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HomeMy WebLinkAbout~Master - Providing for Sewer Bonds, Levy of Taxes ORDINANCE NO. 676 AN ORDINANCE PROVIDING FOR THE ISSUE OF $300,000 SEWER BONDS OF THE CITY OF AMES, IOWA, AND FOR THE LEVY OF TAXES TO PAY THE SAME. EREAS the City of Ames, in the County of Story and State of Iowa, heretofore, pursuant to and in strict compliance with all laws ap- plicable, lawfully ordered and provided for building and construct- ing a sewer outlet and purifying plant in and for said City, the cost whereof to the amount of Three Hundred Thousand Dollars ($300,000) is to be paid by said City as a whole by the issuance of bonds; and WHEREAS it is necessary and advisable that provisions be made for the issuance of bonds of said City in the sum of $300,000 to defray the cost of building and constructing said sewer outlet and purify- ing plant in and for said City; and WHEREAS notice and hearing on the initiation of proceedings for the issuance of said bonds has heretofore been given in manner and form required by Section 23. 12 of the Code of Iowa, and no peti*ion or protest has been filed: NOW, THEREFORE, Be It Ordained by the City Council of the City of Ames, Iowa, as follows : Section 1. That pursuant to and as authorized by Section 396.22 of the Code of Iowa there shall be and there is hereby ordered issued the negotiable Sewer Bonds of said City of Ames in the principal amount of $300,000, said bonds to be 300 in number, dated July 1, 1949, bearing interest at the rate of one and three quarters per cent (1 3/4%) per annum from the date of said bonds until paid, payable semi-annually on the first days of January and July in each year; that said bonds be signed by the Mayor and at- tested by the City Clerk and the seal of said City affixed, and be registered as to issuance by the City Treasurer and a certificate of such registration endorsed thereon; that interest on said bonds be evidenced by coupons thereto attached and maturing on the severa 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 ap- pearing 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 be of the denomination of $1,000 each, be numbered con- secutively from 1 to 300, both numbers included, and become due and payable in their %numerical order as follows : 10,000 on July 1 of each of the years 1950 to 1952, inclusive; 15,000 on July 1 of each of the years 1953 to 1962, inclusive; and 20,000 on July 1 of each of the years 1963 to 1968, inclusive; provided, said City shall reserve the option to call and redeem bonds numbered 136 to 300, inclusive, prior to maturity upon terms of par and accrued interest in whole or from time to time in part in the inverse order of their numbering on any interest payment date on or after July 1, 1959, and in the event of the exercise of such right of redemption it is agreed that notice identifying the bonds to be redeemed will be given by publication at least once not less than thirty days prior to the redemption date in a 2 newspaper of general circulation throughout the State of Iowa. Al such bonds thus called for redemption and for the retirement of which funds are duly provided will cease to bear interest on such redemption date. Section 2. That each of said bonds be subject to registratio 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 bonds so registered, upon the request in writing of such holder, personally or by attor- ney in fact, may be transferred either to a designated 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 delivery merely. Section 3. That said bonds, coupons and provisions for regis- tration be in substantially the following form: (Form of Bond UNITED STATES OF AMERICA STATE OF IOWA COUNTY OF STORY CITY OF AMES . SEWER BOND No. $1,000 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 to principal, t the registered holder hereof, the sum of One Thousand Dollars ($1,000) on the first day of July, 19 , with interest on said sum from the date hereof at the rate of one and three quarters pe cent (1 3/4%) per annum, payable semi-annually on the first days of Janu- ary and July in each year until paid, except as the provisions herein- after set forth with respect to redemption prior to maturity may be and become applicable hereto, all such interest accruing on and prior to the maturity date hereof to be payable only 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 of- fice 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 300, inclusive, issued by the City of Ames pursuant to and in strict compliance with the provisions of Section 396. 22 and Chapter 76 of the Code of Iowa, and in conformity with an ordinance of the City Council of said City duly passed, approved and published or the purpose of building and constructing a sewer outlet and urifying plant in and for said City. Said City reserves the option to call and redeem said bonds numbered 136 to 300, inclusive, prior to maturity upon terms of par and accrued interest in whole or from time to time in part in the inverse order of their numbering on any interest payment date on or after July 1, 1959, and in the event of the exercise of such right f redemption it is agreed that notice identifying the bonds to be 3 redeemed will be given by publication at least once not less than thirty days prior to the redemption date in a newspaper of general circulation throughout the State of Iowa. All such bonds thus called for redemption and for the retirement of which funds are duly provided will cease to bear interest on such redemption date . 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 pre- cedent to and in the issue of this bond, were and have been proper y 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 for the prompt payment hereof, both principal and interest; and that the total indebtedness of said City, includ- ing 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 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. Registra- tion hereof shall not affect the negotiability of the coupons hereto attached, which shall continue negotiable by delivery merely. 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 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 signatures appearing on said coupons, all the first day of July, 19�9. _ '111AY Mayor of the City of Ames, Iowa Jerk of the City of Ames, Iowa Form of Coupon) o. On 19 the Treasurer of the City of Ames, in Story County, Iowa, will pay to bearer ollars ($ ) at the office of the City Treasurer, Ames, owa, for interest due that date on its Sewer Bond, dated July 1, 1949, No. Attest : Mayor ity Clerk �j 4 (Form of Registration of Ownership) Date of Name of Signature of Registration Registered Owner City Treasurer On the back of each bond there shall be endorsed a certificat of the City Treasurer in the following form: CITY TREASURERTS CERTIFICATE This issuance of this bond has been duly and properly regis- tered in my office as of the first day of July, 1949 Treasurer of he City of Ames, Iowa Section 4. That said bonds 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 purchasers, as determined by this Council, upon receipt of the purchase price, th same to be not less than the par value of said bonds with accrued interest thereon. 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 bonds as it falls due, and also to pay and discharge the principal there• at maturity, there be and there is hereby levied upon all the tax- able property in said City in each of the years while said bonds or any of them are outstanding, a tax sufficient for that purpose, and in furtherance of this provision but not in limitation thereof that 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 Year of Levy Amount 1949 18, 900 1959 17, 750 1950 19,300 1960 17,500 1951 19,300 1961 17,225 1952 19,600 1962 21,925 1953 19,325 1963 121.1575 �954 19,050 1964 321,225 1955 18,800 1965 S20,875 1956 18,550 1966 $20,525 1957 18,275 1967 1$20, 175 1958 118,025 aid taxes when collected shall be converted into a special fund or the payment of principal and interest of the bonds hereby au- thorized and no other purpose whatsoever. That the principal or interest coming due at any time when here are insufficient funds on hand to pay the same be promptly aid when due from current funds on hand, and reimbursement be made o such current funds in the sums t us advanced when the taxes here .- in provided shall have been collected. 5 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 1949 t 1967, incl sive, to enter for collection and assess the tax hereby authorized. Section 7. That all ordinances and resolutions or parts they - of in conflict herewith be and the same are hereby repealed. Passed and approved August 1, 1949 W. L. A lan, Mayor Attest: rat r, City Clei°1 Recorded August 1, 1949. Published August /z, 1949 • . Prather, City Clerk Moved by McCormick, seconded by Moore, that Ordinance No. 676 be passed on its first reading. Voting Aye: Griffith, Bauge, McCormick, Molleston, Moore Voting Nay: None Absent : MacDonald Moved by McCormick, seconded by Griffith, that the rules be sus- pended, the second and third readings omitted, and Ordinance No. 676 placed on final passage . Voting Aye : Griffith, Bauge, McCormick, Molleston, Moore Voting Nay: None Absent: MacDonald Moved by Molleston, seconded by Bauge, that Ordinance No. 676 do now pass . Voting Aye : Griffith, Bauge, McCormick, Molleston, Moore Voting Nay: None Absent: MacDonald Mayor declared Ordinance No 676 passed. I, J. W. Prather, City Clerk of the City of Ames, Iowa, do hereby certify that the above and foregoing Ordinance No. 676 was duly an properly passed at a meeting of the City Council on the lst day of August, 1949, and published in the Ames Daily Tribune on the izjt;-- day of nagust, 1911O -- J Pra her, City Clerk-