HomeMy WebLinkAboutA002 - proof of publication, September 14, 1965 Proof of Publication in The
ANTES DAILY TRIBUNE
STATE OF IOWA,STORY COUNTY,ss.
i
I, BIdlII:sx.K�]E W. T. Farley on oath
depose and say that I am Dj#ijt3bV, foreman
of the AMES DAILY TRIBUNE, a daily
newspaper, printed at Ames, Story County,
Iowa; that the annexed printed -------
---Ordinance _$__20-92 _
--------------------------------------------
was published in said newspaper for __1_____
consecutive weeks, the first ________________
and the last of said publication was on the
----ILUL day of -_6-C,DteMi 2r------
/ram
---- �_!_J_--/------------ ------
Sworn to before me and subscrib in my
presence by ffidiiKsxl� gp�{W. T. Farley
this __21 ztr-___ day of _-_de-PLeMbeT_-
Notary Public
in and for Story County.
Fees, $_2 Z I�$LL_.
�: �_
� � � r
present West Bound protest has been filed and no
�,1pTICE the amounting to 1°25' with a
i%E NO. 2092 Main and said point being radius of 4043.56 feet; thence Provided
Or:uiN. 192.8 feet southerly from the petition has been filed in the however, that by
nance authorizing westerly 353.66 feet along office of the City Clerk asking, j
An Orr south line of Onondago or reason of the reasonable assur-I
and r'oviding for the issu- the curve right with a radius that the proposition of issuin ' ante the City will have revenue
Main Street as measured g
ante and securing the pay- i along the east line of Clark of 4043.56 Peet. that is par- said bonds be submitted to the funds available from time to
ment of $440,000 Parking Avenue; thence northerly allel to and 35, feet clear time for the retirement of
Lot Revenue Bonds of the northerly from the center
City of Ames, Iowa, under j 72.8 feet along the east line, bonds prior to maturity and
of Clark Avenue, thence east- line of the prapgsed East
also to enable said City to re-
the provisions of Chapter j erly 337.1 feet to a point on Bound Main to a paint on voters of said City; and finance said bonds at a lower
390 of the Code of Iowa, the east line of Kellogg Aiv- WHEREAS, it is the desire interest rate, it is advantageous
the west line of Burnett g
for the purpose of defray- enue; thence northerly along and intent that the provision to the City to reserve the right
Avenue, said point being 120 Y g
ing the cost of acquiring feet th
the east line of Kellogg Av- be made in and by this ordi- and option to prepay and re-
municipal parking lots in souerly from the south enue 138.4 feet to the paint nance for the issuance of such
line of Onondago o of beginning, revenue bonds for the purpose
•r Main deem bonds numbered 18 to 88,
and for said City. inclusive, maturing
WHEREAS, following a Pub i Street as measured along the g on and of
west line of Burnett Avenue, Also beginning at the aforesaid and to set forth here-
lie hearing on August 3, 1965, ter January e 1973, from avail-
thence southerly 53.4 feet southwest corner of Lot 7, in the terms and conditions up- able revenues of the system
conducted in the manner and Block 40 Second Addition to on which said revenue bonds
along the west line of Bur- prior to maturity in whole, or
as authorized and provided in and any additional bonds rank-
nett Avenue to a point 108.E the City of Ames, Story from time to time in part in
Section 390.1 of the Code of P nc County, Iowa, thence, north- ing on a parity therewith are
Iowa, 1962, the City of Ames, feet northerly from the in- inverse order of maturity, (less
m
tersection of the west line of easterly along the South line to be and may be issued and than all of one maturity to be
in the County of Story, State of said Block 40, to the outstanding, to set forth the
of Iowa, has heretofore deter- Burnett Avenue produced selected by lot) on any inter-
and the southerly line of southeast corner Lot 1 said covenants and undertakings of
mined that public convenience Block 40, thence South 22 the City with respect to the est payment date on or after
and necessity will be served by this Track No. 1 and 1.3 feet operation and maintenance of January 1, 1972, and it is
southerly from the 50 feet feet more or less to a paint agreed that if said city exer-
the establishment and acquisi- 35 feet clear northerly from said parking lots and parking
clearance point northerly cises such right of prepayment
tion of certain parking lots or
Prom the center line of the
resent
the center line of the pro- meters and to restrict the
other off-street parking areas posed East Bound Main, Chi- rights of the holders of said and redemption, in addition to
for the parking of vehicles in Present West Bound Main; par and accrued interest to the
cago and Northwestern Rail- revenue bonds from time to redemption pay
said City as hereinafter de- thence easterly 127 Peet more ption date it will a
or less on a curve left with road, thence southwesterly time outstanding in the source
scribed; and parallel to and 35 feet clear of payment of the interest on for this privilege to the hold-
scribed; in furtherance a radius of 4247.18 feet par- ers of the bonds so to be pre-
allel to and northerly 50 feet northerly from the center and principal of said revenue paid and redeemed a redemp-
thereof it has been determined line of the proposed East bonds and in the enforcement
and is hereby determined that clearance from the center Lion premium equal to 3% of
line of the Railroad original, Bound Main to the West line thereof;
it is necessary that the follow- of Duff Avenue, thence North NOW, THEREFORE, Be It the principal amount of any
ing parking lots be acquired in main line, said curve cross- of such bonds called for re-
ing the east line of Burnett 60 feet more or less to the Ordained by the City Council demption on January 1, 1972,
order to provide adequate fa- Avenue at a point of beginning. of the City of Ames, Iowa, as
cilities for off-street parking: paint 1i6.6 feet and if called for redemption
