1/2/2015 9:36:55 AM
1/2/2015 9:36:54 AM
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• <br /> • <br /> ORDINANCE NO. <br /> An ordinance providing for the issuance of $98, 000 <br /> Sewer Revenue Bonds of the Town of Tiffin, Iowa, for <br /> the purpose of refunding a like aggregate amount of <br /> • presently outstanding temporary sewer revenue obligations <br /> of said Town, prescribing the form of said proposed bonds <br /> and providing for safeguarding, protecting and paying <br /> said bonds. <br /> WHEREAS, the management and control of said proposed municipal <br /> sewage works and facilities is now and always has been vested in <br /> the Town Council of Tiffin, and no Board of Trustees has been created <br /> to manage and operate said sewage works and facilities; and <br /> WHEREAS, heretofore and in strict compliance with Chapter 394 # . <br /> . of the Code of Iowa, this Town did order constructed and did construct <br /> a sewage works and facilities and a sewage treatment plant; and <br /> i <br /> WHEREAS, during the construction °of said sewage works and <br /> facilities and sewage treatment' plant, temporary sewer revenue <br /> obligations were issued from time to time by said Town, acting by and <br /> through its Town Council, to the contractors under the terms of their <br /> contracts on estimates approved by the engineer for work performed and <br /> _ materials furnished and said temporary sewer revenue obligations, <br /> together with accrued interest thereon computed to December 1, 1965, <br /> exceeds the sum of $98,000; and <br /> WHEREAS, said sewage works and facilities and sewage treatment <br /> plant have now been fully completed in accordance with the terms of <br /> the construction contracts and have been tested and accepted by the -- <br /> Town, and over thirty days have elapsed since the final acceptance of <br /> said work of .c.onstructing a sewage works and facilities and a sewage <br /> treatment plant and there are no unpaid claims on file against the <br /> construction contractors; and <br /> WHEREAS, all of said outstanding temporary revenue obligations <br /> hereinbefore referred to are payable- from and are secured by the net <br /> earnings of said municipal sewage works and facilities of said Town <br /> and do not constitute general obligations of said Town and the holders <br /> of said temporary sewer revenue obligations have agreed to surrender <br /> the same in exchange for a like aggregate principal amount of sewer <br /> revenue bonds of said Town containing maturity and interest provisions <br /> which are more advantageous to the Town and which will make possible <br /> the orderly payment of the cost of the sewage works and facilities <br /> and sewage treatment plant evidenced by said temporary sewer revenue <br /> obligations, and it is desirable and for the best interests of the <br /> Town that said outstanding temporary sewer revenue obligations be <br /> refunded; and <br /> WHEREAS, there are no available funds to pay said °outstanding <br /> temporary sewer revenue obligations to the amount of $98,000 and <br /> under the terms of Section 394.12 of the Code of Iowa, authority <br /> exists for said Town to authorize and' issue its sewer revenue bonds <br /> for the purpose of refunding said outstanding temporary sewer revenue <br /> obligations; and <br /> HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA <br />
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