Minutes - 9/7/2010
SEPTEMBER 07, 2010 — THIRTY-SIXTH MEETING OF THE WOODBURY COUNTY BOARD OF SUPERVISORS
The Board of Supervisors met on Tuesday, September 07, 2010 at 9:00 a.m. Board members present were Boykin, Clausen, Monson, Smith, and Walish. Staff members present were Karen James, Board Administrative Coordinator, Joshua Widman, Assistant County Attorney, and Patrick F. Gill, Auditor/Clerk to the Board.
The Claims were approved as presented. Copy filed.
The meeting was called to order.
Motion by Monson second by Walish to approve the minutes of the August 31, 2010 Board meeting. Carried 5-0. Copy filed.
The Board approved the reclassification of Jeromy Stroman, Civilian Jailer, County Sheriff Dept. $19.38/hour, effective 09-27-10. Per CWA Civilian jailer/Ct. Security Officers Contract agreement, from 1st Class to Sr. Class, based on 6 years employment plus AA Degree. Copy filed.
The Board approved the Separation of Travis L. Hutzell, Civilian Jailer, County Sheriff Dept., effective 10-02-10. Resignation. Copy filed.
Motion by Clausen second by Smith to approve and authorize the Chairman to sign an “Authorization to Initiate Hiring Process” for Civilian jailer, County Sheriff Dept. Entry Level: CWA $16.16/hour. Carried 5-0. Copy filed.
Motion by Walish second by Smith to approve and Authorize the Chairman to sign a Resolution approving suspension of taxes for Wayne A. Chamberlain, 2415 Chicago Ave., Sioux City. Carried 5-0.
WOODBURY COUNTY, IOWA
RESOLUTION # 10,711
RESOLUTION APPROVING PETITION FOR SUSPENSION OF TAXES
WHEREAS, Wayne A. Chamberlain, is the titleholder of a property located at 2415 Chicago Ave., City of Sioux City, Woodbury County, Iowa, and legally described as follows:
Parcel # 8947 34 208 006
CB Rustin & Co West 100 Feet South 123 Feet SW 1/4 Block 24 EX East 10 feet, City of Sioux City, Woodbury County, Iowa
WHEREAS, Wayne A. Chamberlain as titleholder of the aforementioned property have petitioned the Board of Supervisors for a suspension of taxes pursuant to the 2009 Iowa Code section 427.9, and
WHEREAS, the Board of Supervisors recognizes from documents provided that the petitioner is unable to provide to the public revenue; and
NOW, THEREFORE, BE IT RESOLVED, that the Woodbury County Board of Supervisors hereby grants the request for a suspension of taxes, and hereby directs the Woodbury County Treasurer to so record the approval of this tax suspension for this property.
SO RESOLVED this 7th day of September, 2010.
WOODBURY COUNTY BOARD OF SUPERVISORS
Copy filed.
Motion by Monson second by Clausen to approve and Authorize the Chairman to sign a Resolution setting the public hearing and sale date for Parcel #004155, 519 W. 2nd St., Sioux City. Carried 5-0.
RESOLUTION # 10,712
NOTICE OF PROPERTY SALE
Parcels #004155
WHEREAS Woodbury County, Iowa was the owner under a tax deed of a certain parcel of real estate described as:
West 84 Ft. South of Railroad, Lot 6, Block 17, Sioux City Addition,
Woodbury County, IA
(519 W. 2nd Street)
NOW THEREFORE,
BE IT RESOLVED by the Board of Supervisors of Woodbury County, Iowa as follows:
1. That a public hearing on the aforesaid proposal shall be held on
the 21st Day of September, 2010 at 10:15 o’clock a.m. in the meeting
room of the Board of Supervisors on the first floor of the Woodbury
County Courthouse.
2. That said Board proposes to sell the said parcel of real estate on the 21st
Day of September, 2010, immediately following the closing of the public
hearing to Lares Gonzalo only per Code of Iowa 331.361
(2).
3. That said Board proposes to sell the said real estate to Lares Gonzalo
only for consideration of $1.00 plus recording fees.
