Ordinances-1975-68

On the back of each bond there shall be endorsed a certificate of the Town Treasurer in the following form: Town Treasurer's Certificate The issue of this bond has been duly and properly registered in my office as of the first day of December, 1974. Treasurer of the Town of Tiffin, Iowa Section 4. That said bonds be executed as herein provided as soon after the adoption of this ordinance as may be and thereupon they shall be delivered to the Treasurer of said Town, who shall register the fact of the issuance of same in a book provided for that purpose and shall deliver said bonds to the purchaser as determined by this Council, upon receipt of the purchase price, the same to be not less than the par value of said bonds with accrued interest thereon, and all action heretofore taken in connection with the sale and award of said bonds is hereby ratified and confirmed in all respects. Section 5. That the principal proceeds of the sale of said bonds shall be devoted to and used with due diligence for the completion of the facilities for which said bonds are hereby authorized to be issued. The Council represents and certifies that: (1) the said Town has heretofore incurred a substantial binding obligation with respect to said facilities; said binding obligation comprising contracts for materials and for the construction of the improvements in the amount of not less than 2-1/2% of the estimated total cost of said facilities; (2) the Town Council expects that over 85% of the spendable proceeds of said bonds (including investment proceeds) will be expended on or before July 1, 1975, for the purpose of paying the cost of said facilities, said date being within three years following the date of issue of said bonds;