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A014 - Official Statement - New Issue - by Evensen Dodge
]a the opinton cif Band Counsel, under e,Osluig lain, interest to I.w paid to the holders of the General Obligation Corporate purpose Bonds, Series 1994-B is excludedfirom gross income for ,fi!dera1 income taxpurposes Ratings: Moody's* (Applied For) . . ..... Standard & Poor's* (Applied For) QUICIA-L-S'lA F "ME, N1 ML- (NEW ISSUE) $2,015,000 General Obligation or Purpose Bonds, Series 1994-B CITY OF AMES, s,rORY COUNTY, IC Dated: October 1, 1994 Due: June 1, 1995/2006 Minimum Bid: $098,880 Good Faith Deposit: $20,150 The Bonds are issued pursuant to Division III ol'Chapte.r 384 of the. (.,,(:)de of Iowa for the purpose of" providing funds fior various 6nprovenlents in the City The Bonds will be genmd obhl ,,itions of the City for whMi its full faith and credit arid urdbylited taxing powers are pledged. The Bonds MH be issued as Jolly registered konds without coupons and, when issued, will be registered in the narne of'Cede & Co., as nominee orrhe Depository Trust Company ("DTC,"). DTC will act as securities depository of the Bonds. Individual J)Urchases inay he made in hook -entry form only, in the principal amounr of $5,000 and integral multiples thereof Purchasers ,Mtt not receive certificates representing their interest in the Borlds purchascd. Principal offlie Bonds, payable annually on each JUDC 1, kgillnirig JUDC 1, 1995, and interest on [fie Borids, payable initially oil Jime 1, 1995, and thereafteron each December I and June 1, will he p;.aW to L)TC, which will in turn remit Such prirl6pal and interest to its paniciparas for SUbsequent disbursement to the boneficial owners oCthe Bonds as described herein, Me Hands matui1ng oil June t, 2001 ancl thereafter are subJect to) redemption prior to maturity oil Juric, 1, 2003 and on any date thereafter at: a price of par FlUS aWlJed kltC'reSt. The Bonds will rnature June 1 in the years and aminints as follows: Interest ltnewst Year Aniou i Y Rgt Y:c.Lql Arn�wit 1995 $170,000a o a 2001 5m),0)o 1996 1 70,000 2002 165,000 % ------ 4 997 170,000 2003 165,000 % .... ........ % l998 9 70j000 2004 165,00(9 1999 170,000 % 2005 165,000 2000 170,000 111/1) afa 2006 165,000 it . ..............NO BANK QUALAFIED: The Bonds will be desigmated qualified tax exempt obligations pursuant to Section 265(h)(3) of the Internal Revenue Code of 1986. REGISTRAR: The City ofArncs, Iowa, LEGAL OPINION: Dorsey & Whitney, Des Molines, Iowa. BIDS RECEIVED UNTIL: Tuesday, September 27, 1994; 2:00 RM., J'. Council Chambers, Administrative Building Arnes, Iowa BIDS CONSIDERED: Tuesday, September 27, 1994, 7:00 RM. I'he date of this Official Staatement is September 15, 1994, Interest rates, reoffering yields or prices and rating will be set forth in the Final Official Statement described herein. (THIS COVER PAGE CONTAINS (7,70AIN INPORA447 ION POR ()UICK I?FI,IJ?T,N(T'ONI,Y. tl'ISNO7.4SIJMM,4RYOI,'7'111,S1.Yilil,., hATIRk OFP ICIAL STA 7 hMAWT7O 0117 AIN INFORM4 IYON AXVM 1,11, TO ME MAKING OFAN INFORMAD IN1q,'S7A11,,'N1' I )E( ']SION,) EVENSEN DODGE INC =Z= F I N A N ( I A I ( ()NSHl JAN 1', iARLEMSMUNis pagg Introduction |nthe Official Statement -------..................... -----....... --....... -------------------] Description ofthe Bonds ..... ----------------......... ----------....... -------...... --------3 Authorization .... -----------......... ............ ------....... --........ ------------------'3 _,_--............. -------------------------............. --------------....... ....... '' ----............... -----....... ......... —............. ---------------...... --3 Redemption Provisions ... —...... —....... --------...... .............. ------------------------] uuurex--------------.................. ---------------...... --...... --... —4 OnlySystem ...... -------------.............. ----.......... ....... -----...... ---------'4 TheCity uf&mes--...... —_---........... -----------------------------------...... ----'h Description ..... .......... ....... ...... ....... --_6 ......... ....... —.... ---.................. ---........ ----........ -----------'d CityServices. .... --------........... ............. ------.............. --........ -------.......... -------7 Employee Relations ---................. ------.... ....... -----........ ---...... —......... ------_8 Economic and Demographic uuuo........ -----------.......... ----------...... ---------........ '9 --------------........ --...... —......... ---- -----... ----------... ----~ ...... .......... —...... ------- ... —............ —.... ----............. ----............. ---------.... |O Labor Force amu000---....... .......... ...... ................. ---... —.... ... --------------------')| Retail Sales and Buying ........ -------------...... ........... -----....... -----]l Financial 8umicc---------....... ---.......... --------............ —........ --------------J2 Coo^trucdn^.............. ----........ ...... ...... -------------....... .............. —.... --...... -------J2 Education------------............ ---- ........... -----.............. —... —....... -------------U Medical Iac\hieo----... --------------.............. ....... ----......... -----------------l3 FinancialSummary..... ---....... --.............. ---...... —.......... --................ ---------...... ---------]4 Indebtedness ozthe City --...... ...... -------------........... ........... ---- ....... ----------............ —J5 DmbtLindt..... --.......... ------...... ------......................... ---- ...... -----------------]5 DebtTrends ..... ......... ---...... —........ ------------------......... ----------------... M Debt-------------------............ --............... ----......... ....... -------]7 General Obligation Dob... —............................ -------....... —........... ---- ...... —..... —.... --------]8 Overlapping Debt .... -----------------------...... —....... ---- .... ---...... -------.... 9 RevenueDebt. ..... -------------------------..................... —........ —...... ---------'2O Capital Leases. ... ---------....... -----------------------....... ........... ---------2l Futurem ---------------------------------------------------2l Financial Information --........... -----------............ -------------....... —........... -----------2] CorfiOoutemfAuhievcoiem—.... ---------------------------.............. --............ ----2l Financial Administration ....... ......... ......... ........... -------------....... ----------------... 2l Financial Statements ... ----...... ........... .......... ...... ............ ....... ----............ ---------------2) Rcadtsof------------------...... --- ........... ---........... --...... ---------... '22 Budgetary Process —....... --------------------...... ............. ----- .......... -----......... —... _24 Property Valuations and Tavo—... --------------.......... ................. ...... —........ ............ ---------... 5 Property Valuations and Tax Collection procedures --......... ------------... ....... ......... ---........... 25 PropertyTax Levies and ----------....... --------............ -----....... ----.......... 26 Taxes Per *1»uumTozamo........ --............. —........ --... --- ............ —... 27 Levy----.......... —......... ----2X ---------.......... ---------........ —....... ---------------... 2R LocalOption uales/uu—........ --------......... ........ ....... .......... ---- ....... ......... --....... ---.......... 29 Rating....... ----------_-----------------------...... --....... -----------... 29 Federal TwxCnaoiderad*ms--------...... ---- ....... ------......... ----...... ----........ ----.... 29 Qualified Tax-EIxerript 0h(igati000—.... ...... —............... ----....... ---------........ ........... ---......... 29 c...... ----------------...... -----............ --....... —...... ------- ... ---'29 Certification.... ........ ... .... ...... --......... ------...... —...... ---------....... ---------....... ........ 3O Legal Matters. ............. --------........ ....... .................. .......... -----------....... —................. ---3o mnLitigation ........ -------------........ --------------....... ...... ---.......... ...... ........ 3O Misceilaoe`um-----..... ---------........... —...... .......................... ----------------------... 3O Appendix A -Finu^pia|Suuwoenuo & - Notice nfSdeand Terms nfOffering Appendix C-Form o{[cgalOpinion Workshcet Bid Forms LN �LRQL)L) "TATEMENT C110N TOLTIM-0-F-FRICIAL-S The fallowing ihfbrination isfirnished solely to provide limited introduclot,v ir?fin-mation regarding the C'ity's $2,015, 000 General Obligation Corporate purpose Bonds, Series 1994- B (the "Bonds'and does not purport to be comprehensive. All such information is qualEfied in its entirety ky rejerence to the more detailed descriptions appearing in this OfficialStatemeni, including the appendices hereto. Issuer-. Security: City of Ames, Iowa, General obligation, unlimited tax levy, Purpose: The proceeds of the Bonds will be used for the purpose of financing the construction, reconstruction an(] repair of street improvements; the construction of sanitary sewer, storm sewer and grading improvements; and the construction of solid waste facility improvements. Optional Redemption The Bonds maturing on June 1, 2004 and thereafter are subject to redemption prior to and in any order of maturity on June 1, 2003 and on any date thereafter at a price of par plus accrued interest. Principal Payments: June 1, 1995 through June 1, 2006, Interest Payments: Semiannually on June I and December 1, commencing June 1, 1995. Denominations: The Bonds will be in denominations of $5,000 or multiples thereof. Tax Status: (generally exempt from federal taxes (see "Federal fax Considerations" herein). The Bonds will be designated Qualified Tax -Exempt Obligations. Professional Consultants: h-inancial Advisor., Evensen Dodge, Inc. Minneapolis, Minnesota Des Moines, Iowa Bond Counsel: Dorsey & Whitney Des Moines, Iowa Authority for Issuance: The Bonds are issued pursuant to Division III of Chapter 384 of the Code of Iowa. Book -Entry Only: The Bonds will be issued as book entry only securities through The Depository Trust Company. The Official e ,ficial S'tatetnent is in a Jbrm deemed final as if its date for purposes oj' the S'ecurities and Fxchang . C'onnnission Rule 15c2-12(b)(1), but is subject to minor revision or amendment in accordance with the Rule. The T'inal Qjjicial,statement will be the Qffic°ial Statement daled,5eptember 15, 1994, and the addendum which includes the matziri4,, dales and amounts, interest rates and reoffering Yields or prices, credit ratings, and any other injbrination required by /aw. A,,rV such addendinn shall, on or ajier the date lherec.rI, be fully incorporated in the Final Qf ,ficial,SIau?ment by ri, fierence. The purchaser will be supplied with P'inal (Yjicial Statements in a quantity sufficient to meet its request. Up to 100 copies qf'the final Qf I ,ficial,'Ylateinent will befiv-nished "I'lle information set forth herein has been obtained from the City and other sources which are believed to be reliable, but it is not to be construed as a representation by the F'inancial Advisor or Underwriters. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement or the Final Official Statement nor any sale made thereafler shalt, under any circurn stall ces, create ally implication that there has been no change in the affairs of the City or in any other information contained herein, since the date hereof. Questions regarding the Bonds or the Official Statement call be directed to and additional copies of the Official Staternent, the City's audited financial reports and the Resolution may be obtained firoin Ivensen Dodge, file., 601 Second Avenue SOLith, Suite 5100, Minneapolis, Minnesota 55402, (612/338-3535), the City's financial advisor, (The remainder q/ this pug(-., has been leli bhink interil. ionaill). LD IE�S CLI III 1:10NAIT The Bonds are issued Pursuant to Division III of Chapter 384 of the Code of Iowa and a resolution of the City to be adopted on September 27, 1994 after receipt of` the: bids on the General Obligation Corporate Purpose Bonds, Series 1994-13, The Resolution to be adopted on September 27, 1994 is subject to a majority vote of the City Council. U= The Bonds are issued f6r the f)Urpose of financing the construction, reconstruction and repair of' street irriproverrients; the construction of" sanitary sewer, storm sewer and grading improvements -' and the construction of solid waste facility improvements. A surnmary of the estimatedf Sources and Uses of" for the Bonds is presented in 'Table 1, TABLE I E—stiag—ted Estimated'o unces Les of Funds _ Par Amount of Bonds $2 0_1 5 Lffl Estimated Usesf funds Project Costs: So id Waste Facility Improvements $ 110,000 Street Improvements 1,465,000 Sanitary Sewer, Storm Sewer and Grading Improvements 393,000 Costs of Issuance 30,000 Underwriter's Discount 1-7000 Total Estimated Uses of funds =115AM M= The Bonds will be general obligations of the City for which its full faith, credit and taxing powers are pledged, without limitation as to rate or amount. It is expected, however, that special assessments against benefitted properties will be available, though not pledged, for the payment of a portion of the debt service on the Bonds. Redemption Provisions The right is reserved by the City to call and redeem all of the said Bonds maturing in the years 2004 and thereafter, in whole or from tirne to time in part, in one or more units of'$5,000, prior to and in any order of maturity (and within a maturity by lot), on June 1, 2003, or on any date thereafter, upon terms of par and accrued interest. Notice of such redemption as aforesaid identifying the Bond or Bonds (or portion thereof) to be redeerned shall be mailed by certified mail to the registered owners thereof" at the addresses shown on the City's registration books not less than 30 nor more than 45 days prior to such redemption date. All Bonds for which the City exercises the right of redemption and for which proper notice has been given and adequate funds provided, shall cease to bear interest on the redemption date, Intemst Computatiott Interest on tile Bonds will be COrnputed on a 360-day year, 30-day month basis, Book -Entry Only,�jvstetn The Depository Trust Company ("DI'C"), New York, NY will act as securities depository for the Bonds (the "Securities"). The Se(Arrities will be issued as fully -registered securities rej..,,istered in the narne of Cede & (D,rcs partnership nominee), One fully -registered Security certificate will be issued for each annual inaturity of: the:, SCCUrities, each in the aggregate principal �arncount of such annual inaturity, and will be deposited with DTC. DTC is a flinited-PLAI-POSe trUSt company organized under the New York Banking Law, as "banking organization" withn the meaning of (fie New York Banking L,aw, a inernber of the Fcdera8 Reserve System, a "cIcaring, corporadon" Within the rricaning Of the New York Unifonn Coniinercid C'ode, and a clearing agency" regstered pursuant to the provisions of Section I 7A of the Securities EAchange Act of" 1934. ME holds securities thal its par-ticipants ("Flariiciparits") deposit with DT( - ', DTC also E.AcHitates the selflenleffl amon,,g Participants of sectnitje.s h'UTIMCOMIS, SUCh Wi [r,1uSf`M af1d pded,)CS, in depoSited seCUI'ifleS thRM11g11 ClCdr()Drc coniputeized book -entry changes in Participants' accounts, thereby eHininating the need for physica] n1ovenlent of' secuHtics certificates. Direct Pu-66pants include securities broker's and dealers, Nanks, trust companies, clearing corporations, and certain other organizations, DTC is owned by a number of its ]-Mvct Participants and by the New York Stock L'Ixchange, Inc., the Arnerican Stock Ll'xchange, Inc., and the Nationad Asso6afion of Securifles Dealers, Inc, Access to the DTC systern is also avaHaMe lo others SHCh as SeCLH-itieS brokers and deflers, banks, and trust companies that clear through or maintain a custodW rekuionslip wiLh a Direct Parftipant, either direcfly or indirecdy ("Indirect Participarils"). The Ruks apphcaWe to F)TC and its Parflcipants are on I'He iviith the Securifies and Exchange Colnnlrssion. Purchases of Securi6cs under the DTC systen�t rntist be made by or through Mrcct Partic.upants, which willreceive a credit for the Securities on DTC's records, The ovvnershp interest of each actual purchaser of each Security ("Benefik,-,ial Owner") is in turn to The recorded on the Direct and Indirect Participants' records. M,,.neficial Ownen's will not receive written confirmation from DT' of their purchase, but. Beneficial Owners we expected to receive written confirmations providan, ',' detads of the transaction, as MwH as periodic slatemenis of Owir holdings, frorn the Direct or lnd4vo Participant 1hrough which the Beneficial Owner enfered into the hansacdon. Transfers of(,.)wnership interests in the Securities are to be acconipHshed by enuies inade on the books of' Pardcipants acting on behalf of Beneficial Owners, Beneficial Owners will not receive cerfificate=.; representing their ownership inte.rests in Securities, except in ille event that use of' the. book -entry system for then SeUffitiCS ii d &Mltin Lied. To facditate subseclUffft iraMit'61S, all Securities deposited by Parlicipants with are registered in the narne of DT(I"s partnership noininee, (.."ede & Co. The deposit OfSeCtlrities with DTC and their registration in the narric of'Cede & Co. effect no change hi beneficial ownership, DTC has no knowledge of the actual Beneficial Owners of Ole Securifles; DTC's records reflect only identif�y of the Direct Participants to whose accouros such Securities are credited, which may or may not be the Beneficial Owners. The Participants will remain responsible for keeping account of their holdings oil behalf'oftheir custorners. Conveyance of'notices and other communications by UR to Direct Participants, by Direct Participants to indirect Participants, and by Direct f1wilcipants and Indirect Participants to Beneficial Owners will be governed by ernents among; them, subject ect to any statutory or regulatory requirements as may be in effect from thine to time. 6. Redemption notices shall be sent to Cede & Co. If less than all of tile Securities within an issue are being redeemed, DTC's practice is to determine by lot the arnount of' tile interest of each Direct Participant ill such issue to be redeemed, Neither DTC or Cede & Co. will consent or vote with respect to Securities. Under its usual procedures DTC mails an Omnibus Proxy to the Issuer as soon as possible after the record date. The Orrinibus proxy assigns C',ede & Co.'s consenting or voting rights to those Direct participants to whose accounts the Securities are credited on the record date (identified in a fisting; attached to the Omnibus Proxy). Principal and interest payments on the Securities will be made to DTC. DTC's practice is to credit Direct Participant's accounts on the payable date in accordance with their respective holdings shown on ures records unless DTC has reason to believe that it will not receive payment on the payable date. payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts Of CLISWRM-S in bearer form or registered in "street rare," and will be the responsibility of such Participant and not of DTC,, the Agent, or the Issuer, subject to any statutory or regi,datory reqUiR.Anents as inay be in effect. from time to time. Payn,lent of principal and interest to UR I is the responsibility of the Issuer- or the Agent, disbursements of' such payments to Direct Participants shall be the responsibility of DT(% and disbursement Of' such payments to the Beneficial Owners shall be the responsibility of Direct and Indirect Participants. DIV may discontinue providing its services as Securities dcpository with respect to the Securities at any time by giving reasonable notice to the Issuer or the Agent. Under such circumstances, in the event that a successor securities depository is not obtained, Security certificates are required to be printed and delivered. 