HomeMy WebLinkAbout~Master - Relating to Issuance of Parking Lot Revenue Bonds -Instr. #5224 "
•Fee �13.40
ORDINANCE NO. 845
AN ORDINANCE authorizing and providing
Tor he issuance and securing the
payment of $100,000 Parking Lot Revenue I
Bonds of the City of Ames, Iowa, under
the provisions of Chapter 390 of the
Code of Iowa, as amended, for the purpose
of defraying the cost of acquiring
improved municipal parking lots in and
for said City.
WHEREAS following public hearings conducted ir the manner
and as authorized and provided in Section 390.1 of the Code of
Iowa, 1954, as amended, the City of Ames, in the County of Story,
State of Iowa, has heretofore determined that public convenience
and necessity will be served by the establishment and acquisition
of certain improved municipal parking lots in said City as herein- i
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after described; and
WHEREAS in furtherance thereof it has been determined
and it is hereby determined that it is necessary that the follow-
acquired in order to provide adequate ,
ing improved P
facilities for off-street parking:
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Parking Area #1 (South of Lincoln Way, between Welch and Hayward)
South 29 feet of Lot 27, Block 4, Auditor' s Plat
of Blocks 3, 4 and 5, Beardshear' s Addition and
Walter' s Subdivision, except east one hundred and
eight feet.
Lot 28, except the east 108 feet thereof, in Block 4, I
Beardshear' s Addition to the City of Ames, Iowa.
The north 21 feet of Lot 27, Block 4, Auditor' s Plat
of Blocks 3, 4 and 5, Beardshear' s Addition and
Walter' s Sub Division of Ames, Iowa.
Lot 26, except the east 108 feet thereof and except
the north 14 feet thereof measured at the west line
of said Lot 26 in Block 4 of the Auditor' s Replat of
Beardshear' s Addition and Walter' s Subdivision in
the City of Ames, Story County, Iowa; and
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The north 14 feet of Lot 26 measured at the west
line thereof except the east 108 feet thereof, and
the west 38 feet of the north 14 feet of the East I
108 feet of said Lot 26 (said north 14 feet measured
at the west line of said each 108 feet), in Block 4
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of the Auditor' s Replat of Beardshear' s addition and
Walter' s Subdivision in the City of Ames, Story
County, Iowa. i
Parking Area #2 (South of Lincoln Way, between Stanton and Lynn)
All that part of Lot 5, Parker' s Addition to Ames, .Iowa
lying south of the right-of-way of the Ft . Dodge,
Des Moines and Southern Railway.
j West 254 feet of Lot 17 Parker' s Addition to Ames,
Iowa, except the south 79.2 feet of the west 145
feet thereof.
East 254 feet of Lot 17,
Parker' s Addition to Ames,
Iowa, except the east 172 feet thereof.
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�! and
WHEREAS under the provisions of Chapter 390 of the Code
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of Iowa, as amended, said City has heretofore installed parking
; meters upon the streets of said City and established regulations
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for their use in order to properly regulate and control motor
Iflvehicular traffic upon the streets within said City; and
WHEREAS traffic conditions upon the streets of said City ;
are such as to necessitate and require for the public benefit,
safety and convenience of said City and its inhabitants that the
improved parking lots hereinbefore described be acquired, maintained
and operated by said City in order that motor vehicular traffic
congestion upon the streets of said City be alleviated and properly
controlled; and
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WHEREAS the cost of acquiring said parking lots aggre-
gates $100,000 and as authorized under the provisions of Section 390.9 _
of the Code of Iowa, 1954, as amended, it is necessary that revenue
bonds of said City be issued to pay such cost; and
WHEREAS a notice of the intention of this Council to
take action for the issuance of $100,000 Parking Lot Revenue Bonds
of said City has heretofore been duly published and no petition
setting forth objections to such proposed action has been filed in
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the office of the City Clerk;
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NOW, THEREFORE, Be It Ordained by the City Council of
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the City of Ames, Iowa, as follows :
Section 1. That for the purpose of defraying the cost
of acquiring improved municipal parking lots for the off-street
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parking of motor vehicles in said City as described in the preamble
hereby authorized to be issued the
hereof there be and there - are
negotiable interest bearing revenue bonds of said City of Ames,
in the principal amount of $100, 000, each of which shall be known
and designated as a 'Parking Lot Revenue Bond', bearing date of
May 1, 1956, of the denomination of $1000 each, and bearing interest,
at the rate of Three and twenty/ one per cent per annum
hundredths
from date thereof until paid, such interest being payable November ll,
fter on May 1 and November 1 of each
�956, and semiannually therea
year. Said bonds shall be numbered consecutively 1 to 100, inclu-
sive, and shall mature in numerical order $10,000 on May 1 of each
�!! of the years 1957
to 1966 inclusive . Both principal and interest
Ilof said bonds shall be payable in lawful money of the United States
lof America at the office of the City Treasurer in and of the City
of Ames, Iowa. All of said bonds and the interest thereon, together
iwith any additional bonds ranking on a parity therewith as may be
issued and outstanding under the conditions and restrictions herein-
after set forth with respect to the issuance of such additional bonds
payable from the revenues of the improved parking lots herein pro-
vided to be acquired and available streetline parking meter revenues
shall be payable solely from the bond and interest redemption sink-
in gg fund hereinafter created, and shall be a valid claim of the
holder thereof only against said fund, and none of said bonds shall
be a general obligation of said City nor payable in any manner by
taxation, but said bonds and such additional bonds as may be issued
on a parity therewith shall be payable, both as to principal and
linterest, solely and only from the future net revenues of said
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improved municipal parking lots and available streetline parking
meter revenues pledged therefor as hereinafter provided, and under
no circumstances shall said City be in any manner liable by reason
of the failure of the net revenues of the improved parking lots I
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and available streetline parking meter revenues to be sufficient fore;,
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bonds and interest thereon. 11`
the payment in whole or in part of saidi
Section 2. That said bonds and coupons shall be in sub-
stantially the following form:
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF IOWA
COUNTY OF STORY
i
CITY OF AMES
PARKING LOT REVENUE BOND
$1000
Number
THE CITY OF AMES, in the County of Story, and State of
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Iowa, for value received, promises to pay to bearer, in the manner
specified, the sum o (y1000) on
f One Thousand Dollars
hereinafter p I
the first day of May, 19 with interest on said sum from the dated
hereof at the rate of
per cent ( %Y
per annum, payable November 1, 1956, and semiannually thereafter on ,
the first days of May and November in each year until said principal
sum is paid on presentation and surrender of the interest coupons
hereto attached as they severally become due; both principal and
interest being payable in lawful money of the United States of
America at the office of the City Treasurer in and of the City of
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Ames, Iowa.
m hls band and the series of which it is a part are issued
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1by said City pursuant to the provisions of Chapter 390 of the Code !
of Iowa, 1954P and all other laws amendatory thereof and supplementgl
thereto, and in conformity formit with an ordinance of the City Council ofI
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said City duly and finally passed on the Sth day of May, 1956, and
published as required by law.
IThis bond is one of a series of bonds of like tenor and I
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` date (except maturity), numbered from 1 to 100, inclusive, issued
Ifor the purpose of defraying the cost of acquiring improved munici- �
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1pal parking lots in and for said City, and is not a general obliga I
but this bond and the series of which it forms
I� tion of said City,
� a part, together with such additional bonds as may be issued and
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outstanding from time to time on a parity therewith under the condi
I! tions and restr' tions set forth in said ordinance, are payable
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solely and only out of the future net revenues of said improved
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I� municipal parking lots and available streetline parking meter II
revenues which are required to be deposited in a fund designated as �l
the 'Parking Lot Revenue Bond Sinking Fund' and which are pledged for
that purpose . This bond is not payable in any manner by taxation
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and under no circumstances shall the City of Ames be in any manner
liable by reason of the failure of the said net revenues and meter
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(,! revenues to be sufficient for the payment of this bond and the
interest hereon.
And it is hereby certified, recited and declared, that
all acts, conditions and things required to exist, happen and be
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performed precedent to and in the issuance of this bond and the
series of which it is a part, have existed, have happened and have
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been performed in due time, form and manner, as required by law, I
and that the issuance of this bond does not exceed or violate any
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constitutional or statutory limitation or provision.
IN TESTIMONY WHEREOF, said City of Ames, by its City
Council, has caused this bond to be signed by its Mayor and
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attested by its City Clerk, with the seal of said City affixed, and
the coupons hereto attached to be executed with the facsimile
i signature of the said City Clerk, which official by the execution
and for his own proper signature his
of this bond, does adopt as
, facsimile signature appearing on said coupons this first day of
May, 1956.
Bog..........7..�._.._PAGE. 2_6..-- -
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Mayor I
Attest:
f
Ci y er
(Form of Coupon)
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No. _
The Treasurer of the City of Ames, Iowa, will pay to I
bearer out of the Parking Lot Revenue Bond Sinking Fund of said
' City
Dollars ($ ) on
19 at the office of the City Treasurer, Ames, Iowa, as provided i
1n and
for semiannual interest then due on its Parking Lot Revenue
Bond, dated May 1, 1956, Number
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City Clerk
on the back of each bond there shall be printed the
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certificate of the City Treasurer in the following form:
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"The issuance of this bond has been duly and
Ii properly registered in my office as of the first
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day of May, 95 1 6.
fl
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Treasurer of the City of Ames,
Iowa."'
Section 3. That said bonds shall be signed by the Mayor %
and attested by the City Clerk, with the seal of the City affixed,
i and the interest coupons attached thereto shall be executed by saidl,,,
II it Clerk by his facsimile signature, and said official, by the
City
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ilexeCution of said bonds shall adopt as and for his own proper signa-
�� ture his facsimile signature appearing on such coupons . tidhen and
�Ias executed said bonds shall be delivered to the City Treasurer to
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ibe by him duly registered as to issuance as provided by law, and
said Treasurer shall sign the certificate hereinbefore set out in
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Section 2 and endorsed upon the back of each of said bonds and
urchaser thereof upon payment of the
deliver said bonds to the p
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purchase price, same being at least par and accrued interest, and
the proceeds received by the sale of said bonds, exclusive of
accrued interest, shall be applied to defraying the cost of acquir
ing improved municipal parking lots in and for said City as referred
to in the preamble hereof. Any unexpended balance of the proceeds
of the bonds hereby authorized remaining after the acquisition of
said improved municipal parking lots shall be converted into the
"Parking Lot Revenue Bond Sinking Fund", hereinafter created. All
accrued interest as may be received from the sale of the bonds
hereby authorized shall be converted into said "Parking Lot Revenue
Bond Sinking Fund" .
pon the issuance of the bonds hereby
Section 4. That u
authorized and thereafter so long asany of said bonds or any addi-
rity therewith are outstanding the said
tional bonds ranking on a pa
improved municipal parking lots shall be operated as a revenue pro-
ducing undertaking. The rates charged by the City of Ames, Iowa,
for the use of and services furnished by said parking lots shall be ,
such reasonable
ble rates as will be sufficient to pay for the operation%
and maintenance of said lots and the principal of and interest on
the bonds herein authorized as they mature . From and after the
issuance of the bonds hereby authorized, the income and revenues of
said improved municipal parking lots shall be set aside into a
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separate and special fund and shall be used in maintaining and
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operating said lots, and after payment of the proper and necessary
expenses shall, to the extent hereinafter ',
maintenance and operation
rovided, be used to pay the principal of and interest on the bondsll
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, as herein authorized and any additional bonds ranking on a parity
outstanding under the restrictions
be issued and ou
therewith as may i
and conditions specified in Section 6 hereof. There shall be and I
there is hereby created, and there shall be maintained an account
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ng Lot Revenue Bond Sinking Fund"', into
to be known as the ""Parki
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which there shall be set aside from the future net revenues of said,
improved municipal parking lots such portion thereof as will be
sufficient to pay the interest upon and principal of such bonds
at any
time outstanding as the same become due, and there shall be
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included as a part of the revenues to be deposited in said "Parkingi
rn revenues derived from the opera- I
Lot Revenue Bond Sinking Fund all
tion of streetline parking meters in said City not required for the ;
1 the cost of acquisition and installation of meters
payment of (1)
purchased, (2) the cost of maintenance and repair of meters, the
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collection of meter taxes, and the enforcement of traffic laws in
the parking arkin meter district, and (3) the purchase and installation
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costs of other parking or traffic control devices installed on
such portions of streets as are equipped with parking meters . It
is hereby determined that the minimum amount to be so set aside
into said sinking fund during the periods of twelve months preceding
May 1 of each year shall be not less than as follows:
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A sum equal to 1000 of the principal of all bonds
maturing on such succeeding May 1, plus asum equal to
1000 of the interest becoming due on and prior to such
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May 1 on all of said outstanding bonds; provided, that
until there has been accumulated in such Sinking Fund as
a reserve an amount equal to the maximum amount of
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due in an one year on the
principal and interest falling I
bonds then outstanding the amounts to be so set apart
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and paid shall be 115% of said principal and interest, `
instead of 100%; and provided also, that no further pay-
ments need be made into said Sinking Fund when and so long iI
as the amount therein is sufficient to retire all of said it
bonds then outstanding and pay all interest to become due 1
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thereon prior to such retirement .
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Whenever additional bonds ranking on a parity with
the bonds hereby authorized are issued under the condi-
tions and restrictions hereinafter set forth and which
are made payable from said bond fund, provision shall be �
made for additional payments annually into said special
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fund for the purpose of meeting the interest on and
principal of such ad
ditional bonds as and when the same
Ibecome due and to create and maintain a reasonable
reserve therefor.
payments into said sinking fund shall be made in
Such paym I
equal monthly installments on the first day of each month, except i
that when the first day of any month shall be a Sunday or a legal
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holiday then such payments shall be made on the next succeeding
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an
only
Such sinking fund shall be used solely and d
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secular day.
rpose of paying the interest on and
is hereby pledged for the pu i
principal
'nci al of said bonds and for no other purpose. If at any time
there be a failure to pay into said sinking fund the full amount
above stipulated, then an amount equivalent to the deficiency
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shall be set apart and paid into said sinking fund from the net I
revenues of said parking lots and from available streetline meter I�
revenues as soon as available, and same shall be in addition to
the amount otherwise required to be so set apart and paid into
said sinking fund. !
All moneys held in said Parking Lot Revenue Bond Sinking !!
Fund shall be deposited in banks and all such deposits exceeding
secured by a valid
$10,000 in any one bank shall be continuously i
pledge of direct obligations of the United States Government having
an equivalent market value or may be invested in direct obligations
of
the United States Government; provided, however, that sale shall
be made of a sufficient amount of such obligations in the event that
it shall prove necessary to draw upon said reserve so invested.
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Any
balance of the net revenues of said improved munici- I
p pa
rking arking lots and available streetline meter revenues in excess j
of the payments hereinbefore specified to be made into said Parking ,
iLot Revenue Bon
d Sinking Fund shall be available to the City as thel
Council may from time to time direct, and whenever and so long as
the amount in said sinking fund is equal to the entire amount of
, the interest and principal that will become due on all of the bondsll
I� outstanding, then no further payments need be made into said sinkin
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fund.
Section 5. That the City of Ames hereby covenants and
agrees with the holder or holders of said bonds,
and any of them
that may from time to time be outstanding, that it will faithfully
and punctually perform all duties with reference to said parking
lots and parking meters required and provided by the Constitution
and Laws of the State of Iowa and will segregate the revenues of
said parking lots and parking meters and make application thereof
in accordance with the provisions of this ordinance .
Section 6. The bonds hereby authorized and from time to
time outstanding g shall not be entitled to priority or preference,
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one over the other,er in the application of the net revenues of said l
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improved municipal parking lots and of the parking meter revenues
securing their payment, g ent regardless of the time or times of the
issuance of such bonds, it being the intention that there shall be
authorized to be issued under this
no priority among the bonds ;1
fact that they may have been actually
ordinance regardless of the
issued and delivered at different times . Said City hereby covenants
` and agrees that so long
as any of the bonds issued pursuant to
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this ordinance are outstanding and unpaid no other bonds or obliga- I
Lions payable from the net revenues of said improved parking lots
and available parking meter revenues will be issued except upon the
basis of such additional bonds or obligations being subject to the
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priority as to security and payment of any of the bonds herein
hen outstanding; provided, however, that said
authorized which are t
City hereby reserves the right and privilege of issuing additional
bonds from time to time payable from the same source and ranking
on a parity with th
e bonds herein authorized in order to pay the
icost of acquiring additional parking lots or other off-street parking
0.1 of
lareas for the parking of vehicles as provided in Section 39 I�
jthe Code of Iowa, but only if the officially reported net revenues
Iof said improved municipal parking lots and the streetline parking
meter re venues available for bond purposes for the last preceding
calendar or fiscal year prior to the issuance of such additional
bonds was equal
to at least one and one-third times the combined
maximum principal and interest requirements for any succeeding
twelve months' period on all of the bonds then outstanding and thenii
d, and provided also that the interest payment
proposed to be issue
ional bonds shall be semiannually on May 1
dates for any such addit
and November 1 of each year, and the principal maturities of such
additional bonds shall be on May 1 of any year in which any of such ,
principal is scheduled to become due .
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The term "net revenues"" is defined as gross revenues les�
erat on
reasonable expenses of op , maintenance and repair of said
improved municipal parking lots, which shall include, without limit
ing the generality of the foregoing, salaries, wages, cost of
( materials and supplies, purchase of power for lighting, insurance
I and all other incidental expenses, but shall
not include allowance
�1for depreciation in the value of physical properties .
Section 7 . That for the further security of the bonds
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herein authorized and the coupons thereto attached, a lien is hereby
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'.i recognized and. declared to be valid and binding upon the improved
municipal parking lots paid for through the issuance of the bonds
hereby authorized, which lien shall take effect immediately upon tho
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BOOK........ 7.... PAGE.....3
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delivery of any of said bonds . In the event of a default in any of
the terms of this ordinance said lien may be enforced and foreclose
for the use and benefit of all of said bonds then outstanding in
the manner provided by the laws of the State of Iowa. The City Clem
.n c.
is hereby authorized an
d directed to file a certified copy of thin
ordinance in the office of the County Recorder of Story County and
cause the same
to be there duly recorded for the purpose of evident-1
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I ing such lien and giving notice of the -record thereof. �
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Section 8. The City of Ames agrees that so long as any
of the bonds hereby eb authorized remain outstanding it will maintain
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insurance for the benefit of the holders of the bonds issued here-
under of a kind and in an amount which usually would be carried by
private companies engaged in a similar type of business and that
separate from
it will keep proper
books of records and accounts,
all other records and accounts, showing complete and correct
entries of all transactions relating to its municipal parking lots
and parking meters and that the holders of any of said bonds shall
have the right at all reasonable times to inspect the system and
s and data of the said City relating thereto.
all records, account
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Section g. That the City of Ames covenants and agrees i
with the holders of said bonds and coupons hereby authorized that
so long as the bonds, or any of them, remain outstanding and unpaid,
either as to principal or interest:
t the City will maintain the municipal park-
ingThat lots in good repair and working order, will operate
the same efficiently, and faithfully and punctually perform
all duties with respect to said lots required by the
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IConstitution and laws of the State of Iowa; and
II (b) That the City will not sell, lease, loan, mort-
gage or in any
manner dispose of or encumber said parking
lots, except as herein authorized and provided, until all
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of said bonds hereby authorized shall be paid in
full, both principal and interest, or unless and until
sufficient provision shall have been made for the pay-
that said City will take no action in
ment thereof, and I
relation to said lots which would unfavorably affect 'I
the security of the bonds or the prompt payment of the ,
� principal and interest thereon; provided, however, the
covenants in this subparagraph shall not prevent the City
'd improved from disposing of any of said roved municipal parking p
lots which in the judgment of the City Council is no
longer useful or profitable in the operation of said
lots . The proceeds from the sale of any of said property I
shall be deposited in the Parking Lot Revenue Bond Sinking
Fund and used solely and only for the redemption of bonds .
Section 10. The provisions of this ordinance shall
constitute a contract between the City of Ames and the holders of
the bonds herein authorized to be issued as may from time to time
be outstanding and after the issuance of any of said bonds no change.',
variation or alteration of any kind of the provisions of this
ordinance shall be made until all of said bonds issued hereunder
and interest thereon shall have been paid in full. j
Section 11. If any section, paragraph, clause or provi
lion of this ordinance shall be held invalid, such invalidity shall )
not affect any of the remaining provisions hereof, and this
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ordinance shall become effective immediately upon its passage and
approval.
Section 12. That all ordinances, resolutions or orders, I
or parts thereof in conflict herewith, be and the same are hereby
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repealed to the extent of such conflict .
Passed and approved May 8, 1956.
Mayor
Attest:
1 y er t
Recorded Id, 1/'4Z , 1956
Published May 11 , 1956
city Clerk
Moved by Smith and seconded by Judge that Ordinance No. 845 be passed on its
first reading.
` Voting Aye: Armstrong, Judge, Smith, De Hart, Bolton and Schilletter
Voting Nay: None
Absent: None
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iMoved by Judge and seconded by Schilletter that the rules governing the passage
of ordinances be suspended, the second and third readings be omitted and
Ordinance No. 845 be placed on its final passage.
Voting Aye: Armstrong, Judge, Smith, De Hart, Bolton and Schilletter
Ii Voting Nay: None
Absent: None
Moved by Smith and seconded by Bolton that Ordinance No. 845 do now pass.
Voting Aye: Armstrong, Judge, Smith, De Hart, Bolton and Schilletter
Voting Nay: None
Absent: None
Mayor Pro Tern De Hart declared Ordinance No. 845 duly adopted.
I, J. W. Prather, City Clerk of the City of Ames, Iowa, do hereby certify
that the above and foregoing Ordinance No. 845 was duly and properly passed at
a meeting of the City Council on the 8th day of May, 1956 and published in
the Ame s Daily Tribune on the 1 lth day of May, 1956.
-�' J. Yd Prather, City Clerk
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