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HomeMy WebLinkAbout~Master - Providing for the Issuance of Parking Lot Fund Bonds, Levy of Taxes I ORDINANCE. NO.702 AN ORDINANCE providing for the issuance of $ 100,000 Parking Lot Fund Bonds for the purpose of acquiring and improving property it for parking vehicles, providing for the levy of taxes to pay said bonds, and providing for the abatement of such taxes through the pledge and application of net returns available from said parking facilities and from streetline parking meters. WHEREAS the City of Ames, Iowa, has heretofore authorized and provided for i the establishment of municipal parking lots in and for said city to be located I on the south side of Main Street between Clark Avenue and Grand Avenue and on the north side of Sixth Street from Douglas Avenue west to the alley between Douglas and Kellogg Avenues, all in the manner and as provided by i Chapter 206 of the Acts of the Fifty-Second General Assembly of Iowa, add II has proposed a supplemental estimate of parking lot fund taxes and the issuance of Parking Lot Fund Bonds of said city to the amount of $ 100,000 for the purpose of providing such parking facilities; and �I I� WHEREAS notice of hearings for the levy of said tax and the issuance of sa_d bonds has heretofore been given in the manner and form required by law, and no petition or objections have been filed or made protesting the issuance of sa.''d bonds or the levy of said tax and none of said bonds has been heretofore authorized or issued; INOW, THEREFORE, BE IT ORDAINED BY the City Council of the City of � Ames, Iowa, as follows; IISection 1. That as permitted and provided by Chapter 174 of the Acts of the Fifty-Third General Assembly of Iowa, there shall be and there is hereby j, levied in each of the years 1951 to 1969, inclusive, and there shall be assessed and there shall be collected, subject to abatement as hereinafter provided, a direct annual tax upon all the taxable property within the City of Ames, Iowa, in each of the years 1951 to 1969, inclusive, sufficient to produce the net annual sum of $6,372.00 in each year. Said taxes shall be collected each year at the same time and in the same manner, and in addition to all other taxes in and for said city, and when collected shall be converted into a special "Parking Lot Sinking Fund," which is hereby pledged for and shall be used only to pay the principal of and interest on the Parking Lot Fund Bonds hereinafter authorized; provided, however, that all net returns available from the income of the parking facilities acquired and improved through the issuance of the bonds hereinafter authorized and from streetline parking meters are hereby pledged for and shall be used and applied each year to the extent required for the payment of the bonds hereinafter authorized and interest thereon, and to the abatement of the annual tax by this section other- wise levied and provided to be assessed and collected, but the foregoing shall not be construed as an exclusive pledge of said net returns and the right is reserved to the City of Ames to also apply said net returns to the payment of the principal of and interest on any additional bonds that may be hereafter issued to provide additional public packing facilities, or to the abatement or reduction of taxes levied to pay such additional bonds and interest. In each year when a sufficient portion of said net returns has been set aside into the bond and interest redemption fund or funds equal to the interest and principal becoming due during such year on the bonds then outstanding for the payment of which said net returns have been pledged, then the balance of said net I returns may be disbursed, used and applied as the City Council may from i time to time order and direct. "Net returns from the income of the parking facilities acquired and improved through the issuance of the bonds hereinafter authorized" shall be construed to mean the gross revenues less operating expenses which shall include salaries, wages, cost of maintenance and opera- tion, materials and supplies, and interest, as well as all other items that are normally included under recognized accounting practices. "Net returns from streetline parking meterstl shall be construed to mean the portion of the revenues from the operation of such streetline parking meters which would I otherwise be available for the payment of revenue bonds under the provisions of Chapter 167 of the ,acts of the Fifty-Third General Assembly of Iowa. II Section 2. That a certified copy of this ordinance be filed with the i County Auditor of Story County and that said Auditor be and he is hereby instructed in and for each of the years 1951 to 1969, inclusive, to levy and i assess the tax levied by the preceding section; provided, however, and it is hereby ordered and directed that, whenever in any year the amount of the net returns available from the income of the parking facilities acquired and (i improved through the issuance of the bonds hereinafter authorized and from streetline parking meters are sufficient to pay in whole or in part the amount otherwise hereinbefore provided to be raised by taxation during such year and the amount so derived is paid into said "Parking Lot Sinking Fund," then said tax shall be abated or be reduced by the amount in said fund and the City Clerk of said City is hereby authorized and directed each year to certify to said County Auditor the facts as to such amount and.*xs to the abatement or reduction of said tax to the end that said tax will t6t,twi entered, certified or extended upon the tax books, nor collected, and sreduced accordingly. Section 3. That Parking Lot Fund Bonds of said City in the amount of $ 100,000 be and the same are hereby ordered issued pursuant to the provi- sions of Section 408.10 et seq, of the Code of Iowa, as particularly amended by Chapter 174 of the Acts of the Fifty-Third General Assembly of Iowa; that said bonds be designated "Parking Lot Fund Bonds," be one hundred in number, of the denomination of $1,000, numbered 1 to 100, inclusive, be dated March 1, 1951 , bear interest at the rate of One and three quarters per cent (1 3/4%) per annum, payable November 1, 1951 , and semiannually thereafter on the first days of May and November in each year; that said bond be signed by the Mayor and attested by the City Clerk, and the seal of §aid City affixed, and be registered as to issuance by the City Treasurer and a certificate of registration endorsed thereon; that interest on said bonds be evidenced by coupons thereto attached and maturing on the several days when such interest matures, such coupons to be executed with the facsimile signatures of said Mayor and City Clerk, and said officials by the execution i of said bonds shall adopt as and for their own proper signatures their respective facsimile signatures appearing on each of said coupons, and that both principal and interest be payable at the office of the City Treasurer in and of the City of Ames, Iowa. Said bonds shall be scheduled to become due and payable in their numerical order, as follows; $2,000 on November 1, 1952 $4,000 on November 1 of each of the years 1953 to 1957, inclusive, $5,000 on November 1 of each of the years 1958 to 1962, inclusive, $6,000 on November 1 of each of the years 1963 to 1965, inclusive, and $7,000 on November 1 of each of the years 1966 to 1970, inclusive; provided, however, that bonds numbered 33 to 100, inclusive, shall be redeemable at the option of said City prior to maturity in inverse numerical order on November 1, 1959, or on any interest payment date thereafter, on terms of par and accrued interest. Notice of the exercise of such right of redemption, specifying, the bond or bonds to be redeemed, shall be published at least once not less than thirty days prior to the redemption date in a newspaper of general circulation throughout the State of Iowa, and all such bonds as to which said City reserve and exercises the.right of redemption and as to which notice as:aforesaid - 2 - II �1 shall have been given and for the redemption of which funds are duly provided shall cease to bear interest on the redemption date specified. Section 4. That each of said bonds shall be subject to registration as to principal only in the name of the holder on the books of the City Treasurer, such registration being noted on each bond so registered, and after such registration payment of the principal thereof shall be made only to the registered holder, his legal representative or assigns. Any bonds 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 bonds so transferred and registered to bearer shall thereupon be and become payable to bearer in like manner as if such bonds 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 5. The bonds hereby authorized shall be in form substantially as follows; it ' (Form of Bond) UNITED STATES OF AMERICA I STATE OF IOWA COUNTY OF STORY CITY OF AMES PARKING LOT FUND BOND Number $1000 KNOW ALL MEN BY THESE PRESENTS that the City of Ames, in the i I. County of Story and State of Iowa, for value received, promises to pay to bearer, or if this bond be registered to the registered holder hereof, the sum of One Thousand Dollars ($ 1000) on the first day of November, 19 and to pay interest on said sum from the date hereof at the rate of per centum ( %) per annum, payable November 1, 1951, and semiannually thereafter on the first days of May and November in each year until said principal sum is paid, except as the provisions hereinafter set forth with respect to redemption may be and become applicable hereto, all such interest accruing on this bond to be payable upon presentation and surrender of the interest coupons hereto attached, both principal and interest being payable fl in lawful money of the United St ates of America at the office of the City - 3 - Treasurer in and of the City of Ames, Iowa. This bond is one of a series of bonds numbered consecutively from 1 to l 100, inclusive, issued by the City of Ames, pursuant to and in strict compliance with the provisions of Section 408.10 et seq. of the Code of Iowa, I� II and all laws amendatory thereof and supplementary thereto, including I I particularly Chapter 174 of the Acts of the Fifty-Third General Assembly of j Iowa, in conformity with an ordinance of the Council of said City du;y adopted, approved, recorded and published, for the purpose of defraying the cost of I; acquiring and improving property for the parking of vehicles in and fors i,i q g P gp p Y P g said i i� City. The City of Ames reserves the right and option to call and redeem the I i bonds numbered 33 to 100, inclusive, of the series of which this bond is one, I Ii prior to maturity in inverse numerical order on November 1, 1959, or on any interest payment date thereafter, on terms of par and accrued interest. Notice of the exercise of such right of redemption, identifying the bond or bonds to be redeemed, will be published at least once not less than thirty t days prior to the redemption date in a newspaper of general circulation throughout the State of Iowa, and all such bonds as to which notice as aforesaid shall have been given and for the redemption of which funds are duly provided will cease to bear interest from and after the date as of which called for redemption. This bond is subject to registration as to principal only in the name of the holder on the books of the City Treasurer of said City, such registration I 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 II noted hereon, shall be valid unless the last registration shall have been to I I bearer. Registration hereof shall not affect the negotiability of the coupons hereto attached which shall continue negotiable by delivery merely. - 4 - I I 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 I form and time; that the total indebtedness of said City, including this bona., does not exceed the constitutional or statutory limitations of indebtedness or taxation, and that a continuing annual tax has been duly provided and levied f on all the taxable property within said City for the prompt payment of the f I principal and interest of this bond and the series of which it forms a part; provided, however, that all net returns available from the income of the parking facilities acquired and improved through the issuance of this series I i of bonds and from streetline parking meters are pledged for and shall be used and applied each year to the extent required for the payment of said P Y q P Y i� bonds and interest thereon and to the abatement of said continuing annual tax, ibut the right is reserved to the City to also apply such available net returns i to the payment of the principal D1,4nd interest on any additional bonds that ma be hereafter issued to provide additional public parking facilities or to the I abatement or reduction of the tax levied to pay such additional bonds and interest. IN TESTIMONY WHEREOF, said City, by its 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, and said officials by the execution of this bond, do adopt as and for their proper signatures their respec�,,,,tive facsimile signatures appearing on said coupons, all as of the`.first day of March, 1951. f Attest; Mayor of the City of Ames, Iowa �I Clerk of the City of Ames, Iowa Ii - 5 - I i (Form of Coupon) Number $ On the day of 19 the Treasurerof the City of Ames, Iowa, will pay to bearer Dollars ($ at I ithe nffice of the City Treasurer, Ames, Iowa, for interest due that day on its i Parking Lot Fund Bond, dared March 1, 1951, Numbered I Attest; Mayor i iCity Clerk On the back of each bond there shall be endorsed a certificate of the li City Treasurer in the following form; I (City Treasurer's Certificate) State of Iowa ss 11 County of Story l The issuance of this bond has been duly and properly registered in my M office as of the first day of March, 1951. Treasurer of the City of Ames, Iowa (Form for Registration of Ownership) 1 i Date of Name of Signature of Registration Registered Owner City Treasurer Section 6. That when said bonds have been executed, as aforesaid, they ishall be delivered to the Treasurer of said City who shall register the same in { a book provided for that purpose and shall thereupon deliver said bonds to the purchasers as determined by this Council, upon receipt of the purchase price, j the same to be not less than the par value of said bonds with accrued interest thereon. The proceeds of said bonds exclusive of accrued interest shall be retained by the Treasurer of said City and disbursed on orders of the Council of said City from time to time for the purpose of acquiring and improving the property for parking facilities as hereinbefore contemplated and provided. All sums received as accrued interest shall be paid into the Parking Lot Sinking Fund. I I That the interest or principal coming due at any time when the proceeds f 1 taxes hereinbefore levied, and other revenues pledged for that purpose, shall The insufficient to pay the same shall be promptly paid when due from current ;funds of said City available for that purpose and reimbursement shall be made - 6 - !from such special taxes, when collected, in the amount thus advanced. i Section 7. That all ordinances and resolutions or parts thereof in conflict herewith be and the same are hereby repealed. {. Passed and approved March 26, 1951. i I I I� ��Attest: 4w/ i W. L. Allan, Mayor . W .Prather, City Clerk I Recorded March 26, 1951 I� Published 1951 i . W. Prather, City Clerk I Moved by Winfrey, seconded by De La Hunt, that Ordinance No. 702 be passed on its first reading. i Voting Aye: Griffith, Bauge, De La Hunt, Horning, Winfrey, Moore �i Voting Nay; None Moved by De La Hunt, seconded by Horning, that the rules be suspended, the isecond and third readings omitted and Ordinance No. 702 placed on final passage. �I Voting Aye: Griffith, Bauge, De La Hunt, Horning, Winfrey, Moore Voting Nay: None i Moved by Griffith, seconded by Bauge, that Ordinance No. 702 do now pass Voting Aye: Griffith, Bauge, De La Hunt, Horning, Winfrey, Moore Voting Nay: None Mayor declared Ordinance No. 702 passed. I, J. W. Prather, City Clerk of the City of Ames, Iowa, do hereby certify that the above and foregoing Ordinance No. 702 was duly and properly passed at a meeting of the City Council on the 26th day of March 1951 and published in the Ames Daily Tribune the ( day of April, 1951. 1 .1 . W. Prather, City Clerk II