follows:
Beginning from the point northerly from the intersec- and tion of the e thereafter, the amount of such
t line of Bur- WHEREAS, traffic condi- Section 1. That for the pur-
of intersection of the south tions upon the streets of said pose of defraying the cost of premium to be so paid shall
line of Onondago Street (now nett Avenue produced and be reduced at the rate of 1/4
City are such as to necessitate acquiring municipal parking
called Main Street) and the T the southerly line of this ra,�k No. 1 and'said point and require for the public bene- of one per cent of the principal
west line of Kellogg Avenue being 165 feet southerlyfrom fit, safety and convenience of amount for each full year that
said point being the north- the redemption date is subse-
the south line of Onondago or said City and its inhabitants lots for the off-street parking
east corner of Block 14, or- that said parking lots be ac- the
to January 1, serve and
iginal Town of Ames, Iowa, � of motor vehicles in said City, the right is also reserved to
quired, maintained and oper- as described in the preamble
proceed southerly, along the ated by said City'in order that the city to prepay and redeem
west line of Kellogg Avenue hereof, there iz and there are bonds numbered 33 to 88, inclu-
Main Stte�t and said point:' motor vohiculll.r traffic con- hereby authorized to be issued
121 feet to the point of be- gestion upon the streets of said sive, maturing on and after
is 0.9 feet southerly from the P the negotiable interest City f January 1, 1977, from any
ginning of land to be sold. � City be alleviated and proper- revenue bonds of said City aY
Said point of beginning be- 50 feet clearance northerly funds regardless of source
ly controlled; and Ames In the principal amount
ing located 1,1 feet souther- from t.xe `center line of the prior, to maturity in whole on
ly from the 50 feet clearance present West Bound Main; WHEREAS, under` the pro- of $440,000, each of which shall any date on or after January
thence easterly on tangent visions of Chapter 890 of the be known and designated as 1 1976, and it is agreed that
to the preceding curve 326.1 Code of Iowa, said City has a "Parking Lot Revenue Bond" if said city exercises such right
point northerly from the ten-
fter line of the present West heretofore installed parking bearing date of September 1,
` Bound Main. Thence south- feet more or less to the point P g of prepayment and redemption,
Boo west of beginning. meters upon the streets of said 1465, numbered 1 to 88, inclu- in addition to par and accrued
erlyKellogg Avenue along the west line of feet to Also beginning from the City and established regula- give, Of the denomination of interest to the redemption date
point of intersection of the tions for their use in order to $5,000 each, of which issue it will pay for this privilege
a point 35 feet clear norther- south line of Onondago properly regulate and control bonds numbered 1 to 17, inclu
I to the holders of the aoiYds s0
ly from the center line of
Street (now called Main, motor vehicular traffic upon sive, shall bear interest at the to be prepaid and redeemed a
the proposed East Bound Street) and the east line of, rate of 4.50 per annum,
the streets within said City; % redemption premium equal to
i Main; thence westerly along and Bonds numbered 18 to 44, in-Kellogg Avenue, said point 4% of the principal amount of
a curve to the right whose WHEREAS', pursuant to Or- elusive, shall bear interest at being the Northwest corner any of such bonds if called for
radius is 4043.56 feet and
of Block 13, original Town of dinance No. 845 adopted on the the rate of 3.75% per annum, redemption on or prior to De-
said curve being parallel to Ames 8th day of May, y Bonds numbered 45 to 88, in- comber 31, 1978; 3% of the
and 35 feet distance north- , Iowa, proceed south? Y, 1956, this tit
erly along the east line of did issue $100,000 of Parking elusive, shall bear interest at principal amount thereof If
erly from the, center line of Kellogg Avenue 113 feet t� Lot Revenue Bonds, dated May the rate of 3.90% per annum, called for redemption there-
the proposed East Bound the point of beginning of 1, 1956, of which original issue such interest to be payable
after and on or prior to Decem-
Main for 865.75 feet to the land to be sold. Said point there remains outstanding and January 1, 1966, and semian- ber 31, 1981; 2% of the p>rin-
westerly 1 i n e at Clark este Ai�enua of beginning being located unpaid $10,000 face value, pay- nually thereafter on the first cipal amount thereof if called
p r o duce d from 0.08 feet southerly from thO able on May 1, 1966, said Or- days of July and January in
for redemption thereafter and
t h e n o r t h ; th e n c e 50 feet clearance point north each year, and said bonds shall
northerly along said west erly from the center line o� dinance No. 845 having pro-
vided for the issuance of addi- mature in numerical order on
line of Clark Avenue pro- the present West Bouma tional bonds ranking on a par- January 1 of the respective
duced 64.9 feet to a point 3.9 Main and said point .of be ity therewith and all the terms years as follows:
feet from the 50 feet clear- ginning being located 50 fee and conditions contained in
once point northerly from the clear northerly from the cen said ordinance permitting the Bonds Nos. 1 and 2 $10 000 on January 1, 1967
center line �tf, the present ter line of the Railroad o issuance of additional bonds Bonds Nos. 3 to 5, Incl. $15,000 on January 1, 1968
West Bound Main and 193.9 iginal main line. Then- ranking on a parity having Bonds Nos. 6 to 8, Incl. $15,000 on January 1, 1969
test southerly along the west been met as required by Sec-
northeasterly 825.2 feet mor� I Bonds Nos. 9 to 11, Incl. $15,000 on January 1, 1970
line of Clark Avenue from tion 6 of said Ordinance No.
