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HomeMy WebLinkAbout~Master - Providing for the Issuance of General Obligation Sewer Bonds for Improvements GBI G-1106 Ames, Iowa March 24 1970 The City Council of the City of Ames, in Story County, State of Iowa, met on the 24th day of March. , 1570 , at 7:30 o`clock P .M. , at the Council.0 ambers, City Hall , ',Ames, Iowa, pursuant . to prior action of the Council and to law, .for the purpose of instituting proceedings and taking action for the issuance of $130 ,000 General Obligation Sewer Bonds for the purpose of defraying the cost of constructing sewer improvements in said City, and providing for the levy of taxes to pay the same, and for the transaction of such other business as might come before said meeting. The meeting was called to order by the Mayor and the roll being called, there were Present, Stuart N. Smith , Mayor, in the chair, and the following named Councilmen: Thurston, Fellinger, Nelson, Bell, Fisher Absent: Maxwell The Council then considered the adoption of an ordinance providing for the issuance of $130,000 General Obligation' Sewer Bonds and Councilman Fellinger _ introduced an ordinance entitled: ItOrdinance No. 12331 An ordinance providing for the issuance of General Obligation Sewer Bonds in the sum of $130 ,000 for the purpose of defraying the cost of constructing sewer improvements in the City of Ames, Iowa, and providing for the levy of taxes to pay the same. " It was moved by Councilman Fellinger and seconded by Councilman Nelson . . that the ordinance entitled: "Ordinance No. 2331 An ordinance providing for the issuance of General Obligation Sewer Bonds in the sum of $130 ,000 for the purpose of defraying the cost of constructing sewer improvements in the City of Ames, Iowa, and providing for the levy of taxes to pay the same", 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 : Thurston, Fellinger, Nelson, Bell, Fisher 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. -1- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA .It was moved by Councilman Fisher and seconded by Councilman Bell that the rule requiring said ordinance to be read on three different days be dispensed with. The Mayor put `the question on the motion and the roll being called, the following named Councilmen voted: Ayes: Thurston, Fellinger, Nelson," Bell, Fisher Nays : None . Whereupon, the Mayor declared the motion duly carried. It was moved by Councilman Fisher and seconded by Councilman Nelson that the ordinance entitled: "Ordinance No. - An ordinance providing for the issuance of General Obligation Sewer Bonds in the sum of $130 ,000 for the purpose of defraying the cost of constructing sewer improvements in the City of Ames , Iowa, and providing for the levy of taxes to pay the same" , 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 : Thurston Fellinge,_ Nelson, Nays : None Whereupon, the Mayor declared said ordinance duly adopted and signed his approval to said ordinance. On motion and vote the meeting adjourned. Ci7 Clerk (SEAL) -2- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA ORDINANCE NO. 2331 An ordinance providing for the issuance of General Obligation Sewer Bonds in the sum of $130,000 for the purpose of defraying the cost of constructing sewer improvements in the City of Ames, Iowa, and providing for the levy of taxes to pay the same. WHEREAS, the City of Ames, in Story County, State of Iowa, is a municipal corporation, operating under the Mayor-Council form of government with a City Manager appointed pursuant to ordinance, duly incorporated, organized and existing under and by virtue of the laws and Constitution of the State of Iowa, and not under any special charter, and has not adopted the Commission form of government; and WHEREAS , said City, pursuant to and in strict compliance with all laws applicable to said City, has lawfully ordered and contracted for constructing sewer improvements in said City, in the manner authorized by Chapter 391 of the Code of Iowa, the cost thereof to be paid to the amount of $130 ,000 at the general expense of said City, and it is now necessary to make definite provision relative to payment for said construction, such provision having not yet been made; and WHEREAS, notice of hearing on the initiation of proceedings for the issuance of said bonds has heretofore been given in manner and form as required by Section 23.12 of the Code of Iowa, and no petition nor protest has been filed; now, therefore, IT IS ORDAINED by the City Council of the City of Ames, Iowa, as follows : Section 1. That in-pursuance of Sectiion, 396.22 of the Code of Iowa, there are hereby authorized to be issued Twenty-six (26) negotiable General Obligation Sewer Bonds of said City, numbered consecutively from One (1) to Twenty-six (26) , both inclusive, in the denomination of $5 ,000 each, said bonds to be dated the, First day of March, 1970 , ,of which issue Bonds numbered One and Two shall bear interest from and after the date thereof until paid at the rate of Five and One Hundred Twenty-five Thousandths Per Cent (5,125%) per annum; Bonds numbered Three (3) to Five (5.) , inclusive, shall bear interest from and after the date thereof until paid at the rate of Six Per Cent (6 a) per annum; Bonds numbered Six (6) to Seventeen (1.7) , inclusive, shall bear interest from and after the date thereof until paid at the rate of Four and Ninety Hundredths Per Cent (4.90�) per annum; Bonds numbered Eighteen (18) to Twenty (20) , inclusive, shall bear interest from and after the. date thereof until paid at the rate of Five Per Cent (5%). per annum; -3- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA Bonds numbered Twenty-one ( 21 ) to Twenty-three ( 23 ) , both inclusive, shall bear interest from and after the date thereof until paid at the rate of Five and Ten Hundredths Per Cent ( 5. 10 0) per annum; Bonds numbered Twenty-four, ( 24 ) to Twenty-six ( 26 ) , both inclusive, shall bear interest from and after the date thereof until paid at the rate of Five and Twenty Hundredths Per Cent ( 5 .20 %) per annum, all of such interest being payable on the First day of November, 1970 , and semiannually thereafter on the First day of May and November in each year, such interest to be evidenced by negotiable coupons attached to each bond; `; both principal and interest payable in lawful money of the United States of".- America, at the office of the City Treasurer, in the City of Ames , State of Iowa. Said bonds shall become due and payable in their numerical order as follows : Bonds Nos . 1 and 2 $10 ,000 on November 1, 1971 Bonds Nos. 3 to 5 , inc. $15 ,000 on November 1, 1972 Bonds Nos, 6 to 8, inc. $15,000 on November 1, 1973 Bonds Nos. 9 to 11, inc. $15,000 on November 1, 1974 Bonds Nos . 12 to 14 , inc. $15 ,000 on November 1, 1975 Bonds Nos . 15 to 17, inc. $15 ,000 on November 1, 1976 Bonds Nos . 18 to 20, inc. $15,000 on November 1, 1977 Bonds Nos. 21 to 23, inc. $15,000 on November 1, 1978 Bonds Nos . 24 to 26 , inc. $15,000 on November 1, 1979 Section 2. That each of said bonds be subject to registration as to principal in the name of the holder on the books of the City Treasurer, such registration being noted upon each bond so registered and after such registration payment of the principal thereof shall be made only to the registered holder. Any bond so registered, upon the request in writing of such holder personally or by attorney-in-fact, may be transferred either to a designated transferee or to bearer, and the principal of any bond so transferred and registered to bearer shall thereupon be and become payable to bearer in like manner as if such bond had never been registered. Registration of any bonds as to principal shall not restrain the negotiability of the coupons thereto attached by delivery merely. Section 3. The General Obligation Sewer Bonds hereby authorized shall be in form substantially as follows : -4 HERRICK, LANGDON, BELIN & HARRIS, LAWY�RS, DES MOINES, IOWA i (Form of Bond) UNITED STATES OF AMEAICA STATE OF IOWA COUNTY OF STORY , CITY OF AMES GENERAL OBLIGATION SEWER BOND No. $5,000 The City of Ames, in the State of Iows, for value received, promises to pay to bearer, or if this bond be registered as to principal, to the registered holder hereof, Five Thousand Dollars ($5,000) in lawful money of the United States of America, on the First clay of November, 197 , with interest on said sum from the date hereof until paid, at the rate of Per Cent ( %) per annum, payable on the First day of November, 1970 , and semiannually thereafter on the First day of May and November in each year, upon presentation and; surrender of the interest cou- pons hereto attached as they severally become due; both principal and interest payable at the office of the City Treasurer, in the City of Ames, State of Iowa. This bond is issued by the City of Ames;, pursuant to and in strict compliance with the provisions of Chapters 23, 76 and Section 396 .22 of the Code of Iowa, and in conformity with an ordilnance of the Council of said City, duly passed, approved and published, Or the purpose of defraying the cost of constructing sewer improvements in said City. i This bond is subject to registration as to principal, in the name of the holder on the books of the City Treasurer of said City, such registration to be evidenced by notation of said Treasurer on the back hereof, ,and after such registration no transfer hereof, except upon such books and similarly noted hereon, shall be valid unless the last registration shall have been to bearer. Registration hereof shall not affect the negotiability of the coupons hereto attached, which shall, continue negotiable by delivery merely. And It Is Hereby Certified and Recited: That all acts, conditions and things required by the laws and Constitution of the State of Iowa, to exist, to be had, to be done or to be performed precedent to and in the issue of this bond, were and have been properly existent, had, done and performed in regular and due form and time; that provision has been made for the levy of a sufficient continuing annual tax on all the taxable property within said City for the payment of the principal and interest of this bond as the same will respectively become due; that the faith, credit, revenues and resources and all the real and personal property of said City are irrevocably pledged for the prompt payment hereof, both principal and interest; and that the total indebtedness of said City, including this bond, does not exceed any constitutional or statutory limitations . IN TESTIMONY WHEREOF, said City, 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 said City Clerk, which official by the execution of this bond does adopt as and for her own proper signature her facsimile signature appearing on said coupons, all the First day of March, 1970 .. Attest: Mayor of the City of Ames Clerk of the City of Ames -5- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA (Form of Coupon) AMES, IOWA No. On 1, 197 , the Treasurer of the City of Ames , Iowa, will pay to Bearer Dollars, at the office of the City Treasurer, Ames, Iowa, for semiannual interest then due on its General Obligation Sewer Bond, dated March 1, 1970 , No. Clerk of the City of Ames (On the back of each bond shall be endorsed the certificate of the City Treasurer in the following form:) STATE OF IOWA ) COUNTY OF STORY ) SS: CITY TREASURER'S CERTIFICATE CITY OF AMES This bond duly and properly registered in my office as of the First day of March, 1970 .. Treasurer of the City of Ames (Form for Registration of Ownership) Date of Signature of Registration Name of Registered Owner City Treasurer Section 4. The bonds hereby authorized shall each be signed by the Mayor and attested by the City Clerk with the seal of the City affixed, and the interest coupons thereto attached shall each be executed with the signature of the City Clerk or facsimile thereof, and said Clerk, by the execution of said bonds, shall adopt as and for her own proper signature her facsimile signature on said coupons, and when so executed, said bonds shall be delivered to the City Treasurer and shall be by him registered and delivered to Continental Illinois National Bank and Trust Company of Chicago Illinois , the purchaser thereof, and the sale of said bonds to said purchaser is hereby ratified and confirmed. -6- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA Section 5. That as required by Section 76.2 of the Code of Iowa, and in order to provide for the assessment and collection of an annual levy upon all the taxable property in said City, in addition to the levy authorized for other purposes, sufficient to pay the interest on said bonds as it falls due, and also to pay and discharge the principal as the same matures , there shall be and there is hereby authorized and levied upon all the taxable property within said City, a direct annual tax for each of the years while said bonds or any of them are outstanding in amounts sufficient for that purpose and in particular but not in limitation of the foregoing, the amounts levied during the respective years for such purpose shall be as follows: A direct annual tax upon all the taxable property within said City for each of the Nine (9) consecutive years, ,1970 to 1978 , both inclusive, (beginning with the levies of the year 1970 for collection during the year 1971 and ending with the levies of the year 1978 for collection during the year 1979) sufficient to produce the following net annual sums for the respective years for interest and principal as the same mature and to create sinking funds for that purpose as follows: For the year 1970 for collection during the year 1971 sufficient to produce the net annual sum of $21,080 ; For the year 1971 for collection during the year 1972 sufficient to produce the net annual sum Of $21,135; For the year 1972 for collection during the year 1973 sufficient to produce the net annual sum of $20 ,235; For the year 1973 for collection during the year 1974 sufficient to produce the net annual sum of $19 ,500 ; For the year 1974 for collection during the year 1975 sufficient to produce the net annual sum of $18,765; For the year 1975 for collection during the year 1976 sufficient to produce the net annual sum of $18 ,030; For the year 1976 for collection during the year 1977 sufficient to produce the net annual sum of $17 ,295; For the year 1977 for collection during the year 1978 sufficient to produce the net annual sum of $16 ,545; For the year 1978 for collection during the year 1979 sufficient to produce the net annual sum of $15 ,780.. Section 6. The City Clerk shall annually in due time, manner and season, certify to the County Auditor the taxes herein provided for in addition to levies authorized for other purposes and without condition as to various amounts as herein provided being included in the annual certification of taxes; ,the County Auditor shall annually enter said respective amounts for collection and the moneys arising from such tax levies shall be used for the payment of said bonds and the interest thereon