4. That this resolution, preceded by the caption "Notice of Property Sale"
and except for this subparagraph 4 be published as notice of the
aforesaid proposal, hearing and sale.
Dated this 7th Day of September, 2010.
WOODBURY COUNTY BOARD OF SUPERVISORS
Copy filed.
Motion by second by to approve and Authorize the Chairman to sign a Resolution approving Tax Abatement for Pho Mon Buddist Temple. Carried 5-0.
WOODBURY COUNTY, IOWA
RESOLUTION #10,713
RESOLUTION APPROVING ABATEMENT OF TAXES
WHEREAS, Vietnamese Evangelical Christian and Missionary Alliance Church is the titleholder of real estate Parcels #894715359001 and #894715355006, located in Woodbury County, Iowa and legally described as follows:
Parcel #894715359001
Lots Six, Seven, Eight, Nine (6, 7, 8, 9) Lying NEly from East Line Cheyenne Blvd. and Vacated Lafayette St. Abutting Block Four (4), Dundee Place Addition, City of Sioux City, Woodbury County, Iowa
Parcel #894715355006
Lots 1-7 Incl & N-S Alley Adj & Pt Vac Clark St Being A Tri 39.43 Ft On E x 19 Ft On N Abutt Lots 6 & 7 Ex Irreg Tct 16 .1 Ft On W x 9.2 Ft On S Lot 7 & Part Of Lots 8-9-10 Lying NEly From A Pt 9.2 Feet E Of NW Corner Lot 8 SEly To A Pt 17. 3 Ft W Of SE Corner Lot 10 & Vac 29th St Abutt Blk 5 Dundee Place Addition, City of Sioux City, Woodbury County, Iowa
WHEREAS, the above stated property has taxes owing for the 2009/2010, tax year, and the parcel is owned by Vietnamese Evangelical Christian and Missionary Alliance Church and
WHEREAS, the organization, namely Vietnamese Evangelical Christian and Missionary Alliance Church is failing to immediately pay the taxes due; and
WHEREAS, the Board of Supervisors sees that good cause exists for the abatement of these taxes; and
NOW, THEREFORE, BE IT RESOLVED, that the Woodbury County Board of Supervisors hereby abates the taxes owing on the above parcel according to Code of Iowa, 445.16 for the taxes owed for the 2009/2010 tax year and hereby directs the Woodbury County Treasurer to abate these aforementioned taxes from the tax records.
SO RESOLVED this 7th day of September, 2010.
WOODBURY COUNTY BOARD OF SUPERVISORS
Copy Filed.
Motion by Monson second by Walish to Receive the Appointment of Fred Johnson, 3375 Dillion Avenue, Sloan as Sloan Township Trustee to fill the office previously held by Carol Hobbs. Carried 5-0.
Motion by Clausen second by Smith to approve and Authorize the County Auditor to sign a Tax Exemption Certificate for the $1,200,000 General Obligation Capital Loan Notes, Series 2010. Carried 5-0. Copy Filed.
Motion by Walish second by Monson to approve Resolution and Authorize the Chairman to sign a resolution Authorizing the issuance of $1,200,000 General Obligation Capital Loan Notes , Series 2010. Carried 5-0.
Resolution # 10,714
RESOLUTION APPROVING AND AUTHORIZING A FORM OF LOAN AGREEMENT AND AUTHORIZING
AND PROVIDING FOR THE ISSUANCE OF $1,200,000 GENERAL OBLIGATION CAPITAL LOAN NOTES, SERIES 2010, AND LEVYING A TAX TO PAY THE NOTES
WHEREAS, the Issuer is a political subdivision duly organized and existing under and by virtue of the laws and Constitution of the State of Iowa; and
WHEREAS, the Issuer is in need of funds to pay costs of improvements, equipping, remodeling, reconstructing, additions or extensions to public buildings, an essential county purpose, and it is deemed necessary and advisable that a form of Loan Agreement be approved and authorized and that County General Obligation Capital Loan Notes in the amount of $1,200,000, be issued for the foregoing purpose; and
WHEREAS, pursuant to notice published as required by Sections 331.402, 331.441(2)(b)(5)(d) and 331.443 of the Code of Iowa, as amended, this Board has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of the Notes, and the Board is therefore now authorized to proceed with the issuance of the Notes:
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF WOODBURY COUNTY, STATE OF IOWA:
Section 1. Definitions. The following terms shall have the following meanings in this Resolution unless the text expressly or by necessary implication requires otherwise:
( "Beneficial Owner" shall mean the person in whose name such Note is recorded as the
beneficial owner of a Note by a Participant on the records of such Participant or such person's
subrogee.
( "Issuer" and "County" shall mean Woodbury County, State of Iowa.
( "Loan Agreement" shall mean a Loan Agreement between the Issuer and a lender or lenders in
substantially the form attached to and approved by this Resolution.
( "Note Fund" shall mean the fund required to be established by Section 4 of this Resolution.
( "Notes" shall mean $1,200,000 General Obligation Capital Loan Notes, Series 2010 authorized
to be issued by this Resolution.
( "Paying Agent" shall mean the County Treasurer, or such successor as may be approved by
Issuer as provided herein and who shall carry out the duties prescribed herein as Issuer's
agent to provide for the payment of principal of and interest on the Notes as the same shall
become due.
( "Project" shall mean improvements, equipping, remodeling, reconstructing, additions or
extensions to public buildings.
( "Project Fund" shall mean the fund required to be established by this Resolution for the
deposit of the proceeds of the Notes.
( "Rebate Fund" shall mean the fund so defined in and established pursuant to the Tax
Exemption Certificate.
( "Registrar" shall mean the County Treasurer of Woodbury County, Iowa, or such successor as
may be approved by Issuer as provided herein and who shall carry out the duties prescribed
herein with respect to maintaining a register of the owners of the Notes. Unless otherwise
specified, the Registrar shall also act as Transfer Agent for the Notes.
( "Resolution" shall mean this resolution authorizing the issuance of the Notes.
( "Tax Exemption Certificate" shall mean the Tax Exemption Certificate executed by the
Treasurer and delivered at the time of issuance and delivery of the Notes.
( "Treasurer" shall mean the County Treasurer or such other officer as shall succeed to the same
duties and responsibilities with respect to the recording and payment of the Notes issued
hereunder.
Section 2. The form of Loan Agreement in substantially the form attached to this Resolution is hereby approved
and is authorized to be executed and issued on behalf of the Issuer by the Chairperson and attested by the County
Auditor.
Section 3. Levy and Certification of Annual Tax; Other Funds to be Used.
(a) Levy of Annual Tax. That for the purpose of providing funds to pay the principal and interest of the Notes hereinafter authorized to be issued, there is hereby levied for each future year the following direct annual tax on all of the taxable property in Woodbury County, State of Iowa, to-wit:
AMOUNT
FISCAL YEAR (JULY 1 TO JUNE 30)
YEAR OF COLLECTION
$261,248 (cash on hand) 2010/2011
$263,904 2011/2012
$257,928 2012/2013
$251,952 2013/2014
$245,976 2014/2015
(NOTE: For example the levy to be made and certified against the taxable valuations of January 1, 2009, will be collected during the fiscal year commencing July 1, 2010).
(b) Additional County Funds Available. Principal and interest coming due at any time when the proceeds of such tax on hand shall be insufficient to pay the same shall be promptly paid when due from current funds of the County available for that purpose and reimbursement shall be made from such special fund in the amounts thus advanced.
Section 4. Note Fund. The tax shall be assessed and collected each year at the same time and in the same manner as, and in addition to, all other taxes in and for the County, and when collected they shall be converted into a special fund within the Debt Service Fund to be known as the "GENERAL OBLIGATION CAPITAL LOAN NOTE FUND 2010 NO. 1" (the "Note Fund"), which is hereby pledged for and shall be used only for the payment of the principal of and interest on the Notes hereinafter authorized to be issued; and also there shall be apportioned to the fund its proportion of taxes received by the County from property that is centrally assessed by the State of Iowa.
Section 5. Application of Note Proceeds. Proceeds of the Notes other than accrued interest except as may be provided below shall be credited to the Project Fund and expended only for the purposes of the Project. Any amounts on hand in the Project Fund shall be available for the payment of the principal of or interest on the Notes at any time that other funds shall be insufficient to the purpose, in which event such funds shall be repaid to the Project Fund at the earliest opportunity. Any balance on hand in the Project Fund and not immediately required for its purposes may be invested not inconsistent with limitations provided by law or this Resolution. Accrued interest, if any, shall be deposited in the Note Fund.
Section 6. Investments of Note Fund Proceeds. All moneys held in the Note Fund and the Project Fund, shall be invested in investments permitted by Chapter 12B, Code of Iowa, 2007 (formerly Chapter 452, Code of Iowa, as amended) or deposited in financial
institutions which are members of the Federal Deposit Insurance Corporation and the deposits in which are insured thereby and all such deposits exceeding the maximum amount insured from time to time by FDIC or its equivalent successor in any one financial institution shall be continuously secured in compliance with the State Sinking Fund provided under Chapter 12C of the Code of Iowa, 2007, as amended or otherwise by a valid pledge of direct obligations of the United States Government having an equivalent market value. All such interim investments shall mature before the date on which the moneys are required for payment of principal of or interest on the Notes as herein provided.
Section 7. Note Details, Execution and Redemption.
(a) Note Details. General Obligation Capital Loan Notes, Series 2010, of the County in the total amount of $1,200,000, shall be issued to evidence the obligations of the Issuer under the Loan Agreement pursuant to the provisions of Sections 331.402, 331.441(2)(b)(5)(d) and 331.443 of the Code of Iowa, as amended, for the aforesaid purpose. The Notes shall be issued in one or more series and shall be on a parity and secured equally and ratably from the sources provided in Section 3 of this Resolution. The Notes shall be designated "GENERAL OBLIGATION CAPITAL LOAN NOTES, SERIES 2010 NO. 1", be dated September 15, 2010, and bear interest from the date thereof, until payment thereof, at the office of the Paying Agent, the interest payable on December 1, 2010, and semiannually thereafter on the 1st day of June and December in each year until maturity at the rates hereinafter provided.
The Notes shall be executed by the manual or facsimile signature of the Chairperson and attested by the manual or facsimile signature of the County Auditor, and impressed or printed with the seal of the County and shall be fully registered as to both principal and interest as provided in this Resolution. Principal, interest and premium, if any, shall be payable at the office of the Paying Agent by mailing of a check to the registered owner of the Note. The Notes shall be in the denomination of $5,000 or multiples thereof and shall mature and bear interest as follows:
Principal
Amount
Interest
Rate
Maturity
June 1st
$240,000 2.49% 2011
$240,000 2.49% 2012
$240,000 2.49% 2013
$240,000 2.49% 2014
$240,000 2.49% 2015
(b) Redemption. All Notes may be called for redemption by the Issuer and paid before maturity on any date from any funds regardless of source, in whole or from time to time in part, in any order of maturity and within an annual maturity by lot. The terms of redemption shall be par, plus accrued interest to date of call.
Thirty days' notice of redemption shall be given by ordinary mail to the registered owner of the Note. Failure to give such notice by mail to any registered owner of the Notes or any defect therein shall not affect the validity of any proceedings for the redemption of the Notes. All notes or portions thereof called for redemption will cease to bear interest after the specified redemption date, provided funds for their redemption are on deposit at the place of payment.
If selection by lot within a maturity is required, the Registrar shall designate the notes to be redeemed by random selection of the names of the registered owners of the entire annual maturity until the total amount of notes to be called has been reached.
Section 8. Registration of Notes; Appointment of Registrar; Transfer; Ownership; Delivery; and Cancellation.
(a) Registration. The ownership of Notes may be transferred only by the making of an entry upon the books kept for the registration and transfer of ownership of the Notes, and in no other way. The County Treasurer is hereby appointed as Registrar under the terms of this Resolution. Registrar shall maintain the books of the Issuer for the registration of ownership of the Notes for the payment of principal of and interest on the Notes as provided in this Resolution. All Notes shall be negotiable as provided in Article 8 of the Uniform Commercial Code subject to the provisions for registration and transfer contained in the Notes and in this Resolution.
(b) Transfer. The ownership of any Note may be transferred only upon the Registration Books kept for the registration and transfer of Notes and only upon surrender thereof at the office of the Registrar together with an assignment duly executed by the holder or his duly authorized attorney in fact in such form as shall be satisfactory to the Registrar, along with the address and social security number or federal employer identification number of such transferee (or, if registration is to be made in the name of multiple individuals, of all such transferees). In the event that the address of the registered owner of a Note (other than a registered owner which is the nominee of the broker or dealer in question) is that of a broker or dealer, there must be disclosed on the Registration Books the information pertaining to the registered owner required above. Upon the transfer of any such Note, a new fully registered Note, of any denomination or denominations permitted by this Resolution in aggregate principal amount equal to the unmatured and unredeemed principal amount of such transferred fully registered Note, and bearing interest at the same rate and maturing on the same date or dates shall be delivered by the Registrar.
(c) Registration of Transferred Notes. In all cases of the transfer of the Notes, the Registrar shall register, at the earliest practicable time, on the Registration Books, the Notes, in accordance with the provisions of this Resolution.
(d) Ownership. As to any Note, the person in whose name the ownership of the same shall be registered on the Registration Books of the Registrar shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal of any such Notes and the premium, if any, and interest thereon shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Note, including the interest thereon, to the extent of the sum or sums so paid.
(e) Cancellation. All Notes which have been redeemed shall not be reissued but shall be cancelled by the Registrar. All Notes which are cancelled by the Registrar shall be destroyed and a certificate of the destruction thereof shall be furnished promptly to the Issuer; provided that if the Issuer shall so direct, the Registrar shall forward the cancelled Notes to the Issuer.
(f) Non-Presentment of Notes. In the event any payment check representing payment of principal of or interest on the Notes is returned to the Paying Agent or if any note is not presented for payment of principal at the maturity or redemption date, if funds sufficient to pay such principal of or interest on Notes shall have been made available to the Paying Agent for the benefit of the owner thereof, all liability of the Issuer to the owner thereof for such interest or payment of such Notes shall forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Paying Agent to hold such funds, without liability for interest thereon, for the benefit of the owner of such Notes who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on his part under this Resolution or on, or with respect to, such interest or Notes. The Paying Agent's obligation to hold such funds shall continue for a period equal to two years and six months following the date on which such interest or principal became due, whether at maturity, or at the date fixed for redemption thereof, or otherwise, at which time the Paying Agent, shall surrender any remaining funds so held to the Issuer, whereupon any claim under this Resolution by the Owners of such interest or Notes of whatever nature shall be made upon the Issuer.
(g) Registration and Transfer Fees. The Registrar may furnish to each owner, at the Issuer's expense, one note for each annual maturity. The Registrar shall furnish additional Notes in lesser denominations (but not less than the minimum denomination) to an owner who so requests.
Section 9. Reissuance of Mutilated, Destroyed, Stolen or Lost Notes. In case any outstanding Note shall become mutilated or be destroyed, stolen or lost, the Issuer shall at the request of Registrar authenticate and deliver a new Note of like tenor and amount as the Note so mutilated, destroyed, stolen or lost, in exchange and substitution for such mutilated Note to Registrar, upon surrender of such mutilated Note, or in lieu of and substitution for the Note destroyed, stolen or lost, upon filing with the Registrar evidence satisfactory to the Registrar and Issuer that such Note has been destroyed, stolen or lost and proof of ownership thereof, and upon furnishing the Registrar and Issuer with satisfactory indemnity and complying with such other reasonable regulations as the Issuer or its agent may prescribe and paying such expenses as the Issuer may incur in connection therewith.
Section 10. Record Date. Payments of principal and interest, otherwise than upon full redemption, made in respect of any Note, shall be made to the registered holder thereof or to their designated Agent as the same appear on the books of the Registrar on the 15th day preceding the payment date. All such payments shall fully discharge the obligations of the Issuer in respect of such Notes to the extent of the payments so made. Payment of principal shall only be made upon surrender of the Note to the Paying Agent.
