HomeMy WebLinkAbout~Master - Providing for Parking Lot Revenue Bonds ORDINANCE NO. 2092
An Ordinance authorizing and providin for the
issuance and securing the payment of 440 , 000
Parking Lot Revenue Bonds of the City of Ames ,
Iowa, under the provisions of Chapter 390 of
the Code of Iowa, for the purpose of defraying
the cost of acquiring municipal parking lots
in and for said City.
WHEREAS, following a public hearing on August 3 , 1965 , con-
ducted in the manner and as authorized and provided in Section
390 . 1 of the Code of Iowa, 1962 , the City of Ames , in the County
Of Story, State of Iowa, has heretofore determined that public
convenience and necessity will be served by the establishment
and acquisition of certain parking lots or other off-
areas for the parking of vehicles in s street parking
described; and said City as hereinafter
WHEREAS, in furtherance thereof it has been determined and
is hereby determined that it is necessary that the following
parking lots be acquired in order to provide adequate facilities
for off-street parking:
Beginning from the point of intersection of the south
line of Onondago Street (now called Main Street) and the
west line of Kellogg Avenue said point being the northeast
corner of Block 14 original Town of Ames , Iowa, proceed
southerly along the west line of Kellogg Avenue 121 feet to
the point of beginning of land to be sold. Said point of
beginning being located 1 . 1 feet southerly from the 50 feet
clearance point northerly from the center line of the present
West Bound Main. Thence southerly along the west line of
Kellogg Avenue 137 . 2 feet to a point 35 feet clear northerly
from the center line of the proposed East Bound Main; thence
westerly along a curve to the right whose radius is 4043 . 56
feet and said curve being parallel to and 35 feet distance north-
erly from the center line of the proposed East Bound ?Main for
865 . 75 feet to the westerly line at Clark Avenue produced from
the north; thence northerly along said west line of Clark
Avenue produced 64 . 9 feet to a point 3 . 9 feet from the 50 feet
clearance point northerly from the center line of the present
West Bound Main and 193 . 9 feet southerly along the west line
of Clark Avenue from the south line of Onondago or Main Street
as located in Blair ' s Addition; thence easterly, along a curve
to the left whose radius is 4247 . 18 feet and said curve lays
parallel to and SO feet clearance from the center line of
the Railroad original main line , 70 feet more or less to a point
on the east line of Clark Avenue and said point being 73 . 2 feet
northerly from the southerly line of this Track No . 1 as measured
along the east line of Clark Avenue Produced from the north and
said point being 2 , 8 feet southerly from the SA feet clearance
Point northerly from the center line of the present West Bound
Alain and said point being 192 . 8 feet southerly from the south
line of Onondago or Main Street as measured along the east line
HERRICK, LANGDON. SANDBLOM a BELIN. LAWYERS, DES MOINES, IOWA
of Clark Avenue; thence northerly 72 .8 feet along the east
line of Clark Avenue, thence easterly 337 . 1 feet to a point
on the west line of Burnett Avenue, said point being 120
feet southerly from the south line of Onondago or Main Street
as measured along the west line of Burnett Avenue, thence
southerly 53 . 4 feet along the west line of Burnett Avenue to
a point 108 . 6 feet northerly from the intersection of the west
line of Burnett Avenue produced and the southerly line of this
Track No . 1 and 1 . 3 feet southerly from the 50 feet clearance
point northerly from the center line of the present West
Bound Main; thence easterly 127 feet more or less on a curve
left with a radius of 4247. 18 feet parallel to and northerly
50 feet clearance from the center line of the Railroad original
main line , said curve crossing the east line of Burnett Avenue
at a point 116 . 6 feet northerly from the intersection of the
east line of Burnett Avenue produced and the southerly line of
this Track No . 1 and said point being 165 feet southerly from
the south line of Onondago or Main Street and said point is
0 . 9 feet southerly from the 50 feet clearance northerly from
the center line of the present West Bound Main; thence easterly
on tangent to the preceding curve 326 . 1 feet more or less to
the point of beginning.
Also beginning from the point of intersection of the south
line of Onondago Street (now called Main Street) and the east
line of Kellogg Avenue , said point being the Northwest corner
of Block 13, original Town of Ames , Iowa, proceed southerly
along the east line of Kellogg Avenue 113 feet to the point
of beginning of land to be sold. Said point of beginning
being located 0 . 08 feet southerly from the
from the 50 feet clearance
Point northerly e center line of the present West Bound
Main and said point of beginning being located 50 feet clear
northerly from the center line of the Railroad original main
line . Thence northeasterly 825 . 2 feet more or less to a
point on the west line of Duff Avenue and 16 feet South of
the South line of Main Street ; thence southerly 65 . 8 feet
along the west line of Duff Avenue to a point 35 feet clear
northerly from the center line of the proposed East Bound Main;
thence westerly parallel to and 35 feet clear northerly from
the center line of the proposed East Bound Main 242 . 68 feet
to the TS of an oscillating curve to the right; thence
westerly along the spiral to the right for 159 .15 feet to
the SC of the spiral whose degree of curvature varies
directly with the distance along the spiral from the TS
and with the degree of curvature at the SC amounting to
1025 ' with a radius of 4043 . 56 feet ; thence westerly 353 .66
feet along the curve right with a radius of 4043 . 56 feet
that is parallel to and 35 feet clear northerly from the
center line of the proposed East Bound Main to a point on
the east line of Kellogg Avenue; thence northerly along the
east line of Kellogg Avenue 138 .4 feet to the point of
beginning.
HERRICK, LANGDON. SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA
Also beginning at the southwest corner of Lot 7,
Block 40 Second Addition to the City of Ames, Story
County, Iowa , thence northeasterly along the South line
of said Block 40, to the southeast corner Lot 1 said
Block 40, thence South 22 feet more or less to a point
35 feet clear northerly from the center line of the pro-
posed East Bound Main, Chicago and Northwestern Railroad,
thence southwesterly parallel to and 35 feet clear
northerly from the center line of the proposed East
Bound Main to the West line of Duff Avenue, thence North
60 feet more or less to the point of beginning.
and
WHEREAS, traffic conditions upon the streets of said City
are such as to necessitate and require for the public benefit,
safety and convenience of said City and its inhabitants that
said parking lots be acquired , maintained and operated by said
City in order that motor vehicular traffic congestion upon the
streets of said City be alleviated and properly controlled; and
WHEREAS, under the provisions of Chapter 390 of the Code of
Iowa, said City has heretofore installed parking meters upon the
streets of said City and established regulations for their use in
order to properly regulate and control motor vehicular traffic
upon the streets within said City; and
WHEREAS, pursuant to Ordinance No. 845 adopted on the 8th
day of May, 1956, this city did issue $100, 000 of Parking Lot
Revenue Bonds, dated May 1, 1956, of which original issue there
remains outstanding and unpaid $10, 000 face value, payable on
May 1, 1966, said Ordinance No. 845 having provided for the
issuance of additional bonds ranking on a parity therewith and
all the terms and conditions contained in said ordinance per-
mitting the issuance of additional bonds ranking on a parity
having been met as required by Section 6 of said Ordinance No.
845 ; and
WHEREAS, the cost of acquiring said parking lots first
above described exceeds the sum of $440, 000 and it is necessary
that revenue bonds of said City to that amount be issued as
authorized under provisions of Section 390. 9 of said Code to
pay said cost; and
WHEREAS, a notice of the intention of the Council of said
City to take action for the issuance of $440, 000 Parking Lot
Revenue Bonds of said City has heretofore been given in the manner
and form required by Section 23 . 12 of the Code of Iowa and no
I
HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA
petition nor protest has been filed and no petition has been
filed in the office of the City Clerk asking that the proposi-
tion of issuing said bonds be submitted to the voters of said
City; and
WHEREAS, it is the desire and intent that the provision be
made in and by this ordinance for the issuance of such revenue
bonds for the purpose aforesaid and to set forth herein the terms
and conditions upon which said revenue bonds and any additional
bonds ranking on a parity therewith are to be and may be issued
and outstanding, to set forth the covenants and undertakings of
the City with respect to the operation and maintenance of said
parking lots and parking meters and to restrict the rights of
the holders of said revenue bonds from time to time outstanding
in the source of payment of the interest on and principal of
said revenue bonds and in the enforcement thereof;
NOW, THEREFORE, Be It Ordained by the City Council of the
City of Ames, Iowa , as follows :
Section 1 . That for �Ehe purpose of defraying the cost of
acquiring municipal parking lots for the off-street parking of
motor vehicles in said City, as described in the preamble hereof,
there be and there are hereby authorized to be issued the negotiable
interest bearing revenue bonds of said City of Ames in the principal
amount of $440, 000, each of which shall be known and designated as
a "Parking Lot Revenue Bond" bearing date of September 1, 1965 ,
numbered 1 to 88, inclusive, of the denomination of $5 , 000 each,
of which issue bonds numbered 1 to 17 , inclusive, shall
bear interest at the rate of Three -xNd point Fifty
Per Cent ( 3. 50 /) per annum,
Bonds numbered 18 to 44 inclusive, shall
bear interest at the rate of Three point Seventy Five
Per Cent ( 3. 75 /) per annum,
Bonds numbered 45 to 88 inclusive, shall
bear interest at the rate of Three point Ninety
Per Cent ( 3. 90 %) per annum
Bonds numbered to inclusive, shall
bear interest at the rate of
Per Cent ( %) per annum, and
Bonds numbered to inclusive, shall
bear interest at the rate of
Per Cent ( %) per annum,
HERRICK. LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES. IOWA
such interest to be payable January 1, 1966, and semiannually
thereafter on the first days of July and January in each year,
and said bonds shall mature in numerical order on January 1
of the respective years as follows:
Bonds Nos. 1 and 2 $10, 000 on January 1 , 1967
Bonds Nos. 3 to 5 , incl . $15 , 000 on January 1, 1968
Bonds Nos. 6 to 8, incl. $15 , 000 on January 1, 1969
Bonds Nos . 9 to 11, incl. $15 , 000 on January 1, 1970
Bonds Nos. 12 to 14 , incl. $15 , 000 on January 1 , 1971
Bonds Nos. 15 to 17, incl . $15 , 000 on January 1, 1972
Bonds Nos. 18 to 20, incl . $15 , 000 on January 1 , 1973
Bonds Nos. 21 to 24, incl. $20, 000 on January 1 , 1974
Bonds Nos . 25 to 28, incl . $20, 000 on January 1, 1975
Bonds Nos. 29 to 32, incl . $20, 000 on January 1, 1976
Bonds Nos. 33 to 36, incl . $20, 000 on January 1, 1977
Bonds Nos. 37 to 40, incl . $20, 000 on January 1, 1978
Bonds Nos. 41 to 44, incl . $20, 000 on January 1, 1979
Bonds Nos. 45 to 49, incl . $25 , 000 on January 1 , 1980
Bonds Nos. 50 to 54, incl . $25 , 000 on January 1, 1981
Bonds Nos. 55 to 59, incl . $25 , 000 on January 1 , 1982
Bonds Nos. 60 to 64, incl . $25 , 000 on January 1, 1983
Bonds Nos. 65 to 70, incl. $30, 000 on January 1 , 1984
Bonds Nos. 71 to 76, incl. $30, 000 on January 1 , 1985
Bonds Nos. 77 to 82 , incl . $30, 000 on January 1, 1986
Bonds Nos. 83 to 88, incl. $30, 000 on January 1, 1987
Provided , however, that by reason of the reasonable assurance the
City will have revenue funds available from time to time for the
retirement of bonds prior to maturity and also to enable said City
to refinance said bonds at a lower interest rate, it is advantageous
to the City to reserve the right and option to prepay and redeem
bonds numbered 18 to 88, inclusive, maturing on and after January 1,
1973 , from available revenues of the system prior to maturity in
whole, or from time to time in part in inverse order of maturity,
(less than all of one maturity to be selected by lot) on any
interest payment date on or after January 1, 1972, and it is
agreed that if said city exercises such right of prepayment
and redemption, in addition to par and accrued interest to the
redemption date it will pay for this privilege to the holders of
the bonds so to be prepaid and redeemed a redemption premium
equal to 3% of the principal amount of any of such bonds called
for redemption on January 1, 1972 , and if called for redemption
thereafter, the amount of such premium to be so paid shall be
reduced at the rate of 1/4 of one per cent of the principal amount
for each full year that the redemption date is subsequent to
January 1, 1972, and the right is also reserved to the city to
prepay and redeem bonds numbered 33 to 88, inclusive, maturing
HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS. DES MOINES, IOWA
on and after January 1, 1977, from any funds regardless of source
prior to maturity in whole on any date on or after January 1,
1976, and it is agreed that if said city exercises such right of
prepayment and redemption, in addition to par and accrued interest
to the redemption date it will pay for this privilege to the
holders of the bonds so to be prepaid and redeemed a redemption
premium equal to 4% of the principal amount of any of such bonds
if called for redemption on or prior to December 31 , 1978; 3% of
the principal amount thereof if called for redemption thereafter
and on or prior to December 31, 1981; 2% of the principal amount
thereof if called for redemption thereafter and on or prior to
December 31, 1984; 1% of the principal amount thereof if called
for redemption thereafter and prior to maturity. In the event
any of said bonds are to be so prepaid and redeemed, as afore-
said , notice thereof identifying the bond or bonds to be redeemed
shall be given by publication at least once not less than thirty
(30) days prior to such redemption date in a newspaper of general
circulation in the State of Iowa. ° In the event any of said bonds
are called for redemption on any date other than an interest pay-
ment date, an additional publication of such notice shall be made
not more than thirty (30) days nor less than fifteen (15 ) days
prior to the redemption date . All of such bonds thus called for
prepayment and redemption and for the retirement of which, upon
the terms aforesaid , funds are duly provided shall cease to bear
interest from and after the date as of which they are called for
redemption.
Both principal and interest of said bonds shall be payable
in lawful money of the United States of America at the office
of the City Treasurer in and of the City of Ames , Iowa . All of
said bonds and the interest thereon together with previously issued
and outstanding Parking Lot Revenue Bonds in the remaining amount
of $10, 000, dated May 1, 1956 and also together with any additional
bonds ranking on a parity therewith that may be issued and outstand-
ing under the conditions and restrictions hereinafter set forth
shall be payable solely from the bond and interest redemption
sinking fund hereinafter created, and shall be a valid claim of
the holder thereof only against said fund , and none of said bonds
shall be a general obligation of said City nor payable in any
manner by taxation, but said bonds and said previously issued bonds
and such additional bonds as may be issued on a parity therewith
shall be payable, both as to principal and interest, solely and
only from the future net revenues derived from the operation of
the municipal parking lots of the City of Ames, Iowa and from the
streetline parking meters, such revenues being pledged therefor
as hereinafter provided , and under no circumstances shall said City
be in any manner liable by reason of the failure of said net revenues
to be sufficient for the payment of said bonds and interest thereon.
HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA
Section 2 . That said bonds and coupons shall be in sub-
stantially the following form:
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF IOWA
COUNTY OF STORY
CITY OF AMES
PARKING LOT REVENUE BOND
No. $5 , 000
KNOW ALL MEN BY THESE PRESENTS:
That the City of Ames, in the County of Story and State of
Iowa, for value received , promises to pay to bearer, or if this
bond be registered as hereinafter provided then to the registered
holder hereof, solely from the source hereinafter specified, the
sum of Five Thousand Dollars ($5 , 000) on the First day of January,
19 , and to pay interest on said sum from the date hereof at
the rate of Per Cent ( %) per
annum, payable January 1 , 1966, and semiannually thereafter on
the first days of July and January in each year until said principal
sum is paid, except as the provisions hereinafter set forth with
respect to redemption prior to maturity may be and become applicahle
hereto, such interest as may accrue on and prior to the maturity of
this bond to be paid on presentation and surrender of the interest
coupons hereto attached as they severally become due; both principal
and interest being payable in lawful money of the United States of
America at the office of the City Treasurer in and of the City of
Ames, Iowa.
This bond is one of a series of bonds numbered consecutively
from 1 to 88, inclusive, issued by said City pursuant to the pro-
visions of Chapter 390 of the Code of Iowa , 1962, and all other
laws amendatory thereof and supplemental thereto, and in conformity
with an ordinance of the City Council of said City duly and finally
passed on the day of , 1965 , and published
as required by law, for the purpose of defraying the cost of ac-
quiring additional public motor vehicle parking lots and is not a
general obligation of said City, but this bond and the series of
wh.ichit forms a part, together with previously issued and outstand-
ing parking lot revenue bonds and also together with any additional
bonds that may be issued and outstanding from time to time ranking
on a parity therewith under the conditions and restrictions set
forth in said ordinance, are payable as to both principal and
HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES. IOWA
interest solely and only out of future net revenues derived from
t,:e operation of the municipal parking lots of the Citv of Ames,
Io;aa and from the streetline parking meters, a sufficient portion
of which are required by said ordinance to be deposited in a
special .fund designated as the "Parking Lot Revenue Bond Sinking
Fund '' and which are pledged for that purpose . This bond is not
a general obligation of said City nor payable in any manner by
taxation, nor shall the City of Ames be in any manner liable by
reason of said special fund being insufficient for the payment
of this bond and the interest hereon.
Said City of Ames hereby reserves the right and option to
prepay and redeem bonds of this issue number 18 to 88 , inclusive,
maturing on and after January 1 , 1973 from available revenues
of the system prior to maturity in whole, or from time to time
in part in inverse order of maturity (less than all of one maturity
to be selected by lot) on any interest payment date on or after
January 1 , 1972 , and said City agrees that if it exercises .-said
right and option, in addition to par and accrued interest to the
rc-demption date , it will pay for this privilege to the holders of
the bonds so to be prepaid and redeemed a redemption premium equal
to Three Per Cent (3%) of the principal amount thereof if called
for redemption on January 1, 1972 , and if called for redemption
thereafter, the amount of such premium to be so paid shall be
reduced at the rate of 1/4 of one per cent of the principal amount
for each full year that the redemption date is subsequent to
January 1 , 1972, and said City also reserves the right and option
to prepay and redeem bonds of this issue numbered 33tD88, in-
clusive , maturing on and after January 1 , 1977 from any funds
-regardless of source prior to maturity in whole on any date on or
after January 1, 1976 and said City agrees that if it exercises
said right and option, in addition to par and accrued interest
to the redemption date it will pay for this privilege to the
holders of the bonds so to be prepaid and redeemed a redemption
premium equal to four per cent (4%) of the principal amount of any
of such bonds if called for redemption on or prior to December 31 ,
1978; three per cent (3%) of the principal amount thereof if called for
redemption thereafter and on or prior to December 31 , 1981; two per
cent (2%) of the principal amount thereof if called for redemption
thereafter and on or prior to December 31 , 1984, one per cent (1%)
of the principal amount thereof if called for redemption thereafter
and prior to maturity. In the event any of said bonds are called for
i'ERRICK. LANGDON, SANDBLOM & BELIN. LAWYERS, DES MOINES, IOWA
redemption prior to maturity as aforesaid, notice of such redemp-
tion, identifying the bond or bonds to be redeemed, shall be given
by publication at least once not less than thirty (30) days prior
to such redemption date in a newspaper of general circulation in
the State of Iowa. In ther event any of said bonds are called for
redemption on any date other than an interest payment date, an
additional publication of such notice will be made not more than
thirty (30) days nor less than fifteen (15) days prior to the
redemption date . Such of said bonds as may be thus called for
redemption and for the payment of which, upon the terms afore-
said, funds are duly provided will cease to bear interest from
and after the date as of which they are called for redemption.
This revenue bond and the appurtenant interest coupons are
payable to bearer but this bond may be registered as to principal
only in the name of the holder on the books of said City of Ames
in the office of its City Treasurer, and such registration will be
evidenced by notation hereon to that effect by said City Treasurer
as Registrar after which no transfer hereof shall be valid unless
made on said books and similarly noted hereon, but such registra-
tion may be discharged by registered transfer to bearer after which
this revenue bond shall be again payable to bearer. Each successive
holder of this revenue bond during such time as it is payable to
bearer, and each successive holder of the interest coupons hereto
attached, is conclusively presumed to forego and renounce his and
their equities in favor of subsequent holders for value without
notice, and to agree that this revenue bond while payable to
bearer, and each of the interest coupons hereunto appertaining, may
be negotiated by delivery by any person having possession thereof
howsoever such possession may have been acquired , and that any
holder who shall have taken this revenue bond or any of the interest
coupons from any person for value and without notice thereby has
acquired absolute title thereto free from any defenses enforceable
against any prior holder and free from all equities and claims of
ownership of any such prior holder . For a more complete statement
of the basis upon which this revenue bond has been issued and
additional revenue bonds ranking on a parity therewith may be
issued and outstanding, and a description of the source of payment
of all such revenue bonds, and the circumstances under which the
provisions of the aforesaid ordinance may be modified and a state-
mentof the rights,duties and obligations of said City of Ames and
the rights of the holders of the revenue bonds, reference is made
to said ordinance.
And it is hereby certified, recited and declared , that all
acts, conditions and things required to exist, happen and be
performed precedent to and in the issuance of this bond and the
series of which it is a part, have existed, have happened and
have been performed in due time, form and manner, as required by
law, and that the issuance of this bond does not exceed or violate
any constitutional or statutory limitation or provision.
HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA
IN WITNESS WHEREOF, said City of Ames, by its City Council,
has caused this bond to be signed by its Mayor and attested by
its City Clerk, with the seal of said City affixed, and the
coupons hereto attached to be executed with the facsimile signature
of the .said City Clerk, which official by the execution of this
bond, does adopt as and for his own proper signature his facsimile
signature appearing on said coupons this first day of September,
1965 .
Mayor
Attest:
City Cler
(Form of Coupon)
No. $
On , 19 the City of Ames, Iowa ,
will pay to bearer out of its Parking Lot Revenue Bond Sinking
Fund Dollars ($ ) at the office
of the City Treasurer, Ames, Iowa, as provided in and for interest
then due on its Parking Lot Revenue Bond dated September 1, 1965 ,
Numbered
City Clerk
On the back of each bond there shall be printed the certifi-
cate of the City Treasurer in the following form:
"The issuance of this bond has been duly and properly
recorded in my office as of the first day of September, 1965 .
Treasurer of the City of Ames, Iowa"
There shall also be printed on the back of each bond provisions
in the following form for evidencing its registration as to
principal :
NAME OF REGISTERED DATE OF SIGNATURE OF
OWNER REGISTRATION CITY TREASURER
HERRICK, LANGDON. SANDBLOM & BELIN. LAWYERS. DES MOINES. IOWA
Section 3 . That said revenue bonds shall be registerable
as to principal in accordance with the provisions for registra-
tion hereinabove provided, and the City Treasurer is hereby
appointed and designated Registrar for such purpose. No charge
shall be made to any holder of said bonds for the privilege of
registration or transfer thereof.
Section 4. That said bonds shall be signed by the Mayor
and attested by the City Clerk, with the seal of the City affixed,
and the interest coupons attached thereto shall be executed by
said City Clerk by his facsimile signature, and said official, by
the execution of said bonds shall adopt as and for his own proper
signature his facsimile signature appearing on such coupons.
When and as executed, said bonds shall be delivered to the City
Treasurer to be by him duly recorded as to issuance and said
Treasurer shall sign the certificate hereinbefore set out in
Section 2 and endorsed upon the back of each of said bonds and
deliver said bonds to the Purchaser thereof upon payment of the
purchase price, same to be not less than par and accrued interest.
Section 5 . The proceeds of the bonds hereby authorized shall
be deposited in a Construction Fund, which is hereby ordered
created, and shall be applied in paying the cost of acquiring and
improving the additional parking lots as hereinbefore described
and expenses incident thereto, provided that all sums received as
accrued interest in the issuance and sale of the bonds shall be
paid into the Parking Lot Revenue Bond Sinking Fund hereinafter
created. Pending expenditure for said authorized purpose the
balance of the proceeds of the bonds shall be deposited in a bank
or banks and each such deposit to the extent it causes the ag-
gregate deposits by said City in any such bank to be in excess of
�10, 000 shall be collaterally secured by direct obligations or
,juaranteed bonds of the United States of America having a market
value equivalent to such deposit. Disbursements of said proceeds
for the cost of construction work and materials shall be made on
orders of the City Council only as and when approved by the engineer
supervising such acquisition and improvement. Any balance of the
proceeds of said bonds remaining after the completion of the con-
struction of said additional parking facilities shall be deposited
in the Renewal and Improvement Fund .
Section 6. That upon the issuance of the bonds hereby auth-
orized and thereafter so long as any of said bonds or the previously
issued and outstanding bonds in the remaining principal amount of
$10, 000 dated the First day of May, 1956, or any additional bonds
ranking on a parity therewith are outstanding the system of public
HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS. DES MOINES, IOWA
motor vehicle parking lots and on-street parking meters of said
City, together with all future extensions and additions thereto,
and consisting of both on-street parking meters and off-street
parking lots shall be operated as a revenue producing undertaking.
The rates charged by said City for the use of and services furnished
by said parking lots and on-street parking meters shall be such
reasonable rates as will °be sufficient to pay for the operation
and maintenance thereof and to create and maintain the Parking Lot
Revenue Bond Sinking Fund and the Bond Reserve Fund in the amounts
as hereinafter provided. From and after the issuance of the bonds
hereby authorized the income and revenues from the off-street
parking lots of said system, including rentals from the lease of
any property constituting a part of the system shall be set aside
into a separate and special fund and shall be used and disbursed
by the City Council to the extent necessary each month in maintaining
and operating said off-street parking lots, and the balance thereof
shall be classified as "net off-street parking revenues" and are
hereinafter referred to as such. In like manner from and after
the issuance of said bonds the income and revenues from the on-
street parking meters of said system shall be set aside into a
separate and special fund and shall be used and disbursed by the
City Council to the extent necessary each month in maintaining and
operating said on-street parking meters and necessary traffic
control expenses and may also be so used and disbursed, to the
extent that funds are not available from other sources, for the
purchase of additional on-street parking meters; provided, that
the aggregate of all such operation, maintenance and traffic
control expenses and cost of additional on-street parking meters
shall not in any one month exceed twenty-five per cent of the income
and revenues from such on-street parking meters of said system
during that month, and the balance of said income and revenues
from the on-street parking meters shall be classified as "net
on-street parking revenues" and are hereinafter referred to as
such.
There shall be and there is hereby created and there shall
be maintained a special fund to be known as the "Parking Lot
Revenue Bond Sinking Fund" (hereinafter sometimes referred to as
the "Sinking Fund") , into which there shall be set aside from the
aggregate of the net off-street parking revenues and the net on-
street parking revenues such portion thereof as will be sufficient
to pay the interest on and principal of the bonds hereby authorized
and the previously issued and outstanding parking lot revenue
bonds in the remaining principal amount of $10, 000 dated the
first day of May, 1956 and any additional bonds ranking on a parity
therewith at the time outstanding as the same become due, and it
is hereby determined, covenanted and agreed that the minimum amount
to be so set aside into said Sinking Fund during each month of
each year shall be not less than as follows:
HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA
A sum equal to one-tenth (1/10th) of the principal
of all bonds maturing on the January 1 next succeeding
plus a sum equal to one-fifth (1/5th) of the interest
becoming due on the next succeeding interest payment date
on all of the then outstanding bonds issued pursuant to
this ordinance and bonds ranking on a parity therewith
until there has been accumulated in such fund an amount
equal to the full amount of the next succeeding principal
payment and interest payment on said then outstanding bonds
maturing in such year; provided, however that no further
payments need be made into said Sinking Fund whenever and
so long as such amount of the bonds shall have been retired
that the amount then held in such fund (including the Bond
Reserve Fund hereinafter created) is sufficient to retire
all such outstanding bonds and pay the entire amount of
the interest that will have accrued at the time of such
retirement.
Such payments into said Sinking Fund shall be made in monthly
installments on the first day of each month, except that when the
first day of any month shall be a Sunday or a legal holiday then
such payments shall be made on the next succeeding secular day.
In the event the balance of unallocated net off-street parking
revenues and net on-street parking revenues are inadequate to make
any one or more required monthly payments into the Sinking Fund
the deficiency shall be made up and paid as aforesaid from the
first available revenues thereafter received, and same shall be
in addition to payments otherwise provided to be made in such
succeeding month or months . Said Sinking Fund shall be used
solely and only and is hereby pledged for the purpose of paying
principal of and interest on the bonds herein authorized and any
additional parity bonds hereinafter permitted to be issued.
Section 7. There shall be and there is hereby created a
special fund to be known and designated as the "Bond Reserve
Fund" into which there shall be set apart and paid each month,
commencing the first day of the month following the delivery of
the bonds authorized by this ordinance, from the balance of the
net off-street parking revenues and the net on-street parking
revenues remaining after first making the required payments into
the "Parking Lot Revenue Bond Sinking Fund" the sum of $750 on the
first day of each month in each year until such time as all of the
bonds herein authorized and bonds ranking on a parity therewith have
been paid in full as to both principal and interest or funds
sufficient therefor have been set aside and pledged for that purpose.
HERRICK. LANGDON. SANDBLOM & BELIN. LAWYERS, DES MOINES. IOWA
All moneys credited to said Reserve Fund shall be used for the
payment of the principal of and interest on the bonds authorized
to be issued under the terms of this ordinance and bonds ranking
on a parity therewith whenever for any reason the funds on deposit
in the "Parking Lot Revenue Bond Sinking Fund" are insufficient to
pay such principal and interest when due, and shall also be used
to make up any deficiencies in the amounts required to be set aside
each month into said Sinking Fund; provided, however, that all
amounts at any time credited to said Reserve Fund in excess of the
maximum amount of principal and interest falling due in any succeed-
ing fiscal year for both principal of and interest on the then out-
standing bonds issued pursuant to this ordinance and bonds ranking
on a parity therewith shall be used to purchase any of said bonds
then outstanding at not exceeding the then next applicable redemp-
tion price or shall be used to call and redeem such bonds as may be
then subject to redemption prior to maturity.
Section 8. There shall be and there is hereby created a
special fund to be known and designated as the "Renewal and Improve-
ment Fund" into which there shall be set apart and paid each month
commencing the first day of the month following the delivery of
the bonds authorized by this ordinance, from the balance of the net
off-street parking revenues and net on-street parking revenues
remaining after first making the required payments into the Sinking
Fund and the Bond Reserve Fund the sum of $750 on the first day of
each month of each year,, or such higher amounts as the City Council
may fix from time to time. All moneys credited to said Renewal
and Improvement Fund shall be used or accumulated to pay the
cost of acquiring additional parking lots and facilities, to pay
architectural or engineering expenses, to pay the cost of acquiring
additional meters or other improvements to the system, to create
reserves for any of the foregoing, to pay rent on any property
which may be leased for parking purposes as a part of the system
or to pay any extraordinary cost of maintaining the parking system
in an efficient operating condition, and the moneys on deposit
in said Renewal and Improvement Fund shall be transferred and
credited to the Parking Lot Revenue Bond Sinking Fund whenever
necessary to prevent or remedy a default in the payment of the
principal of or interest on the bonds authorized to be issued
under the terms of this ordinance or bonds ranking on a parity
therewith or shall be transferred to the Bond Reserve Fund when-
ever any deficiency may exist in said Fund. Any balance in excess
of $100, 000 which may be accumulated in said Renewal and Improve-
ment Fund may be transferred to the Surplus Fund hereinafter created .
Section 9. There shall be and there is hereby created a
special fund to be known and designated as the "Surplus Fund"
HERRICK. LANGDON. SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA
into which there shall be set apart and paid all of the net
off-street and net on-street parking revenues remaining after
first making the required payments into the Sinking Fund , the
Bond Reserve Fund and the Renewal and Improvement Fund. All
moneys credited to said Surplus Fund shall be transferred and
credited to the Parking Lot Revenue Bond Sinking Fund whenever
necessary to prevent or remedy a default in the payment of the
principal of or interest on the bonds authorized to be issued
under the terms of this ordinance or bonds ranking on a parity
therewith, or shall be transferred and credited to the Bond
Reserve Fund whenever any deficiency may exist in said Bond
Reserve Fund, or otherwise may be transferred to the Renewal
and Improvement Fund or used for any lawful corporate purpose.
Section 10. All moneys held in the several separate funds
created under the terms of this ordinance shall be deposited in
banks and all such deposits which cause the aggregate deposits
of said City in any one bank to be in excess of $10, 000 shall be
continuously secured by a valid pledge of direct obligations of
the United States Government having an equivalent market value,
or may be invested in direct obligations of the United States
Government having a maturity date or being subject to redemption
at the option of the holder not more than five years from the
date of the investment therein.
Section 11. While the bonds authorized hereunder, or any
of them, remain outstanding and unpaid the rates for all services
rendered by said public motor vehicle parking system shall be
reasonable and just, taking into account and consideration the
cost of maintaining and operating the same and one hundred fifty
per cent of the amounts required annually for the retirement of
all bonds and the accruing interest on all such bonds as may be
outstanding under the provisions of this ordinance and bonds ranking
on a parity therewith, and there shall be charged such rates and
amounts as shall be adequate to meet the requirements of this and
the preceding sections hereof.
Said City agrees that so long as any of the bonds hereby
authorized remain outstanding it will keep proper books of record
and account, separate from all other municipal records and ac-
counts, showing complete and correct entries of all transactions
relating to said public motor vehicle parking system, and that
the holders of any of said bonds shall have the right at all
reasonable times to inspect the system and all records, accounts
and data of the City relating thereto. A separate accounting
of the amount of income and revenues from on-street parking
facilities and the off-street parking facilities, and also of
HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA
the amount of operation and maintenance expenses for said
facilities, respectively, shall be kept and maintained. Said
City further agrees that it will within sixty days following the
close of each fiscal year of the City cause an audit to be made
of the books and accounts pertinent to the system by an independent
certified public accountant showing the receipts and disbursements
of said system with the comments of the auditor concerning whether
the books and accounts are being kept in compliance with this
ordinance and in accordance with recognized accounting practices.
All expenses incurred in making such audits shall be paid as an
expense of operation and maintenance of the system and a copy of
each such audit shall be promptly mailed to the original purchasers
from the City of the bonds hereby authorized and to any other
bondholder that may have requested same in writing.
Section 12 . That said City hereby covenants and agrees with
the holder or holders of the bonds herein authorized to be issued,
or any of them, that it will faithfully and punctually perform all
duties with reference to said public motor vehicle parking system
required by the Constitution and laws of the State of Iowa, and
this ordinance, including the making and collecting of reasonable
and sufficient rates for services afforded thereby, and will
segregate the revenues and make application thereof into the
respective funds, as provided by this ordinance. The City further
covenants and agrees with the holders of said bonds to maintain in
good condition and continuously and efficiently operate said off-
street and on-street parking system and to charge and collect
such rates and charges for services rendered thereby so that
the aggregate net revenues therefrom will be sufficient at all
times to make the prescribed payments into the several special
funds as hereinbefore provided.
The City further covenants and agrees that so long as any
of the bonds authorized to be issued under the terms of this
ordinance or bonds ranking on a parity therewith are outstanding
it will not sell, lease, loan, mortgage or in any manner dispose of
or encumber said public motor vehicle parking system until all of
said bonds have been paid in full as to both principal and interest
or unless and until full and sufficient provision shall have been
made for the payment thereof; provided, however, the City may dis-
pose of any property constituting a part of the municipal parking
system which is found by resolution of the City Council to be no
longer useful or profitable in the operation of the system, but
the proceeds of any such sale shall be credited to the Renewal and
Improvement Fund as an additional credit thereto. Nothing con-
tained in this ordinance shall be construed to prevent the City
from leasing to others or contracting with others for the operation
of any of the parking system, to the extent permitted by law,
HERRICK. LANGDON, SANDBLOM & BELIN, LAWYERS. DES MOINES. IOWA
provided the net revenues derived from any such leases or
contracts, in combination with all other net revenues of the
system, are found by the City Council to be not less than those
required to be paid into the various funds as hereinbefore pro-
vided.
While the bonds authorized hereunder, or any of them, remain
outstanding and unpaid no free servicE'. shall be afforded by said
public motor vehicle parking system provided , that the City
Council may, by resolution, authorize the use of a designated
portion of the parking facilities without charge , provided :
(1) that the Council must first affirmatively determine that
such use will not cause the aggregate net revenues then to be
derived from the balance of the system to be less than 150% of
the amounts required to be paid into the Parking Lot Revenue Bond
Sinking Fund during the then next succeeding fiscal year, and
(2) if the facilities to be operated without charge produced over
15% of the gross revenues of the entire system in the then last
preceding fiscal year, the finding by the City Council must be
predicated upon and supported by a certificate executed by a
reputable independent consulting engineer employed for the purpose
of examining the books and records pertinent to the system and of
certifying to the amount of revenues which will be derived from the
balance of the system. Any of the off-street parking lots may be
withdrawn from use at any time for the purpose of erecting multiple
level parking structures, garages or other parking facilities thereon
which are to be incorporated in and made a part of the public motor
vehicle parking system of the City, but no such facilities may be
so withdrawn unless the City Council affirmatively finds that the
net revenues to be derived from the operation of the remainder of
the system, together with interest during the construction of the
additional structure, will be not less than those required to be
paid into the several separate funds as hereinbefore provided during
the period of construction.
Said City agrees that it will take no action in relation to its
public motor vehicle parking system which would unfavorably affect
the security of the bonds herein authorized or bonds ranking on a
parity therewith or the prompt payment of the principal thereof
and interest thereon,but nothing in this ordinance contained shall
be construed to prohibit appropriate changes in the location of
on-street parking facilities made necessary by street widening,
alterations or closings, nor prohibit substitution or changes in
the location of on-street parking meters in order to provide
essential and necessary traffic regulation and control.
HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS. DES MOINES, IOWA
Section 13 . That any holder of said bonds, or any of
the coupons, may either at law or in equity, by suit, action,
mandamus or other proceedings, enforce and compel performance
by said City and its officers and agents of all duties imposed
or required by law or this ordinance in connection with the
operation of said motor vehicle parking system including the
making and collecting of sufficient rates and segregation of
the revenues and application thereof .
Section 14. The bonds authorized to be issued hereunder
and from time to time outstanding shall not be entitled to
priority one over the other in the application of the Sinking
Fund or the Bond Reserve Fund regardless of the time or times of
their issuance, it being the intention that there shall be no
priority among the bonds authorized to be issued under the pro-
visions of this ordinance, regardless of the fact that they may
be actually issued and delivered at different times. While there
is no default existing in any of the provisions of this ordinance
said City hereby reserves the right and privilege of issuing addi-
tional bonds from time to time payable from the income and revenues
of said public motor vehicle parking system ranking on a parity
with the bonds herein authorized in order to (1) pay the costs
to an amount not exceeding $100, 000, of completing the acquisition
of additional parking lots or facilities, or (2) to refund any
revenue bonds issued for account of the parking system or (3) to
pay the costs of further additions, extensions or improvements to
the system within said City; provided , that before any such addi-
tional bonds ranking on a parity may be so issued for such addi-
tions, extensions or improvements there shall have been procured
and filed with the City Clerk a statement by a certified public
accountant not in the regular employ of the City on a monthly
salary basis reciting the opinion based upon necessary investiga-
Lions that the aggregate net off-street parking revenues and net
on-street parking revenues as defined in this ordinance, adjusted
to reflect income in accordance with rates in effect on the date
of said statement, for the fiscal year immediately preceding the
issuance of such additional bonds was equal to at least 150% of
the maximum amount that will become due in any calendar year for
both principal and interest on the bonds then outstanding and the
bonds then proposed to be issued in any fiscal year prior to the
longest maturity of any of the then outstanding bonds.
Bonds issued to refund any of the bonds hereby authorized or
bonds ranking on a parity therewith shall not be subject to the
restrictions hereinbefore set forth in this section provided the
bonds being refunded mature within three months of the date of
HERRICK, LANGDON, SANDBLOM & BELIN. LAWYERS. DES MOINES, IOWA
such refunding and no other funds are available to pay such
maturing bonds, but otherwise any refunding bonds ranking on
a parity shall only be issued subject to said restrictions
and in computing the maximum principal and interest due in any
year principal and interest on the bonds being refunded shall
be excluded and principal and interest on the refunding bonds
shall be utilized .
For the purposes of this ordinance, the fiscal year shall
be the calendar year, and interest and principal due on January 1
shall be considered obligations of the immediately preceding
fiscal year. The interest payment dates for all such additional
bonds shall be semiannually on January 1 and July 1 of each year
and the principal maturities of such additional bonds shall be on
January 1 of the year in which any such principal is scheduled to
become due . The additional bonds (sometimes herein referred to as
"permitted" to be issued) , the issuance of which is restricted and
conditioned by this section, shall be understood to mean bonds
secured and payable on a parity with the bonds herein specifically
authorized, and shall not be deemed to include other obligations,
the security and source of payment of which is subordinate and
subject to the priority of the requirements in favor of the bonds
herein authorized to be issued .
Section 15 . Said City covenants and agrees that so long as
any of the bonds herein authorized are outstanding it will not
establish other public motor vehicle parking lots or facilities
within the City unless such additional parking lots or facilities
are included and constitute a part of the public motor vehicle
parking system as contemplated by this ordinance and are operated
on a revenue producing and self-liquidating basis, so that the
net revenues from such additional facilities will be available
for payment into the Sinking Fund as herein provided .
The City of Ames agrees that so long as any of the bonds
herein authorized are outstanding it will maintain insurance for
the benefit of the holders of the bonds issued hereunder of a kind
and in an amount which usually would be carried by private companies
engaged in a similar type of business, and that it will carry
public liability and property damage insurance in the operation
of the public motor vehicle parking system in amounts not less
than those recommended from time to time by a consulting engineer
employed for that purpose . The costs of all the foregoing in-
surance shall be classified -and paid as an expense of operation
and maintenance.
HERRICK, LANGDON, SANDBLOM & BELIN. LAWYERS. DES MOINES. IOWA
Section 16 . The provisions of this ordinance shall constitute
a contract between the City of Ames and the holders of the bonds
herein authorized to be issued , and after the issuance of any of
the bonds no change, variation, or alteration of any kind of the
provisions of this ordinance may be made in any manner except
as hereinafter in this section provided until such time as all
of said bonds issued hereunder and the interest thereon have been
paid in full .
In the event that it shall appear desirable and to the ad-
vantage of both the City and the holders of the revenue bonds the
City may propose modifications , alterations and amendments of this
ordinance in the following manner: The City Council shall adopt an
ordinance modifying, altering or amending this ordinance, but
providing therein that said ordinance shall not become effective
unless and until it has had the approval of the holders of the
revenue bonds as hereinafter set out. Immediately upon adoption
of said ordinance the City Council shall set a time and place for
and call a meeting of the holders of the revenue bonds, which place
so designated shall be in the City of Ames, Iowa . Notice of the
time and place of the meeting and in general terms the matters to
be submitted thereat shall be given to the holders of the revenue
bonds in the following manner:
(a) Not less than fifteen days prior to the date set
for the meeting a copy of the notice shall be mailed to each
of the holders of revenue bonds registered as to principal
at the address appearing on the registration books and also
to the original purchaser or purchasers of the revenue bonds ;
(b) Notice of such meeting shall also be published
in at least two issues of a newspaper of general circulation
published in the City of Ames, Iowa, the first of each
such publications to be made not less than fifteen (15)
days prior to the date set for the meeting and the second
of such publications to be made not less than seven (7)
days nor more than ten (10) days prior to the date set
for such meeting.
At such meeting there shall be submitted to the holders of
the revenue bonds for their approval the ordinance theretofore
adopted proposing the modification, alteration or amendment.
All holders of revenue bonds for account of the public
motor vehicle parking system of the City outstanding at the
time of such meeting and secured by the Sinking Fund hereinbe-
fore created shall be entitled to vote thereat and attendance
HERRICK. LANGDON. SANDBLOM f! BELIN, LAWYERS. DES MOINES, IOWA
r
at such meeting may be in person or by proxy. Each person
seeking to attend or vote at any such meeting must, if required,
produce such proof of ownership of revenue bonds or of personal
identity as shall be satisfactory to the inspectors of votes .
Each proxy shall be signed by the holder of revenue bonds or
by his duly authorized attorney, shall identify the revenue
bonds represented thereby, and shall be witnessed , and its
genuineness, if questioned , shall be established to the satis-
faction of the inspectors of votes. The holders of revenue
bonds and the holders of proxies present shall, by a majority
vote, irrespective of the amount of revenue bonds represented
by them, select two persons from those present to act as
inspectors of votes, who shall count all votes cast at such
meeting and who shall make and file with the Fecretary of the
meeting their verified written report in duplicate of all such
votes so cast at said meeting.
The holders (or persons entitled to vote the same) of not
less than seventy-five per cent in principal amount of the revenue
bonds entitled to be voted at any such meeting must be present at
such meeting in person or by proxy in order to constitute a quorum
for the transaction of business, less than a quorum, however,
having power to adjourn.
Any such modifications, alterationsor amendments of this
ordinance, or of any rights and obligations of the City, or of
the holders of the revenue bonds in any particular, may be
approved at such meeting or at a due adjournment thereof and
held in accordance with the provisions of this section, but
only by a resolution duly adopted by the affirmative vote, in person
or by proxy, of the holders (or persons entitled to vote the same)
Of sixty per cent or more in aggregate principal amount of the
revenue bonds entitled to be represented at such meeting; provided ,
however, that no such modifications, alterations or amendments
shall be made which will (a) permit an extension of the time of
payment at maturity of the principal of or payment of the
interest on any revenue bond, or a reduction in the amount of
principal or the rate of interest thereon without written consent
of the holder thereof, or (b) reduce the percentages of holders of
revenue bonds required by the provisions of this section for the
taking of any action under this section.
A record of the proceedings of each such meeting prepared
and certified by the Secretary of the meeting and having attached
thereto an original counterpart of the report of the inspectors
HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA
of votes and affidavits or mailing and publication of the notice
of the meeting shall be filed with the City Clerk, and thereupon
without {urther . action the proposed modifications, alterations
and amendments, as aforesaid , shall become effective, but other-
wise shall be 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
thereof in conflict with the provisions of this ordinance are, to
the extent of such conflict, hereby repealed .
Section 19. That this ordinance shall be in full force and
effect immediately upo-_Z its adoption, approval and publication as
provided by law.
Adopted this 7th day of r_ September 1965
by the City Council of the City of Arles, Iowa.
C5v �F.
Mayor
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Recorded in the records of said City this 7th day
of September
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Ames, Iowa
September 14, 1965
OPINION OF TITLE
This is to certify that I have examined the various pertinent
records of Story County, Iowa, as of 4:00 o' clock P •M. ,
on September 13, , 1965 , and from such examination, to-
gether with other supporting documents, I am of the opinion that
fee simple title to the City' s off-street parking system in the
City of Ames, Iowa, is now vested. in said City free and clear of
all defects in the chain of title and of all liens and encumbrances
whatsoever, except for the lien securing an issue of Parking Lot
Revenue Bonds dated. May 1, 1956, now outstanding in the principal
amount of $10, 000 and $440, 000 Parking Lot Revenue Bonds dated.
September 1, 1965 ; that no suits at law or in equity, probate
proceedings, partition proceedings nor decrees of any character
are pending of record, in any manner affecting the property; that
no mechanic' s lien claims, judgments, decrees or liens of any
character remain unsatisfied. of record or remain a lien or
charge upon said, parking lot system; that no tax deeds, tax
sales or tax liens appear as unperfected or undischarged; that
no unpaid special assessments for local benefits appear of
record against said property; and that no Federal revenue or
tax liens or transcripts of federal judgments remaining unpaid
appear of record against said property.
Attorney
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 pro-
visions of Title XV of the Code of Iowa, as now amended, and
not under any special charter, and that said City has adopted
and is operating under the Council-Manager form of government,
but has not adopted the Commission 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 the limits of said City, 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
J. R. Castner City Manager
M. W. Jordan City Clerk
M. W. Jordan City Auditor
R. G. Alley City Treasurer
J. Edward Judge Councilman
R. G. Pasley Councilman
Ray W. Fisher Councilman
Arthur Eschbach Councilman
Donald T. Bledsoe Councilman
Councilman
WITNESS my hand and the seal of said City at Ames, Iowa,
this 10th day of September , 1965 .
City Clerk
(SEAL)
HERRICK, LANGDON, SANDBLOM 8c BELIN, LAWYERS, DES MOINES, IOWA
I M. W. J'ORDAN 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 $440, 000
( /) Parking Lot Revenue
Bonds of said municipality, to be dated September 1, 1965 ,
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 con-
sists of FIVE ( 5 ) members.
WITNESS my hand and the City seal, hereto affixed at
10th September
Ames, Iowa, this day of 1965 .
City Clerk
(SEAL)
STATE OF IOWA )
ss•
COUNTY OF STORY )
Subscribed and sworn to before me by said. M_ W. Jnrclan
loth this loth day of September 1965 .
Notary b is in and for said County
(SEAL)
HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES. IOWA
{. w G-293.•
Ames , Iowa
1965
The City Cotnicil of the City of Ames , Iowa , met on the
day of , 1965 , at o ' clock
.M. , C — , at ,
i-said City, pursuant to prior action of the Council , and to
law, for the purpose of 19-suing $440 , 000 Parking Lot Revenue Bonds
of said City, and to transact such other business as might come be-
fore said meeting.
The meeting was called to order, by the Mayor, and the roll
be 119 called, there were
Present , , Mayor, in the chair, and
the following named Councilmen:
A sent :
The Council found that notice of the proposed action of
the City Council for the issuance of $440 , 000 Parking Lot Revenue
Bonds for the purpose of paying the cost of acquiring and improv-
ing municipal parking lots for the off-street parking of motor
vehicles in and for said City had according to law, and as
directed by the Council , been published on August 16 ,
1965 , in the Ames Tribune, a legal newspaper of general circula-
tion within said ity, and that no petition setting forth objec-
tions to said proposed action has been filed in the office of the
City Clerk, and that the issuance of said bonds in the aggregate
amount as published may now be authorized by the City Council .
Councilman Bledsoe introduced an ordinance entitled:
"Ordinance No . 2092 An ordinance authorizing and providing
for the issuance ancFsecuring the payment of $440 , 000 Parking Lot
Revenue Bonds of the City of Ames , Iowa, under the provisions of
Chapter 390 of the Code of Iowa, 1962 , for the purpose of defray-
ing the cost of acquiring municipal parking lots in and for said
City" be now read by the City Clerk. The Mayor put the question
on the motion and the roll being called, the following named
Councilmen voted:
Ayes : Jud!;1e,Pasley. Esc°hhach, g1PdGsP, Pishr-r
Nays : None
Whereupon, the Mayor declared the motion duly carried and
said ordinance was read by the City Clerk and duly considered
by the Council .
HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA
It was moved by Councilman Eschbach and seconded
by Councilman isher that t e rule requiring said
ordinance to be read on tiree different days be dispensed with.
The Mayor put the question on the motion, and the roll being
called,the following named Councilmen voted:
Ayes : Judge PasleY Eschbach, Bledsoe, Fisher
Nays : None
Whereupon, the Mayor declared the motion duly carried.
It was moved by Councilman Fisher and seconded
by Councilman Bledsoe that the ordinance entitled:
"Ordinance No . An ordinance authorizing and pro-
viding for the issuance and securing the payment of $440 , 000
Parking Lot Revenue Bonds of the City of Ames , Iowa, under the
provisions of Chapter 390 of the Code of Iowa, for the purpose
of defraying the cost of acquiring municipal parking lots in and
for said City" be now put upon its final passage and adoption.
The Mayor put the question on the final passage and adoption of
said ordinance , and the roll being called, the following named
Councilmen voted:
Ayes : Judge,Pasley, Eschbach, Bledsoe, Fisher
Nays : None
Whereupon, the Mayor declared said ordinance duly adopted
and signed his approval to said ordinance .
On motion and vote the meeting adjourned.
City Clerk
- (SEAL)
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HERRICK, LANGDON, SANDBLOM & BELIN, LAWYERS, DES MOINES, IOWA