HomeMy WebLinkAbout~Master - Providing for Issuance of General Obligation Sewer Bonds ORDINANCE NO. 1023
An ordinance providing for the issuance of Gene al
Obligation Sewer Bonds in the sum of $235,000 for
the purpose of paying the cost to that amount, of
the construction of sewers in the City of Ames,
Iowa, and for providing for an annual levy upon all
the taxable property in said City sufficient to pay
the interest on and principal of said bonds.
WHEREAS, the City of Ames, in the County of Story, State of
Iowa, is a municipal corporation under the Mayor-Council form of
government, duly incorporated, organized and existing under and
by virtue of the laws and constitution of the State of Iowa, and
not under any special charter or provisions, and has not adopted
the Commission form of government or the Council-Manager form of
government by popular election; and
WHEREAS, said City, pursuant to and in strict compliance with
all laws applicable to said City, has lawfully ordered and con-
tracted for the construction of sanitary and storm sewers in said
City, the cost thereof to be paid to the amount of $235,000 at the
general expense of said City, and it is now necessary to make
definite provision relative to payment for said construction of
storm and sanitary sewers, such provision having not yet been made;
and
WHEREAS, notice of hearing on the initiation of proceedings
for the issuance of said bonds has heretofore been given in manner
and form as required by Section 23.12 of the Code of Iowa, 1958,
and no petition nor protest has been filed; now therefore
IT IS ORDAINED by the City Council of the City of Ames, in
Story County, Iowa, as follows :
Section 1. That in pursuance of Section 396.22 of the Code of
Iowa, 1958, there are hereby authorized to be issued Two Hundred
Thirty-five (235) negotiable General Obligation Sewer Bonds of
said City, numbered consecutively from One (1) to Two Hundred
Thirty-five (235), inclusive, in the denomination of $1, 000 each,
said bonds to be dated the First day of April, 1962, of which
Bonds numbered consecutively from One (1) to Seventy
( 70 ), inclusive, shall bear interest rom and after the 'da
te
t ereof until paid at the rate of Two and three-fourths
Per Cent (2-3X%) per annum,
Bonds numbered consecutively from Seventy-one 7171 ) to
One Hundred ( 100 ), inclusive, shall ear in erest from and
after tKe date ereo until paid at the rate of Two and one-half
Per Cent (2, %) per annum,
Bonds numbered consecutively from One Hundred' One 101 ) to
One Hundred Sixty ( 160 ) , inclusive, shali bear interest from and
afEer e a e ereo un it paid at the rate of Two and three-fourths
Per Cent (2- 4%) per annum,
Bonds numbered consecutively from One Hundred to-
Two Hundred Thirty
-five ( 2 ), inclusive, shall ear in e(est from and
a er the datethereof' unit paid at the rate of Three
Per Cent (_ 3 %) per annum,
HERRICK, LANGDON. SANDFSLOM & BELIN, LAWYERS, DES MOINES, IOWA
said interest payable on the First day of November, 1962, and
semi-annually thereafter on the First day of May and November in
each year, such interest to be evidenced by negotiable coupons
attached to each bond; both principal and interest payable in
lawful money of the United States of America, at the office of
the City Treasurer, in the City of Ames, State of Iowa. Said
bonds shall become due and payable in their numerical order, as
follows :
Bonds Nos . 1 to 10, inc. 10,000 on November 1, 1963
Bonds Nos. 11 to 25, inc. $15,000 on November 1, 1964
Bonds Nos. 26 to 40, inc. $15,000 on November 11 1965
Bonds Nos . 41 to 55, inc. 15, 000 on November 1, 1966
Bonds Nos. 56 to 70, inc. 15,000 on November 1, 1967
Bonds Nos. 71 to 85, inc. 15, 000 on November 1., 1968
Bonds Nos . 86 to 100, inc. 15,000 on November 1, 1969
Bonds Nos. 101 to 115, inc . 15,000 on November 11 1970
Bonds Nos. 116 to 130, inc. 15,000 on November 1, 1971
Bonds Nos. 131 to 145, inc. 15,000 on November 1, 1972
Bonds Nos. 146 to 160, inc . $15,000 on November 1, 1973
Bonds Nos. 161 to 175, inc. $15,000 on November 1, 1974
Bonds Nos. 176 to 190, inc. S15,000 on November 1, 1975
Bonds Nos. 191 to 205, inc . 15,000 on November 1, 1976
Bonds Nos . 206 to 220, inc. 15,000 on November 1, 1977
Bonds Nos. 221 to 235, inc. 15,000 on November 1, 1978
Section 2. That upon presentation at the office of the City
Treasurer of said City of Ames, of any of said bonds, same may be
registered as to ownership of principal in the name of the owner on
the books of the Treasurer, such registration to be noted on the
reverse side of the bonds by the Treasurer, and thereafter the
principal of such registered bonds shall be payable only to the
registered holder, his legal representatives or assigns. Such regis-
tered bonds shall be transferable to another registered holder
or back to bearer, only upon presentation to the City Treasurer with
a legal assignment duly acknowledged or approved. Such registration
of any of said bonds shall not affect the negotiability of the
coupons attached to said bonds, but such coupons shall continue
transferable by delivery merely.
