HomeMy Public PortalAboutMinutes - 3/14/1910107
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Wellsburg, Iowa, March _ 1910.
Called meeting of the Town Council for the Town of Wellsburg, Iowa,
the following call having been personally served on each member:
Wellsburg, Iowa., ?larch _, 1910.
To. , Councilman,
Town of Wellsburg, Iowa.
Dear Sir:
You are '-ereby notified that a meeting of the Town Council for
the Town of Wellsburg will be held on the &y of March, 1910, at
M, at o'clock U., for the purpose
of considering and Passing an Ordinance authorising the issue of
$ 2,900 Funding Bonds, and for the transaction of such ot'ier business as
may come before said weeting.
Respectfully,
Mayor.
W.E. Reed, Mayor, in the chair, and the f
a.�ti� /
Councilman �'/_ inteoduced a resolution authorising
the issue of $ 2,900 Funding Bonds, for the purpose of funding a like
amount of outstanding warrants of said Torn, and moved its adoption,
seconded by ( µ. `� / , end the question being upon the
adoption of resolution, the roll want called, resulting as follows:
Ayes.
Nays, Now.
Whereupon the resolution was declared adopted as follows, to -wit:
RESOLUTION.
To provide for issuing bonds of the Town of Wellsburg, in
the sum of $ 2,900, for the purpose of funding a like
amount of outstanding warrants of said Town.
WHEREAS, The Town of Wellsburg, in the County of Grundy, is a
municipal corporation, duly organized and existing under and by virtue of the
Laws of the State of Io.ia, and did heretofore under and by virtue of the
Laws of the State of Iowa, duly and lawfull issue warrants in amount
Two Thousand Paine Hundred Dollars ( $ 2,900L and
VEREAS, The said Town has at this; time an outstanding indebtednoes
evidenced by said warrants, to the aggregate amount of Two Thousand Paine Hundred
Dollars ( $ 2,900), and which said warrants are legal, valid and subsisting
obligations of said Town, and have not at any time been in litigation, and it
is deemed to the best interests of said Town to fund the same, and issue its
Bonds, therefore,
Be it Resolved, by the Town Council of Wellsburg, Iowa:
That there be and there are hereby issued the bcndo of the Town
of Wollsburg, in the aggregate amount of Two Thousand fline Hundred Dollars
( # 2,900), for the purpose of funding a like amount of said outstanding
indebtednessp which bonds hereby authorized shall be designated "Funding Bonds".
Said Funding Bonds shall consist of Six in number, in the denominations of
# 500 each for the first Five Bonds, and # 400 for the last Bond, numbered
from One to Six, both numbers inclusive, and shallbear date of April First,
1910, and shall become due and payable as follows:
500
on the
First
day of
April,
1914.
500
on the
First
day of
April,
1916.
500
on the
First
d y of
April,
1918.
500
on tho
First
day of
April,
1926.
500
on the
First
day of
April,
1921.
400
on the
First
day of
April,
1922.
Said Funding Bonds shall bear interest at the rate of
Five aryl Onethalf per centum per annum, p,;yable semi-annually, on the
First Days of April and October, in each year, which interest shall be evi-
dsrced by interest coupons to be attached to each of said Bonds, and both
principal and interest of said Bonds shell be payable at the Banking 'Iouse
of Eao. IG. Bechtel & Company, in the City of Davenport, State of Iowa.
Be it further Resolved, That said Funding Bonds hereby authorized
and coupons respectively shall be substantially in the following form, to -wit:
(Form of Bond).
No.r #
UNITED STATES OF A_.T4ERICA,
STATE OF IOWA, COUNTY CF GRUNDY,
TOMB OF WELLSBURG FUZING BOND.
The Town of Wellsburg, in the State of Iona, for value received,
promises to pay to bearer, lawful money of the United
States of America, are time First day of , A.D., 19_, with
interest on said sum from the date hereof, until paid, at the rote of
Five and One-half percentum per annum, payable semi-annually, on
the First days of April and October, in each year, on presentation
and surrender of the Interest cou.,ons hereto attached. Both Principal and
interest payable at the Banking House of Geo.N. Bechtel R Company, in the
City of Davenport, State of Iowa.
This Bond is issued by the Town of Wellsburg, for the purpose of
furling G like amount of its indebtedness outstanding at the date of the
passage of the resolution hereinafter mentioned, pursuant to the provisions
of Section 905 at seq., C',apter 12, Title V, of the Code, and in conformity
to a resolution of the Counecil of said Toem of 7ellsburg, duly passed, a true
and complete copy 6f which resolution is printed on the back of this Bord.
And it hereby Certified and Rec_ted, That all acts, conditions and
thiggs required by the Laws and Consitituion of the State of Iowa, to be
done precedent to aid in the issue of this Bond, have been properly done, happened
end been performed, in regular and due form as required by law; that the
indebtedness to be funded by the issue of this Bond was and is a valid, sub-
sisting and legal obligation of said Town of Wellsburg, and that the toal
indebtodneas of the said To:m of Wellsburg, including this Bond, does not now
exeaad, and did not at the time of incurring of the indebtedness funded by
this Bond, exceed the Constitutional or Statutory limitations.
In Testimony Whereof, said Town of Wellsburg, by its Council has
caused this Bond to be signed by its Mayor, and attested by its Clark,
with the soul of thdrown attached, as of the First day of April,
A .D., 1910.
Attest: Mayor of the Tarn of Wellsburg
01e V of Via Town of Wellsburg.
Be it Resolved, by the Town Council of Wellsburg, Iowa:
That there be and there are hereby issued the bcndo of the Town
of Wollsburg, in the aggregate amount of Two Thousand fline Hundred Dollars
( # 2,900), for the purpose of funding a like amount of said outstanding
indebtednessp which bonds hereby authorized shall be designated "Funding Bonds".
Said Funding Bonds shall consist of Six in number, in the denominations of
# 500 each for the first Five Bonds, and # 400 for the last Bond, numbered
from One to Six, both numbers inclusive, and shallbear date of April First,
1910, and shall become due and payable as follows:
500
on the
First
day of
April,
1914.
500
on the
First
day of
April,
1916.
500
on the
First
d y of
April,
1918.
500
on tho
First
day of
April,
1926.
500
on the
First
day of
April,
1921.
400
on the
First
day of
April,
1922.
Said Funding Bonds shall bear interest at the rate of
Five aryl Onethalf per centum per annum, p,;yable semi-annually, on the
First Days of April and October, in each year, which interest shall be evi-
dsrced by interest coupons to be attached to each of said Bonds, and both
principal and interest of said Bonds shell be payable at the Banking 'Iouse
of Eao. IG. Bechtel & Company, in the City of Davenport, State of Iowa.
Be it further Resolved, That said Funding Bonds hereby authorized
and coupons respectively shall be substantially in the following form, to -wit:
(Form of Bond).
No.r #
UNITED STATES OF A_.T4ERICA,
STATE OF IOWA, COUNTY CF GRUNDY,
TOMB OF WELLSBURG FUZING BOND.
The Town of Wellsburg, in the State of Iona, for value received,
promises to pay to bearer, lawful money of the United
States of America, are time First day of , A.D., 19_, with
interest on said sum from the date hereof, until paid, at the rote of
Five and One-half percentum per annum, payable semi-annually, on
the First days of April and October, in each year, on presentation
and surrender of the Interest cou.,ons hereto attached. Both Principal and
interest payable at the Banking House of Geo.N. Bechtel R Company, in the
City of Davenport, State of Iowa.
This Bond is issued by the Town of Wellsburg, for the purpose of
furling G like amount of its indebtedness outstanding at the date of the
passage of the resolution hereinafter mentioned, pursuant to the provisions
of Section 905 at seq., C',apter 12, Title V, of the Code, and in conformity
to a resolution of the Counecil of said Toem of 7ellsburg, duly passed, a true
and complete copy 6f which resolution is printed on the back of this Bord.
And it hereby Certified and Rec_ted, That all acts, conditions and
thiggs required by the Laws and Consitituion of the State of Iowa, to be
done precedent to aid in the issue of this Bond, have been properly done, happened
end been performed, in regular and due form as required by law; that the
indebtedness to be funded by the issue of this Bond was and is a valid, sub-
sisting and legal obligation of said Town of Wellsburg, and that the toal
indebtodneas of the said To:m of Wellsburg, including this Bond, does not now
exeaad, and did not at the time of incurring of the indebtedness funded by
this Bond, exceed the Constitutional or Statutory limitations.
In Testimony Whereof, said Town of Wellsburg, by its Council has
caused this Bond to be signed by its Mayor, and attested by its Clark,
with the soul of thdrown attached, as of the First day of April,
A .D., 1910.
Attest: Mayor of the Tarn of Wellsburg
01e V of Via Town of Wellsburg.
1
maintain a sinking fund which 5WI be sufficient to discharge the
principal of the said Bonds at their maturity, and the monies arising
from such levies shall be known as the "Bond Pend", and shall be used for the
payment of interest coupons and Bonds, and for no other purpose whatever.
Passed and approved �. 1910.
Attest: !e -I,-- +[_�-�-�
C1e:i:
Mayo rf