p r o p e r t y w i t ? : i n s a i d t o w n a t a x s u f f i c i e n t t o r a i s e t h e f o l l o w i n g s u r f s f o r t h e f o l l o w - i n g y e a r n , t o - w i t : F o r t h e y e a r 1 9 3 1 ' - h e s u m o f 9 4 5 . 0 0 f o r i n t e r e s t ; F o r t h e y e a r 1 0 3 2 t h e s u s s o f 1 0 4 0 , 0 0 f o r i n t e r e s t a n d p r i n c i p a l ; F o r t h e T e r 1 9 3 3 t h e s u r e o f 1 0 1 7 . 5 0 P o r i n t e r e s t a n d p r i n c i p a l ; F o r t h e y e a r 1 9 3 4 t h e s u r f o f 9 9 5 . 0 0 f o r i n t e r e s t a n d p r i n c i p a l ; F o r t h e y e a r 1 9 3 5 t h e s u m o f 9 7 2 . 5 0 f o r i n t e r e s t a n d p r i n c i p a l ; F o r t h e y e a r 1 9 3 6 t h e s u n s o f 9 5 0 . 0 0 f o r i n t e r e s t a n d p r i n c i p a l ; F o r t h e y e a r 1 9 3 7 t h e s u n o f 9 2 7 . 5 0 f o r i n t e r e s t a n d p r i n c i p a l ; F o r t h e y e a r 1 9 3 8 t h e s u m o f 9 0 5 . 0 0 f o r i n t e r e s t F i n d p r i n c i p a l ; F o r t h e y e a r 1 9 3 0 t h e s u m o f 8 8 2 . 5 0 f o r i n t e r e s t a n d p r i n c i p a l ; F o r t h e y e a r 1 9 4 0 t h e s u n " . o f 8 6 0 . 0 0 f o r i n t e r e s t a n d p r i n c i p a l ; F o r t h e y e a r 1 9 4 1 t h e s u m o f 8 3 7 . 5 0 f o r i n t e r e s t a n d p r i n c i p a l ; F o r t h e g e a r 1 9 1 2 t h e s m m o f 3 1 5 . 0 0 f o r i n t e r e s t a n d p r i n c i p a l ; F o r t h e g e a r 1 9 4 3 t h e s u m o f 2 7 0 , 0 0 f o r i n t e r e s t a n d p r i n c i p a l ; F o r t h e y e a r 1 9 4 1 t h o s u m o f 1 2 2 5 . 0 0 f o r i n t e r e s t a n d p r i n c i p a l ; F o r t h e y e a r 1 9 4 5 t h e s u r e o f 1 1 8 0 . 0 0 f o r i n t e r e s t a n d p r i n c i p a l ; F o r t h e y e a r 1 9 4 6 t h e s u m o f 1 3 5 , 0 0 f o r i n t e r s s t a n d p r i n c i p a l ; F o r t h e g e a r 1 9 4 7 t h e s m : i o f 1 1 , 0 4 5 . 0 0 0 9 0 . 0 0 f o r i n t e r e s t z n d p r i n c i p a l ; F o r t h e y e a r 1 9 4 8 t h e s u e r . o f f o r i n t e r e s t a n d p r i n c i p a l . T H E W H I T E - P H I L L I P S C O M P A N Y . I N C . , I N V E S T M E N T B A N K E R S , D A V E N P O R T . I O W A Said taros when collected shall be converted into a special fund for the payr-ent of principal and interest of the bonds hereby authorized and no other purpose whatsoever. That t'n.e principal or interest coning due at any tiro when there are insufficient fun,ts on Y,and to pay the saw be prountly laid Then due from current funds or hand, and reimbursement be made to such current funds in the surs thus advanced- :hen the taxes herein provided shall have been collected. Section 6. That a certified cony of this resolution be filed Ritt,. the Counts Auditor of Grundy County and that said tiuditor be and he is hereby instructed in and for each of the years 1931 to 1948 inclusive to enter for collection anal assess the tax hereby cutl'orized. Section 7. That all resolutions or parts of resolutions in conflict here-�Atti. be and the same are hereby repealed.` ( S^�L ) ( FLAIL Passes: and approved January, 1931. r ..vapor, Town or rellsburg, iama s o.ra On ;r.otion and vote the council ad jourr_ed. ..er c, Town low THE WHITE-PHILLIPS COMPANY. INC., INVESTMENT BANKERS, DAVENPORT. IOWA