the south line of Onondagoor less to a point on the wes 845; and Bonds Nos. L2 to 14, Incl. $15,000 on January 1, 1971
line of Duff Avenue and 1 Bonds Nas. 16 .to 17,.,inci. $ib,000 on January 1, 1972
or Main Street as located in
Blair's Addition; thence east- feet South of the South line WHEREAS, the cost of ac- Bonds Nos- 18 to 20, inel. $20,000 on January 1, 1973
erly, elan of Main Street; thence south quiring said parking lots first Bonds Nos. 21 to 24, incl. $20,000 on January 1, 1974
g a curve to the erly 65.8 feet along the wes above described exceeds the
Bonds Nos. 25 to 28, Incl. $20,000 on January 1, 197
left whose radius is 4247.18 line of Duff Avenue to i sum of $440,000 and it is nec- Bonds Nos. 29 to 32, incl. $20,000 on January 1, 1976
feet and said curve lays par- point 35 feet clear northerl: essary that revenue bonds of said City to that amount Bonds Nos. 33 to 36, Incl. $20,000 on January 1, 1977
allel to and 60 feet clear-
Prom the center line -of th t beBonds Nos. 37 to 40, incl. $20,000 on January 1, 1978
once from the center line of issued as authorized under pro-
the Railroad original main proposed East Bound Main Bonds Nos. 41 to 44, incl. $20,000 on January 1, 1979
thence westerly parallel t visions of Section 390.9 of said Bonds Nos. 45 to 49, incl. $25,000 on January 1, 1980
line, 70 feet more or less to and 35 feet clear northerl Code to pay said cost; and Bonds Nos. 50 to 64, incl. $25,000 on January 1, 1981
a point on the east line of from the center line of th WHEREAS, a notice of the Bonds Nos. 55 to 59, incl. �25,000 on January 1, 1982
Clark Avenue and said point proposed East Bound Mai intention of the Council of said Bonds Nos. 60 to 64, Incl. $25,000 on January 1, 1983
being 73.2 feet northerly from 242.68 feet to the TS of a City to take action for the is- Bonds Nos. 65 to 70, Ind. $30,000 on January 1, 1984
the southerly line of this oscillating curve to the right suance of $440,000 Parking Lot Bonds Nos. 71 to 76, incl. $30,000 on January 1, 1985
Track No. 1 as measured thence westerly along th Revenue Bonds of said City
along the east line of Clark Bonds Nos. 77 to 82, Incl. $30,000 on January 1, 1986
Avenue spiral to the right for 159. has heretofore been given in Bonds Nos. 83 to 88, Incl. $30,000 on January 1, 1987
produced from the feet to the SC of the spirt the manner and form required
north and said point being whose degree of curvatur by Section 23.12 of the Codel
2.8 feet southerly from the varies directly with the di: of Iowa and no petition xLor
50 feet clearance point north- tance along the spiral fr°x
erly from the center line of the TS and with the desre
of curvature at the S,
on or prior to December 31,
1984; 1% of the principal, KNOW ALL MEN BY THESE Said City of Ames hereby re- This revenue bond and the 11 Attest:
amount thereof if called for PRESENTS: serves the right and option to appurtenant interest coupons
redemption thereafter and That the City of Ames, in th( prepay and redeem bonds of are payable to bearer but this
prior to maturity. in the event County of Story and State o; this issue number 18 to 88, in- bond may be registered as to City Clerk
Iowa, for value received, prom elusive, maturing on and after principal only in the name of (Farm of Coupon)
l
any of said bonds- are to be P P
so prepaid and redeemed, as ises to pay to bearer, or If this January 1, 1973 from available' the holder on the books of said No. $
aforesaid, notice thereof iden- bond be'. registered as here• revenues of the system prior; City of Ames in the office of On 19—,
tifying the bond or bonds to inafter provided then to the to maturity in whole, or froml its City Treasurer, and such the City r Ames, Iowa, will
be redeemed shall be registered holder hereof, sole• time to time in part in inverse registration will be evidenced pay to bearer out of its Park-
given ling Lot Revenue Bond Sinking
by publication at least once ly from the source hereinafter order of maturity (less than by notation hereon to that
not less than thirtyspecified, the sum of Five all of one maturity to be se- effect by said City Treasurer Nand Dollars
(30) days lected by lot) on any interest) (� ) at the office of
prior to such redemption date Thousand Dollars ($5,000) or as Registrar after which no the City Treasurer, Ames,
in a newspaper of general cir- the First day of January, 19— payment date on or after Jan- transfer hereof shall be valid
Iowa, as provided in and for
culation in the State of Iowa. and to pay interest on sale uary 1, 1972, and said City unless made on said books interest then due on its Park-
In the event any of said bonds sum from the date hereof al agrees that if it exercises said 1 and similarly noted hereon, but ing Lot Revenue Bond dated
in addition to
the rate of right and option, 'such registration may be dis-
are called for redemption on September 1, 1965, Numbered
any date other than an interest Per Cent ( %) per annum par and accrued interest to the charged by registered transfer
payment date, an additional Payable January 1, 1966, an( redemption date, it will pay to bearer after which this rev-
publication of such notice shall semiannually thereafter on the for this privilege to the hold- enue bond shall be again pay
be made not more than thirty first days of July and Janu ers of the bonds so to be pre- able to bearer, Each succes- City Clerk
On the back of each bond
(30) days nor less than fifteen ary in each year until sah paid and redeemed a redemp- siv* hcider of this revenue
(15) days prior to the redemp- principal sum is paid, excep tion premium equal to Three bond during such time as it there shall be printed the ter
tion date. All of such bonds as the provisions hereinafte: Per Cent (3%) of the principal is payable to bearer, and each in the ll the City Treasurer
in the following form:
thus called for prepayment and set forth with respect to re amount thereof if called for successive holder of the inter- "The issuance of this bond
redemption and for the retire- demption prior to maturit: redemption on January 1, 1972,
ment of which, upon the terms may be and become applicably and if called for redemption has been duly and properly
hereto, such interest as ma: thereafter, the amount of such recorded in my office
of
aforesaid, funds are duly pro- eat coupons hereto attached, is the first day of September,
vided shall cease to bear in- accrue on and prior to th, premium to be so paid shall
maturity of this bond to b be reduced at the rate of 1/4 conclusively presumed to fore- 1966.
terpof from and after the date go and renounce his and their
as
as of which they are called for � Paid on presentation and sur of- one per cent of the princi- Treasurer of the City of Ames,
redemption, render of the interest coupon pal amount for each full year equities in favor of subsequent
holders for value without no- Iowa."
hereto attached as they sev that the redemption date is There shall also be printed.
