HomeMy Public PortalAbout02/11/1975 Resolution Providing For The Sale & Award of $500,000 Sewer Bonds & Approving & Authorizing the Agreement Of Such Sale & Awarda
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RESOLUTION_ providing for the sale
and award of $500,000 Sewer Bonds
and approving and authorizing the
agreement of such sale and award.
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WHEREAS notice of sale of $500,000 Sewer Bonds of
the Town of Riverdale, in Scott County, Iowa, has heretofore
been given in strict compliance with the provisions of Chapter
75 of the Code of Iowa, by publication of notice for two or
more successive weeks in a newspaper published in Scott County;
and
WHEREAS all sealed bids have been received and placed
on file, after which open bids were called for, but none was
submitted, and thereafter such sealed bids were opened, ttie
substance of the best sealed bid being as follows: the bid sub-
witted by Continental Illinois National Bank and Trust Company
of Chicago, and Security State Trust and Savings Bank of Betten-
dorf, consisting of par and accrued interest plus a premium of
$47.00, with the bonds to bear interest at the following rates
per arrum:
Year of Interest
Maturity .Rate
1976 4.0%
1977 4.0%
1978 5.375%
1979 4.0%
1980 4•l%
1981 4.2%
1982 4.3%
1983 4.5%
1984 4.6%
1985 4.7%
NOW, THEREFORE,. Be It Resolved. by the Town Council
of the Town of Riverdale, Iowa, as follows:
Section 1. That upon being duly advised in the
premises it is hereby determined that the bid of Continental
Illinois National Bank and Trust Company of Chicago, and
Security State Trust and Savings Bank of Bettendorf for the
purchase of $500,000 Sewer Bonds of said Town, dated January
1, 1975, as advertised, bearing interest at the rates speci-
fied in the preamble hereof, is the highest and best bid re-
ceived and that said bonds be and the same are hereby awarded
to said Continental Illinois National Bank and Trust Company
of Chicago, and Security State Trust and Savings Bank of
Bettendorf.
Section 2. That the form of agreement of sale of
said bonds be and the same is hereby approved, and the Mayor,
Town Clerk and Town Treasurer are hereby authorized to accept.
and execute the same for and on behalf of the-Town of Riverdale,
Iowa, and to affix the corporate seal of said Town thereto.
Section 3. That all resolutions or parts of resolu-
tions in conflict herewith be and the same are hereby repealed.
Passed and approved February. 11, 1975.
1
Mayor
Attest:
To Clerk
Recorded February 11, 1975.
-• own Clerk
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