Section 3. The General Obligation Sewer Bonds hereby authorized
shall be in form substantially as follows :
HERRICK, LANGDON, SANDBLOM & BELIN. LAWYERS, DES MOINES, IOWA
(Form of Bond)
United States of America
State of Iowa County of Story
CITY OF APES GENERAL OBLIGATION
SEWER BOND
No. $1,000
The City of Ames, in the State of Iowa, for value received,
promises to pay to Bearer, or if this bond be registered as to
ownership, to the registered holder thereof, One Thousand Dollars
in lawful money of the United States of America, on the First day
of November, 19 , with interest on said sum from the date hereof
until paid, at tze rate of Per Centum
( %) per annum, payable on the First day o ovem er, 1962,
an semi-annually thereafter on the First day of May and November in
each year, upon presentation and surrender of the interest coupons
hereto attached as they severally become due; both principal and
interest payable at the office of the City Treasurer, in the City
of Ames, State of Iowa.
This bond is issued by the City of Ames, pursuant to and in
strict compliance with the provisions of Chapters 23, 76 and Section
396.22 of the Code of Iowa, 1958, and in conformity with an ordinance
of the Council of said City, duly passed, approved and published,
for the purpose of defraying the cost of constructing storm and sanitary
sewers in said City.
This bond shall pass by delivery unless it has been registered
in the name of the owner on the books of the City Treasurer of said
City, and evidence of such registration endorsed on the back hereof.
Thereafter no transfer of this bond shall be valid unless made on
said books and similarly noted hereon, unless the last registration
shall have been to bearer, in which case transferability by delivery
shall be restored. The registration of this bond shall not affect
the negotiability of the coupons hereto attached, which shall continue
negotiable by delivery merely, notwithstanding the registration hereof.
And It Is Hereby Certified and Recited: That all acts, conditions
and things required by the .laws and constitution of the State of Iowa,
to exist, to be had, to be done and to be performed precedent to
and in the issue of this bond, were and have been properly existent,
had, done and performed in regular and due form and time as required
by law; that provision hasbeen made for the levy of a sufficient
continuing annual tax on all the taxable property within said City
for the prompt payment of the principal and interest of this bond
as the same will become due; that the faith, credit, revenues and
resources and all the real and personal property of said City are
irrevocably pledged for the prompt payment of the principal and
interest hereof at maturity; and that the total indebtedness of said
City, including this bond, does not exceed the Constitutional or '
Statutory limitations .
IN TESTIMONY WHEREOF, said City, by its Council, has caused this
bond to be signed by its Mayor and attested by the City Clerk, with '
the seal of said City affixed as of the First day of April, 1962.
Mayor of the City o es
Attest :
Glerk of the City of Ames
HERRICK, LANGDON, SANDSLOM & SELIN, LAWYERS, DES MOINES, IOWA
(Form of Coupon)
AMES IOWA
No.
On 19 _, the Treasurer of the City of Ames,
Iowa, wi pay to Barer
Dollars, at the office of e 1 y reasurer, mes, Iowa, or
semi-annual interest then due on its General Obligation Sewer Bond,
dated April 1, 1962, No. _____�•
-Clerk of-the City o - es
(On the back of each bond shall be endorsed the certificate of the
City Treasurer, in the following form:
STATE OF IOWA COUNTY OF STORY SS CITY TREASURER'S CERTIFICATE
CITY OF AMES
This bond duly and properly registered in my office as of the
First day of April, 1962.
reasurer of the City of-Ames
Section 4. That on the back of each bond there shall be printed
provisions for registration of ownership in substantially the follow-
ing form:
REGISTRATION OF OWNERSHIP
DATE OF REGISTRATION REGISTERED OWNER SIGNATURE OF CITY
TREASURER
0
HERRICK, LANGDON, SANDSLOM & BELIN, LAWYERS, DES MOINES, IOWA
Section 5. The bonds hereby authorized shall each be signed
by the Mayor and attested by the City Clerk, with the seal of the
City affixed, and the interest coupons thereto attached shall each
be executed with the signature of the City Clerk or facsimile
thereof, and said Clerk, by the execution of said bonds, shall
adopt as and for his own proper signature his facsimile signature
on said coupons, and when so executed, said bonds shall be delivered
to the City Treasurer and shall be by him registered and delivered
to Stern Brothers & Company of Kansas City, Missouri,
the purchaser thereo , and t e sa e of said on s to sa pure aser
is hereby ratified and confirmed.