Both principal and interest; tice, and to agree that this
erally become due; both prig subsequent to January 1, 1972, on the back of each bond pro-
of said bonds shall be payable
in lawful money of the United payable to
tips) and interest being pay and said City also reserves the revenue bond while visions in the following form c able in lawful money of th right and option to prepay and for evidencing its registration
Cates of America at the office bearer, and each of the interest
United (States of America a redeem bonds of this issue coupons hereunto appertaining, as to principal:
of the City Treasurer in and the office of the City Treasui numbered 33 to 88, inclusive, may be negotiated by delivery NAME OF REGISTERED
er in and of the City of Ames maturing on and after Janu- by any person having posses- OWNER
Iowa. ary 1, 1977 from any funds sion thereof howsoever such
pos1 of the City of Ames, Iowa. All This bond is one of a aerie regardless of source prior to quiression may have been holder
who s
of said bonds and the interest of bonds numbered conseci maturity in whole on any date tlu s and that any holder
thereon together with previous- tively from 1 to 88, inclusiv( on or after January 1, 1976 and hall have taken this rev-
thereon issued and outstanding issued by said City pursuar said City agrees that if it ex enue bond or any of the }n-
Parking Lot Revenue Bonds to the provisions of Chapt( ercises said right and option, terest coupons from any per-
in the remaining amount of 390 of the Code of Iowa, 196, in addition to par and accrued son for 'value and without no- DATE OF
$10,000, dated May 1, 1956 ant and all other laws amendator interest to the redemption date tice thereby has acquired ab- REGISTRATION
also together with any addi thereof a n d supplement: it will pay for this privilege to solute title thereto free from
tional bonds ranking on a par any d e f e n s e s enforceable — - -
thereto„and in conformity wit the Holders of the Bonds so to
ity therewith that may be is an ordinance of the City Con: be prepaid and redeemed a re- against any prior holder and
sued and outstanding under I cil of said City duly and f demption premium equal to free from all equities and
claims of ownership the conditions and restriction} per cent (4%) of the p of any
Wally passed on the do four such prior holder. For a more
hereinafter set forth shall b4 principal amount of any of complete statement of the oreba- SIGNATURE OF
payable solely from the bon( such bonds if called for re- cis u CITY TREASURER
and interest redemption sink demption on or prior to De- Upon which this revenue
ing fund hereinafter created cember 31 1978; three per bond has been issued and addi-
and shall be a valid claim o cent
Of 1965, and (3%)' of the principal tional revenue bonds ranking
the holder hereof only agains published as required by law, amount thereof if called for on a parity therewith may be
said fund, and none of sal( for the purpose of defraying redemption thereafter and on issued and outstanding, and a
bonds shall be a general obii the cost of acquiring addition- or prior to December 31, 1981; description of the source of
y pay al public motor vehicle park- two per cent (2%) of the prin- payment of all such revenue Section 3. That said rev-
a
ble of said City nor in lots and Is not a bonds, and the circumstances
general enue bonds shall be register-
able in any manner by tax obligation of said City, under which the cipal amount thereof if called but this provisions of able as to principal in accord-
ation, but said bonds and sat bond and the' series of which for redemption thereafter and the aforesaid ordinance may ante with the provisions for
Previously issued bonds any ,on or prior to December 31
it forms a part, together with be modified and a statement registration hereinabove pro-
such additional bonds as ma: previously N8111 el And oiitstand- 1984, one per cent (1%) of of the rights, duties and obli- vided, and the City Treasurer
be issued on a parity there the principal amount thereof if
with shall be payable, both a ing parking lot -revenue bonds called for redemption there- and is of said City of Ames is hereby appointed and desig-
and also together with any ad-! and the rights of the holders hated Registrar for such pur-
to principal and interest, sole after and prior to maturity. In
ly and only from the futur, ditional ponds that may be is- the event any of said bonds of the revenue bonds,. refer- Bose. No charge shall be matte
net revenues derived from th, -
sued and outstanding from are called for redemption prior ence is made to said ordinance. to any holder of said bonds
And it is hereby certified, re-
time to time ranking on a par- for the privilege of registra-
operation of the municipa to maturity as aforesaid, no- cited and declared, that all
ity therewith under the con- tion or transfer thereof.
parking lots of the City o flee of such redemption, iden-
ditions and restrictions set acts, conditions and things re-
Ames, Iowa and from t'h, tifying the bond or bonds to Section 4. That said bonds
streetline g forth in said ordinance, are quired to exist, happen and be
parkin meters, suet be redeemed, shall be given shall be signed by the Mayor
payable as to both principal performed precedent to and in
revenues being pledged there by publication at least once and attested by the .City Clerk,
out of future net revenues de- the series of which it is a
I for as hereinafter provided and interest solely and only not less than thirty (30) days the issuance of this bond and with the seal of the City af-
rived from the operation of Part have existed, have h
and under no circumstance, prior to such redemption date fixed, and the interest coupons
, a -shall said City be in any man in a newspaper of general cir- P attached thereto shall be exe-
ner liable by reason of th, the municipal parking lots of culation in the State of Iowa, pened and have been perform- cuted by said City Clerk by
the City of Ames, Iowa and ed in due time, form and man-
failure of said net revenues t( In the event any of said bonds his facsimile signature, and
be sufficient for the from the streetline parking her, as required by law, and
paymen are called for redemption on said official, by the execution
meters, a sufficient portion of that the issuance of this bond of said bonds and interes any date other than an inter of said bonds shall adopt as
which are required by said Pat payment date, an addition- does not exceed or violate any and for his own proper signa-
thereon. ordinance to be deposited in a constitutional or statutory lim-
Section 2. That said bond; al publication of such notice ture his facsimile signature
special fund designated as the station or provision.
will be made not more than appearing on such coupons.
and coupons shall be in sub
"Parking Lot Revenue Bond IN WITNESS WHEREOF,
Sinking Fund"
stantially the following form and which are said City of Ames, by its City thirty (30) days nor less than ! When and as executed, said
(Form of Bond) fifteen (15) days prior to the bonds shall be delivered to the
UNITED STATES OF Pledged for that purpose. This redemption date. Such of said Council, has caused this bond
bond is not a general oblige- to be signed by its Mayor and
AMERICA tion of said City nor payable bonds as may be thus called attested by its City Clerk, with
STATE OF IOWA for redemption and for the
In any manner by taxation, nor the seal of said City affixed,
COUNTY OF STORY payment of which, upon the( shall the City of Ames be in terms aforesaid, funds are and the coupons hereto.attach-
CITY OF AMES PARKING LOT REVENUE any manner liable by reason duly provided will cease re ed to be executed with the
BOND of said special fund being in- facsimile signature of the said
il
sufficient for the payment of bear interest from and after City Clerk, which official by
No• $5,00( this bond and the interest the date as of which they are the execution of this bond,
hereon. called for redemption. does adopt as and for his own
Proper signature his facsimile
signature appearing on said;
coupons this first day of Sep-
I tember, 1965.
Mayor
each month in maintaining and', held in such fund (including
City Treasurer to be by him operating said off-street park-`! I Section 8. There shall be Section 10. All moneys held
duly recorded as to issuance ing lots, and the balance there- the Bond Reserve Fund here- and there is hereby created a in the several separate funds
Inafter created) is sufficient special fund to be known and
and said Treasurer shall sign of shall be classified as "net to retire all such outs created under the terms of this
the certificate hereinbefore set off-street parking revenues" designated as the "Renewal ordinance shall be deposited in
ing bonds and pay the entire and Improvement Fund" into
out in Section 2 and endorsed and are hereinafter referred to I amount of the interest that banks and all such deposits
upon the back of each of said as such. In like manner froze, which there shall be set apart which cause the aggregalte de-
will have accrued at the and paid each month com- posits of said City in any one
bonds and deliver said bonds and after the issuance of said time of pasuch retirement.
to the purchaser thereof upon bonds the income and revenues mncing the first day of the bank to be in excess oY $ecured
Such yments into said month following the delivery
payment of the purchase price, from the on-street parking me- Si shall be continuously secure
nkill be made in of the bonds authorized by this by a valid pledge of direct
same to be not less than par I tens of said system shall be monthlng Funs
instd shaallments on the
,and accrued interest. set aside into a separate and ordinance, from the balance of obligations of the United
first day of each month, except the net off-street parking rev-
States Government having an
Section 5. The proceeds of special fund and shall be used that when the first day of any
enues and net m street park- equivalent market value, or
the bonds hereby authorized and disbursed by the City
month shall be a Sunday or a ing revenues remaining after may be invested in direct obli-
shall be deposited in a Con- Council to the extent necessary legal holiday then such pay- first making the required pay galtious of the United States
struction Fund, which is here- each month in maintaining and ments shall be made on the ments into the Sinking Fund
by ordered created, and shall operating said on-street park- next succeeding secular day. Government having e maturity
be applied in Paying the cost in metetrs and necessary traf- and the. Bond Reserve Fund date or being subject to he
p g In the event the balance of the sum of $750 on the first
of acquiring and improving the fic control expenses and may holder
at the option of the
unallocated net off street park- holder not more than five Years
additional parking lots as here- also be so used aid disbursed, ing revenues and net on-street (Continued on Page Nine)
inbefore described and expens- to the extent that funds are from the date of the invest-
ment revenues are leads- ment therein.
es incident thereto, provided not available from other soure-
that all sums received as ac- es, for the purchase of addi- quote to make any one or more ORD1: ANCE N0. 2092 gection 11. While the bonds
required monthly payments in- (Continue. from Page Eight) authorized hereunder, or any
4crued interest in the issuance tional on-street parking me- to the Sinking Fund the defij day of e--. rhonth of each
and sale of the bonds shall be ters; provided, that the aggre- ciency shall be made up and year, or such higher amounts of them, remain outstanding
all such operation, and unpaid the rates for all
paid into the Parking Lot Rev- gate of
paid as aforesaid from the first as the City Council may fix cervices rendered by said pub-
enue Bond Sinking Fund here- maintenance and traffic con- available revenues thereafter from time to time. All moneys
inafter created. Pending ex- trol expenses and cost of ad- received, and same shall be credited to said Renewal and I lit motor vehicle parking and
penditure for said authorized ditional on-street parking me- shall be reasonable a and
purpose the balance of the pro- ters shall not in any one month i in addition to payments other- Improvement Fund shall be just, taking into account and
wise provided to be made in used or accumulated to Pay consideration the cost of main-
ceeds of the bonds shall be exceed twenty-five per of such succeeding month or the cost of acquiring addition-
the same
deposited in a bank or banks the income and revenues from twining and operating
months. Said Sinking Fund al parking lots and facilities, and one hundred fifty per cent
and each such deposit to the such on-street parking meters shall be used solely and only to pay architectural or engi-
, during that. of the amounts required an-
extent
it causes the aggregate of said system
and is hereby pledged for the veering expenses, to pay the of nwally for the retirement
deposits by said City in any month, and the baalnee of said purpose of paying principal of cost of acquiring additional
such bank to be in excess of income and revenues from the all bonds and the accruing in-
10,000 shall be collaterally se- and interest on the bonds here- meters or other improvements teres�t an all such bonds a$
$ on-street parking meters shall in authorized and any addition- to the system, to create re-
cured by direct obligations or be classified as "net on-street may be outstanding under the
al parity bonds hereinafter per- serves for any o1 the forego- provisions of this ordinance
guaranteed bonds of the United parking revenues" and are witted to be issued. ing, to,pay rent on any proper-
and bands ranking on a parity
States of America having a hereinafter referred to as such. Section 7. There shall be ty which may be leased for
market value equivalent to There shall be aril there is of therewith, and there shall be
and there is hereby created a parking purposes as a part
such deposit. Disbursements of hereby created and there shall special fund to be known and the system or to pay any ex- charged such rates and
d
said proceeds for the cost of traordin y o amounts as shall be adequate
be maintained a special fund designated as the "Bend Re- �aa' coast of maintain- to meet the requirements of
construction work and mater- to be known as the "Parking serve Fund" into which there ing the parking system in an
ials shall be made on orders efficient operating condition, this and the preceding sections
Lot Revenue Bond Sinking shall be set apart and paid hereof.
of the City Council only as and Fund" (hereinafter sometimes each month, commencing the and the moneys on deposit in
when approved by the engi- said Renewal and Improve- Said City agrees that so long
referred to as the "Sinking first day of the month follow- as any of the bonds hereby
neer supervising such acquisi- Fund"), into which there shall ing the delivery of the bonds ment Fund shall be transfer-
tion and improvement. Any red and credited to the Park- authorized remain outstanding
be set aside from the aggre- authorized by this ordinance, it will keep proper books of
balance of the proceeds of said gate of the net off-street park- from the balance of the net ing Lot Revenue Bond Sinkiang
record and account, separate
bonds remaining after the com
ing revenues and the net on- off-street parking revenues and Fund whenever necessary to from all other municipal rec-
pletion of the construction of street parking revenues such the net on-street parking rev- prevent or remedy a default
said additional parking facili- portion thereof as will be suf- enues remaining after first in the payment of the principal ords and accounts, showing
ties shall be deposited in the ficient to pay the interest on making the required payments of or interest on the bonds complete and correct entries of
Renewal a n d Improvement all transa,OUDns relating to said
and principal of the bonds into the "Parking Lot Revenue authorized to be issued under public motor vehicle packing
Fund. hereby authorized and the pre- Bond Sinking Fund" the sum the terms of this ordinance
system, and that the holders of
Section 6. That upon the is-
viously issued and outstanding of $750 on the first day of each or bonds ranking on a parity any of said bonds shall have
)
suance of the bonds hereby parking lot revenue bonds in month in each year,until such therewith or shall be trans-
authorized and thereafter so the remaining principal amount time as all of the bonds herein (erred to the- Bond Reserve) the, right at all reasonable
long as any of said bonds or of $10,000 dated the first day Fund whenever any deficiency times to inspect the system
authorized and bonds ranking and all records, accounts and
the previously issued and out- of May, 1956 and-any addi-, on a parity therewith have may exist in said Fund. Any
standing bonds in the remain- balance in excess of $100,000 data of the City relating there-
been paid in full as to both to A separate accounting of
ing principal amount of $10,000 principal and interest or funds which may be accumulated in
dated the First day of May, sufficient therefor have been said Renewal and Improve- the amount o8 income and rev
1956, or any additional bonds tionai bonds ranking on a pat enues from onastreet parking
ity therewith at the time out- set aside and pledged for that went Fund may be transferred facilities and the off-street
ranking on a parity therewith purpose. All moneys credited to the Surplus Fund herein- parking 4aciQitdes, and also et
are outstanding the system of standing as the same become
Of
due, and it is hereby deter- to said Reserve Fund shall be e,gt� created.
public motor vehicle parking used for the payment of the
Section 9. There shall be the amount of operation and
mined, covenanted and agreed maintenance expenses for said
lots and on-street parking me- t�r the and there is hereby created a facilities, respectively, shall be
ters of said City, together`with I be so set aside into said Sink- bonds authorized to be issued special fund to be known and kept and maintained. Said
all future extensions and addi- ing Fund during each month under the terms of this ordi- designated as the "Surplus City further agrees that it will
tions thereto, and consisting of of each year shall be not less nance and bonds ranking on Fund into which there shall within sixty days fallowing the
both on-street parking meters than as follows; a parity therewith whenever be set apart and paid old of the
and off-street parking lots for any reason the funds on de- net off-street and net on-street close y each fiscal year of'
A sum equal to one-tenth the City cause an audit to be
shall be operated as a revenue ,,posit in the "Parking Lot Rev- parking revenues remaining made of the books and ac-
producing undertaking. The all
loth) of the principal a enue Bond Sinking Fund" are after first making the required
all bonds maturing on the counts pertinent to the system
rates charged by said City for January 1 next succeeding insufficient to pay such prin- payments into the Sinking, by an independent certified
the use of and services fur-, plus a sum equal to one-fifth cipal and interest when due, Fund, the Bond Reserve Fund, public accountant showing the
nished by said parking lots and' (1/5th) of the interest be- and shall also be used to make and the Renewal and Improve-'', receipts and disbursements of
on-street parking meters shall taming due on the next suc- up any deficiencies in the ment Fund. All moneys credit- said system with the comments
be such reasonable rates as ceeding interest payment amounts required to be set ed to said Surplus Fund shall I of t h e auditor concerning
will be sufficient to pay for date on all of the then out- aside each month into said be transferred and credited to vrhsther the books and ac-
the operation and.maintenance standing bonds issued pur- Sinking Fund; provided, how- the Parking Lot Revenue Bond -
thereof and to create and main- suant to this ordinance and ever, that all amounts at any Sinking Fund whenever neces-1
tain the Parking Lot Revenue bonds ranking on a parity time credited to said Reserve nary to prevent or remedy a
Bond Sinking Fund and the Fund in excess of the maxi- default in tips payment of the l counts are +ing kept com-
therewith until there has , pliance with this ordinance
Bond Reserve Fund in the mum amount of principal and principal of or interest on the
been accumulated in such and in accordance with recog-
amounts as hereinafter provid-
fund an amount equal to the interest falling due in any suc- bonds authorized to be issued I nized accounting practices. All
ed. From and after the issu- full amount of the next suc- ceeding fiscal year for both under the terms of this ordi-; expenses incurred in making
ante of the bonds hereby au- ceeding principal payment principal of and interest on the nance or bonds ranking on a
such audits shall be paid as
thorized the income and rev- and interest payment on said then outstanding bonds issued parity therewith, or shall be an expense of operation and
enues from the off-street park- then outstanding bonds said
pursuant to this ordinance and transferred and credited to the
ing lots of said system, includ- bonds ranking on a parity maintenance of the system and
turing in such year; provid- Bond Reserve Fund whenever a copy of each such audit shall
ing rentals from the lease of ed, however that no further therewith shall be used to pur- any deficiency may exist in be promptly mailed to the or-
any property constituting a payments need be made into chase any of said bonds then said Bond Reserve Fund, or iginal purchasers from the City
part of the system shall be set said Sinking Fund whenever outstanding at not exceeding. otherwise may be transferred,
of the bonds hereby author-
aside into a separate and spe- ro
the then next applicable re- to the Renewal and Impve- ized and to any other bond-
cial fund and shall be used of the bonds shall have been and so long as such amount demption price or shall be used ment Fund or used far any
holder that may have request-
and disbursed by the City retired that the amount then to call 'and redeem such bonds lawful corporate purpose• ed same in writing.
Council to the extent necessary, as may be then subject to re-
demption prior to maturity.
Section 12. That said City
hereby covenants and agrees I charge produced over 15% of time payable from the income
with the holder or holders oft the gross revenues of the en- and revenues 'of said public thorized to be issu-' (b) Notice of such meeting
the bonds herein authorized to! ! tire system in the then last motor vehicle parking system Scction 15. Said pity cov- least tv�o be u$biosEhead IIeWast
be issued, or any of them, that year, the find- g parity with the ena,nts and agrees that so long
it will faithfully and punctual- preceding fiscal y bonds re a
ing by the City Council must bonds herein authorized in or- as any of. the bonds herein Paper of general circulation
ly perform all duties with ref- predicated upon and sup- der to 1 published in the City of
be P (.) pay the costs to an authorized are outstanding it
erence to said public motor ve- ported by a certificate execut- amount not exceeding $100,000, will not establish other public Ames, Iowa, the first of each
hicle parking system required ed by a reputable independent of completing the acquisition motor vehicle parking lots or such publications to be made
by the Constitution and laws consulting engineer employed of additional not less than ftifteen (15)
parking lots or facilities within the City unless
Of the State of Iowa, and this facilities, or (2) to refund any such additional parking lots or
for a purpose of examining', days prior to the date set
ordinance, including the mak- revenue bonds issued for ac- facilities are included and con g
the books and records perti-' for the meeting and the see-
ing and collecting of reason- nent to e system and of cer- count of the parking system stitute a part of the and of such publications to
able and sufficient rates for tifying toth public
the amount of rev- or (3) to pay the costs of fur- motor vehicle parking system be made not less than seven
services afforded thereby, and enues which will be derived'I Cher additions, extensions or as contemplated by this ordi- (7) days nor more than ten
will segregate the revenues from the balance of the Sys- improvements to the system nance and are operated on a (10) days prior to the date
and make application thereof tem. Any of the off-street within said City; provided, that revenue producing and self- set for such meeting.
into the respective funds, as park' g lots may bewithdrawn before any such additional liquidating basis, so that the At such meeting there shall
provided by this ordinance. from use at any time for the bonds ranking on a parity may net revenues from such addi- be Submitted to the holders of
The City further covenants and be so issued for such addi- tional facilities will be avail-
agrees with the holders of said purp 'se aE erecting multiple the revenue bonds far their
level parking structures, gar- tins, extensions or improve- able for payment into the Sink- approval the ordinance there-
bonds to maintain in good con- ages or other parking facili- ments there shall have been ing Fund as herein provided. tofare adopted proposing the
dition and continuously and ef- ties thereon which are to be procured and filed with the The City of Ames agrees that modification, alteration or
ficiently operate said off-street incorporated in and made a, City Clerk a statement by a so long as any of the bonds amendment.
and on-street parking system part of the public motor Ve- certified public accountant not herein authorized are outstand- All holders of revenue bonds
and to charge and collect such hicle parking system of he' in the regular employ of the ing it will maintain insurance for account of the public mo-
rates and charges for services City, but no such facilities may City.on a monthly salary basis for the benefit of the holders for vehicle parking system of
rendered thereby so that the be so withdrawn unless the reciting the opinion based up- of the bonds issued hereunder the City outstanding at the
aggregate net revenues there- CityCouncil affirmatively finds on necessary investigations of a kind and in an amount time of such meeting and se-
from will be sufficient at all that the net revenues to be that the aggregate net off-I which usually would be carried cured by the Sinking Fund
times to make the prescribed dewed from the operation of street parking revenues and j by private companies engaged hereinbefore created shall be
payments into the several spe- the remainder of the system, ne+t on-street parking revenues� in a similar type of business, entitled to vote thereat and at-
cial funds as hereinbefore Pro- together with interest during as defined in this ordinance,, and that' it will carry public tendance at such meeting may
vided. the construction aY the addi adjusted to reflect income in liability and property damage be in person or by proxy. Each
The City further covenants tional structure, will be not accordance with rates in effect I insurance in the operation of Person seeking to attend or
and agrees that so long as any leas than into thos several separate e required to be on the date of said statement,; the public motor vehicle park- vote at any such meeting must,
of the b p
onds authorized to be for the fiscal year immediately ing system in amounts not less if required, produce such proof
aid the �
issued under the terms of this funds as her
provad, preceding the issuance of such than those recommended from of ownership of revenue bonds
ordinance of bonds ranking on ed during the period of con, additional bonds was equal to time to time by a consulting or of personal identity as shall
a parity therewith are out- struction. at least 150% of the maximum engineer employed for that be satisfactory to the inspec-
standing it will not sell, lease, Said City agrees that it wil amount that will become due purpose. The costs of all the tors of votes. Each proxy
loan, mortgage or in any man- take no action in relation t( in any calendar year for both foregoing insurance shall be shall be signed by the holder
ner dispose of or encumber its public motor vehicle park principal and interest on the classified and paid as an ex- of revenue bonds or by his
said public motor vehicle park- in system which would un bonds then outstanding and the pense of operation and main- duly authorized attorney, shall
bonds then proposed to be is- tenance. and shall
ing system until all of said identify the revenue bonds
bonds have been paid in full sued in any fiscal year prior Section 16. The provisions represented thereby,
genu
terest or unless and until full favo ably affect It.he security of the then outstanding bonds. tote a contract between
consti be witnessed, and its hall e-
- of tl�e bond1rii111I I'II1 ++ ++ Bonds is rs established questioned, shall be
as to both principal and in- to the longest maturity of an of this ordinance s
the. ness, i
and sufficient provision shall s herein authorized sued to refund any City of Ames and the holde hed to the satisfaction
have been made for the pay- or bonds ranking on a parity of the bonds hereby author- of the bonds herein authorized of the inspectors of votes. The
ment thereof; provided, how- therewith or the prompt pay- ized or bonds ranking on a to be issued, and after the is- holders of revenue bonds and
rent of the p parity therewith shall not be suance of any of the bonds no the holders of proxies present
ever,. the City may dispose of principal thereof
any property constituting a and interest thereon, but noth shall, by a majority vote, ir-
subject to the restrictions here- change, variation, or altera-
ing in this ordinance contained respective of the amount of
part of the municipal parking inbefose set forth in this sec- tion of any kind of the provi
system which is found by reso- shall be construed to prohibit tion provided the bonds being sions of this ordinance may be revenue bonds represented by
lution of the City Council to 1, appr priate changes in the 10- refunded mature within three made in any manner except them, select two persons from
be no longer useful or profit-' cation of on-street parking fa- months of the date of such as hereinafter in this section those present to act as inspec-
able in the operation of the cilities made necessary by refundingand no other funds tors of votes, who shall count
street widening, provided until such time as all
system, but the proceeds of g, alterations or are available to pay such ma- of said bonds issued hereunder all votes cast at such meeting
any such sale shall be credited closings, nor prohibit substitu- turing bonds, but otherwise and the interest thereon have and who shall make and file
to the Renewal and Improve-1 tion or changes in the location any refunding bonds ranking been
I of ou-street parking paid in full. with the y8cretary of the meet-
ment Fund as •an additional I P g meters in on a parity shall only be is-
credit thereto. Nothingcon- order to provide essential and In the event That it shall ad- port
their verified written re-
credit sued subject to said restric- ort in duplicate of all such
tained in this ordinance shall necessary traffic regulation tions and in computing the pear desirable and to the ad- P
vantage of both the City and votes so cast at said meeting.