10. The Issuer may decide to discontinue use Of the system of book -entry transfers through DTC (or a successor securities depository). In that event, Security certificates will be printed and delivered. 11. The information in this section concerning L)TC and DTC's book -entry system has been obtained from sources that the Issuer believes to be reliable, but the Issuer takes no responsibihty for the accuracy thereof (Vie rem"in(ler of this page has been lqft blank intentionall.y.) THE CITY OF AMES Ulm= The City of Arnes is located in Story County in central Iowa. It is approximately thirty miles north of Des Moines, the State capital and largest city in Iowa. The City was incorporated in 1869 under the laws of the State of Iowa, later amended in July, 1975 under the Horne Rule City Act. The City, with a population of 47,198, is known for its excellent quality of life, which includes a relatively crime - free environment, extensive park system, superior cultural/recreational facilities, and nationally recognized school system. The City is governed under a Council -Manager form of government. The mayor and two council members are elected at large-, the other four council members represent wards. The chief administrative officer of the City is the city manager. The City provides many services including public safety, public works, culture, recreation and community development. The Council and staff have long supported a professional approach to local government management and involvement in professional organizations. Many of the City's department heads have gained national and international reputations in their professional fields, Member Of , IL Larry R. Curtis Mayor Ted Tedeseo Council Merriber-At-Large J u (I i e I I o ffm an COUnCil Member -At -Large Sharon Wirth Council Member - First Ward John Parks Council Member - Second Ward Ann Campbell Council Member - Third Ward Pat Brown Council Member - Fourth Ward Steven Schainker John Klaus Alice Carroll Sandra IRyan Sherry Meier Tom Neumann Paul Wiegand, P.E. Merlin hove ADMINISTRATION Initial Present Term Term �Lo_tmrmneng�jd E �Xi r C 1/1/90 12/31/97 1/1/94 12/31/97 I/l/88 12/31/95 I/j/90 12/31/97 1/1/80 12/31/95 1/1/86 12/31/97 I/1/84 12/31/95 City Manager City Attorney Finance Director City Clerk City Treasurer Director of Water, Water Pollution Control Director of Public Works Director of Electric Dept. 6 City Services The City operates water, electrical and sewer utilities through modern city -owned systems. It also maintains as Municipal Solid Waste Recovery System and operates parking lot facilities, a transit system, a recreational ice facility, a municipal golf course and a municipal airport which is the busiest general aviation airport in the State. A brief summary of the enterprises operated by the City is presented below. Mary Greeley Medical Cemer The municipally owned Mary Greeley Medical (.,enter is a 220 bed regional referral center which serves the City of Ames and an eight -county area in north central Iowa. Among the set -vices provided are medical, surgical, pediatrics, intensive care, mental health, obstetrics, nursery, neonatal intensive care, emergency, hernodialysis, radiology, coronary care, and physical, respiratory, recreational and occupational therapy services. In 1992/1993, tire Hospital issued approximately $24,000,000 in revenue bonds to fund the acquisition, construction in(] equipping of additions to the Medical Center, Electric Utility The Electric (Jtifity generates electricity in a coal-fired power plant that also burns RDF (refuse -derived fuel) as a supplement to coal. The RDF is obtained through tire Ames solid waste recovery system. On March 1, 1982, the city completed construction of a combustion turbine 60-n-regawatt stearn unit. It is anticipated that with this addition, the plant will be able to supply the electric power needs of the City through 1994. The total cost of the prograM was approximately $52,000,000. This wasfinanced through the issuance of' $43,000,000 in revenue bonds and $9,000,000 from operating revenues, UMELM The City's water system is supplied by wells located in the underground aquifer serving Ames. The City's water plant has a ground storage capacity of 6,000,000 gallons per day as compared to average and peak daily use of 6,000,000 gpd and 8,000,000 gpd, respectively. Art additional 1,750,000 of storage capacity is provided by two 4n elevated storage towers. Sewer Ufllity The Municipal Sanitary Sewer Systern of the City of Allies serves the community by collecting, conveying and delivering wastewater to tile City treatment plant. The wastewater, is then treated and disposed of within the requirements of federal, state and local regulations. Resource Recoveq The City of Ames and surrounding communities are served by the Arnold 0, Chantland Resource Recovery Center, which provides communities with an environmentally safe means of solid waste disposal. Ames owns and operates the facility, while thirteen local governmental units, including Allies, share in the cost of its operation. Traiisil,Vystem The City operates a mass transit system to provide efficient and economical transportation to all members of the community. A fixed routing service is available on a daily basis to most residents and a Dial -A -Ride service is available for elderly or handicapped residents. 01her.Municipal Servicev The Ames Police Department has a staff of 67 of which 49 are sworn officers. The City's Fire Department operates out oftwo stations with a staff of 54. The Ames Parks and Recreation Department maintains the City's 600 acres of park property, including the Flornewood Golf Course and the Community Center Ice Facility. Emplqyee Relations The City has 2,100 permanent employees of whom 1,600 work in the City -owned Mary Greeley Medical Center, City employees are represented by five bargaining units, The City's agreements with the bargaining units are as follows-, Ass is Contract Ex�ires International Association of Firefighters June 30, 1996 Public, Professional and Maintenance Employees June 30, 1996 International Brotherhood of Electrical Workers June 30, 1996 International Union of'Operating Engineers (Local 234) June 30, 1996 International Union of Operating Engineers (Local 234D) June 30, 1996 The City has severa] contributory pension and retirement plans as Provided under the Code of the State of Iowa covering firefighters, police officers, utility employees and other City employees. The plans are funded by annual contributions as determined by actuarial valuations in accordance with dw laws of the State of Iowa and the appropriate ordinances of the City of Ames, All full-time ernployees must participate in one of the plans. 'The City administers the Utility Retirement Systems. The State administers the Iowa Public Employees Retirement System. The City's responsibility is limited to the payinent of contributions for those of its employees who qualify for participation in the System. The Municipal Fire and Police Retirement System of Iowa is a state-wide system administered by as representative board of trustees. The total of the ity's contributions to all these retirement systems for the year ended June 30, 1993 was $2,665,947. f'or further information concerning the City's retirement plans, see Note (7) in the Notes to Financial Statements contained as a part of Appendix A to this Official Statement. (The remainder (?f this pqge has been hfit blank intentionally). LXONOMIC AND DT—M-0-GRAPHICINEQRMARON Population Demographic statistics compiled by the City of Ames, presented in 'Fable 2, reflect the City's growth, above -average income and education levels and low unemployment rates. The City experienced a 46 percent growth in population from 1960 to 1970. In the years 1970 to 1980, the City had a 16 percent growth in its population and a 3 percent growth in population from 1980 to 1990. The trends in growth are expected to continue for the City of Ames. The citizens of Ames are mostly well-educated professionals. rABLE 2 City of Ames, Iowa DeMoL,rat)hLic Statistics - Education Per Level in Years Unemployment Capita Median of formal School Bate j-.nn1jLjjg.Dj(2) (j! t V ggOA �0(3) 1984 45,775 $14,085 22,7 15.70 4,505 2.1% 1985 45,775 14,085 217 15.70 4,470 2.9% 1986 45,775 14,085 22.7 15.70 4,355 2.0% 1987 45,775 14,085 22.7 15.70 4,471 1 .8% 1988 45,775 14,085 22.7 15.70 4,452 1.7% 1989 45,775 14,085 217 15.70 4,573 1 .8% 1990 47,198 14,085 22.7 15.70 4,706 1.8% 1991 47,198 15,062 22.7 15.70 4,855 2.3% 1992 47,198 15,062 22.7 15.70 4,855 2.3% 1993 47,198 15,062 22.7 15.70 4,855 2.3% (1) t.huted States Census Bureau, (2) Antes Corrununity School District, (3) The City of Ames Comprehensive Annual Financial Statements, Years 1984-1993. (-The reminder of this page has been h1i blank intentionally). 9 The City of Ames has a diverse employment base. Among the products manufactured by companies located in Ames are precision electronic instruments, hydrotransmission equipment, water treatment and analysis equipment, farm implements, abrasives and feed and grain products. A number of governmental units and other public institutions also contribute significantly to the Ames economy. The major employers in Ames are listed in Table 3. TABLE3 Maior En)Dlovers 1993 Eirm/c RilssimesslScrvi Emnlovees Iowa State University University 6,250 City of Ames All functions (including Medical Center) 2,100 Iowa Department of'Transportation Headquarters 1,114 Ames Community School District Education 637 McFarland Clinic Medical Clinic 500 SAUER - Sundstrand Corporation hydro -Transmission Research and Assembly 457 Ames L.aboratories Environmental Technology 400 3M Company Abrasives Manufacturing and General Distribution 372 National Animal Disease Center Animal Control Center 285 National Veterinarian Service Lab Veterinarian Association 270 Todd & Sargent Metal Fabrication 250 Story County Government 242 Mainstream Living, Inc. Social Set -vices Agency 235 1 lach Cornpany Water Analysis Equipment 227 Wal-Mart Retail 220 Source: Ames Chamber ofCornnierce. (The remain(ler cif this page has been lef t blank intentionally), to Labor Force Statistics The State of Iowa Job Set -vice Office Reports annual unemployment rates and labor force figures for Arries as shown in Table 4. TABLE4 ties Ames Une 1,112ynL(LLit �iLte Year Labor Force Arnes State of Iowa 1983 24,840 4.21p/o 81 1V0 1984 24,370 3. f 1'f 7.0% 1985 24,650 3.3No 8,01/1/0 1986 25,070 3.1% 7 0 11//o 1987 25,390 2.3Yo 5,5'� 1988 26,640 1.7% 4.5% 1989 26,940 1,61No 43% 1990 26,700 1 , 9,/o 4.2% 1991 26,940 23 0/o 4.611/0 1992 27,230 2.3% 43% 1993 28,670 3. 