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HomeMy WebLinkAbout~Master - Providing for the Issuance of Street Improvement Bonds, Levy of Taxes a Ordinance No. 721 AN ORDINANCE providing for the Issuance of $200,000 Street Improvement Bonds and providing for the levy of taxes to pay the same. t\ 1 Jw It WI�REAS the City of Ames, in the County of Story and State of Iowa, heretofore, pursuant to and in strict compliance with all laws applicable, lawfully ordered and provided for sur- facing, resurfacing and repairing streets within said City which had been previously improved by grading and otherwise pursuant to the provisions of Chapter 391 of the Code of Iowa, the cost where- of to the amount of Two Hundred Thousand Dollars (4200,000) 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 $200,000 to defray the cost of surfacing, resurfacing and repairing said streets; and WHEREEiS notice and hearing on the initiation of proceed- ings 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 petition nor protest has been filed; NOW, T'IFEREFORE, Be It Ordained by the City Council of the City of Ames, Iowa, as follows: Section 1. That pursuant to and as auth.orized by Sec- tion 396.22 of the Code of Iowa, there shall be and there is here- by ordered issued the negotiable Street Improvement Bonds of said City of Ames in the principal amount of 5�200,000, said bonds to be 200 in number, dated October 1, 1952, bearing interest at the rate of two per cent ( 2 ) per annum from the date of said bonds until paid, payable May 1, 1953, and semiannually thereafter on the first days of November and May in J each year; that said bonds be signed by the Mayor and attested by , the City Clerk and the seal of said City affixed, and be regis- tered 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 several i days when such interest matures, which coupons shall be executed j I with the facsimile signatures of said officials and said Mayor _ayor and City Clerk, by the execution of said bonds, shall adopt as and for their proper signatures their respective facsimile signa- tures appearing on said coupons; and that both principal and in- terest 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 $l,000 each, be numbered consecutively from 1 to 200, both numbers included, and become due and payable in their numerical order: $8,000 on Novem ber 1 of each of the years 1953 to 1955, inclusive, 1"10,000 on November 1 of each of the years 1956 to 1958, inclusive, 4a12,000 on November 1, 1959, $10,000 on November 1, 1960, 612,000 on November 1, 1961, 010,000 on November 1, 1962, 012,000 on '?ovember 1 of each of the years 1963 to 1967, inclusive, $14,000 on Novem- ber 1, 1968, 012,000 on November 1, 1969, and $16,000 on November 1, 1970. Section 2. That each of said bonds be subject to regis- tration 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 princi- pal thereof shall be made only to the registered holder. Any bond so registered, upon the request in writing of such holder per- sonally or by attorney in fact, may be transferred either to a desivnated transferee or to bearer, and the principal of any bond so transferred and registered to bearer shall thereupon be and be- J-2- come 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. I Section 3. That said bonds, coupons and provisions for registration be in substantially the following form: (Ford of Bond) UNITED STATES OF AIMICA STATE OF IOWA COUNTY OF STORY CITY OF AYES STREET IMPROVEMENT BOND No. w 6l,000 KNOW ALL TEN BY TIJESE PRESENTS, that the City of Ames, in the County of Story and State of Iowa, for value received, pro- misee to pay to bearer, or if this bond be registered as to prin- cipal, to the registered holder hereof, the sum of One Thousand Dollars ( >1,000) on the :first day of November, 19 , with interest on said sum from the date hereof until paid at the rate of two per cent ( 2 f) per annum, payable T.ay 1, 1953, and semiannually thereafter on the first days of November and Niay in each year, interest to maturity being payable on pre- sentation 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 Aries, Iowa. This bond is 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 all laws amendatory thereof and supplementary thereto, and in conformity with an ordinance of the City Council of said City duly passed, approved, recorded and pub- J -3- lisped for the purpose of surfacing, resurfacing and repairing previously improved streets in and for said City. 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 iproperly existent, had, done and performed in regular and due form and time; that provision has been made for the levy of a suffi- cient continuing annual tax on all the taxable property within I said City for the payment of the principal and interest of this Ibond as the same will respectively become due; that the faith, i credit, revenues and resources and all the real and personal prop- erty of said City are irrevocably pledged for the prompt payment i hereof, both principal and interest; and that the total indebted- ness of said City, including this bond, does not exceed any con- stitutional 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 Trea- surer on the back hereof, and after such registration no transfer hereof, except upon such books and similarly noted hereon, shall be valid unless the last registration shall have been to bearer. Registration hereof shall not affect the negotiability of the cou- pons hereto attached, which shall continue negotiable by delivery merely. IN TESTIMONY 'dI-i=OF, 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 respec- tive facsimile signatures appearing on said coupons, all the first day of October, 1952. �M"',� , V Mayor of t e City of Ames, Iowwa Attest : City Clerk of the City of P;nes, Iowa (Form of Coupon) No. On , 19 , the Treasurer of the City of Ames, in Story County, Iowa, will pay to bearer Dollars (� ) at the office of the City Treasurer, Ames, Iowa, for interest due that date on its Street Improvement Bond, dated October 1, 1952, No. Mayor Attest : City Clerk (Form for Registration of Ownership) Date of Name of Signature of e Rgistration Registered Owner City Treasurer i On the back of each bond there shall be endorsed a certi- ficate of the City Treasurer in the following form: City Treasurer' s Certificate The issue of this bond has been duly and properly regis- tered in my office as of the first day of October, 1952. Treasurer of the City of Ames, Iowa J -5- r Section 4. That said bonds be executed as herein pro- vided 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 pro- vided for that purpose and shall deliver said bonds to the pur- chasers, as determined by this Council, upon receipt of the purchase price, the same to be not less than the par value of said bonds with accrued interest thereon, and all action heretofore taken in connection with the sale and award of said bonds is hereby rati- fi ed ed and confirmed in all respects . Section 5. That as required by Section 76.2 of the Code of Iowa and for the purpose of providing for the levy and collec- tion of a direct annual tax sufficient to pay the interest on said i bonds as it falls due, and also to pay and discharge the principal + thereof at maturity, there be and there is hereby ordered levied a on all the taxable property- in said City the following direct annual tax, to wit: Year of Levy Ar,^ount Year of Levy Amount 1952 0 12,334. 1961 12,240. 1953 11,840. 1962 14,040. 195L 11,680. 1963 13,800. 1955 13,520 1956 13,320. 1965 13,320. 1957 13, 120 1966 13,080. 1958 14,920. 1967 14,840. 1959 12,680. 1968 12,560. 1960 14,480. 1969 16,320. All action heretofore taken for the levy of the taxes hereinbefore provided to be levied in the year 1952 for collec- tion in 1953 is hereby ratified and confirmed in all respects . A certified copy of this ordinance shall be filed with the County Auditor of Story County and said Auditor shall be and he is hereby instructed in and for each of the ,years 1952 to 1969, inclusive, to enter for collection and assess the tax hereb7T au- thorized. When annually entering said taxes for collection, the -6- County Auditor shall include the same as a part of the tax levy for debt service fund purposes of said City, and when col ected, the proceeds of said taxes shall be converted into the debt service fund of said City and set aside therein as a special account to be used solely and only for the payment of principal and interest of the bonds hereby authcrized and for no other purpose whatsoeve That the principal or interest coming due at any time when there are insufficient funds on hand to pay the same be promptly paid when due from urrent funds on hand, and reimbursement be made to such current funds in the sums thus advanced when the taxes herein provided shall have been collected. Section 6. That all ordinances, resolutions or parts thereof in conflict herewith be and the same are hereby repealed to the extent of such conflict. Introduced October 21, 1952 Passed and approved November 4, 1952. 4, Z�� Mayor Attest: ity Clerk Recorded - Published November 7, 1952. City erk Moved by Smith and seconded by Bauge that Ordinance No. 721 be passed on its first reading. Voting Aye: Griffith, Bauge, Smith, Iverson and Moore Voting Nay: None bsent: De Hart Moved by Moore and seconded by Griffith that the rules governing the passage of Ordinances be suspended and the second and third readings be omitted, and Ordinance No. 721 be placed on its final passage. Voting Aye: Griffith, Bauge, Smith, Iverson and Moore Voting Nay: None bsent: De Hart Moved by Griffith and seconded by Smith that Ordinance No. 721 do now pass. Voting Aye: Griffith, Bauge, Smith, Iverson and Moore Voting Nay: None bsent: De Hart ayor Allan declared Ordinance No 721 duly passed.