be construed to prevent the and control.
maximum principal and inter- the holders of the revenue The holders (or persons en
City from leasing to others or Se tion 13. That any holder est due in any year principal
contracting with others for the of s id bonds, or any of the bonds the City may propose titled to vote.the same) of not
and interest on the bonds be-
coup.ns, may either at law or modifications, alterations and less than seventy five per cent
operation of any of the park- ing refunded Shall be exclud- amendments of this ordinance in principal amount of the rev-
in equity, by suit, action, man-
ing system, to the extent per- ed and principal and interest in the following manner: The enue bonds entitled to be,voted
mitted by law, provided the damus or other proceedings, on the refunding bonds shall
enforce and compel perform- City Council shall adopt an at any such meeting must be
net revenues derived from any be utilized.
once by said City and its offi- � ordinance modifying, altering present at such meeting in pir-
such leases or contracts, in For the purposes of this or- or amending this ordinance, son or by proxy in order to
combinationcers and agents of all duties i with all other net dinance, the fiscal year shall but providing therein that said constitute a quorum for the
revenues of the system, are imposed or required by law or be the calendar year, and,in-
bhis ordinance in connection ordinance shall not become ef- transaction of business, less
found by the City Council to terest and principal due on fective unless and until it has than a ld.rurn, however, hav-
with the operation of said mo- January be not less than those re- 1 shall be considered had the approval of the holders ing 'power to adjourn.
quired to be paid into the for vehicle parking system in- obligations of the immediately of eluding the making and col- preceding fiscal year. The in- n of
provided. lecting of sufficient rates and terest n the revenue bonds as here- Any such modifications,
al-
various funds as hereinbefore i Oafter set out. Immediately terations or amendments f
segregation of the revenues payment dates for all upon adoption of said o�rdi-
While the bonds authorized such additional bonds shall be nance the City Council shall
and application thereof. semiannually on January 1 and this ordinance, Sr of any rights
hereunder, or any of them, re- Section 14. The bonds an- set a time and place for and
Judy i of each year and the and obligations of the C=�Y, or
main outstanding and unpaid
thorized to be'issued htereun- principal maturities of such ad- call a meeting of the holders
no free service shall be of der and from time to time out- of the reven— E�y -— : of the holders of the revenue
forded by said public motor g ditional bonds shall be an Jan- place so designated shall be in bonds in any particular, may i`
standin shall not be entitled uarY i of the
vehicle parking system provid- to priority One over the other Year in which the City of Ames, Iowa. No be approved at such meeting
ed, that the City Council may, in the application of the Sink- any such principal is sched- tice of the time and pilots of or at a due adjournment there-
by resolution, authorize the uled to become due. The addi- the meeting and in general of and held in accordance with
ing Ford or the Bond Reserve tional bonds (sometimes herein
sub- the provisions of this section,
use of a designated portion of Fund regardless of the time or terms the matters to be
the parking facilities without' ,times of their issuance it be- referred to as "permitted" to
mi�tted thereat shall be given but only by a resolution duly
charge, provided: (1) that the be issued), the issuance of to the holders of the revenue adopted by the affirmative
ing the intention that there bonds in the following man- vote, in person or by roxy, of
Council must first affirmative- which is restricted and condi- P
shall be no priority among the tioned by this section, shall be
ly determine that such use will bonds authorized to be issued ner: the holders (or person enty
not cause the aggregate net under the provisions of this understood a mean spa se (a) Not less than fifteen tied to vote the same) f sixty
revenues then to be derived cured and payable on a parity for to the date set per cent or more in aggregate
ordinance, regardless of the days Pm
from the balance of the sys- that
the bonds herein specific- I for the meeting a copy of principal amount of tie rev-
fact t at they may be actually ally authorized, and shall not
tem to be less than 150% o'f issued and delivered at differ- the notice shall be mailed to enue bonds entitled to e rep-
be deemed to include other ob- each of the holders of rev- resented at-such meetin ; pro-
the amounts required to be ent times. While there is no ligations, the security and enue bonds registered as to vided, however, that such
paid into the Parking Lot Rev-default existing in any of the source of
enue Bond Sinking Fund dur- payment of which is principal at the address ap- modifications, alterations or
provisions of this ordinance subordinate and subject to the pearing on the registration amendments shall be made
ing the then next succeeding said City hereby reserves the priority of the requirements in books and also to the original which will (a) permit an ex-
fiscal year, and (2) if the facil-right and privilege of issuing favor of the bonds herein au- tension of the time f pay-
ities to be operated without additional bonds from time to purchaser or purchasers of
the revenue bonds;
ment at maturity of the prin-
cipal of or payment of the
interest on any revenue bond,
or a reduction in the amount
of principal or the rate of in- lication as provided by law.
terest thereon without written Adopted this 7 day of. Sep-I
consent of the holder thereof, tember, 1965, by the City Coun-
or (b) reduce the percentages cil of the City of Ames, Iowa.
of holders of revenue bonds re- PEARLE P. DeHART, Mayor
quired by the provisions of Attest:
this section for the taking of M. W. JORDAN, City Clerk
any action under this section. Published in the Ames Daily
A record of the proceedings Tribune, September 14, 1965.
of each such meeting prepared
and certified by the. Secretary
of the meeting and having at-
tached thereto an orlginal
counterpart of the report of
the inspectors of votes and af-
fidavits of mailing and publi-
cation of the notice of the
meeting shall be filed with the
City Clerk, and thereupon with-
out further action the proposed
modifications, alterations and
amendments, as aforesaid, shall
become effective, but otherwise
shall he null and void.
Section 17. If any section,
paragraph, clause or provision
of this ordinance shall be held
invalid the invalidity of such
section, paragraph, clause or
provision, shall not affect any
of the remaining provisions of
this ordinance.
Section 18. All ordinances,
resolutions and orders,,or parts I
thereof in conflict with the
provisions of this ordinance
are, to the extent of such con-
flict, hereby repealed.
Section 19. That this ordi-
nance shall be in full force
and effect immediately upon
Its adoption, approval and pub-