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HomeMy WebLinkAbout~Master - Authorizing Issuance of Sewer Bonds, Levy of Taxes e a ORDINANCE NO. 649 AN ORDINANCE AUTHORIZING THE ISSUANCE OF $38,000 SEWER BONDS AND PROVIDING FOR THE LEVY OF TAXES TO PAY THE SAME WHEREAS the City of Ames, in the County of Story, State of Iowa, heretofore pursuant to and in strict compliance with all laws ap- plicable, lawfully provided for constructing sewers in and for said City, the cost whereof, to `,_a. amount of $38,000, is to be paid by said city by the issuance of bonds; and WHEREAS it is necessary and advisable that provisions be made for the issuance at this time of such 'rle amount of $38,000 to defray the cost of constructing such sewers ; and WHEREAS notice and hearing on the initiation of proceedings for the issuance of such bonds for the purpose aforesaid has heretofor( beer given in manner and form required by Section 23. 12 of the Code of Iowa, and no petition nor protest has been filed; NOW, THEREFORE, Be It Ordained by the City Council of the City of Ames, as follows : Section 1. That pursuant to and as permitted by Section 396. 22 of the Code of IoKa there shall be and there is hereby authorized to be issued the negotiable Sewer Bonds of said City of Ames in the principal amount of $38,000, said bonds to be thirty- eight in number, numbered consecutively 1 to 38, inclusive, of t.Lie denomination of $1000; that iald bonds be signed by the Mayor and attested by the City Clerk and the seal of said City affixed, and be registered as to issuance by the City Treasurer and a certifi- cate of such registration endorsed thereon; that interest on said bonds be evidenced by coupons thereto attached and maturing on the several days when such interest matures, which coupons shall be executed with the facsimile signatures of said officials, and said Mayor and City Clerk, by the execution of said bonds, shall adopt as and for their proper signatures their respective facsimile signatures appearing on said coupons, and that both principal and interest 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. That said bonds shall mature in numerical order $5000 on November 1 of each of the years 1949 to 1955, inclusive, and $3000 on November 1, 1956, shall be dated May 1, 1948, and shall bear interest at the rate of one and one-half per cent (1L%) per annum from the date of said bonds until paid, payable November 1, 1948, and semi-annually thereafter on the first days of May and November in each year. Section 2. That each of said bonds shall be slbject to registration as to principal in the name of the holder on the book of the City Treasurer, such registration being noted upon each bon so registered, and after such registration payment of the principal thereof shall be made only to the registered holder. Any bonds so registered, upon the request in writing of such holder, person- ally or by attorney in fact, may be transferred either to a desig- nated transferee or to bearer, and the principal of any bonds 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 de- livery merely. Section 3. That said bonds, coupons and provisions for regis- tration be in substantially the following form: 2 (Form of Bond UNITED STATES OF AMERICA STATE OF IOWA COUNTY OF STORY CITY OF AMES SEWER BOND No. $1000 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 to pri - cipal, to the registered holder hereof, the sum of One Thousand Do] --: Lars ($1000) on the first day of November, 19 , with interest on said sum from the date hereof until paid at the rate of one and on - half per cent (121%) per annum, payable November 1, 1948, and semi- annually thereafter on the first days of May and November in each year, on presentation and surrender of the interest coupons hereto attached as they severally mature . Both principal and interest of this bond are payable in lawful money of the United States of America at the office of the City Treasurer in and of the City of Ames, Iowa. This bond is issued by the City of Ames pursuant to and in strict compliance with the provisions of Section 396. 22 and Chap- ter 76 of the Code of Iowa, and all laws amendatory thereof and supplementary thereto, and in conformity with an ordinance of the City Council of said City duly passed, approved and published for the purpose of constructing sewers in and for said City. And it is hereby certified and recited that all acts, condi- tions and things required by the laws and constitution of the Stat of Iowa to exist, to be had, to be done, or to be performed preced- ent 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 continu- ing annual tax on all the taxable property within said City for th payment of the principal and interest of this bond as the same will respectively become due; that the faith, credit, revenues and re- sources and all the real and personal property of said City are irrevocably pledged fsr the prompt payment hereof, both principal and interest; and that the total indebtedness of said city, in- cluding this bond, does not exceed any constitutional or statutory limitations . 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 Cack 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. Registra- tion hereof shall not affect the negotiability of the coupons here to attached which shall continue negotiable by delivery merely. IN WITNESS WHEREOF, said City, by its City Council, has cause 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 attache, 3 to be executed with the facsimile signatures of said Mayor and City Clerk, which officials by the execution of this bond do adopt as and for their proper signatures their, respective facsimile sig- natures appearing on said coupons, all the first day of May, 1948. Mayor of the City of Ames, Iowa Attest: Clerk of the City of Ames, Iowa (Form of Coupon) 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 in- terest due that day on its Sewer Bond, dated May 1, 1948, Number z ��r_a�_ Mayor Attest: City Clerk (Form for Registration of Ownership) Date of Registration Name of Registered Owner Signature of City Treasurer On the back of each bond there shall be endorsed a certificate of the City Treasurer in the following form: City Treasurer' s Certificate State of Iowa ss . County of Story The issue of this bond has been duly and properly registered in my office as of the first day of May, 1948. Treasurer of the City of Ames, Iowa Section 4. That said bonds, as herein authorized, be executed as herein provided as soon after the adoption of this ordinance as may be, and thereupon they shall be delivered to the Treasurer of said City who shall register the fact of the issuance of same in a book provided for that purpose and shall deliver said bonds to the purchaser, as determined by this Council, upon receipt of the pur- chase price, the same to be not less than the par value of said bonds with accrued interest thereon. 4 Section 5. That as required by Section 76. 2 of the Code of Iowa and for the purpose of providing for the levy and collection of a direct annual tax sufficient to pay the interest on said bond as such interest falls due, and also to pay and discharge the prin- cipal thereof at maturity, there be and there is hereby ordered levied upon all the taxable propert-7 in said city in each of the years while said bonds or any of them are outstanding, a tax suffi- cient for that purpose, and in furtherance of this provision, but not in limitation thereof, there be and there is hereby levied on all the taxable property in said city the following direct annual tax, to-wit: Year of Levy Amount 1948 5,855 1949 5, 495 �950 5,420 1951 5,345 1952 5,270 1953 5,195 1954 5, 120 1955 13,045 Said taxes when collected shall be converted into a special fund for the payment of principal and interest of the bonds hereby authorized and for no other purpose whatsoever. That the principal or interest coming due at any time when there are insufficient "unds on hand to pay the same be promptly paid when due from current funds on hand and reimbursement be made to such current funds in the sums thus advanced when the taxes her - in provided shall have been col'FIted. Section 6. That a certified copy of this ordinance be filed with the County Auditor of Story County and that said County Audit r be and he is hereby instructed in and for each of the years 1948 to 1955, inclusive, to enter for collection and assess the tax hereby ordered. Section 7. That all ordinances and resolutions, or parts thereof, in conflict herewith be and the same are he eby repealed. Passed and approved May 31, 1948. . 1. rat r, Ci—ty Clerk W. L. Allan Mayor Moved by MacDonald, seconded by Molleston, that Ordinance No. 649 be passed on its first reading. Voting Aye: Griffith, Lawlor, McCormick, Molleston,IlMacDonald Voting Nay: None Absent: Moore i f ! Moved by MacDonald, seconded by Griffith, that the rules be sus- pended, the second and third readings omitted, and Ordinance No. 649 placed on final passage. Voting Aye: Griffith, Lawlor, McCormick, Mglleston, IMacDonald Voting Nay: None Absent: Moore �rw.• • r 5 Moved by Lawlor, seconded by Molleston, that Ordinance No. 649 do now pass . Voting Aye : Griffith, Lawlor, McCormick, Molleston, MacDonald Voting Nay: None Absent : Moore Mayor declared Ordinance No. 649 passed. I, J. W. Prather, City Clerk of the City of Ames, Iowa, do hereby certify that the above and .":�regoing Ordinance No. 49 was duly and properly passed at a meeting of the City Counci on the 31st day of May, 1948, and published in the Ames Daily Tribune the 3rd day of June, 1948. ra her, City Clerk