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HomeMy WebLinkAbout~Master - Providing for the Issuance of Municipal Hospital Bonds Ames , Iowa June 3 1969 The City Council of the City of Ames , Iowa, met in regular session at the Council Chamber in the City Hall in said City at7 :3O o ' clock p.M. The meeting was called to order and there were present `Stuart N. Mayor, in the chair, and the following named Councilmen: Thurston, Judge, Fellinger, Newell, LeBaron, Fisher Absent : None . The Council took up for consideration and caused to be read in full ordinance number 2297 entitled, "An Ordinance pro- viding for the issuance of $200,000 Municipal Hospital Bonds of the City of Ames , Iowa, and providing for the payment of the principal and interest of said bonds . " It was moved by Councilman Judge that the rules requiring ordinances to be read in full on three separate days be suspended and that said ordinance be now placed on its final adoption. The motion was seconded by Councilman Newell whereupon the Mayor put the question on the motion and, the roll being called, the following voted: Aye : Thurston, Judge, Fellinger, Newell, LeBaron, Fisher Nay: None . Whereupon the Mayor declared the motion duly carried and said ordinance was placed on its final adoption. Councilman Judge moved that said ordinance be adopted, seconded by Councilman Newell , and after due consideration thereof by the Council, the Mayor put the ques- tion on the motion for the passage and adoption of said ordinance and, the roll being called, the following voted: J i Aye : Thurston, Fudge, Fellinger, Newell: LeBaron, Fisher Nay : None . Whereupon the Mayor declared said ordinance duly passed and adopted and signed his approval thereto . On motion and vote the meeting adjourned. Mayor Attest : City J -2- ORDINANCE NO. 2297 AN ORDINANCE providing for the issuance of $200,000 Municipal Hospital Bonds of the City of Ames , Iowa, and providing for the payment of the principal and interest of said bonds . WHEREAS pursuant to Chapter 407 of the Code of Iowa and a proper petition signed by qualified electors of said City equal in number to more than twenty-five per cent of those voting at the then last preceding regular municipal election in and for the City of Ames , in Story County, Iowa, this City Council did, by resolu- tion duly adopted on November 12 , 1968, order that at a special municipal election to be held in said City on December 9, 19683 there be submitted to the voters the proposition of increasing the municipal hospital facilities of said City by purchasing a site and constructing an additional hospital building and contracting indebtedness for such purpose not exceeding $2,580,000 and issuing bonds for such purpose not exceeding $2 ,580,000 and levying an annual tax upon the taxable property in said City not exceeding five and one-half mills per annum for the payment of said bonds and the interest thereon; and WHEREAS notice of said election and of the submission of said proposition thereat was duly given in manner and form required by law and said election on said bond proposition was legally held and conducted on December 9 , 1968, and at said election 3100 ballots were cast on said proposition, of which 2065 votes were cast "Yes" on said proposition and 1026 votes were cast "No" on said proposi- tion and 9 ballots were cast blank or were defectively marked, and it has been and is hereby found and declared that the vote cast in favor of said proposition was equal to at least sixty per cent (60%) of the total votes cast for and against said proposition at said election and said proposition has heretofore been and is hereby declared to have been duly carried and adopted; and rJ WHEREAS none of said bonds authorized as aforesaid has been issued and it is deemed advisable at this time to provide for the issuance of said bonds in the amount of $200,000 and to provide for the payment of the principal and interest as the same will become due, reserving to the City the right to issue the remaining bonds approved at said election as and when the proceeds thereof are required for the authorized purpose; NOW, THEREFORE, Be It Ordained by the City Council of the City of Ames , Iowa, as follows : Section 1. That an indebtedness for and on behalf of the City of Ames , Iowa, in the sum of $200,000 for paying the cost, to that amount, of providing additional municipal hospital facilities in said City as referred to in the preamble hereof be contracted, and for that purpose negotiable coupon bonds of said City in that amount be issued. That said bonds be each designated as a "Municipal Hospital Bond" , be forty in number, numbered from 1 to 40, inclusive, be of the denomination of $5000 each, bear date of June 1, 1969, and become due and payable in numerical order as follows : $50,000 on November 1 , 1970, and $75,000 on November 1 of each of the years 1971 and 1972 . Section 2 . That all of said bonds shall bear interest from date thereof at the rate of Four and three-quarters per cent (4-3/4%) per annum, all of such interest being payable November 1, 1969 , and semiannually thereafter on the first days of May and November in each year until the principal thereof is paid. Section 3. That said interest to the date of maturity of the principal shall becvidenced by proper interest coupons attached to each bond and maturing on the dates herein provided; both princi- pal of said bonds and the interest thereon shall be payable in lawful money of the United States of America, at the office of the City Treasurer in the City of Ames , Iowa; that said bonds have the J -2- seal of said City affixed thereto and be signed by the Mayor and attested by the City Clerk of said City; and that the coupons attached to said bonds shall be signed and attested by said officials by their respective facsimile signatures and said officials by the execution of said bonds shall adopt as and for their own proper signatures their respective facsimile signatures appearing on the said coupons . Section 4 . That said bonds hereby authorized shall be subject to registration as to principal in the name of the holder on the books of the City Treasurer, such registration to be evidenced by notation upon the back of such bonds so registered. No bonds so registered shall be subject to transfer except upon such books and similarly noted on the back of the bond so registered , unless the last registration shall have been to bearer. Such registration of any of said bonds shall not , however, affect the negotiability of the coupons attached to said bonds , but such coupons shall continue transferable by deliverly merely. Section 5 . That said bonds and the interest coupons to be thereto attached, shall be in substantially the following form: (Form of Bond) UNITED STATES OF AMERICA STATE OF IOWA COUNTY OF STORY CITY OF AMES MUNICIPAL HOSPITAL BOND No. $5000 KNOW ALL MEN BY THESE PRESENTS : That the City of Ames , i the County of Story, State of Iowa, hereby acknowledges itself to owe and for value received hereby promises to pay to bearer, or if this bond be registered, then to the registered holder hereof, the sum of Five Thousand Dollars ($5000) on the first day of November, 19 , together with interest on said sum from the date J -3- hereof at the rate of Four and three-quarters per cent (4-3/4%) per annum, payable November 1, 1969 , and semiannually thereafter on the first days of May and November in each year until said principal sum is paid, all such interest as may accrue on and prior to the maturity hereof to be payable only upon presentation and surrender of the interest coupons hereto attached as they severally become due ; both principal hereof and interest hereon are hereby made payable in lawful money of the United States of America at the office of the City Treasurer in the City of Ames , Iowa. This bond is one of a series of bonds numbered from 1 to 40, inclusive, issued by said City for municipal hospital purposes in and for said City in all respects in compliance with Chapter 407 of the Code of Iowa, 1966, and all acts amendatory thereof and supplementary thereto, in conformity with an ordinance duly passed, approved, recorded and published, and pursuant to an election duly called, noticed and held for that purpose . It is hereby certified and recited that all acts , condi- tions , and things required by the Constitution and laws of the State of Iowa to exist , to be had or to be done precedent to and in the issuance of this bond, do exist, have happened, been done and performed in regular and due form and time as required by law; that the indebtedness of said City, including this bond, does not exceed any constitutional or statutory limitation; and that legal and sufficient provision has been made for the payment of the principal hereof and interest hereon as the same will respectively become due . This bond is subject to registration as to principal in the name of the holder upon the books of the City Treasurer of said City, such registration to be noted hereon by said Treasurer, after which no transfer hereof, except upon such books and similarly noted hereon, shall be valid unless the last registration shall have been to bearer. Registration of this bond will not affect the negotiability of the coupons hereto attached, which shall continue negotiable by delivery . merely, notwithstanding registration hereof. -4- IN WITNESS WHEREOF, the said City of Ames , by its City Council, has caused its corporate seal to be hereunto affixed, and this bond to be signed by its Mayor and attested by its City Clerk, and the coupons hereto attached to be signed and attested by said officials by their respective facsimile signatures , and said officials , by the execution hereof, do adopt as and for their own proper signatures , their respective facsimile signatures appearing on said coupons , all as of the first day of June, 1969. W Mayor Attest : ' City Clerk (Form of Coupon) No. $ On the first day of 19_, the City of Ames , Iowa, will pay to bearer Dollars ($ ) at the office of the City Treasurer, Ames, Iowa, for interest due that day on its Municipal Hospital Bond dated June 1, 1969, No. (facsimile signature) Mayor Attest : (facsimile signature) City Clerk On the back of each bond there shall also be endorsed a certificate by the City Treasurer evidencing the registration of. the issuance of the bond in substantially the following form: STATE OF IOWA ) ) SS COUNTY OF STORY ) The issuance of this bond has been duly and properly registered in my office. S City Treasurer, Ames, Iowa -5- On the back of each bond provision shall also be made for registration of ownership in the following form: Date of Name of Signature of Registration Registered Owner City Treasurer Section 6 . That said bonds be executed as herein pro- vided as soon after the adoption of this ordinance as may be, and thereupon shall be delivered to the Treasurer of said City , who shall register the fact of the issuance of same in the book provide for that purpose and shall deliver said bonds to the purchaser thereof, upon receipt of the purchase price , same to be not less than the par value of said bonds , all action heretofore taken in connection with the sale of said bonds being hereby ratified and confirmed in all respects . Section 7 . That as required by law, including Chapter 76 of the Code of Iowa, 1966, as amended, and for the purpose of providing for the levy and collection of a direct annual tax suf- ficient to pay the interest on said bonds as it falls due, and also to pay and discharge the principal thereof at maturity, there be and is hereby levied upon all of the taxable property in said City in each of the years while said bonds or any of them are outstand- ing, a tax sufficient for that purpose, and in furtherance of this provision, but not in limitation thereof, there be and there is hereby levied on all the taxable property in said City the following direct annual tax, to-wit : For the year 1969 a tax sufficient to produce the sum of $63,459 for principal and interest; For the year 1970 a tax sufficient to produce the sum of $82 ,125 for principal and interest ; For the year 1971 a tax sufficient to produce the sum of $78,563 for principal and interest ; -6- Said taxes shall be levied and assessed in addition to all other taxes , and when collected, shall be converted into a special account for the payment of principal and interest of the bonds hereby authorized and for no other purpose whatsoever. That the principal or interest coming due at any time when there are insufficient funds on hand to pay the same be promptly paid when due from current funds on hand, and reimbursement be made to such current funds in the sums thus advanced when the taxes herein provided shall have been collected. Section 8. That a certified copy of this ordinance be filed with the County Auditor of Story County and that said Auditor be and he is hereby instructed, in and for each of the years 1969 to 1971, inclusive , to enter for collection and assess the tax hereby authorized, all as required and provided by Chapter 76 of the Code of Iowa, 1966, as amended. When annually entering said taxes for collection, the County Auditor shall include the same as a part of the tax levy for debt service fund purposes of said City, and when collected, the proceeds of said taxes shall be converted into the debt service fund of said City and set aside therein as a special account to be used solely and only for the payment of the principal of and interest on the bonds hereby authorized and for no other purpose whatsoever. Section 9 . That the bonds authorized to be issued under the terms of this ordinance , in the amount of $200 ,000, are part of the bonds in the aggregate amount of $2 ,580,000 approved for issu- ance at the election held in said City on December 9, 1968, as referred to in the preamble hereof, and the City Council of said City hereby declares its intention and reserves the right to issue the remaining bonds approved at said election, in the amount of $2,380,000 , as and when the proceeds thereof are required for the purpose authorized. J -7- Section 10. That all ordinances , resolutions and orders or parts thereof in conflict herewith be and the same are hereby repealed. Passed and approved June 3 1969 . Mayor Attest : City Clerk Recorded June 4 , 1969 . Published June 9 , 1969 . City -8- (Attach here clipping of bond ordinance as published and publisher' s affidavit ) 1 r I , Louise Whitcome , being first duly sworn, do hereby depose and certify that I am the duly appointed, qualified and acting City Clerk of the City of Ames , in the County of Story, State of Iowa, and that as such I have in my possession, or have access to, the complete corporate records of said City 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 and issuance of $200,000 Municipal Hospital Bonds of said City to be dated June 1, 1969 , 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 and issuance of the said bonds. WITNESS my hand and the corporate seal of said City hereto affixed at Ames, Iowa, this 6th day of June , 1969 . City Clerk (SEAL) STATE OF IOWA ) SS COUNTY OF STORY ) Subscribed and sworn to before me this day, the date last above written. Notary Public My commission expires : July 4, 1969 LAX. 1 ab