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HomeMy WebLinkAbout~Master - Authorizing Issuance of Sewer Bonds ORDINANCE NO. 932 AN ORDINANCE authorizing the issuance of $260,000 Sewer Bonds and providing for the levy of taxes to pay the same. WHEREAS 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 build- ing and constructing sewers in and for said City, the cost whereof, to the amount of Two Hundred Sixty Thousand Dollars ($260,000), 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 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 Chapters 23 and 408A of the Code of Iowa, and no petition nor 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 $260,000, said bonds to be two hundred sixty in number, numbered consecutively from 1 to 260, both numbers included, and to be dated March 1, 1959. That bonds of said issue numbered 1 to 40, inclusive, shall bear interest from the date thereof at the rate of Three per cent (3%) per annum, bonds of said issue numbered 41 to 195, inclusive, shall bear interest from the date thereof at the rate of Two and three-quarters per cent (2-3/4%) per annum, and bonds of said issue numbered 196 to 260, inclusive, shall bear interest from the date thereof at the rate of Two and eighty-hundredths per cent (2.80%) per annum, all of such interest being payable November 1, 1959, and semiannually thereafter on the first days of May and November in each year until the principal thereof is paid or said bonds are called for redemp- tion prior to maturity as hereinafter provided. Said bonds shall be signed by the Mayor and attested 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. Interest on said bonds shall be evidenced by coupons thereto attached and maturing on the several days when such interest matures, which coupons shall be executed with the facsimile signatures of said officials, and said Mayor and said City Clerk by the execution of said bonds, shall adopt as and for their proper signatures their respective facsimile signatures appearing on said coupons. Both principal and interest of said bonds shall 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. Said bonds shall be of the denomination of $1000 each, and shall become due and payable in their numerical order: $20,000 on November 1 of each of the years 1959 to 1964, inclusive, $25,000 on November 1 of each of the years 1965 to 1969, inclusive, and $15,000 on November 1, 1970; provided, however, that bonds numbered 171 to 260, inclusive, shall be redeemable at the option of said City prior to maturity in whole, or from time to time in part in inverse numerical order, on November 1, 1966, or on any interest payment date thereafter, on terms of par and accrued interest to the redemption date. In the event any of said bonds are called for redemption prior to maturity, notice to that effect, identifying the bond or bonds to be redeemed, shall be published at leastcnce not less than thirty days prior to the redemption date in a newspaper having a general circulation throughout the State of Iowa. All of said bonds as to which said City reserves and exercises the right of redemption and as to which notice as aforesaid shall have been given and for the redemption of -2- which funds are duly provided, shall cease to bear interest on the redemption date . SeCt.ior. 21. 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 theprincipal thereof shall be made only to the registered holder. Any bond 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 bond so trans- ferred 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 registration 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. $1000 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, to the registered holder hereof, the sum of One Thousand Dollars ($1000) on the first day of November, 19 , with interest on said sum from the date hereof at the rate of per cent per annum, payable November 1, 1959, and semiannually thereafter on the first days of May and -3- November in each year until said principal sum is paid, except as the provisions hereinafter set forth with respect to redemption prior to maturity may be and become applicable hereto, all such interest as may accrue on and prior to the maturity of this bond to be paid 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 office of the City Treasurer in and of the amity of Ames, Iowa. This bond is one of a series of bonds numbered from 1 to 260, 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, 1958, and all laws amendatory thereof or supplementary thereto, and in conformity with an ordinance of the City Council of said City duly passed, approved, recorded and published, for the purpose of building and constructing sewers in and for said City. The City of Ames reserves the right and option to call and redeem bonds of this issue numbered 171 to 260, inclusive, prior to maturity in whole, or from time to time in part in inverse numerical order, on November 1, 1966, or on any interest payment date thereafter, on terms of par and accrued interest to the redemp- tion date. 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 days prior to the redemption date in a newspaper having a general circulation throughout the State of Iowa. All of said bonds as to which said City reserves and exercises the right of redemption and as to which notice as afore- said shall have been given and for the redemption of which funds are duly provided will cease to bear interest on the redemption date. And it is hereby certified and recited that all acts, conditions and things required by the laws and Constitution of the -4- 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 i continuing annual tax on all the taxable property within said City " for the payment of the principal andjnterest of this bond as the same will respectively become due; that the faith, credit, revenues and resources and all the real and personal property of said City are irrevocably pledged for the prompt payment hereof, both princi- pal and interest; and that the total indebtedness of said City, including this bond, does not exceed any constitutional or statu- tory 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 trans- fer 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 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 theseal of said City affixed and the coupons hereto attached to be executed with the facsimile signatures of said Mayor and said 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 March, 1959. Mayor of the City of Ames, Iowa Attest: City Clerk of the City of Ames, Iowa. -5- (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 March 1, 1959, No. Mayor Attest: City Clerk (Form for 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 certificate of the City Treasurer in the following form: City Treasurer' s Certificate The issue of this bond has been duly and properly registered in my office as of the first day of March, 1959. Treasurer of the 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 there- upon 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 purchaser 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 -6- accrued interest thereon, and all action heretofore taken in connection with the sale and award of said bonds is hereby ratified ' and confirmed in all respects . Section 5. That as required by Chapter 76 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 thereof at maturity, there be and there is hereby ordered levied on all the taxable property within said City a direct annual tax for each of the years while said bonds or any of them are outstanding, in amounts sufficient for that purpose, and that there be and there is hereby levied upon all the taxable property in said City the following direct annual tax, to-wit: For the year 1958 a tax sufficient to produce the sum of $24,856 for principal and interest; For the year 1959 a tax sufficient to produce the sum of $27,283 for principal and interest; For the year 1960 a tax sufficient to produce the sum of $26,083 for principal and interest; For the year 1961 a tax sufficient to produce the sum of $25, 533 for principal and interest; For the year 1962 a tax sufficient to produce the sum of $24,983 for principal and interest; For the year 1963 a tax sufficient to produce the sum of $24,433 for principal and interest; For the year 1964 a tax sufficient to produce the sum of $28,883 for principal and interest; For the year 1965 a tax sufficient to produce the sum of $28, 195 for principal and interest; For the year 1966 a tax sufficient to produce the sum of $27, 508 for principal and interest; For the year 1967 a tax sufficient to produce the sum of $26,820 for principal and interest; For the year 1968 a tax sufficient to produce the sum of $26, 120 for principal and interest; For the year 1969 a tax sufficient to produce the sum of $15,420 for principal and interest; -7- All action heretofore taken for the levy of the taxes hereinbefore provided to be levied in the year 1958 for collection in 1959 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 1958 to 1969, inclusive, to enter for collection and assess the tax hereby authorized. When annually entering said taxes for collection, the County Auditor shall include the same as a part of the tax levy for debt service fund purposes of said City, and when collected, 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 authorized and for no other purposes whatsoever. 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 current funds on hand, and reimburse- ment 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. Passed and approved F ebruary'�59• �'�� Mayor Attest: i y Recorded February 17 , 1959 Published February 20 1959 city LLM:EP -8- 2 - Moved by Armstrong and seconded by Smith that Ordinance No. 932 be passed on its first reading. Voting Aye: Armstrong, Judge, Smith, Lawlor, King, and Schillette Voting Nay: None Moved by Smith and seconded by Armstrong that the rules governing the passage of ordinances be suspended, the second and third readings be omitted and Ordinance No. 932 be placed on its final passage, Voting Aye: Armstrong, Judge, Smith, Lawlor, King, and Schillette Voting Nay: None Moved by Schilletter and seconded by King that Ordinance No. 932 do now pass. Voting Aye: Armstrong, Judge, Smith, Lawlor, King, and Schillette Voting Nay: None Mayor De Hart declared Ordinance No. 932 duly adopted. I , M. W. Jordan, City Clerk of the City of Ames, Iowa , do hereby certify that the above and foregoing Ordinance No. 932 was duly and properly passed at a meeting of the City Council on the 17th day of February, 1959, and published in the Ames Daily Tribune on the 20th day of February, 1959. M. W. J an, City Clerk