Section 6. That as required by Section 76.2 of the Code of
Iowa, 1958, and in order to provide for the assessment and collection
of an annual levy upon all the taxable property in said City, in
addition to the levy authorized for other purposes, sufficient to
pay the interest on said bonds as it falls due, and also to pay and
discharge the principal as the same matures, there shall be and
there is hereby authorized and levied upon all the taxable property
within said City, a direct annual tax for each of the years while
said bonds or any of them are outstanding in amounts sufficient for
that purpose and in particular but not in limitation of the fore-
going, the amounts levied during the respective years for such
purpose shall be as follows :
A direct annual tax upon all the taxable property within said
City for each of the Sixteen (16) consecutive years, 1962 to 1977,
both inclusive, (beginning with the levies of the year 1962 for
collection during the year 1963, and ending with the levies of the
year 1977 for collection during the year 1978) sufficient to produce
the following net annual sums for the respective years for interest
and principal as the same mature and to create sinking funds for
that purpose, as follows :
For the year 1962 for collection during the year 1963,
sufficient to produce the net annual sum of $ 20 41-1 .00 ;
For the year 1963 for collection during the year l9b4,
sufficient to produce the net annual sum of $21 00.00
For the year 1964 for collection during the year l9b5,
sufficient to produce the net annual sum of $20 888.00 ;
For the year 1965 for collection during the year 1y6 ,
sufficient to produce the net annual sum of $20 4 00 ;
For the year 1966 for collection during the year l�, r -
sufficient to produce the net annual sum of $20 06 .00
For the year 1967 for collection during the year l9bb,
sufficient to produce the net annual sum of $1 650.00
For the year 1968 for collection during the year 1969,
sufficient to produce the net annual sum of $19 2 5 .00
For the year 1969 for collection during the year 1970,
sufficient to produce the net annual sum of $18 90_0
For the year 1970 for collection during the year 19�
sufficient to produce the net annual sum of $18,488.00
For the year 1971 for collection during the year 190 ;
sufficient to produce the net annual sum of $ 8a75 ,00
For the year 1972 for collection during the year 1973
sufficient to produce the net annual sum of $17,663.00 ;
For the year 1973 for collection during the year 1974,
sufficient to produce the net annual sum of $17,250.00 ;
For the year 1974 for collection during the year FT0 .00
sufficient to produce the net annual sum of
HERRICK, LANGDON, SANDBLOM & BEL.IN, LAWYERS, DES MOINES, IOWA
For the year 1975 for collection during the year 1976,
sufficient to produce the net annual sum of $ 16, 350.00 ;
For the year 1976 for collection during the year 1977—
sufficient to produce the net annual sum of $ 15, 900.00
For the year 1977 for collection during the year 1g75,
sufficient to produce the net annual sum of $ 15,E+50 .00
Section 7. The City Clerk shall annually in due time, manner
and season, certify to the County Auditor the taxes herein provided
for in addition to levies authorized for other purposes and without
condition as to various amounts as herein provided being included in
the annual certification of taxes, the County Auditor shall annually
enter said respective amounts for collection and the moneys arising
from such tax levies shall be used for the payment of said bonds and
the interest thereon and for no other purpose whatever.
Section 8. The interest falling due during the year 1962 and
the interest or principal and both of them falling due in subsequent
year or years, shall, if necessary, be paid promptly from current
funds on hand in advance of taxes levied, and when such taxes shall
have been collected, reimbursement shall be made to such current
funds in the sum thus advanced.
Section 9. This ordinance shall be irrepealable until all the
aforesaid bonds, both principal and interest, are fully paid and
discharged.
Section 10. All ordinances or parts thereof in conflict herewith,
be and the same are hereby repealed.
Section 11. A certified copy of this ordinance shall be filed
with the County Auditor of said County of Story, and said Auditor
shall be and he is hereby instructed in and for each of the years
1962 to 1977, inclusive, to enter for collection and assess a tax
hereby authorized. When annually entering said taxes for collection
the County Auditor shall include the same as a part of the tax levy
for debt service fund purposes of said City, and when collected,
the proceeds of the said taxes shall be converted into the debt
service fund of said City and set aside therein as a special
account and sinking fund to be used solely and only for the payment
of the principal and interest of the bonds hereby authorized and
for no other purpose whatsoever.
Section 12. This ordinance shall take effect and be in force
from and after its passage and publication, as by statute provided.
Passed this 10� th day of April , 1962•
-Ivlayor
M
Attest :
(SEAL)
This ordinance hereby approved this 10th day of April_
1962.
ayor
r
Attest : _
(SEAL) R L�N�ON, SANDIBLOM & BELIN, LAWYERS, DES MOINES, IOWA
Recorded in the records of said City this loth day of April
1962, ,
1962, and officially published on the 140 aay of _ April
1962.
1 y r
(SEAL)
Moved by Eschbach and seconded by Ratterriag:
that Ordinance No. 1023 be adopted.
Voting Aye : Armstrong, Bledsoe, Brouhard, Eschbach, Judge, Ratterree
Voting Nay: None .
Absent : None
Mayor De Hart declared Ordinance No, 1023 adopted.
HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA
STATE OF IOWA )
COUNTY OF STORY ) SS
CITY OF AMES }
I, M. W. Jordan City Clerk of the City of Ames,
in the County of Story, State of Iowa, do hereby certify that a
correct and complete copy of the Ordinance of said City, adopted
by the Council thereof on the loth day of Aril_, 1962,
approved by the Mayor on the 10th day of April , 1962,
entitled: "Ordinance No. lo23 An Ordinance providing for the
issuance of General Obligation Sewer Bonds in the sum of $235,000
for the purpose of paying the cost to that amount, of the con-
struction of sewers in the City of Ames, Iowa, and for providing
for an annual levy upon all the taxable property in said City
sufficient to pay the interest on and principal of said bonds '
was officially published on the 14th day of April 1962,
in the Ames Daily Tribune, a legal newspaper, printed wholly in
the English language, published in said City of Ames Iowa, and of
general circulation therein.
WITNESS my hand and the seal of said City hereto aT!xed at
Ames, Iowa, this 17th day of April 1962 .
it r
(,SEAL)
(attach here publisher' s original affidavit of publication
with clipping of ordinance as published. )
HERRICK, LANGDON, SANDSLOM & SELIN, LAWYERS, DES MOINES, IOWA
STATE OF IOWA )
SS
COUNTY OF STORY )
I, Dorothy J. Elliott County Auditor of said County
do hereby certify that on the 17th day of April J, 1962,
the City Clerk of the City of Ames, in said County and State
certified and delivered to me a complete copy of an ordinance
of said City adopted by the Council thereof on the loth day of
Apr i1 1962, approved by the Mayor thereof on the loth
day of April 1962, and officially published on the 14th
day of April 1962, entitled: "Ordinance No. 1023 An
ordinance providing for the issuance of General Obligation Sewer
Bonds in the sum of $235,000 for the purpose of paying the cost
to that amount, of the construction of sewers in the City of
Ames, Iowa, and for providing for an annual levy upon all the tax-
able property in said City sufficient to pay the interest on and
principal of said bonds", and that I have duly placed said copy
of said ordinance on file in my records .
I further certify that the taxes provided for in said ordinance
will in due time, manner and season be entered on the state and
county tax lists of said county for the year 1962, and sub-
sequent years as provided in said ordinance .
WITNESS my hard and the County seal hereto affixed, at
Nevada Iowa, this 17th' day of April 1962.
oun y u o
(SEAL)
HERRICK, LANGDON, SANDSLOM & BELIN. LAWYERS, DES MOINES, IOWA
Financial Condition of the
City of Ames, County of Story
State of Iowa
Actual value of taxable property within said
City, equalized for the year 1961 . . . . . . . . . . $ nn 128. 11_5
Assessed and taxable value of all taxable
property within said City, equalized for the $ 24, 076, 869
year 1961 . . . . . . . . . . . . . . . . . . . .
Assessed value of moneys and credits within said
City, equalized for the year 1961, not included $ 11 812, 882
in any of the foregoing figures . . . . . . . . . .
Amount of proposed issue of General Obligation
Street Improvement Bonds, to be dated April 1,
1962, not included in the following debt state- . $ 235,000. 00
ment . . . . . . . . . . . . . . . . . . . . . .
Total bonded indebtedness, itemized as follows : $ 1,433, 000
Date of Amount Kind of Maturities
Bonds Outstanding Bonds Interest Ending
1942 $ 6,000 Airport 1.75 1962
1959 20,000 Airport 2. 50 1963
1959 490,000 Hospital 2. 5, 2. 75, 2. 3 1972
1961 160, 000 Hospital 3.4, 4.0 1978
1951 58,000 Parking Lot 1. 75 1970
1959 200, 000 Sanitary Sewer 2. 75, 2.8 1970
1949 135,000 Sewer Plant 1.75 1968
1950 90,000 Sewer Plant 1. 5, 1. 7 1969
1952 57,000 Storm Sewer 2.0 1970
1952 112 , 000 Street 2.0 1970
1959 105, 000 Street 2. 75, 2. 5 1968
All other indebtedness of any kind . . . . $ 2, 744, 500
Population, Census 1960 - 27,003
Total land area, approximately 3, 891 acres
CERTIFIED to by me with the City seal affixed at Ames, Iowa,
this 17th day of April , 1962.
it y er
(SEAL)
HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA
STATE OF IOWA
SS
COUNTY OF STORY )
I, M. W. Jordan City Clerk of the City of Ames,
in the County and State aforesaid, do hereby certify that the said
City is organized and operating under the provisions of Title XV
of the Code of Iowa, as amended, and not under any special charter,
and that said City has not adopted the Commission form of government
or the Council-Manager form of government but is operating under
the Mayor-Council form of government, and that there is not pending
or threatened any question or litigation whatsoever touching the
incorporation of said City, the inclusion of any territory within
its limits, or the incumbency in office of any of the officials
hereinafter named.
And I do further certify that the following named parties
are officials of said City as indicated:
Pearle P. DeHart , Mayor
M. W. Jordan City Cierk
G. Roder Alley City Treasurer
J. D. Armstrong , Councilman
Donald T Bledsoe Councilman
A. L. Brouhard Councilman
Arthur H. Eschbach Councilman
Edward Judge Councilman
Wilbur B. Ratterree Councilman
WITNESS my hand and the seal of said City of Ames, Iowa, this
13th day of April , 1962•
A. _)'//
City er
(SEAL)
HERRICK, LANGDON, SANDBLOM & SELIN, LAWYERS, DES MOINES, IOWA
STATE OF IOWA
SS
COUNTY OF STORY )
I, Dorothy J. Elliott County Auditor of the County
aforesaid, do hereby certify that the value of taxable property
of every kind and character in the City of Ames, in said County,
as entered on the last completed state and county tax lists,
same being for the year 1961, is as follows :
Actual value of all taxable property
except moneys and credits . . . . . . . . . . $ 39, 937 , 648
Assessed and taxable value of all
taxable property except moneys
and credits . . . . . . . . . . . . . . . . . $ 23, 962, 589
Assessed and taxable value of moneys
and credits not included in the
foregoing . . . . . . . . . . . . . . . . . . $ 11 ,812 , 882
WITNESS my hand and the seal of said County at Nevada ,
Iowa, this 17t1, day of ; 1 , 1962.
ounty Auditor li
(SEAL)
HERRICK. LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA
I, M. W. Jordan being first duly sworn, do hereby
depose and certify that I am the duly appointed, qualified and
acting Clerk of the City of Ames, in the State of Iowa, and that
as such Clerk I have in my possession or have access to the
complete corporate records of said municipality and of its Council
and officers, and that I have carefully compared the transcript
hereto attached with the aforesaid corporate records; and that said
transcript hereto attached is a true, correct and complete copy of
all the corporate records in relation to the authorization,
issuance and disposition of $235, 000 (2.75%, 2. 50%, 2. 75%, 3,0%)
General Obligation Sewr Bonds of said municipality, to be dated
April 1, 1962, and that said transcript hereto attached contains a
true, correct and complete statement of all the measures adopted,
and proceedings, acts and things had, done and performed up to
the present time in relation to the authorization, issuance and
disposition of said bonds; and that the said Council consists of
six ( 6 ) members.
WITNESS my hand and the City seal, hereto affixed at said
City, this __17t11 day of Apr; i 1962.
ity er
(SEAS,)
STATE OF IOWA )
SS
COUNTY OF STORY)
Subscribed and sworn to before me by said %'?
this r' 7 day of C ,.,-sue f 1962.
6
otary u is in or sai . County
My commission expires :
(SEAL)
HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA