HomeMy WebLinkAbout~Master - Providing for the Issuance of Parking Lot Revenue Bonds STATE aF IOtvF.
COUN CRY
_.,,.. v. .., . _.
T , the unders gn . ':, ouii Y recorder of the County and rtate ��
aforesaid , do hereby certify that on the day ofrL
1971 , the City Clerk of the City of Ares , in Story County, Iowa`
filed fin. ,m office a certified cony of an Ordinance entitled: "Ord'
inanre No. ; 2374 n.n ordinance authori.zincr and providing for
issuance and securing the payment of $100 ,000 Parking Lot Revenue
R,onds of the City of Ares , Iowa, under the provisions of Chapter 390
of the Coda of Iowa, for the purpose of defraying the cost of acquiring
i rr,unicipa1 parking lots in and for said City" , shown to have been
adopted by the City Council of said City on the -7th ^ day of September
1971 , and approved by the Mayor thereof on the 7th day
of September 1971 , and that said Ordinance has been duly recorded
in Book �a� � Page _..._. _► of the
_._.. ems.. '
Records in rry of Tice .
WITNESS my official signature this day of ��� _______ •
1971.
l4 �
County Recorder ,a s: ". ;ior:ibacher
_n
HERRICK, LANGDON, BELIN & HARRIS, LAWYERS. DES MOINES, IOWA
INST. NO...............Ott 4Q,�
..............................r
// STORY COUNTY, IOW,
BOOK--- PAGE_. J`��.e FILED FOR RECORD
Fee 38.50 a.W90 CT - 41971 -ter;
ELLA1. iiiY' CszTe !E
ORDINANCE NO. 2374
An Ordinance authorizing and providing for
, the issuance and securing the payment of
$100 ,000 Parking Lot Revenue Bonds of the
City of Ames , Iowa, under the provisions of
Chapter 390 of the Code of Iowa, for the pur-
pose of defraying the cost of acquiring municipal
parking lots in and for said City.
WHEREAS , following a public hearing on August 3 , 1965 , conducted
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, had heretofore determined that public convenience and
necessity would be served by the establishment and acquisition of
certain parking lots or other off-street parking areas for the parking
of vehicles in said City as hereinafter described; and
WHEREAS , in furtherance thereof it had been determined that it
was 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 gain . Thence southerly along the west line of
Kellogg Avenue 137 . 2 feet to a point 3S 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
565 . 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
IVest 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 50 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 ;:o . 1 as r,oasurod
along the east line of Clark Avenue produced from the north and
said point being 2 , 3 feet southerly from the 50 feet clearance
point northerly from the center line of the present West Bound
Main and saiO. point being 192 . 3 feet southerly from the south
line of Onondago or Main Street as measured along the east line
-3-
jjj2{2P
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 Blain 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 Nest
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 'lain 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 th0 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 50 feet clearance
point northerly from the center line of the present Nest 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 6S . 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 decree 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 3S3 .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.
BOOK---I_A____PAGE_�,��..e
—4—
HERRIGK, LANGDON, DELIN & FfAF�RIS. LAWYERS, DES MOINES. IOW4
4
BOOK.._l1.b-----PAGE_3�_5 :00
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 southwest.er .y parallel to and 35 feet clear
northerly from the center line of the proposed East
Bound Main to the West lire 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 maintained and operated by said City in order that motor
vehicular traffic congestion upon the streets of said City be alle-
viated 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. 2092 , adopted on the 7th
day of September , 1965 , this City did issue $440 ,000 of Parking Lot
Revenue Bonds , dated September 1 , 1965 , of which original issue there
remains outstanding and unpaid $370 ,000 face value , payable $15 ,000
on the First day of January in 1972 and 1973 , $20 ,000 on the First
day of January in each of the years 1974 through 1979 , inclusive ,
$25 ,000 on the First day of January in each of the years 1980 to 1983 ,
inclusive , and $30 , 000 on the First day of January in each of the _years
1984 through 1987 , inclusive , said Ordinance No. 2092 having provided
for the issuance of additional bonds ranking on a parity therewith to
the extent of $100 , 000 to complete the acquisition of such parking lots
and facilities , and all of the terms and conditions contained in said
ordinance permitting the issuance of additional bonds ranking on a
parity having been met as required by Section 14 of said Ordinance No.
2092 ; and
WHEREAS , the cost of completing the acquisition of said parking
lots first above described exceeds the sum of $540 ,000 and it is neces-
sary that additional revenue bonds of said City to the amount of $100 ,000
be issued as authorized under the provisions of Section 390 . 9 of the
Code of Iowa, and Section 14 of the aforementioned Ordinance No. 2092 ,
to pay said cost ; and
WHEREAS , a notice of the intention of the Council of said City
to take action for the issuance of $100 ,000 Parking Lot Revenue Ponds
of said City has heretofore been given in the manner and form required
-5-
HERRICK. LANGDON. BELIN a- HARRIS. LANNN LRS. DES MOINES, IOWA
by Section 23. 12 of the Code of Iowa and no petition nor protest has
been filed and no petition has been filed in the office of the City
Clerk asking that the proposition of issuing said bonds be submitted
to the voters of said City; and
WHEREAS , it is the desire and intent that 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 the purpose of defraying the cost of
completing the acquisition of the 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 $100 ,000 , each of which shall be known and
designated as a "Parking Lot Revenue Bond Series 1971" , bearing date
of July 1 , 1971 , numbered 1 to 20 , inclusive , of the denomination of
$5 ,000 each , of which issue bonds numbered 1 to 20 , inclusive , shall
bear interest at the rate of Five and One-half Per Cent (5 1/20) per
annum, such interest to be payable January 1 , 1972 , and semiannually
thereafter on the first day 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 , 1972
Bonds Nos . 3 and 4 $10 ,000 on January 1 , 1973
Bond No. 5 $ 5 , 000 on January 1 , 1974
Bond No. 6 $ 5 ,000 on January 1 , 1975
Bond No. 7 $ 5 , 000 on January 1 , 1976
Bond No. 8 $ 5 ,000 on January 1 , 1977
Bonds Nos . 9 and 10 $10 ,000 on January 1, 1978
Bonds Nos . 11 and 12 $10 ,000 on January 1, 1979
Bond No. 13 $ 5 ,000 on January 1 , 1980
Bond No. 14 $ 5 ,000 on January 1 , 1981
Bonds Nos . 15 and 16 $10 ,000 on January 1 , 1982
Bonds Nos . 17 and 18 $10 ,000 on January 1 , 1983
Bond No. 19 $ 5 ,000 on January 1 , 1984
Bond No. 20 $ 5 ,000 on January. 1 , 1985
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
BOOK.-1 L&----PAGE��A3r...
-6-
HERRICK. LANGDON. BF_LIN & HARRIS. LAWYERS. DES MOINES, IOWA
BOOK...JU�v___PAGE_Sr__.���....
to the City to reserve the right and option to prepay and redeem
bonds numbered 15 to 20 , inclusive , maturing on and after January 1 ,
1982 , 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 ,
1981 . In the event any of said bonds are to be so prepaid and re-
deemed, as aforesaid, 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.
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 $340 ,000 , dated
September 1 , 1965 , and also together with any additional bonds ranking
on a parity therewith that may be issued and outstanding under the
conditions and restrictions hereinafter set forth shall be payable
solely from the bond and interest redemption sinking fund herein-
after created, and shall be a valid claim of the holder thereof only
against said fund, and none of said bonds shall be a general obliga-
tion 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 prin-
cipal 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.
Section 2 . That said bonds and coupons shall be in substantially
the following form:
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HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF IOWA
COUNTY OF STORY
CITY OF AMES
PARKING LOT REVENUE BOND
SERIES 1971
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 Five and One-half Per Cent (5 1/20) per annum, payable Jan-
uary 1 , 1972 , and semiannually thereafter on the first day of
January and July 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 applicable 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 pay-
able 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 20 , inclusive , issued by said City pursuant to the pro-
visions of Chapter 390 of the Code of Iowa, 1971 , 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 7th day of September , 1971 , and published as re-
quired by law, for the purpose of defraying the cost of acquiring
additional. public motor vehicle parking lots and is not a general
obligation of said City , but this bond and the series of which it
forms a part , together with previously issued and outstanding 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 interest solely and
only out of future net revenuer derived from the operation of the
municipal parking lots of the City of Ames , Iowa, and from the street-
line 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 pay-
able 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.
BOOK..I _____PAGE �5"..
-s-
HERRICK, LANGDON. SELIN & HARRIS. LAWYERS. DES MOINES. IOWA
e`
BOOK.1&,e__..PAGES31--
Said City of Ames hereby reserves the right and option to prepay
and redeem bonds of this issue number 15 to 20 , inclusive , maturing
on and after January 1 , 1982 , 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 , 1981 . In the event any of said bonds are called
for 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.
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 prosumed to forego and renounce his and
their equities in favor of subsequent holders for value without
notice , and to agree that this revenue 'pond 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.
-9-
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 July , 1971 .
Mayor
Attest :
City Clerk
(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 Series 1971 dated July 1 , 1971 , Numbered
City Clerk
On the back of each bond there shall be printed the certificate
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 July , 1971.
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
BOOK....j.1A----PAGE.-:� ._.
-10-
HERRICK. LANGDON, BELIN & HARRIS. LAWYERS. DES MOINES, IOWA
BOOK___ -----PAGE
Section 3 . That said revenue bonds shall be registerable as
to principal in accordance with the provisions for registration
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 completing the acquisition
of 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. 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 authorized
and thereafter so long as any of said bonds or the previously issued
and outstanding bonds in the remaining principal amount of $370 ,000
dated the First day of September, 1965 , or any additional bonds ranking
on a parity therewith are outstanding the system of public motor
vehicle parking lots and on-street parking meters of said City , to-
gether 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
-11-
HERRICK, LANGDON. BELIN & HARRIS. LAWYERS. DES MOINES, IOWA
L
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 .
Section 7 . That the provisions , covenants , undertakings and
stipulations for the operation of the system of public motor vehicle
parking lots and on-street parking meters of said City and for the
collection , application and use of the revenues and income from such
operation , as set forth in the ordinance adopted by the City Council
of said City on September 7 , 1965 , and pursuant to which the outstand-
ing Parking Lot Revenue Bonds of said City dated September 1 , 1965 ,
were issued, shall inure and appertain to the bonds hereby authorized
to the same extent and with like force and effect as if herein set out
in full , except only insofar as same may be consistent with this
ordinance . The provisions heretofore made for the creation and main-
tenance of the "Parking, Lot Revenue Bond Sinking Fund" (hereinafter
sometimes referred to as the "Sinking Fund") and for the monthly pay-
ment into said fund from the aggregate of the net off-street parking
revenues and the net on-street parking revenues of such portion thereof
as will be sufficient to pay the interest upon and principal of the
outstanding Parking Lot Revenue Bonds , dated September 1, 1965 , are
all hereby ratified and confirmed, and all such provisions shall
insure and constitute the security for the payment of the interest on
and the principal of the Parking Lot Revenue Bonds , Series 1971 , hereby
authorized as may from time to time be outstanding; providing , however,
that the amounts to be annually set aside and paid into said Sinking
Fund in equal monthly installments shall be sufficient to pay the
interest and principal due in each year , not only of the bonds issued
and outstanding under the provisions of said ordinance adopted September
7 , 1965 , but also the interest on and the principal of the Parking Lot
Revenue Bonds , Series 1971 , issued pursuant to this ordinance as from
time to time outstanding. In addition to the payments required to be
made into said Sinking Fund under the provisions of Section 6 of said
ordinance adopted September 7 , 1965 , and in order to pay maturing in-
stallments of principal of and interest on said Parking Lot Revenue Bonds ,
BOOK..11 ----PAGE_3-.1j.o
-12-
HERRICK. LANGDON. BELIN & HARRIS, LAWYERS, DES MOINES, IOWA
_PAGES�.Q..
Series 1971 , it is hereby determined that additional payments shall be
made each month into said Sinking Fund from the aggregate of the net
off-street parking revenues and the net on-street parking revenues
and that the minimum amount to be so set aside into said Sinking Fund
during the periods of twelve months preceding January 1 of each year
for said additional bonds shall be not less than as follows :
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 maturingin such year; pro-
vided, 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
Parking Lot Revenue Bonds dated September 1 , 1965 , and the bonds
herein authorized and any additional parity bonds hereinafter permitted
to be issued.
Section 8 . The provisions made in and by Section 7 of the ordinance
adopted by the Citv' Council of said City on September 7 , 1965 , and
pursuant to which the outstanding Parking Lot Revenue Bonds of said
City were issued, whereby there has been created and is to be main-
tained a "Bond Reserve Fund" are all hereby ratified and confirmed,
and all such provisions shall insure and constitute the security for
the payment of the interest on and principal of the Parking Lot Revenue
Bonds , Series 1971 , hereby authorized and bonds ranking on a parity
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HERRICK. LANGDON. BELIN & HARRIS. LAWYERS. DES MOINES. IOWA
therewith , and as provided in said ordinance , there shall be set
apart and paid into said "Bond Reserve Fund" 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 tha "Parking Lot Rev-
enue 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 . 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 succeeding fiscal year for both principal
of and interest on the then outstanding 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 redemption price or shall be used to call and
redeem such bonds as may be then subject to redemption prior to
maturity.
Section 9 . The provisions made in and by Section 8 of the
ordinance adopted by the City Council of said City on September 7 ,
1965 , and pursuant to which the outstanding Parking Lot Revenue Bonds
of said City were issued , whereby there has been created and is to
be maintained a "Renewal and Improvement Fund" are all hereby ratified
and confirmed, and as provided in said ordinance there shall be set
apart and paid into such fund 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
BOOK---l �-----PAGE-3r4l------
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HERRICK, LANGDON. BELIN & HARRIS. LAWYERS. DES MOINES, IOWA
a
BOOK--- -----PAGE, 2-..
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 whenever any deficiency may
exist in said Fund. Any balance in excess of $100 ,000 which may
be accumulated in said Renewal and Improvement Fund may be trans-
ferred to the Surplus Fund hereinafter created.
Section 10 . The provisions made in and by Section 9 of the
ordinance adopted by the City Council of said City on September 7 ,
1965 , and pursuant to which the outstanding Parking Lot Revenue Bonds
of said City were issued , whereby there has been created and is to
be maintained a "Surplus Fund" are all hereby ratified and confirmed,
and as provided in said ordinance there shall be set apart and paid
into said "Surplus Fund" 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 there-
with, 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 11. 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 the amount insured by F.D. I .C.
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 12 . 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.
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HERRICK, LANGDON. BELIN & HARRIS. LAWYERS, DES MOINES, IOWA
i
Said City agrees that so long as any of the bonds hereby author-
ized remain outstanding it will keep proper books of record and
account , separate from all other municipal records and accounts ,
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 in-
spect the system and all records , accounts and data of the City re-
lating 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 the amount of operation and maintenance ex-
penses 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 13 . 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 Citv 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 dispose 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
BOOK1 I.......PAGL5 1-
-16-
HERRICK, LANGDON, BELIN & HARRIS, LAWYERS. DES MOINES, IOWA
�'_) GE
be credited to the Renewal and Improvement Fund as an additional
credit thereto. Nothing contained in this ordinance shall be con-
strued 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 , 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 provided.
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 of-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 ire 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 thercwit--) or the prom-clt 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 s.ibstitution or changes in
the location of on-street parkJ.ng i.ieters in order to provide
essential and necessary traffic regulation and control .
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HERRICK. LANGDON. DEL-IN & HARMS, LA:'VYERS. DES MOINES. IOWA
Section 14 . 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 15 . 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 provisions of this ordinance , regard-
less 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 additional 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) refund any revenue bonds issued for account of the parking system
or (2) 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 additions ,
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 investigations 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 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.
BOOi{..T -------PAGL .4 fir----
. -ls-
HERRICK, LANGDON, BELIN & HARRIS, LAWYERS, DES MOINES, IOWA
ROOK---� - .....PAGE_J%.e.
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 16 . 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 insurance shall be classified and paid
as an expense of operation and maintenance .
Section 17 . 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 therr,on 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 pro-
viding therein that said ordinance shall not become effective unless
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HERRICK. LANGDON, BELIN & HARRIS, LAWYERS. DES MOINES. IOWA
3
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 sub-
mitted 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 hereinbefore created shall
be entitled to vote thereat and attendance 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 satisfaction
. 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
Secretary 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 co
adjourn.
r
GGut.I-1 --------PAGEAI..
-a0-
HERRICK. LANGDON, BELIN & HARRIS, LAWYERS. DES MOINES. IOWA
BOOK._1_I_4-----PAGE_f
Any such modifications , alterations or 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 mod-
ifications , 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 of votes and
affidavits of mailing and publication of the notice of the meeting
shall be filed with the City Clerk , and thereupon without further
action the proposed modifications , alterations and amendments , as
aforesaid, shall become effective , but otherwise shall be null and void.
Section 18 . 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 19 . 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 20 . That this ordinance shall be in full force and effect
immediately upon its adoption , approval and publication as provided by
law.
Adopted this 7th day of September , 1971 , by the City Council
of the City of Ames , Iowa.
Mayor
Attest:
0.2
Cit Clerk
(SEAL)
r
_'tip •.• Y' .'l���p` j'� Y;.
R��&e'd t, e records of said City this 9th day of September
Clerk
c
—21—
HERRICK, LANGDON, BELIN & HARRIS, LAWYERS. DES MOINES, IOWA
INSTR. NO. FILED R RECORD THE '� DAY OF STATE OF IOWA, STORY COUNTY. 1
RECORDING FEE - 199 AT Recorder I
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