and for no other purpose whatever. -7- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA Section 7 . The interest falling due in, 1970 and the interest or principal and both of them falling due in any subsequent year or years , shall, if necessary, be paid promptly from current funds on hand in advance of taxes levied, and when said taxes shall have been collected, reimbursement shall be made to such current funds in the sum thus advanced. Section 8 . This ordinance shall be irrepealable until all the aforesaid bonds, both principal and interest, are fully paid and discharged. Section 9 ., All ordinancesand resolutions or parts thereof in conflict herewith be and the same are hereby repealed. Section 10 .. A certified copy of this ordinance shall be filed with the County 'Auditor of said County of Story and said Auditor shall be and he is hereby instructed in and for each of the years 1970 to 1978, inclusive, to enter for collection and assess the tax hereby authorized. When annually entering, said taxes for collection the County Auditor shall include the same as a part of the tax levy for debt service fund purposes of said City, and when collected, the proceeds of the said taxes shall be converted into the debt service fund of said City, .and set aside therein as a special account and sinking fund to be used solely and only for the payment of the principal and interest of the bonds hereby authorized and for no other purpose whatsoever. Section 11. This ordinance shall take effect and be in force from and after its passage and publication as by statute provided. Passed this 24th day of March , ,1970 Mayor Attest: Cityf Clerk (SEAL) -8- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA This ordinance hereby approved this 24th day of March , 1970 . Mayor Attest: City Clerk (SEAL) Recorded in the, records of said City this 25th day of March , 1970 , and officially published on the day of 1970. 000 Cit Clerk -9- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA STATE OF IOWA 1 SS: COUNTY OF STORY ) I, Louise Whitcome , Clerk of the City of Ames, in the County and State aforesaid, do hereby certify that the aggregate General Obligation indebtedness of said City payable from taxes, howsoever evidenced or incurred, does not exceed the sum of five million eight thousand Dollars ($5.008',000.00 ? WITNESS my official signature and the seal of said City at Ames, Iowa, this 26th day of March 1970. r City 'Clerk (SEAL) *Do not include the present issue of $130,000 General Obligation Sewer Bonds. Subscribed and sworn to before me this 26th day of March 1970. Notary Public in ffnd for said County My commission expires: July 4, 1972 (SEAL) -12- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA STATE. OF IOWA j SS : COUNTY OF STORY � I, Louise Whitcome , Clerk of the City of Ames, -in the County and State aforesaid, do hereby certify that the said City is organized and operating under the provisions of Title XV of the Code of Iowa, as now amended, and not under any special charter, and that said City has not adopted and is not operating under the Commission form of government but is organized and operating under the Mayor-Council form of government with a City Manager appointed pursuant to ordinance; 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: 'Stuart N. SmtY Mayor J. R. Castner City Manager Louise Whitcome , City Clerk Arne Loven , City Finance Director E. Lee Fellinger , Councilman John R. Thurston , Councilman Joseph N. Maxwell , Councilman Donald 'E. Nelson , Councilman Howard Bell , Councilman Ray W. Fisher , Councilman Witness my hand and the seal of said City at Ames , Iowa, this 26th day of March 1970 . (SEAL) -13- ('1}V er]� HERRICK, LANGDON, BELIN & HARRIS. L1�CWhERSC EH MOINES, IOWA I � Louise Whitcomb , 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 $130 ,000 5. 1259, 6% . 4, 90% , 5%, 5. 10% 'and 5. 20 a General Obligation Sewer Bonds of said municipality, to be dated March 1, 1970 , and that said transcript hereto attached contains a true, correct, and complete statement of all the measures adopted, and proceedings, acts and things had, done and performed up to the present time in relation to the authorization, issuance and disposition of said bonds; and that the said Council consists of sir ( 6 ) members. I further certify that in accordance with the requirements of Chapter 98 of the Laws of the 62nd General Assembly, all meetings referred to in the foregoing transcript were open; to the public and advance public notice of the time and place of such meetings was given by notifying the communications media or otherwise providing reasonable notice to the public. WITNESS my hand .and the City Seal hereto affixed at Ames , Iowa, this 26th day of March 1970.. Citj Clerk (SEAL) STATE OF IOWA SS: COUNTY OF STORY Subscribed and sworn to before me by said Louise Whitcomb this 26th day of March 1970 . Ae. Notary public in nd for ffaid County My commission expires: July 4, 1972 (SEAL) _15- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA