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HomeMy WebLinkAbout~Master - Providing for the Issuance of General Obligation Sewer Bonds G-1188 GBI r Ames , Iowa December 1970 The City Council of the City of Ames , in Story County, Iowa, met on the 15th day of December , 1970 , at 7 :30 o'clock _R.m. , at Council Chambers, 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 $325 ,000 General Obligation Sewer Bonds for the purpose of defraying the cost of constructing sewer improvements in the said City and providing for the levy of taxes to pay the same and for the transaction of such other business as may come before the 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, Maxw011, Fellinger, Nelson, Bell, Fisher Absent: None The Council then considered the adoption of an ordinance pro- viding for the issuance of $325 ,000 General Obligation Sewer Bonds and Councilman _Fellinger introduced an ordinance entitled: "Ordinance No. 2362 .~ An ordinance providing for the issuance of General Obligation Sewer Bonds in the sum of $325 ,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 Fellingeg and seconded by Councilman Fisher that the ordinance entitled: "Ordinance No. 2362 An ordinance providing for the issuance of General Obligation Sewer Bonds in the sum of $325 ,000 for the purpose of defraying the cost of con- structing 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: slur}Ston , ma�zwel l f Fel 1 i ncier, NPLnn, Rel l Fi clh r Nays: None Whereupon, the Mayor declared the motion duly carried and the 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 Fellinger and seconded by Councilman Fisher 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, Maxwell, Fellinaer, Nelson, Bell, Fisher Nays : None Whereupon, the Mayor declared the motion duly carried. It was moved by Councilman Fellinger and seconded by Councilman Fisher that the ordinance entitled: "Ordinance No. 2362 An ordinance providing for the issuance of General Obligation Sewer Bonds in the sum of $325 , 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 the said ordinance and the roll being called the following named Councilmen voted: Ayes : Thurston, Maxwell, Fellinger, Nelson, Bell, Fisher Nays : None Whereupon, the Mayor declared the said ordinance duly adopted and signed his approval to the said ordinance. On motion and vote the meeting adjourned. Cit Clerk (Seal) -2- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA i ORDINANCE NO. 2362 An ordinance providing for the issuance of General Obligation Sewer Bonds in the sum of $325 , 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, Iowa, is a municipal corporation under the Mayor-Council form of government, duly incor- porated, organized and existing under and by virtue of the laws and Constitution of the State of Iowa, and not under any special charter or provisions and has not adopted the Commission form of government or the Council-Manager form of government by popular election; and WHEREAS, the said City, pursuant to and in strict compliance with. all laws applicable to the said City, has lawfully ordered and contracted for constructing sewer improvements in the City, in the manner authorized by Chapter 391A of the Code of Iowa, 1966 , as amended, the cost thereof to be paid to the amount of $325 , 000 at the general expense of the said City, and it is now necessary to make definite provision relative to payment for the said construction, such provision having not yet been made; and WHEREAS, notice of hearing on the initiation of proceedings for the issuance of the said bonds has heretofore been given in manner and form as required by Section 23 . 12 of the Code of Iowa, 1966 , as amended, 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 Section 396 . 22 of the Code of Iowa, there are hereby authorized to be issued Sixty-five (65) negotiable General Obligation Sewer Bonds of the said City, numbered consecutively from One (1) to Sixty-five (65) , both inclusive, in the denomination of $5 ,000 each, said bonds to be dated the First day of November, 1970 , of which issue Bonds numbered One (1) to Five (5) , inclusive, shall bear interest from and after the date thereof until paid at the rate of Three Per Cent (3%) per annum, Bonds numbered Six (6) to Ten (10) , inclusive, shall bear interest from and after the date thereof until paid at the rate of Five Per Cent (5%) per annum, Bonds numbered Eleven (11) to Fifteen (15) , inclusive, shall bear interest from and after the date thereof until paid at the rate of Four Per Cent (4%) per annum, -3- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA Bonds numbered Sixteen (16) to Twenty (20) , inclusive, shall bear interest from and after the date thereof until paid at the rate of Three and Thirty-hundredths Per Cent (3 . 30%) per annum, Bonds numbered Twenty-one (21) to Twenty-five (25) , inclusive, shall bear interest from and after the date thereof until paid at the rate of Three and Forty-hundredths Per Cent (3 . 