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HomeMy WebLinkAbout~Master - Issuance of Sewer Bonds, Levy of Taxes I Ordinance No. 722 AN ORDIT�ANCE authorizing the issuance of $100,000 Sewer Bonds and providing for the levy of taxes to pay the same . 1,vHEREAS 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 buildin and constructing certain sewers within said City, the cost whereof to the amount of One Hundred Thousand Dollars (�100,000) is to be pa`.d by said City as a whole by the issuance of bonds; and HE TAS it is necessary and advisable that provis,` ons be trade for the issuance of such bonds at this time and notice and hearing on the initiation of proceedings for such issuance has heretofore been given in manner and form required by Section 23.12 of the Code of low, and no petition nor protest has been filed: N01i, THEREFORE, Be It Ordained by the City Council of the City of Ames , Iowa, as follows : Lection 1. That pursuant to and as authorized by Section 196.22 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 prfneipal amount of 52?1OO,OOO, said bonds to be 100 in number nurnbered consecutively from. 1 to 100, both numbers included, and to be dated October 1, 1952. That said bone, shall bear interest from the date thereof until paid at the rate of two per cent ( 2 _%) per annum, such interest being payable May 1, 1951, and semiannuall- thereafter on the first days of November and May in each year. Said bonds shall 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. Interest on said bond,-: shall J � i be evidenced by coupons thereto attached anc maturing on the several days when such interest matures , which coupons shall be executed with, the facsimile signatures of said officials , and said Ma- or and City Clerk by the execution of said bonds , shall adapt as and for their proper ig-iatures their respective facsimile signatures appearing on said coupons. Both rr•incipal and interest of sad d bonds shall be pa,'Table in lawful money, of the nited State.; of America at the office of the City Treasurer in and of the City of Ames, Iowa. Said bones shall be of the denomination of A1000 each, and shall become due and payable in their numerical order: 1$4000 on November 1 of e ch of the years 1953 to 1955, inclusive , %5000 on November 1 of each of the years 1956 to 1959 , inclusive, $6000 on November 1, 1960, '+,5000 on November 1, 1961, $6000 on November 1 1962, $5000 on November 1, 1963, $6000 on November 1 of each of the years 1964 to 1966, inclusive , and $7000 on November 1 of each of the years 1967 to 1970, inclusive . Section 2. Tha. t each of said bonds be subject to regis- tration as to >rincipal in the name of the holder on the books of the Cite Tre,, surer, such registration being noted upon each bond so registered, and after such registration payment of the pr_i ncipal thereof shall be made only to the registered holder. And bond so registered, upon the request in writ- ng 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 bond so transferred and registered to bearer shall thereupon be and becorre payable to bearer in like manner as if such bond had never been r•e�istered. Registration of any bonds as to principal shall not restr•ai.r. the negotiability of the coupons tbereto attached by delivery merely. -2- Section 3. That said bonds, cu-mons and provisions for registration be in substantially the following form: (F'orm of Bond) UNITED STATES OF ATEFICA STATE OF IOWA COUNTY OF; STORY C ITY 0 F AT+ES SE14ER BOND No. 1000 KNOZ•:° ALL TEN BY 'THESE PRESENTS : That the City of Ames , in the County of Story and State of Iowa, for value received, promises to T,ay to be€rer, or if this bond be registered as to principal, to the registered holder hereof, the suer_ of One Thousand Dollars ($1000 ) 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 ( Z ) per annum, parable May 1, 1953, and semJRnnually thereafter on the firs days of November and May in each gear, interest to maturity being, payable on presenta- tion and surrender of the intere t coupons hereto attached as they severally -atur•e . 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 one of a series or bonds issues by the City of Ames pursuant to and in strict cor-ipliance with the pro- visions 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, recorded -=nd published, for the --urpose of building and constructing sewers in and for seid City. And it is her by certified and recited that all acts , conditions and things regured 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 form and time; that provision has been made for the levy of a sufficient continuing annual tax on all the taxF.ble property within said City for the payment of the principal_ and interest of this bond �s the i same will respectively become due; that the faith, credit , revenues and resources and all the reel and personal property of said City are irrevocably -ledged for the prompt payment hereof , both princi- pal and interest; and that the total indebtedness of said City, including this bond, do-s not ejj�ceec any constitutional or statuto li-mitations. This bond. is subject to registration as to principal in the name of the holder on the books of the City Tre Usurer of s i d City, such rep-istration to be evidenced by notation of sl id Treas- urer on the bate 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 coupons hereto attached, which shall continue negotiable by delivery merely. IN TE _TIMONY 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 coupon: hereto attached to be executed with the facsimile sip-natures of spid Mayor and City Clerk, which officials b­ the execution of this bond do adopt as and fcr their proper signatures their respective facsirr_ile -4- J i signatures appearing on said coupons, all the first day of October, 1952. Mayor of the City of Ames, Iowa Attest: City Clerk of the City of Ames , 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 Sewer Bond, dated October 1 1952, No. Mayor Attest: City Clerrr (Form for Registration of Ownership) Date of Name of Signature of Registration Registered Owner City Treasurer i J On the b�cu of each bond there shall be endorsed a certificate of the City ar•easurer• in the following form: City Treasurer ' s Ce- tificate The issue of this bond has been duly and properly reE-•istered in my office as of the first day of October, 19[2 Treasurer of the City of Ames , owa Section 4. That s�: id bonds be executes a herein provided as soon after the adoption of this ordinance as may be and there- upon they shall be delivered to the Tre,-:surer 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 -orice, 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 bones is hereby ratified 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 collectio of a di.r-ct annual tax sufficient to pal; the interest on said bonds as it falls due , and also to pas., and discharge the principal thereof at maturity, there be an6 there is hereby orc'ered levied on all the taxable property in said City the following direct annual tax, to wit: Yes r of Levy Amount Year of Levy :mount 1952 B 6167. 1961 5 7140. 1953 5920. 1962 6020. 1954 5840. 1963 6920. 1955 6760. 1964 6800. 1956 6660. 1965 6680. 1957 6560. 1966 7560. 1958 6460. �967 7420. 1959 7360. 1968 7280. 1960 6240. 1969 7140. -6- i All action hey etofore taken for the levy of the taxes hereinbefore provided to be levied in the ,ear 1952 for collection in 1953 is hereby r,-itified and confirmed in all respects . A certified copy of this ordinance shill be filed with the County Auditor of Story County and said Auditor shall be and he is hereby instructed in and for eech of the years 1952 to 1969, inclusive , to enter for collection and assess the tax hereby authorized. V�hen annually entering said taxes for collection, the County Auditor shall include the same a& a part of the tax levy for debt service fund purposes of said City, and when collected, the -roceeds of ,.aid taxes shall be converted -.nto 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 authorized and for no other purpose -ih atsoever . That the principal or interest coring due at any time when I there az e insufficient funs on hand to pay the same be promptly paid when due from current funds on hand, and reimbursement be made to such current funcs in the sums thus advanced when the taxes here- in provided shall have been collected. Section 6. That all ordinances , resolut1 ons 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 aponroved iNov. 4, 1952. Mayor Attest: y U e rk Pecorded `�`- , 1952. Published Nov. 7th 1952. i y er J -7- Moved by Griffith and seconded by Moore that Ordinance No. 722 be passed on its first reading. Voting Aye: Griffith, Bauge, 'Smith, Iverson and Moore Voting Nay: None Absent: De Hart Moved by Moore and seconded by Iverson that the rules governing the passage of Ordinances be suspended and the second and third readings be omitted, and Ordinance No. 722 be placed on its final passage. Voting Aye: Griffith, Bauge, Smith, Iverson and Moore Voting Nay: None Absent: De Hart Moved by Smith and seconded by Bauge that Ordinance No. 722 do now pass. Voting Aye: Griffith, Bauge, Smith, Iverson and Moore Voting Nay: None Absent: De Hart Mayor Allan declared Crdinance No. 722 duly passed.