3 1yo 4.0% 1994 28,360 2.6% 2.91N) (1) ForJuly, 6 994 only, Sourcv: State oflowaJob Service. Retail Sales and Buying.incoine Table 5 fists median household Effective Buying hicorne and per capita retail sa9es for Story County and the Star(, of Iowa and for the City of'Anies for the years 1988 through 1992, as repot eat by Sales and Marketing Management's "Survey of Buying Power," TA B L, E 5 1992 1991 1990 1989 12H Median I lousehold B_ ing Effective jujgQnig. Story County $32,395 $30,692 $26,839 $23,833 $22,712 State of Iowa 31,132 29,690 24,699 21,823 20,618 City of Ames 29,878 28,419 25,098 22,285 21,239 L3eE_C"LRetajI Sales Story County 7,787 7,087 6,864 6,591 6,230 State of Iowa 7,833 7,023 6,793 6,229 5,973 City of Ames 9,765 8,961 8,699 8,746 7,847 FinancialService s Five full -service banks serve Ames. The combined deposits in those banks for the years 1984 through 1993 is shown in Table 6. HEM Year Ended LMqgLnb(a-11 J,L) to I 1984 $228,718,000 1985 243,473,000 1986 280,3 17,000 1987 291,761,000 1988 287,832,000 1989 323,357,000 1990 350,746,000 1991 377,366,355 1992 366,595,000 1993 380,943,000 (1) Cornbined deposits in Firstar/Ames, First National Bank, Story County Bank, and Trust, Brenton Bank, 'and American State. Source: Iowa Bank. Directory. Construction Construction activity within the City as shown by its building permit records if presented in Table 7. TABLE 7 Arr►es i i i c i n TISMIU15 Commercial Residential C, ......... Calendar Number Number Year ar I -1i U Value tLfLILn i jj Value 1984 39 $4,637,293 380 $ 7,429,400 1985 104 3,238,372 383 11,545,825 1986 100 4,331,429 223 7,501,215 1987 104 6,698,838 375 7,464,165 1988 111 7,194,143 256 7,666,358 1989 86 8,980,671 104 7,033,323 1990 101 9,878,576 301 14,351,377 1991 92 4,935,164 282 14,502,868 1992 96 3,845,383 406 22,450,839 1993 104 6,769,737 435 25,638,140 1994(2) 78 8,733,234 214 13,376,527 (1) 111ClUdes new construction and remodeling. (2) As ofAUgUSt 1, 1994. A NOTOM Eklet ul—nitza-w-id-Skomdau Most of the City is a part of the Ames Community School District, The District operates eight elementary schools, one middle school and one senior high school. The school district employs 650 people, of whom 350 are certified, It also operates a special education building which serves the needs of 14 local districts in Boone and Story Counties. Two other school districts, file Gilbert Community ornmunity School Distt-ict and file Nevada Community School District also overlap into the City of Aryies. I lowever, these districts, in total, represent less than I 1/i.) of the City's property valuation. voomLaa—al Ames is also a part of the Des Moines Area Community College District (DMACC). The DMACC has campuses in Ankeny (20 miles front Ames) and Bootie (13 rniles from Ames) and offers trade, technical and college preparatory programs. lowaStalk —Univer a Ut Ames is the home of Iowa State University (ISU). ISIJ was established in 1859 and is an integral part of the community. The fall, 1994 enrollment was approximately 25,250, all(] the University is the City's maJor employer with faculty and stafftotaling approximately 12,500, including reaching assistants and hourly part-time employees. 'file University, in addition to its educational function, is a. leading agricultural research and experimental institution. `]'Ile Iowa State Centel-, which is the cultural and athletic center ofthe University and City, is a complex of five structures, all completed since 1969. It consists of two theaters, a football stadium, a coliscurn and a continuing education building which attract major athletic, dramatic and musical events, as well as semillars, and conferences, to Ames, Medical Facilities The municipally owned Mary Greeley Medical Center is a 220-bed regional referral center which serves the City of Ames and an 8-county area in north central Iowa. Among the services provided are medical, surgical, pediatrics, intensive car, mental health, obstetrics, nursery, neonatal intensive care, emergency, hernodialysis, radiology, coronary care and physical, respiratory, recreational and occupational therapy services. Adjacent to the Medical Center is the McFarland Clinic offering complete medical service. The Clinic has 500 employees and is serviced by an additional 90 physicians. Also located in the immediate area is the Family Practice Medical Clinic and several smaller medical offices. The Iowa State University Student Health Center provides medical care for ISU students and staff. There are also two nursing homes in the community. 13 I FINANCIAL SUMMARY - City of Ames, Iowa (This sutornary is subJect in all respects to more complete information contained in this Official Staternent.) ACTUAL VALUE 1994/95 $1,212,551,474 TAXABLE VALUE.' 1994/95 $ 957,821,286 GENE'RAL OBLIGATION DEBT(Includes '"T"his ISSUe) $ 23,545,000 REVENIJE DEBT'� Medical Center Revenue Debt, S 42,730,000 Hectric Revenue Debt $ 27,635,000 Sewer Revernie Debt $ 4,675,000 OVERLAPPING DEBT $ 9,994,593 POPULATION (1990 Census) 47,198 fflvx= Percent of Per Capita Percent of Taxable A-1no-tut (47J9 M Aot-uaj].Yalue VL1-U.9 General Obligation Debt (1) $23,095,000 $489 1.90% 141% Overlapping Debt —9-2-2-4-5L)3- ..2-12 12-No 1 ,04% Totat Ilk L 2.72% 3--45 �/q 0) Does not include the outstanding principal ofthe Gieneral Obligation Sewer Bonds dated January t, 1989 which is supported by sewer revenues. ..... . . ... - ----- (The remainder of this page has been left blank intentionally), 21 INDEBTEDNESS OF THE-CYrY The Constitution of the State of Iowa, Article X1, Section 3, provides as follows: "Indebtedness ol'political or municipal corporations. No county, or other liolitical or municipal corporation shall be allowed to become indebted in any manner, or for any purpose, to an arnount, in the aggregate, exceeding live pet, centurn on the value of taxable. property within such county or corporation to be ascertained by the last state and county tax lists, previous to the incurring of such indebtedness." Revenue and Special Assessment Bonds are not subject to the City's debt firn it. The City's debt limit, based on 1993 property valuations is shown in Table 8. Debt Limit Computation U-pon the Issuance of the Bonds( I Legal Debt Limit of 5% of 1001/) of Actual Value (fiscal year 1994/95)(2) S60,8 12,258 General Obligation Bonds Outstanding (as of September 1, 1994) —5Q-00 �4 Legal Debt Limit Margin (i13%) (1) Includes this Bond issue. (2) Calculated on Gross Acttial Valoe without military exeiriptimi deducted and with tax inct-cuicrit vaWe included. Source: City of Arries Finance Department (The remainder of this 1,?age has been left blank intentionally). fil Table 9 summarizes the City's outstanding debt as a percent of assessed value and debt per capita for the last nine years and the current budgeted year, TABLE 9 Ratio of Net General Bonded Debt as a Percent of Ratio ot'Net, Net General Gross Less Debt Genera Bonded Levy Assessed General Service Net General Bonded Debt to Debt yul: P.-mUC, —C)kl Y Wa I i1q ffiQrW—eAEkJI!( I Lim, ds P�LUV.Lul 1985-86 45,775 $666,578,535 $13,280,000 $345,491 $12,934,509 .0 1 94 to 1 $28157 1986-87 45,775 719,767,337 1 2,730,000 372,876 1 2.,357,124 0172 to 1 269.95 1987-88 45,775 737,543,912 18,265,000 258,545 18,006,455 .0244to 1 393.37 1988-89 45,775 788,452,871 16,435,000 602,494 15,832,506 .0201 to 1 345M 1989-90 45,775 797,635,129 14,770,000 386,984 14,383,1,M .0180to, 1 314.21 1990-9 t 47,198 816,788,773 13,200,000 216,559 12,983,441 0 159 to 1 275,08 1991-92 47,198 849,303,586 17,440,000 181,441 17,258,559 M203 to 1 365,66 1992 93 47,198 861,222,527 16,425,000 292,189 1 6, 1 .3 2,811 1873 to 1 341,81 1993-94 47,198 897,551,220 19,845,000 458,042 19,386,958 .02216 to 1 41 M6 1994.,95 47,198 960,056,298 2 1,530,0001 325,696 21,254,304 .0221 to 1 449' 26 (1) Does not include general obligation debt supported by sewer revenue SiourceG Jiiuted States Census Bureau and Story County - Office ot'Auditor. (The re main(Yer (.)J'Ihiy page habeen left bhink intentionally), [a General obligation bonds:(]) Corporate Purpose Corporate PLH-POSe Sewer Refunding Bonds Corporate Purpose Refunding Bonds Corporate Purpose Corporale purpose Total general obligation bonds Revenue bonds:(2) Medical Center: 1992 1993 Total Medical Center revenue bonds Electric: Refunding Ponds Refunding Bonds Total electric revenue bonds Sewer Revenue Bonds: (2) Sewer - 1987 Sewer No. 2 - 1987 'total sewer revenue bonds Total revenue bonds Trual all bonds TABLE 10 Long -Term Debt 3 0 19 9.4 a n (I As of I s s u aLn c e of t.1Le Ilk 11 d s j (including this Issue) Amount Outstanding Date of F, i n a I Originally Outstanding Pro Forn-ra L.aue kn)Lcat Rateti lh'lefktttiF 1,5sucd 06/30/94 09/01/94 10/79 5.85%-7.00% 06/99 $4,405,000 $ 1,600,000 05/87 5.00"//o-6.25"/ 12/02 770,000 450,000 450,000 01/89 630%4.15% 06/96 3,900,000 450,000 450,000 05/91 5.00"//6-6.OWX� 06/98 2,310,000 1,635,000 1,635,000 06/92 5.40%-5.90'/"o 06/04 6,010,000 5,910,000 5,910,000 02/93 4 . 7 O'Yo- 5, 10% 06/08 8,215,000 7,960,000 7,960,000 01/94 3.90% - 4, 10% 06/04 3,825,000 3,525,000 3,525,000 10/94 This Issue 06/06 2,015,000 2 )1 OQ0 10/92 3.25%-6,00% 02/93 5,70%-5.75% 04/91 5.75'Vo-6. 10% 04/93 4.709,o-5.50"/o $--21 5.30 0( 3_5 4 —50912 08/03 21,000,000 $19,885,000 $18,730,000 08/22 24,000,000 - — � )0 000 ON . ..... . �)�j OL Q-0j- -24-- S43.M-Offl —2 4 06/98 10,385,000 $ 8,155,000 01/08 20,745,000 —19 4 0 (LO .-8_ - 1-22-6.13,5-Q �)() 05/87 4.25%-6.50% 12/02 12/87 5.50%-7.40% 12/01 (1) Secured by the City's full faith, credit and unlimited taxing power. (2) `secured only by revenues - no general obligation backing, 4,230,000 $ 2,975,000 2,375,000 _-J.,70f) O(LO LiLul 2ILW(hi $.-.-27 225 000 $ 8,155,000 - - LO -4- Is () _0 () 0 1'27-0-LO-L)Q $ 2,975,000 --J-M-00-0 $—A-6—ZLO(jQ $75SM)AM J98 5-85 000 m General Obligation Debt The following table presents annual principal and interest payments for the City's long-term general obligation debt. Though all debt presented in Tables I I and 12 is secured by the full faith, credit and Unlimited taxing powers of the City of Ames, some of this debt has been and is expected to be paid from sources other than the tax levy. Table 12 presents a surnmary of' general obligation debt service requirements allocated by the revenue SOUr(x's that are expected to be used for debt payments. TABLE I I General Obligation Long-Terin Debt Schedule of Annual Maturities September 1, 1994 Wid kidng-flig, Total Principal Y ear .. . ear; Erin w Interest - ----- Princ _imi� I 11terest( I &- UILCNISt 1995 2,200,000 $1,029,855 1 170,000 $ 64,397 $3,547,252 1996 2,510,000 974,933 170,000 90,475 3,745,408 1997 2,395,000 839,997 170,000 83,505 3,488,502 1998 2,390,000 717,860 170,000 76,195 3,354,055 1999 2,000,000 595,435 170,000 68,545 2,833,980 2000 1,695,000 507,885 170,000 60,555 2,433,440 2001 1,705,000 423,523 170,000 52,225 2,350,748 2002 1,720,000 337,965 165,000 43,725 2,266,690 2003 1,730,000 250,307 165,000 35,310 2,180,617 2004 1,695,000 162,355 165,000 26,730 2,049,085 2005 380,000 74,590 165,000 17,985 637,575 2006 370,000 55,590 165,000 9,075 599,575 2007 365,000 36,720 -- -- 401,720 2008 . ..... 3 55 -00 K, I j IQ() 1) () $-6.QHUa(-) SIQJ�W) 1028-772 Sl(U101-8 42 (1) Interest computed ill a net interest rate of 5,22%. (The remaimler (?flhis page has been Iqft blank inten.tionally), TABLE 12 General Obligation Long -Term Debt Ry-SourctL- --q PaymenLs(J) -- (September 1, 1994) Total Fiscal Principal Sewer Year &IIA-erefit &Qvenue Outstall iD9 Issue 1995 $ 3,547,252 431,687 2,881,168 S 234,397 1996 3,745,408 416,950 3,067,983 260,475 1997 3,488,502 427,100 2,807,897 253,505 1998 3,354,055 435,475 2,672,385 246,195 1999 2,833,980 417,050 2, 1 78,385 238,545 2000 2,433,440 423,350 1,779,535 230,555 2001 2,350,748 427,650 1,700,873 222,225 2002 2,266,690 429,900 1,628,065 208,725 2003 2,180,617 430,225 1,550,082 200,310 2004 2,049,085 428,600 1,425,755 191,730 2005 637,575 -- 454,590 182,985 2006 599,665 425,590 174,075 2007 401,720 401,720 -- 2008 Lift I3-Q2(LU84L2 2Ci7,98 73.3 5Q�L- UL6433=212 (1) Includes this issue, Overlapping Debt There are: five taxing jurisdictions which overlap the City and which have general obligation debt outstanding. Table 13 sets forth the general obligation debt f6r thosejurisdictions as of Aily 1, 1994 TABLE 13 v �UIIA pi-a-I)v p n, -b C (A I --t-LQ!h tj�,-Ay-- -Amu General I/o of'Debt Portion Obligation Allocable Allocable .WftsUction Debt ' i WLme,f JI Story County S 1,670,000 56.58% i 944,960 Aines CornnILRIfty SCII00k 6900,000 96.87% 6,684,031 Gilbert (.'`ornrnunfty Schools 2,975,000 IT 13% 509,544 Nevada Community Schools 4,650,000 0281VO 13,462 Des Moines Area CornVuWlity College 31,500,000 5.85% Total Overlapping Debt $,2_9 Source: Individual governmental units and the Story County Auditor's office, z 1"he following table presents annual principal and interest payments for City debt which is secured solely by certain revenue sources. TABLE 14 Schedule of Principal and Interest Requirements (September 1, 1994) 'Total Fiscal Electric Mary Greeley Sewer Revenue Year. Revenue(l) M-Qd "'enter(2) Ujil i1y(3) j)�Jbt 1995 S 4,448,412 1,227,118 692,862 6,368,392 1996 4,420,582 3,626,635 693,019 8,740,236 1997 4,288,758 3,623,287 666,875 8,578,920 1998 4,148,145 3,623,880 688,475 8,460,500 1999 1,993,505 3,623,385 682,006 6,298,896 2000 1,985,185 3,616,035 697,425 6,298,645 2001 1,989,465 3,616,488 708,838 6,314,791 2002 1,994,960 3,133,825 692,337 5,821,122 2003 1,990,660 3,124,195 698,063 5,812,918 2004 1,992,410 3,129,795 -- 5,122,205 2005 1,988,870 3,119,207 5,108,077 2006 1,989,890 3,122,020 5,111,910 2007 1,984,790 3,119,208 5,103,998 2008 1,983,400 2,559,201 4,542,601 2009 -- 2,557,837 2,557,837 2010 2,557,351 2,557,351 2011 2,555,268 2,555,268 2012 2,551,737 2,551,737 2013 2,549,075 2,549,075 2014 2,546,625 2,546,625 2015 2,544,081 2,544,081 2016 2,541,506 2,541,506 2017 2,538,613 2,538,613 2018 2,539,969 2,539,969 2019 2,535,288 2,535,288 2020 2,529,425 2,529,425 2021 2,526,950 2,526,950 2022 2,522,431 2,522,431 2023 21 �O4 8� --- ___2.JZQ_43 8 $37 199 03? $.8-23 89-8 73 16 21-9 90Q L2S-7 9 9 —8 0— 5- (1) Electric revenue bond coverage has averaged 1.64 tram 1984 to 1993. (2) 1 losI)iW revenue bond coverage has averaged 4.88 front 1984 to 1993. (3) Sewer revenue bonds were first issucd during the year ended June 30, 1987; since that tame tire debt service coverage has averaged 2.91. W1 The City has entered into various lease agreements for the purchase of equipment, The City's lease obligations have matured in the 1993/94 fiscal year and are no longer outstanding, Future Financing The City does not intend to incur additional indebtedness within the next six months. FINANCLkL INFORMATION Cert�fiicate of Achievement 'T'he Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Ames, Iowa for its comprehensive annual financial report for the fiscal year ended June 30, 1992. In order to be awarded a Certificate of Achievement for Excellence in Financial Reporting, as governmental unit must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conforrn, to program standards. Such reports must: satisfy both generally accepted accounting principals and applicable legal requirements. Ames is one of four Municipalities in the State that have received [lie Award for Outstanding Budget Presentation awarded by the GFOA for the budget years 1986/87 through 1993/94. FinancialAdininistration MaJor financial management decisions are made based on recommendations frorn the Finance Director and City Manager, such as adoption of the Annual Operating Budget, the Capital improvement Program, and other financial matters as they may occur. The Finance Department is responsible for preparation of the annual financial report, all City accounting functions, annual operating budget, centralized purchasing, data processing, treasury and debt management and customer services for- 15,000 utility customers. The City has a policy of encouraging tile citizens of Ames. Citizen satisfaction surveys are conducted and information furnished to Council for use in establishing policies and guidelines. FinancialStatements The City's financial statements are audited annually by an independent certified public accountant. The City maintains its accounting records for general governmental operations on a modified accrual basis. Accounting records for the Enterprise and Internal Service Funds are maintained on the accrual basis. Copies of the Cities audited financial reports for the fiscal years ended June 30, 1986, through Rule 30, 1993, are available frorn the City upon request, F"Acerpts of' the City's audited financial report for the year ended June 30, 1993 is included as Appendix A to this Official Statement. a Statements of revenues and expenditures of the operating furl and Oectric Funds of dw City have been compiled from the City's financial reports, They have been organized in such a manner as to facifitate year to year comparisons. TaNe 15 presents a, statement of revenues and expenditures ofthe City's General Fund for, the fiscal year's 1989through 1993. (The remaincler ref this puge has been left blank inletilionull.0, 22 TABLE 15 Statement of Revenues, Expenditures & Change in Fund Balance General Fund(l) amrsa 11 doulmt-Loj 1)9—i 1992 -- h2iLl 199-0 -BU REVENUI.,S Taxes Licenses & Perfints l5,918,512 5,737,163 5,212,050 5,102,038 $5,278,328 Intergovernmental Revenue 468,097 792,898 449,272 822,613 385,133 341,399 347,002 Charges for Services 2,020,406 1,913,507 847,2 1 3 I,816,827 851,796 1,543,922 460,600 1,400,702 Fines and Forfeits Use (A'Monies & Property 80,054 288,440 104,515 383,200 109,506 122,957 130,535 Other Revenues U —02 512,943 692,907 726,668 TOW Revenues S--&U—(�,(L41 1-1.624-2D, S-..�12&692 FA PE'IN D I FURE'S (201.1-iniurrily protection I Inman Development $ 5,547,215 $ 5,184,061 $ 4,896,825 $ 4,744,872 $ 4,308,121 I Joine and Community 3,406,366 3,283,912 3,115,716 2,649,027 2,607,113 I'Invironment Policy and Adnifi-tisinatiou 1,322,671 1,300,761 1,313,209 1,213,554 1,125,224 Debt Service 1,934,274 1,854,012 1,763,068 1,871,864 1,747,285 ....... ..... 9- 1 � �)3 (2) —J12M (2) -- Total E"xpenditures SU12.j'Q12'C) Revenues Over (Under) Expenditures W-62103) $kj-7S4J-L9J SJ�04 Other financing sources (uses): Operating transfers in Openiling transfers OW 3,292,911 2,678,760 2,452,538 2,493,399 2,369,223 3 2.5.,., 00) _0_ .--AIQL2_4 7 Total other financing Sources (uses) 2 6 5 1 12 f"Acess revenues and other sources over (under) expenditures and other uses 24,020 (164,179) (3) (371,509) (3) 83,460 574,930 Fund Balance Begi rill i rig, ofyear 1,658,416 1,822,595 2,194, 104 2,110,644 1,645,275 Residual Equity Transfers Out 11.2SK(1). ... . ....... Furid Balance End of Year .?-2 �10 2—0� M 1 fie gcneral fund iS ffie general operating Fund of the City. It is used to account for all financial rcsources except those required leg aHy or by sound fimancial inanagement to be accol"Ited for in another fund. Information ftm M4 is not tt avaik a h l e (2) This k iWerem paid w May,y GrMey Medical Cenler for USC 0i'monetary fonds in a checking, account It does not represent interest paid ou outstanding debt, (3) In previous Years ffie City accumulated a SU[PIUS Of fbn(JS. In 1991 and 1992, 1he CRy spent a portion of these rCsel'vcs. Source: City of Ames ('ornprehensive Annual Financial Reports. im The Production of the City's annual budget is supervised by the city Budget Officer. The individual city departments each submit a proposed budget, The budgets are reviewed by the City's Budget Analysis Team and returned to the individual deparlmerits. In early February, the reviewed budgets are compiled into the Manger's Recommended Budget and sutimitted to the City Council for review, 'llic City CouncH approves the proposed budget in March. Table 10 surriniarizes the City's 1993/94 and 1994/95 general fund budgets. TABLE 16 (&qgr4l Fgj1d ity dg.OU 1993/94 1994/95 REVENUES� Property Tax 6,051,993 6,472,048 OtherTaxes 2 l,954 2 1,877 Non -Tax Revenues Toral Revenues $11,102,94 t $11,628,684 'Transfers --2-4�)-5455.1 —3 5ZO-85A Total ReVeuUcS and Transfers Ll —4591.21(4 $j5,L49—U EXPENDITURES General Government 1,786,536 1,933,032 Public Safety 6,648,122 6,847,615 Utilities and Physical Environment i 1,389 -- 'Transportation 570,729 595,878 ( - 'onimunity Enrichment 3,298,580 3,466,084 Health and Welfare 268,235 272,907 Community Environment 336,795 338,594 Purchasing Services 4,13L7 Total Expenditures $12,953,403 $13,488,847 Transfers ,rota! Expenditures and'Fransfers Excess (Deficit) of Revenues and Transfers Over (1-hider) F,xpend4ures and Transfers (124,124) (107,313) Beginning Balance 1-5 1 —A 3 � F'nding Balance _14� on ERQELRIYAALLAIIQML�I"�A.�F,� Property Valuations and Tax Collection Procedures All property subject to taxation is valued in compliance with State law, every two years subject to all equalization action of the State Department of Revenue, In Story County there are two public agencies responsible for assessments. In tile City of Arnes, the City assessor conducts all assessments. In the balance of tile county, including other municipalities, tile County Assessor is responsible for all assessments. All property except utility property is assessed at the local level. Tile State Department of Revenue assesses utility property, The Assessor establishes actual valuation (100%) as of January I in as calendar year for taxes payable in the succeeding fiscal year, i,e, valuations made in 1993 are for taxes payable in the fiscal year 1995, The actual Value of property ir,, provided by the assessor to the County Auditor who then determines the taxable value. 'rhe taxable value is computed by adjusting the actual value of various c:lasses of property by percentages (roil back rates) determined by the State Department of Revenue. The roll back rates are applied to classes of'property on a state- wide basis so that the increase ill actual vakiations of property in the State will not exceed 4% annually. For assessrnents made in 1993, the roll back rate was 68.04% for residential property, For all other classes of property, tile taxable value was equal to I 001.14o ofactuai value. 'Fable 17 outlines the msessments of all property in the City of Ames in the assessment years 1984 through 1993. Table 18 lists the classes of property which comprise the City's 1993 actual value of real property. TABLE 17 Assessment of Valuations of Taxable Property E:iso�a ! I Years 1986 thLqjIgh 1995 Taxable Value Assessment Fiscal Actual Excluding Year Year ValuA 1000/ 9)(1) Agjand(3) 1984 1985/86 825,175,703 $6(18,632,292 $666,578,535 1985 1986/87 855,73 1,738 877,007,836 719,767,337 1986 1987/88 862,699,487 739,696,552 737,543,912 1987 1988/89 902,821,501 790,352,751 788,465,835 1988 1989/90 912,867,119 799,486,329 '797,635,129 1989 1990/91 934,625,664 815,156,445 813,283,039 1990 1991/92 977,515,474 848,198,298 846,328,290 1991 1992/93 1,040,000,157 858,214,273 856,706,205 1992 1993/94 1,085,081,2 15 896,484,364 895,001,418 1993 1994/95 1,212,551,474 957,821,286 956,360,766 (1) Before deduction ofmilitary exenipficai (2) After dedU(Ai011 of military exemption and rollback ad ' jusiments. (3) Agri cult ura I land is taxed ata finfited rate oOiich does riot include debt service. Source: Story County Auditor M HEM Ag Building Corninercial Industrial Personal Property Real Utilities Gross Valuation l-ess: Military Exemption IN19mom Source: Story County Auditor TABLE 18 Property Values by Category 199LA mmmenIJ995 Year ---- —Rmal %of AQtUWI-YW-U lui'll S 786,178,812 65.02% 1,406,731 0. 11 "N) 53,786 0,01% 365,142,255 30.20% $3,411,588 23,206,830 1.92% -- 23,965,771 1,98% 282,122 1 25 L)1-21j� 1.04% -- $1,212,551,474 10028% $3,693,680 --3-4M�L8 --L) —28% 9.209.080 Kjj 1 WO(P/10 $_361LO Property Ttu Levies and Collections Taxes are collected if) the fiscal year that begins during the calendar year following the assessment. Taxes are levied on July t of each year. Prior to fiscal year 1983, the City collected its own taxes. Beginning in 1983, the County Treasurer collects taxes for all taxing entities in the County. Statutory dates for payment withOUt penalty are September 30th for the first installixient and March 3 1 st for the second installment. The County 1'reasurer levies an 5% penalty on delinquent taxes each June. In addition, the state has a 1% per month levy; total penalties not to exceed 48%. (The remain(ler (?I'Ihiv page has been left blank intentionallv). m 26 Table 19 outlines tax levies, tax rates and tax collections for the City of Ames, TABLE 19 Tax Levies and Collections in the City of Arms Total Percent Delinquent Collections Total Current Tax of I-evy Tax Total Tax as Percent of Year 'Tax I.I�vy C Wl 1 -ec LI Q11s -csil-lec-t-d -C 01 -c -ct i -o LI -1a (I-IQ)MLQIiI -0ru -CU-MOILI's-vy 1982-83 $5,936,717 $5,880,243 99,05 $137,526 $6,017,769 101.37 1983-84 5,888,570 5,766,398 97.93 155,319 5,921,717 100.56 1984-85 6,381,011 6,248.,168 97.92 94,457 6,342,625 99.40 1985-86 6,885,538 6,721,657 97.62 99,922 6,821,579 99.07 1986-87 7,322,173 7,191,882 98.22 156,923 7,348,805 100.36 1987-88 6,352,045 6,453,490 101.60 145,660 6,599,150 103,89 1988-89 7,109,787 7.,134,979 100.35 120,675 7,255,654 10105 1989-90 7,153,811 7,136,914 99.76 97,794 7,234,708 101.13 1990-91 7,132,703 7,108,251 99.66 49,567 7,157,818 10035 l 991-92 7,804,418 7,739,101 99.23 110j0l 7,849,202 100,64 1992-93 7,903,595 7,839,227 99.18 98,090 7,937,137 100.42 1993-94 8,488,862 8,190,815 96.49 35,090 8,225,905 96.90 1994-95 9,354,863 In Process of Collection .... ........ ........... - .... ........... ... --- Tdxt!s.Per $1,000 of Tivable, Value Table 20 shows the tax rates per $ 1,000 of taxable value for the City of Ames and all overlapping goverruncrits in the fiscal years 1986 through 1995. TABLE 20 Property Tax Rates All Overlapping Governments Last Ten -E-WaLlyears School County Area Year CXis, District i olid C�LI_5 tLed Vocati}nat 'Total 1985-86 1029212 11 .89550 4.28578 .43787 26.91127 1986-87 10,13828 1 1 M138 429594 .44922 26.76482 1987-88 8.58331 11.33809 5A3430 .47634 25,83204 088-89 9.00877 11.22544 4.47491 A7026 25.17938 1989-90 8.96878 12.13898 5A2520 .46596 26.99892 1990.91 8.75761 12.08846 5.37674 .48386 26.70667 l 991-92 9.21143 12,64226 4.79580 .47669 2TI2618 1992-93 9.21143 12.82187 6.67618 .50664 29.21612 1 993-94 9A7213 13,l8482 6.73178 A8828 29.87701 1994-95 9.76556 14.16705 6.98327 .48398 31.39986 Source: City of.Anws N 993 Contpreherlsive AgInual 1`4atb6fl Report. M Table 2 1 presents the City's tax rate by operating fund for the fiscal years 1986 through 1995. Collection Y-eu QpLierlLl TABLE21 Tax Rate Comparison By Operating Funds -Cqllg.CAJV-�-�086-025 Debt 1,9 a E�Vc f1t1eIr M= 1985/86 6.27755 2.64266 1.37191 10.29212 1986/87 6.12500 2.75324 126004 10.13828 1987/88 4.81453(l) 2.45490 1.30929 8.57872 1988/89 4.37640 3.52853 1.08094 8,98587 1989/90 4.91807 2.77298 1.27773 8.96878 1990/91 4.90435 2.85540 0,99786 8.75761 1991/92 5.31895 2.63068 126180 9.21143 1992/93 6.15515 2.51889 0,53739 9.21143 1993/94 6.25330 2.68103 0.53780 9.47213 1994-95 6.26108 199820 0.50628 9.76556 0 ) The General Fund Tax Rate was reduced clue to the inception ot'a local option sales tax of 1%. Source: 1994/95 (-1ty ol'Aines Program Budget. ME= State law Hinits the maximum tax rate for the General Fund to $8.10 per thousand dollars of assessed valuation (100% basis). This limitation does not include debt service and pension requirements. Principal Taxpayem A list of the ten taxpayers in the City with the highest taxable valuations on the 1993 assessment is presented in Table 22. TABLE 22 Principal Taxpayers WsQf,LanuArjj, 1�99 TaspUg-r % of Taxable Taxable Valuation Valuation General Growth Properties $18,348,600 1.9% Clinic Building Company, Inc. 12,585,000 1.3% Sauer- Su nstrand Corporation 12,026,981 1.2% Mortensen I & 11 Limited Partnership 10,418,600 1.1% Minnesota Mining and Manufacturing 7,950,270 0.8% IES Utilities, Inc, 6,026,245 0.6% U.S. West Communications, Inc. 5,929,588 0.6% Gateway Center Ltd. 5,250,000 0. 5 0/o Northwood Plaza Association, Inc. 4,721,600 0.4% Hach Chemical Company 4,446,000 0,4% SOUrce: Story County Auditor w Local Option Sales Tax Ames citizens approved a one percent local option sales tax at a special election held November 4, 1986, which became effective on January 1, 1987. The tax generates in revenues approximately $2.4 million annually, 60% of the proceeds are used for property tax relief and 40% for community betterment. Receipts for the year ended June 30, 1993 totaled $3,155,1162 and $3,179,661 for the fiscal year ending June 30, 1994. A rating review has been requested from Moody's Investors Service, Inc. and Standard & Door's Corporation for the Bonds. A rating is subject to withdrawal at any time; withdrawal of a rating may have an adverse effect on the marketability of the Bonds. For an explanation of the significance of the rating, an investor should communicate with the rating agency. The City last issued general obligation bonds on January 1, 1994. T'be outstanding general obligation bonds of the City are currently rated "Aal " by Moody's and "AA" by Standard & Door's. Federal Tax Considerations The opinion of Bond Counsel will state that under present laws and rulings, interest on the Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative ininimurn tax hriposed oil individuals and corporations under the Internal Revenue Code of 1986 (the "Code"); it should be noted, however, that for the purpose of computing tile alternative minimum tax imposed on corporations (as defined for federal income tax purposes), such interest is taken into account in determining adjusted CUrrClIt earnings. The opinions set forth in the preceding sentence are subject to the condition that the City comply with all requirements of the (.,ode that nlUSt be satisfied subsequent to the issuance ofthe Bonds in order that interest thereon be, or continue to be, excluded from gross income for federal income tax purposes. Failure to Comply with certain of such requirements may cause tile inclusion of interest oil the Bonds in gross income for federal income tax purposes to be retroactive to the date of issuance of the Bonds. In the resolution authorizing the issuance of the Bonds, the City will covenant to comply with all such requirements. There may be certain other federal tax consequences to the ownership of ffie Bonds by certain taxpayers, including without limitation, corporations subject to the branch profits tax, financial institutions, certain insurance companies, certain S corporations, individual recipients of' Social Security or Railroad Retirement benefits and taxpayers who may be deemed to have incurred (or continued) indebtedness to purchase or carry tax-exempt obligations, Bond Counsel expresses no opinion with respect to such other federal tax consequences to owners of the Bonds. Prospective purchasers of the Bonds should consult with their tax advisors as to such matters. Qualijkd Tax -Exempt Obligatiotis In the opinion of Bond Counsel, the Bonds are eligible for designation, and the City will designate the Bonds as "Qualified Tax -Exempt Obligations" for purposes of` Section 265 of tile Internal Revenue Code of 1986 relating to the ability of certain financial instinitk)ns to deduct from income for federal income tax purposes, eighty percent of thatportion of such finan6al instituflons' Interest expense allocable to interest on the Bonds. Closing Documeotv Simultaneously with the delivery of and payment for the Bons by the original purchasers thereof, tile City will furnish to tile original purchasers the custornary closing documents in form satisfactory to bond counsel. NN 32am= The City will fumish a statement to the effect that this Official Statement, to the best of its knowledge and belief as of the date of sale and the (Lite of delivery, is true and correct in all material respects and does riot contain imy untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made herein, in fight of the circumstances under which they were made, not misleading. OEM= Legal inatters incident to tire authorization art(] issuance of the Bonds are subject to the opinion of Dorsey & Whitney, Des Moines, Iowa, Bond Counsel, as to validity and tax exemption. 'The opinion, which will be substantially in the form set forth in Appendix C attached hereto, will accornpany the Bonds. Bond Counsel has not participated in the preparation of this Official Statement. Nmum=` There is no litigation now pending or, to the knowledge of'City officials, threatened which questions the validity of the Bonds or of any proceedings of the City taken with respect to the issuance or sale thereof. It is the opinion of the City's Attorney, based upon the past experience of the payrnent of clailTIS arid judgment arnounts, that there are presently no outstanding claims, litigation, impending litigation or contingent liabilities which would exceed the funds accumulated for this purpose and funds currently appropriated by the City Council firr fliese purposes, and that outstanding claims and suits would not materially affiect the financial position of the City its ofthe date ofthis Official Statement, MISCELLA �, 11S XKOI- Any staternents Made in this Official Statement involving o matters of' opinion or of estimates, whether or riot so expressly stated, are set forth as such and riot as representations of fact, and no representation is made that any of the estimates will be realized. The execution and delivery of this Official Statement by its City Clerk has been duly authorized by the City. CITY OF AMES, IOWA By: /s/ Sandra L Rvan City Clerk Im A UP P. 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MAW 0 yj Ej EE g S > E. s'O A 24 gala 4c 7 glyc 2 �4c 21 USA g -1 f A H ;,a EIS E I > WS 40 Sam . t - 2 2 1 I HOO ON W SUN AM I I Eel i rd 00 to c r4 0. S C3 78 r-� ., 0 0 r L- Cc IN Ou 0 r4 0 -.- > Xj 0'a 0 jd-aEssEt 0-0 ,u I a, C4 Cq aw r� 0, rj, All fo, 0 u uc > ra as IV > .0 1c, qy 0-1 ki U 0 v 0 U 20 ca u U CJ m I m APPENDIXII Notice of Sale and,rernis of Offering (This page has been left blank intentionally,) NOTICE OF SALE City of Ames, Iowa $2,015,000 General Obligation Corporate Purpose Bonds, Series 1994B Sealed bids will be received on behalf of the City of Ames, in Story County, Iowa, until 2:00 o'clock p.a . on the 27th (lay of September, 1.994, at the office of City Clerk, Council Chambers, Administrative Building, Ames, Iowa, for the purchase of $2,015,000 General Obligation Corporate Purpose Bonds, Series 1994B, of the City, at which time such bids will be opened and canvassed. Thereafter such bids will be presented to the City Council for consideration at its meeting to be held at 7:00 o'clock p.m. on the same date at the Council Chambers, Administrative Building, Ames, Iowa, at which time the Bonds will be sold to the best bidder for cash. No open bids will be accepted. The Bonds will be issued as fully registered bonds in denominations of $5,000 or any integral multiple thereof, will be dated October 1, 1994, will bear interest payable semiannually on, each June 1 and December 1 to maturity, commencing June 1, 1995, and will mature on June 1 in the following years and amounts: Principal Principal Year Amount, Year Amount 1995 $170,000 2001 $170,000 1996 $170,000 2002 $165,000 1997 $170,000 2003 $165,000 1998 $170,000 2004 $165,000 1999 $170,000 2005 $165,000 2000 $170,000 2006 $165,000 The right is reserved to the City to call and redeem all of the said Bonds maturing in the years 2004 to 2006, inclusive, in whole or from time to time in part, in one or more units of $5,000, prior to and in any order of maturity (and within a maturity by lot), on June 1, 2003, or on any date thereafter, upon terms of par and accrued interest. Bidders must specify a price of not less than $1,998,880, plus accrued interest. The legal opinion of Dorsey & Whitney, Attorneys, Des Moines, Iowa, will be furnished by the City. A good faith deposit of $20,150 is required and may be forfeited to the City in the event the successful bidder fails or refuses to take and pay for the Bonds. The City reserves the right to reject any or all bids and to waive irregularities in any bid. -5- DORSEY & WHITNEY, ATTORNEYS, DES MOINES, IOWA The Bonds are being issued pursuant to the provisions of Division III of Chapter 384 of the Code of Iowa and will constitute general obligations of the City, payable from taxes levied upon all ©> taxable property in the City without limitation as orate or amount. Bidders should be aware that the official terms of offering to be published in the Official Statement for the Bonds contain additional bidding terms and information relative to the Bonds. In the event of a variance between statements in this Notice of Sale (except with respect to the time and place of the sale of the Bonds and the principal © offered for sale) and said official terms of offering, the provisions of the latter shall control. -6- DORSEY & WHITNEY, ATTORNEYS, DES MOINES, IOWA TERMS OF OFFERING In addition to the provisions of the official Notice of Bond Sale, this section sets forth the description of certain of' the terms of Bonds as well as the terms of'offering with which all bidders and bid proposals are required to comply, as follows: Form offfids: Bidders should specify the rate or rates of interest and arnOUnt of prerniurn or discount, ifany, and aH other conditions being equal, preference will be given to the bid which specifies the lowest Net Interest Cost to the City. No bid calling for a discount ofgreater than 0.89/o will be accepted The City reserves the right to reject any or all bids and to waive irregularities in any bid. Rates of Interest: There is no firnit on tire number of' rates bid, but afl principal maturing on the same date must near interest at the sarne rate. EIach interest rate specified rylust be in as multipe of' 1/8 or 1/20 of 1%. No rate bid on any given maturity nray exceed the rate bid oil a SUbsequent fuaftrf'ity. blood Faith Deposit: A Good Faith Deposit ("Deposit") in the f6rili ofa certified or a cashier's check or a Financial Surety Bond in the arnOUnt of S20, l 50, payaWe to the order of tyre City, is reqUired for each bid to be considered. If' a check is used, it n)US1 accompany each bid. If a Financia] Surety Bond is used, it must be froill all insurance company licensed to issUe SUCII as bond in the State of Iowa, and such bond must be submitted to the ISSUer or its I"inancial Advisor prior to the opening of the bids. The Financial Surely Bond must identify each bidder whose Deposit is guaranteed by such Financjd Surety Bond, If the Bonds are, awarded to a bidder utilizing a Financial Surety Bond, then that purchaser ("Purchaser") is required to submit its Deposit to the dssj.jeror its Financhil Advisor in the form of a cashier's check (or wire transfer such arriount as instructed by the Issuer or its Financial Advisor) not hater than 3:30 P.M,, Central '['line on the next business day following the award If" such Deposit is not received by that litne, the Financial Surety Bond may be drawn by the Issuer to satisfy the Deposit requirerrient, No interest on the Deposit will accrue to tile Purchaser, The Deposit will be applied to the purchase price of the Bonds. In the event the Purchaser fails to honor its accepted bid, the Deposit will be retained by the Issuer, Book E!Intry System: The Bonds will be issued as fully registered bonds without coupons and, when issued, will be registered in the name of Cede & Co., as nominee of the Depository "Trust Company (I)TC), New York, New York. DTC will act as securities depository of the Bonds. Individual purchases will be made in book - entry form only, in the principal an`10LHlt of $5,000 air(] integral multiples thereof. Purchasers will not receive certificates representing their interest ill the Bonds purchased. Principal all(] interest will be paid to DTC, which will ill turn remit such principal and interest to its participants, for subsequent disbursement to tire beneficial owners of the Bonds. Delivery: The Bonds will be delivered to DTC ill New York within 40 days after the sale against full payment in ininiediately available funds. CUSIP Numbers: The City will assume no obligation for the assignment of CUSIP numbers oil the Bonds, or f6r the correctness of any nurnbers printed thereon, but will permit such printing to be done at the expense of the purchaser ifthe purchaser waives any extension of the time of'delivery caused thereby. Certificate of Purchaser: The purchaser will be required to provide certain information relating to the initial offering prices and sales of the Bonds necessary to complete the Internal Revenue Service reporting forms prior to closing. NUM Form of Legal Opinion (This page has been left blank intentionally.) DES MOINES RESIDENT ATTORNEYS ROBERT H. HELMICK DAVID L. CLAYPOOL ROBERT B. JOSTEN EDWIN N. MJWTOSIf NORENP D—TACOBS STEVEN J. DICKIZsON OEFT'REY M. HURLBURT DAVID D. GROSSKLAUS DoRsEy & WHITNEY 80.1 GRAND, SUITE 3900 DES MOINES, IOWA 50309-o-790 (5153) 203-1000 FAX (515) 283-1060 MINNEAPOLIS, MINNESOTA NEW YORHINEW YORK WASHINGTON, D. C. DFNVER,COLORADO FARGO, NORTH DAKOTA ROCHESTER,MrNNESOTA BILLINGS, MONTANA GREAT FALLS, MONTANA MISSOULA, MONTANA ORANGE COUNTY, CA LONDON,ENGLAND BRUSSELS,BELGIUM We hereby certify that we have examined a certified copy of the proceedings of the City Council of the City of Arnes, in the County of Story, State of Iowa (the "Issuer"), passed preliminary to the issue by the Issuer of its General Obligation Corporate Purpose Bonds, Series 1994B (the "Bonds") in the amount of $2,015,000, dated October 1, 1994, in the denomination of $5,000 each, or any integral multiple thereof, maturing oil June I in each of the respective years and in the principal amounts and bearing interest payable semiannually, commencing June 1, 1995, at the respective rates, as follows: Year Principal Interest Rate ,&m n t Le—rAnnum Year Principal Interest Rate --ou A m _Q -tLn- t Eer Annum 1995 $170,o00 2001 $170,000 1996 $170,000 2002 $165,000 1997 $170,000 2003 $165,000 1998 $170,000 2004 $165,000 1999 $170,000 2005 $165,000 2000 $170,000 2006 $165,000 but the Bonds maturing in each of the years 2004 to 2006, inclusive, are subject to redemption prior to maturity at the times and on the terms specified in the Bonds. that: Based upon our examination, we are of the opinion, as of the date hereof, 1. The aforementioned proceedings show lawful authority for such issue uEder the laws of the State of Iowa. 2. The Bonds are valid and binding general obligations of the Issuer. 3. All taxable property within the corporate boundaries of the Issuer is subject to the levy of taxes to pay the principal of and interest on the Bonds without constitutional or statutory limitation as to rate or amount. Page 2 Dor-zsEy 8C WHITNEY 1I 11111plill 5. The Bonds are "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code, and, in the case of certain, financial institutions (within the meaning of Section 265(b)(5) of the Code), a deduction is allowed for 80 per cent of that portion of such financial institutions' interest expense allocable to interest on the Bonds, We express no opinion regarding other federal tax consequences arising with respect to the Bonds. The rights of the owners of the Bonds and the enforceability thereof may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights heretofore or hereafter enacted to the extent constitutionally applicable, and their enforcement may also be subject to the exercise of judicial discretion in appropriate cases. DORSEY & WHITNEY W0KSHEM' $2,015,000 General Obligation Corporate Purpose 8noda 8erieuB94-13 City of Ames, Story COUnty, Iowa DATED 1801/94 BVbSTAlJ'INCr 06m1/95 YEAR AMODNT RUN BOND YEARS C\JM8��IVE COUPON YEAR 01-Jou-95 $170.000 8.67 113.333 113.333 0l�uo95 - 81-Jnn-96 $170.000 1.67 203333 �966�7 ------- � 0|'Juu96 �� 01-Jnu-97 $170'000 267 453333 850000 ------- 0l-Joo-97 01-Jon-98 *170,000 367 623333 l4733J3 ------- � . � Ol']u�V& ' 0l-Joo-99 $170.000 467 793.333 22�6667 -------- , 01-Joll'99 01-Jcm-2000 $170,000 5�67 963333 323U00O ------- . 01-Jon-2008 01-Jon-2001 $170.000 667 l' 133 � 333 4,363333 .J63 �333 01-Juo-2001 01Juo-2802 $165,000 7�67 1,265M0 �62833� ------- ^ 81-Jco-2882 01-Jun-2003 $165.000 867 l 43000D 7O50333 ------- , , � 01-Juo-2083 01-Jnu-2004 %165,000 967 l 595O00 8,653333 -------- � .0l-Juo-2O04 01-Joo-2005 $105,000 lO67 l 700000 l04l3 �33 ------- . � . 01-Jmz-2805 01`Jun-2006 $ 165M0 ll 67 1�25.000 12,338333 ------- 01Jpo-2006 ��15,1090 12 3 J33- AVBDAoBY&ATT�L[[Y: 6�12 9RlCE� N0I1,1,'09I}6A0$1.998,080 IN1�B11'0IR&]1,1'8: B&TB8AR.FIDDEZNIN'FEGRALM{DDPLG&0Fl/00Rl/2OOFl%.QR ANY COMBINKlICNIl IE8 OF',IN ASCENDINGORDF,'R,R&TEPER MAJlIZITY� CALL FE'&IO9UB: lIB�BONDS MAT[Rl0{ 0NTD0I l,2004ANT) IlARESUDI8CITQ REDEMPTION PRIORT0MA'1D 7YON RJNLl'2OU3AND ON ANYQA'I'E I��K8�DT8�AT&PRICE (FPAR fL0S4CCR)E'D]WEBBST. (This page has been left blank intentionally.) OFFICIAL BI D FORM Members ofthe City Council City of Ames, Iowa Sale Date: September 27, 1994 For the principal amount of $2,015,000 General Obligation Corporate Purpose Bonds, Series 1994 -B of the City of Allies, Iowa, legally issued and as described in the Notice of Sale of Bonds and Ternis of Offering, we will pay the City ('lot less than $1,998,880) plus accrued interest oil the total principal of $2,015,000 to date of delivery, provided the Bonds bear the following interest rates, Y sir -Ailtw= Interest RAW -Y�LIU Afmimi Interest 1995 $170,000 0 2001 $170,000 % 1996 170,000 2002 165,000 % 1997 170,000 2003 165,000 1998 170,000 ..... . ........ . % 2004 165,000 . . ....... . . .... OX0 1999 170,000 2005 165,000 % 2000 170,00o 2006 165,000 % "file Bonds mature oil julle 1, in each of the years as indicated above and interest is payable June l, 1995, and semiannually thereafter on December I and June I of each year. In making this ofl'er,, we accept, the ternis and conditions as defined in the Notice of Sale and Terms of Offering published in the Official Statement dated September 15, 1994. A I I blank spaces o f th is offer are intentional and are not to be construed as an omission, NOT PARTOFTHE, BiD Explanatory Note: According to our computation, this bid involves the tollowing� lNet Interest Cost Net Interest Rate Respectfully submitted, . .... . . ... ... . Account Manager By_ (A list of account members is on the reverse side of this proposal.) The foregoing offer is hereby accepted by and on behalf of the City of Ames, Iowa, this 27th day of September, 1994. (Title) (Title) OFFICIAL BID FORM Members of the City Council City of Ames, Iowa Sale Date: September 27, 1994 For the principal amount of $2,015,000 General Obligation Corporate Purpose Bonds, Series 1994-B of the City of Ames, Iowa, legally issued arid as described in the Notice of Sale of Bonds and Terms of" Offering, we will pay the City $ --. . ......... —.-, (not less than $1,998,880) plus accrued interest on the total principal of $2,015,000 to date of delivery, provided the Bonds bear the following interest rates: Interest Interest YearAmottat Raw Y.VS11 Arno -)teal Ral.Q 1995 $170,000 ---.% 2001 $170,000 % 1996 170,000 2002 165,000 . .... . .... -- /o 1997 170,000 ------- % 2003 165,000 . .. . ........ - % 1998 17(),000 2004 165,000 ....... . . .... ��) 1999 170,000 2005 165,000 % 2000 170,000 �1/ 1 0 2006 65,000 - ------ ------ % T'he Bonds mature on June 1, in each of the years as indicated above and interest is payable June 1, 1995, and semiannually thereafter on December I and June I of each year. In making this offer, we accept the terms and conditions as defined in the Notice of Sale and Terins of Offering published in the official Statement (fated September 15, 1994. All blank spaces of this offer are intentional and are not to be construed as an omission. NOT PART Of" THE BID Explanatory Note: According to our computation, this bid involves the following: Net Interest Cost et Interest Rate Respectfully submitted, Account Manager By... (A list of account members is on the reverse side of this proposal.) The foregoing offer is hereby accepted by and on behalf of the City of Ames, Iowa, this 27th day of September, 1994. (Title) ...... ...... (Title) OFFICIAL BID FORM Members of the City Council (.','ity ofArnes, Iowa Sale Date: September 27, 1994 For the principal amount of$2,015,000 General Obligation Corporate Purpose Bonds, Series 1994-13 of the City ity of Anies, Iowa, legally issued and as described fit the Notice ofSale ofBonds and Terms of0ffering, we wfll pay tile C i ty $__ (nW �ess tharl $1,998,880) plus accrue�' I interes� on the total principal of$2,015,000 to date of delivery, provided the Bonds bear the following interest rates: Interest Ins teret Year A U�j fliq I. Yfar Anwimt, 1995 t 70,000 % 200 � S170,000 % 1996 70,000 2002 65,000 % 1997 170,000 --- --- 2003 65,000 'Yo 1998 � 70,000 2004 65,000 - --- ------- ---- (% 1999 170,000 2005 165,000 --- -- - 9/6 2000 170,000 % 2006 165000 ------ 1r10 The Bonds mature 0r1 JUrIC 1, in each of this years as indicatcd above and interest is payaiAe June 'p, l995, flannel semiannuafly ffic,,reafter on December I and June 1 of each year. In maklng this oficr, we accep� the kmns and con diflons as defined in the Notice of S�dc and Terms or 0116ring Pubfished in tile Ofrk;iaa SIatement dmed September 15, M4. AH Iflank spaces ol"Oiis offer are i�mcnfional and are not to be COuStfUCd as an oniission, N OT PA RT 0 F ' H f E 13 1 D Explanatory Note° According io our cornpulaflon, this bid involves the fdljovjjag: Net Interest Cost m et Interest Rate, RespecdIffly submiae(i, Account Manager By (A list of account members is on the reversc� side of this proposal.) 'file foregoing offer is hereby accepted by and cm behalf of the City of'Arnes, Iowa, this 27th clay of September, 1994. (Title)Utley - .. -