Section 11. Execution, Authentication and Delivery of the Notes. The Chairperson and Auditor shall execute and deliver the Notes to the Registrar, who shall authenticate the Notes and deliver the same to or upon order of the Purchaser. No Note shall be valid or obligatory for any purpose or shall be entitled to any right or benefit hereunder unless the Registrar shall duly endorse and execute on such Note a Certificate of Authentication substantially in the form of the Certificate herein set forth. Such Certificate upon any Note executed on behalf of the Issuer shall be conclusive evidence that the Note so authenticated has been duly issued under this Resolution and that the holder thereof is entitled to the benefits of this Resolution.
Section 12. Right to Name Substitute Paying Agent or Registrar. Issuer reserves the right to name a substitute, successor Registrar or Paying Agent upon giving prompt written notice to each registered noteholder.
Section 13. Form of Note. Notes shall be printed in substantial compliance with standards proposed by the American Standards Institute substantially in the form as follows:
(6)
(7)
(6)
(8)
(1)
(2)
(3)
(4)
(5)
(9)
(9a)
(10)
(Continued on the back of this Note)
(11)(12)(13)
(14)
(15)
FIGURE 1
(Front)
(10)
(Continued)
(16)
FIGURE 2
(Back)
The text of the Notes to be located thereon at the item numbers shown shall be as follows:
Item 1, figure 1= "STATE OF IOWA"
"WOODBURY COUNTY"
"GENERAL OBLIGATION CAPITAL LOAN NOTE"
"SERIES 2010"
"ESSENTIAL COUNTY PURPOSE"
Item 2, figure 1= Rate: __________%
Item 3, figure 1= Maturity: _______________
Item 4, figure 1= Note Date: September 15, 2010
Item 5, figure 1= CUSIP No.: _______________
Item 6, figure 1= "Registered"
Item 7, figure 1= Certificate No. _______________
Item 8, figure 1= Principal Amount: $___________
Item 9, figure 1= Woodbury County, State of Iowa, a political subdivision organized and existing under and by virtue of the Constitution and laws of the State of Iowa (the "Issuer"), for value received, promises to pay from the source and as hereinafter provided, on the maturity date indicated above, to
Item 9A, figure 1 = (Registration panel to be completed by Registrar or Printer with name of Registered Owner).
Item 10, figure 1 = or registered assigns, the principal sum of (principal amount written out) THOUSAND DOLLARS in lawful money of the United States of America, on the maturity date shown above, only upon presentation and surrender hereof at the office of the County Treasurer, Paying Agent of this issue, or its successor, with interest on such sum from the date hereof until paid at the rate per annum specified above, payable on December 1, 2010, and semiannually thereafter on the 1st day of June and December in each year.
Interest and principal shall be paid to the registered holder of the Note as shown on the records of ownership maintained by the Registrar as of the 15th day preceding such interest payment date. Interest shall be computed on the basis of a 360-day year of twelve 30-day months.
This Note is issued pursuant to the provisions of Sections 331.402, 331.441(2)(b)(5)(d) and 331.443 of the Code of Iowa, as amended, for the purpose of paying costs of improvements, equipping, remodeling, reconstructing, additions or extensions to public buildings and in order to evidence the obligations of the Issuer under a certain Loan Agreement dated September 7, 2010, in conformity to a Resolution of the Board of the Issuer duly passed and approved. For a complete statement of the revenues and funds from which and the conditions under which this Note is payable, a statement of the conditions under which additional Notes of equal standing may be issued, and the general covenants and provisions pursuant to which this Note is issued, reference is made to the above described Loan Agreement and Resolution.
All Notes may be called for redemption by the Issuer and paid before maturity on any date from any funds regardless of source, in whole or from time to time in part, in any order of maturity and within an annual maturity by lot. The terms of redemption shall be par, plus accrued interest to date of call.
Thirty days' notice of redemption shall be given by ordinary mail to the registered owner of the Note. Failure to give such notice by mail to any registered owner of the Notes or any defect therein shall not affect the validity of any proceedings for the redemption of the Notes. All notes or portions thereof called for redemption will cease to bear interest after the specified redemption date, provided funds for their redemption are on deposit at the place of payment.
If selection by lot within a maturity is required, the Registrar shall designate the notes to be redeemed by random selection of the names of the registered owners of the entire annual maturity until the total amount of notes to be called has been reached.
Ownership of this Note may be transferred only by transfer upon the books kept for such purpose by the County Treasurer, the Registrar. Such transfer on the books shall occur only upon presentation and surrender of this Note at the office of the Registrar as designated below, together with an assignment duly executed by the owner hereof or his duly authorized attorney in the form as shall be satisfactory to the Registrar. Issuer reserves the right to substitute the Registrar and Paying Agent but shall, however, promptly give notice to registered noteholders of such change. All Notes shall be negotiable as provided in Article 8 of the Uniform Commercial Code and subject to the provisions for registration and transfer contained in the Note Resolution.
And it is hereby represented and certified that all acts, conditions and things requisite, according to the laws and Constitution of the State of Iowa, to exist, to be had, to be done, or to be performed precedent to the lawful issue of this Note, have been existent, had, done and performed as required by law; that provision has been made for the levy of a sufficient continuing annual tax on all the taxable property within the territory of the Issuer for the payment of the principal and interest of this Note as the same will respectively become due; that the faith, credit, revenues and resources and all the real and personal property of the Issuer are irrevocably pledged for the prompt payment hereof, both principal and interest; and the total indebtedness of the Issuer including this Note, does not exceed the constitutional or statutory limitations.
This Note is a "qualified tax-exempt obligation" designated by the Issuer for purposes of Section 265(b)(3)(B) of the Internal Revenue Code of 1986.
IN TESTIMONY WHEREOF, the Issuer by its Board of Supervisors, has caused this Note to be signed by the manual signature of its Chairperson and attested by the manual signature of its County Auditor, with the seal of the County impressed hereon, and to be authenticated by the manual signature of an authorized representative of the Registrar, County Treasurer, Woodbury County, Iowa.
Item 11, figure 1
Date of authentication:
Item 12, figure 1
=
This is one of the Notes described in the within mentioned Resolution, as registered by the County Treasurer
COUNTY TREASURER, Registrar
By: _____________________________________________
Authorized Signature
Item 13, figure 1
=
Registrar and Transfer Agent:
County Treasurer
Paying Agent:
County Treasurer
SEE REVERSE FOR CERTAIN DEFINITIONS
Item 14, figure 1
=
(Seal)
Item 15, figure 1
=
(Signature Block)
WOODBURY COUNTY, STATE OF IOWA
By:
(manual signature)
Chairperson
ATTEST:
By:
(manual signature)
County Auditor
Item 16, figure 1
=
(Assignment Block)
(Information Required for Registration)
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto _________________________ (Social Security or Tax Identification No. _______________) the within Note and does hereby irrevocably constitute and appoint _________________________ attorney in fact to transfer the said Note on the books kept for registration of the within Note, with full power of substitution in the premises.
Dated: __________________________________________________
__________________________________________________
__________________________________________________
(Person(s) executing this Assignment sign(s) here)
SIGNATURE )
GUARANTEED)__________________________________________________
IMPORTANT - READ CAREFULLY
The signature(s) to this Power must correspond with the name(s) as written upon the face of the certificate(s) or bond(s) in every particular without alteration or enlargement or any change whatever. Signature guarantee must be provided in accordance with the prevailing standards and procedures of the Registrar and Transfer Agent. Such standards and procedures may require signature to be guaranteed by certain eligible guarantor institutions that participate in a recognized signature guarantee program.
INFORMATION REQUIRED FOR REGISTRATION OF TRANSFER
Name of Transferee(s)
Address of Transferee(s)
Social Security or Tax Identification
Number of Transferee(s)
Transferee is a(n):
Individual*
Corporation
Partnership
Trust
*If the Note is to be registered in the names of multiple individual owners, the names of all such owners and one address and social security number must be provided.
The following abbreviations, when used in the inscription on the face of this Note, shall be construed as though written out in full according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with rights of survivorship and not as tenants in common
IA UNIF TRANS MIN ACT
- .......... Custodian ..........
(Cust) (Minor)
Under Iowa Uniform Transfers to Minors Act...................
(State)
ADDITIONAL ABBREVIATIONS MAY
ALSO BE USED THOUGH NOT IN THE ABOVE LIST
Section 14. Contract Between Issuer and Purchaser. This Resolution shall constitute a contract between the County and the purchaser of the Notes.
Section 15. Non-Arbitrage Covenants. The Issuer reasonably expects and covenants that no use will be made of the proceeds from the issuance and sale of the Notes issued hereunder which will cause any of the Notes to be classified as arbitrage bonds within the meaning of Section 148(a) and (b) of the Internal Revenue Code of the United States, and that throughout the term of the Notes it will comply with the requirements of such statute and regulations issued thereunder.
To the best knowledge and belief of the Issuer, there are no facts or circumstances that would materially change the foregoing statements or the conclusion that it is not expected that the proceeds of the Notes will be used in a manner that would cause the Notes to be arbitrage bonds. Without limiting the generality of the foregoing, the Issuer hereby agrees to comply with the provisions of the Tax Exemption Certificate and the provisions of the Tax Exemption Certificate are hereby incorporated by reference as part of this Resolution. The Treasurer is hereby directed to make and insert all calculations and determinations necessary to complete the Tax Exemption Certificate in all respects and to execute and deliver the Tax Exemption Certificate at issuance of the Notes to certify as to the reasonable expectations and covenants of the Issuer at that date.
Section 16. Severability Clause. If any section, paragraph, clause or provision of this Resolution be held invalid, such invalidity shall not affect any of the remaining provisions hereof, and this Resolution shall become effective immediately upon its passage and approval.
Section 17. Amendment of Resolution to Maintain Tax Exemption. This Resolution may be amended without the consent of any owner of the Notes if, in the opinion of bond counsel, such amendment is necessary to maintain tax exemption with respect to the Notes under applicable Federal law or regulations.
Section 18. Qualified Tax-Exempt Obligations. For the sole purpose of qualifying the Notes as "Qualified Tax Exempt Obligations" pursuant to the Internal Revenue Code of the United States, the Issuer designates the Notes as qualified tax-exempt obligations and represents that the reasonably anticipated amount of tax exempt governmental obligations which will be issued during the current calendar year will not exceed Thirty (30) Million Dollars.
Section 19. Repeal of Conflicting Resolutions or Ordinances. All ordinances and resolutions and parts of ordinances and resolutions in conflict herewith are hereby repealed.
PASSED AND APPROVED this 7th day of September, 2010.
WOODBURY COUNTY BOARD OF SUPERVISORS
Copy Filed.
Motion by Clausen second by Monson to approve and authorize the Chairman to sign a Permit to Work in the Right of Way submitted by Darwin Hamann per Recommendation of County Engineer Mark Nahra. Carried 5-0 . Copy filed.
Motion by Smith second by Walish to approve and Authorize the Chairman to sign a permit to Work in the Right of Way submitted by Michael Verzani per Recommendation of County Engineer Mark Nahra. Carried 5-0. Copy filed.
Motion by Monsoon second by Smith to approve and Authorize the Chairman to sign Two Permits for Underground Utilities submitted by BB Com, Inc. for Fiber Optic Installations, per recommendation of County Engineer Mark Nahra. Carried 5-0. Copy filed.
Motion by Clausen second by Monson to approve and authorize the Chairman to sign an Agreement for Traffic Safety Improvement Funding for Traffic Control Devices from Iowa DOT, Project Number L-Tsf-CO97(109)----74-97 per recommendation of County Engineer Mark Nahra. Carried 5-0. Copy filed.
The Board reviewed final platting of Henderson’s addition, a Minor Subdivision, GIS Parcel #884328300001, with Planning and Zoning Administrator John Pylelo.
Motion by Monson second by Clausen to approve the final Platting Henderson’s Addition, a Minor Subdivision, GIS Parcel #884328300001 and forward the platting to the Zoning Commission for recommendations, per recommendation of John Pylelo. Carried 5-0.
The Chairman asked if there were any individuals or groups wishing to make a presentation of items not on the agenda, or Supervisors concerns.
The Board adjourned the regular meeting until September 07, 2010.
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September 7, 2010 Cont’d. Page 14
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