Ordinances-1965-58

WHEREAS, notice of the proposed action by the Town Council to authorize the issuance of $98,000 Sewer Revenue Bonds of said Town for the purpose of refunding a like aggregate amount of presently outstanding temporary sewer revenue obligations of said Town, has been duly published in a legal newspaper, printed wholly in the English language, published in the City of Sioux City, Iowa, and of general circulation in said Town of Tiffin, Iowa, at least fifteen days before this meeting and no petition setting forth objections to the issuance of said bonds has been filed with the Clerk of said Town; now therefore IT IS ORDAINED by the Town Council of the Town of Tiffin, in the County of Johnson, State of Iowa, as follows: Section 1. There are hereby authorized to be issued Ninety-eight (98) negotiable interest bearing Sewer Revenue Bonds of said Town to the aggregate amount of $98,000 for the purpose of defraying the cost of constructing a sewage works and facilities and a sewage treatment plant referred to in the preamble hereof, said bonds to be numbered consecutively from One (1) to Ninety-eight (98), inclusive, in the denomination of One Thousand Dollars ($1,000), each to be dated the First day of December, 1965, all of which bonds bear interest at the rate of Four and One-half Per Cent (4-1/2%) per annum, said interest being payable on the First day of July, 1966, and semi-annually thereafter on the First day of January and July in each year, such interest to be evidenced by negotiable coupons attached to each bond; both principal and interest payable in lawful money of the United States of America, at the office of the Town Treasurer in the Town of Tiffin, State of Iowa. Said bonds shall be due and payable in their numerical order as follows: <table> <tr> <th>Bond No.</th> <th></th> <th></th> </tr> <tr> <td>1</td> <td>$1,000</td> <td>on January 1, 1969</td> </tr> <tr> <td>2</td> <td>$1,000</td> <td>on January 1, 1970</td> </tr> <tr> <td>3</td> <td>$1,000</td> <td>on January 1, 1971</td> </tr> <tr> <td>4</td> <td>$1,000</td> <td>on January 1, 1972</td> </tr> <tr> <td>5</td> <td>$1,000</td> <td>on January 1, 1973</td> </tr> <tr> <td>6</td> <td>$1,000</td> <td>on January 1, 1974</td> </tr> <tr> <td>7 and 8</td> <td>$2,000</td> <td>on January 1, 1975</td> </tr> <tr> <td>9 and 10</td> <td>$2,000</td> <td>on January 1, 1976</td> </tr> <tr> <td>11 and 12</td> <td>$2,000</td> <td>on January 1, 1977</td> </tr> <tr> <td>13 and 14</td> <td>$2,000</td> <td>on January 1, 1978</td> </tr> <tr> <td>15 and 16</td> <td>$2,000</td> <td>on January 1, 1979</td> </tr> <tr> <td>17 and 18</td> <td>$2,000</td> <td>on January 1, 1980</td> </tr> <tr> <td>19 and 20</td> <td>$2,000</td> <td>on January 1, 1981</td> </tr> <tr> <td>21 and 22</td> <td>$2,000</td> <td>on January 1, 1982</td> </tr> <tr> <td>23 and 24</td> <td>$2,000</td> <td>on January 1, 1983</td> </tr> <tr> <td>25 and 26</td> <td>$2,000</td> <td>on January 1, 1984</td> </tr> <tr> <td>27 to 29</td> <td>$3,000</td> <td>on January 1, 1985</td> </tr> <tr> <td>30 to 32</td> <td>$3,000</td> <td>on January 1, 1986</td> </tr> <tr> <td>33 to 35</td> <td>$3,000</td> <td>on January 1, 1987</td> </tr> <tr> <td>36 to 38</td> <td>$3,000</td> <td>on January 1, 1988</td> </tr> <tr> <td>39 to 41</td> <td>$3,000</td> <td>on January 1, 1989</td> </tr> <tr> <td>42 to 44</td> <td>$3,000</td> <td>on January 1, 1990</td> </tr> <tr> <td>45 to 47</td> <td>$3,000</td> <td>on January 1, 1991</td> </tr> </table>