40%) per annum, Bonds numbered Twenty-six (26) to Thirty (30) , inclusive, shall bear interest from and after the date thereof until paid at the rate of Three and One-half Per Cent (3 1/2%) per annum, Bonds numbered Thirty-one (31) to Thirty-five (35) , inclusive, shall bear interest from and after the date thereof until paid at the rate of Three and Sixty-hundredths Per Cent (3 . 60%) per annum, Bonds numbered Thirty-six (36) to Forty-five (45) , inclusive, shall bear interest from and after the date thereof until paid at the rate of Three and Seventy-hundredths Per Cent (3 . 70%) per annum, Bonds numbered Forty-six (46) to Fifty-five (55) , inclusive, shall bear interest from and after the date thereof until paid at the rate of Three and Seven-eighths Per Cent (3 7/8%) per annum, Bonds numbered Fifty-six (56) to Sixty-five (65) , inclusive, shall bear interest from and after the date thereof until paid at the rate of Four Per Cent (4%) per annum, all of such interest being payable on the First day of May, 1971, 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 , Iowa. The said bonds shall become due and payable in their numerical order , as follows : Bonds Nos. 1 to 5 , inclusive $25 , 000 on November 1, 1972 Bonds Nos . 6 to 10 , inclusive $25 , 000 on November 1, 1973 Bonds Nos . 11 to 15 , inclusive $25 , 000 on November 1, 1974 Bonds Nos . 16 to 20 , inclusive $25 , 000 on November 1 , 1975 Bonds Nos . 21 to 25 , inclusive $25 ,000 on November 1, 1976 Bonds Nos . 26 to 30 , inclusive $25 , 000 on November 1, 1977 Bonds Nos . 31 to 35 , inclusive $25 , 000 on November 1, 1978 Bonds Nos . 36 to 45 , inclusive $50 , 000 on November 1, 1979 Bonds Nos . 46 to 55 , inclusive $50 , 000 on November 1, 1980 Bonds Nos. 56 to 65 , inclusive $50 , 000 on November 1, 1981 -4- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA t Section 2 . That each of the said bonds be subject to registra- tion 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 trans- ferred 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 : -5- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA (Form of Bond) UNITED STATES OF AMERICA State of Iowa County of Story City of Ames GENERAL OBLIGATION SEWER BOND No. $5 , 000 The City of Ames , in the State of Iowa, for value received, promises to pay to bearer, or if this bond be registered as to principal, to the registered holder hereof , Five Thousand Dollars in lawful money of the United States of America, on the First day of November, 19 , with interest on said sum from the date hereof until paid, at the rate of _ Per Cent ( o) per annum, payable on the First day of May, 1971, and semiannually thereafter on the First day of May and November in each year, upon presentation and surrender of the interest coupons hereto attached as they severally become duet 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 ordinance of the Council of the said City, duly passed, approved and published, for the purpose of defraying the cost of constructing sewer improve- ments in the said City. 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 the 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 the 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 the 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 . -6- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA 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 the 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 November, 1970 . Mayor of the City of Ames Attest: Clerk of the City of Ames (Form of Coupon) AMES, IOWA No. $ On 1, 19 , 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 November 1, 1970 , No. Clerk of the City of Ames (On the back of each bond there 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 November, 1970 . Treasurer of the City of Ames -7- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES. IOWA (Form for Registration of Ownership) Date of Name of Signature of Registration Registered Owner Cite 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 the said Clerk, by the execution of the said bonds shall adopt as and for her own proper signature her facsimile signature on the said coupons and when so executed the said bonds shall be delivered to the City Treasurer and shall be by h-im registered and delivered to the First National Bank of Chicago, the! purchaser thereof , and the sale of the said bonds to the said purchaser is hereby ratified and confirmed. 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 the said City, in addition to the levy authorized for other purposes , sufficient to pay the interest on the 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 the said City, a direct annual tax for each of the years while the 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 ten (10) consecutive years 1971 to 1980 , inclusive, (beginning with the levies of the year 1971 for collection during the year 1972 and ending with the levies of the year 1980 for collection during the year 1981) 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 1971 for collection during the year 1972 sufficient to produce the net annual sum of $49 , 475, For the year 1972 for collection during the year 1973 sufficient to produce the net annual sum of $36 ,488 , For the year 1973 for collection during the year 1974 sufficient to produce the net annual sum of $35 ,238 , -8- HERRICK, LANGDON, BELIN & HARRIS• LAWYERS. DES MOINES. IOWA For the year 1974 for collection during the year 1975 sufficient to produce the net annual sum of $34 , 238 , For the year 1975 for collection during the year 1976 sufficient to produce the net annual sum of $33 , 413 , For the year 1976 for collection during the year 1977 sufficient to produce the net annual sum of $32 , 563 , For the year 1977 for collection during the year 1978 sufficient to produce the net annual sum of $31, 688 , For the year 1978 for collection during the year 1979 sufficient to produce the net annual sum of $55 ,788 , For the year 1979 for collection during the year 1980 sufficient to produce the net annual sum of $53 , 938 , For the year 1980 for collection during the year 1981 sufficient to produce the net annual sum of $52 ,000 . 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. Section 7 . The interest falling due in 1971 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 the 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 ordinances and 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 Story County and the said Auditor shall be and he is hereby instructed in and for each of the years 1971 to 1980 , inclusive, to enter for collection and assess the tax hereby authorized. When annually entering the said taxes for collection the County Auditor shall include the same as a part of the tax levy for debt service fund purposes of the said City and when collected the proceeds of the said taxes shall be converted into the debt service fund of the 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. -9- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES. IOWA Section 11. This ordinance shall take effect and be in force from and after its passage and publication as by statute provided. Passed this 15thday of December , 1970 . ju-'La Mayor Attest: Cit Clerk (Seal) . "Phis orb nance hereby approved this 15thday of December ► 1970 . Mayor Attest: Ci y Clerk (.Seal) Recorded in the records of the City of Ames , Iowa, this 15th day of December , 1970 , and officially published on the day of 1970 . Cit Clerk (Seal) A -10- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA STATE OF IOWA 5S: COUNTY OF STORY I, Louise Whitcome , City Clerk of the City of Ames , Iowa, hereby certify that the aggregate General Obligation indebtedness of the said City payable from taxes, howsoever evidenced or incurred, does not exceed the sum of five million sixty-one thousand Dollars ($ 5,061, 000 ) . WITNESS my official signature and the seal of said City at Ames , Iowa, this 16th day of December 1970 . Ci y Clerk (Seal) rSUBSCRIBED AND SWORN to before me this 16th day of December , 1970 . NotAry Public (Seal) (Do not include the present issue of $325,000 General Obligation Sewer Bonds. ) -13- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA h STATE OF IOWA SS : COUNTY OF STORY I , Louise Whitcome, City Clerk of the City of Ames , in the County and State aforesaid, do hereby certify that the said City is organized and operating under the provisions of Title YV of the Code of Iowa, as now amended, and not under any special charter, and that the 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 the said City, the inclusion of any territory within the limits of the said City, or the incumbency in office of any of the officials hereinafter named. I further certify that the following named parties are officials of the said City as indicated: Stuart N. Smith , Mayor J. R. Castner , City Manager Louie Whitcome , City Clerk Arne E. Loven , City Finance Director Leonard Lapehn , City Treasurer John R. Thurston Councilman Joseph N. Maxwll , Councilman Etta. Lee Fellinger , 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 16th day of December 1970 . City Clerk (Seal.) -14- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA STATE OF IOWA SS; COUNTY OF STORY I, Louise Whitcome , 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 the 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 the 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 $325 , 000 General Obligation Sewer Bonds of said municipality, to be dated November 1, 1970, and that the said transcript hereto attached contains a true, correct and complete statement of all the measures adopted, and proceedings and acts and things had, done and performed up to the present time in relation to the authorization, issuance and disposition of the said bonds and that the said Council consists of six ( 6 ) members . WITNESS my hand and the City Seal hereto affixed at Ames , Iowa, this 16th day of December 1970 . Ci Clerk (Seal) STATE OF IOWA SS; COUNTY OF STORY SUBSCRIBED AND SWORN TO before me this 16th day of December , 1970 . Notar Public i (Seal) My commission expires July 4, 1972 -16- HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA