HomeMy WebLinkAbout1993-01-19 Resolution
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RESOLUTION NO. 93-5
RESOLUTION TO ISSUE DANCING PERMIT
BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, that a Dancing Permit as
provided by law is hereby granted to the fOllowing named person and at the fOllowing
described locations upon his filing an application, having endorsed thereon the certificates of
the proper city officials as to having complied with all regulations and ordinances, and having
a valid beer, liquor, or wine license/permit, to wit:
Union - 121 E. College Street
One-Eyed Jake's - 18-20 S, Clinton Street
It was moved by HorOllitz and seconded by A.-nbrisco that the Resolution
as read be adopted, and upon roll call there were:
AYES: NAYS: ABSENT:
!
! -X- - Ambrisco
, --L- Courtney
!i
( X Horowitz
\ X- Kubby
\ ,
( --x--
, Larson i
I -X- McDonald
-X- Novick
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i Passed and approved this 19th day of January ,19~.
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i ATTEST: ~J.jJ ~
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I CIT CLERK
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RESOLlITION NO. 93-6
RESOLlITION 10 ISSUE CIGARETI'E PER/olITS
MJEREAS, the follO\~ing finns and persons have made application
and paid the mulct tax required by law for the sale of cigarettes and
cigarette papers; therefore,
BE IT RESOLVED BY TIlE CI'lY COUNCIL OF IOWA CI'lY, IOWA, that the
applications be granted and the City Clerk be and he/she is hereby
directed to issue a permit to the fOllowing named persons and firms to
sell cigarette papers and cigarettes:
Union - 121 E. College Street
It was IIIOved by Hnr~\J6t. and seconded by rihri "cn
that the Resolution as rea e adopted, and upon roll call t ere were:
AYES: NAYS: ABSENT :
Ambrisco ...lL-
I Courtney ...lL-
Horowitz -X-
Kubby -X-
Larson -X-
McDonald -X-
Novick -X-
Passed and approved this 1 qth day of .1nnllnry , 19..2L'
Attest: ~A:Ufi/) .J! ~A)
City-Clerk
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RESOLUTION NO. 93-7
A RESOLUTION SETTING A PUBLIC HEARING ON PLANS, SPECIFICATIONS,
FORM OF CONTRAGI' AND ESTIMATE OF COST FOR THE CONSTRUGI'ION OF
THE COLLEGE STREET BRIDGE DECK AND SIDEWALK REHABILITATION PROJEGI',
DIRECTING CITY CLERK TO PUBLISH NOTICE OF SAID HEARING, AND DIREGI'ING
THE CITY ENGINEER TO PLACE SAID PLANS ON FILE FOR PUBLIC INSPEGI'ION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA:
1. That a public hearing on the plans, specifications, form of contract, and
estimate of cost for the construction of the above-named project is to be
held on the 2nd day of February, 1993, at 7:30 p.m. in the Colmcil
Chambers, Civic Center, Iowa City, Iowa.
2. That the City Clerk is hereby authorized and directed to publish notice
of the public hearing for the above-named proposal in a newspaper published
at least once weekly and having a general circulation in the City, not less
than four (4) nor more than twenty (20) days before said hearing.
3. That the copy of the plans, specifications, form of contract, and estimate
of cost for the construction of the above-named project is hereby ordered
placed on file by the City Engineer in the office of the City Clerk for
public inspection.
It was moved by HorOliitz and seconded by Ambrisco the Resolution be
adopted, and upon roll call there were:
~ MAYSl ABSENT:
--1L- _ _ Ambrisco
--1L- _ _ Courtney
-1L-- _ _ Horowitz
--1L- _ _ Kubby
-1L-- _ _ Larson
-1L-- _ _ McDonald
-L- _ _ Novick
~ thl. JWL "y 01
1993.
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A'I'fEST:J1kiA;A/J2zt. .JdvJ
'~CiTY'CLERK
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RESOLUTION NO. 93-8
RESOLUTION AUTHORIZING THE MAYOR TO SIGN AND THE CITY CLERK TO
ATTEST THE RELEASE OF A LIEN REGARDING A PROMISSORY NOTE
EXECUTED FOR PROPERTY LOCATED AT 1105SPRUCE STREET, IOWA CITY,
IOWA.
WHEREAS, on Februery 22, 1979, the property owner of 1105 Spruce Street, Iowa City,
lowe, executed e Promissory Note to the City of lowe City in the amount of $3,500 for value
received by way of a Housing Rehabilitation Program no,interest loan; and
WHEREAS, said Promissory Note created a lien against the subject property; and
WHEREAS, on January 11, 1993, said note was paid in full.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA that the Mayor is authorized to sign and the City Clerk to attest the attached release
of lien for recordation, whereby the City does release the affected property from an obligation
of the property own~rs at 1105 Spruce Street to pay to the City the principal amount of
'$3,500, which obligation was recorded in Book 267, Page 141 of the Johnson County
Recorder's Office.
It was moved by Horowitz and seconded by
adopted, and upon roll call there were:
Ambrisco the Resolution be
AYES: NAYS: ABSENT:
-L- Ambrisco
X Courtney
X-- Horowitz
X- Kubby
X- Larson
- McDonald
-X-
-L- Novick
Passed and approved this 19th day of January ,1993,
~~
MAYOR
Approved by
ATTEST: /J~A/}J ~ ..Jf.,,J
CIT LERK
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RELEASE OF LIEN
The City of Iowa City does hereby release the following-described property:
Lot 14 in Lafferty Subdivision of Part of the NE1/4 of the SW1/4 of Section 14,
Township 79 North. Range 6 West of the Fifth P.M. according to the plat thereof
recorded in Plat Book 5. Page 40. Plat Records of Johnson County, Iowa. subject to
easements and restrictions of record,
from an obligation of the property owners of 1105 Spruce Street, Iowa City. Iowa. to the City
of Iowa City. Iowa. in the principal amount of $3,500 represented by a Promissory Note
recorded in the Office of the Johnson County Recorder's Office on February 26, 1979. in
Book 267, Page 141.
This obligation has been satisfied and the lien is hereby released. in full. from any liens or
clouds upon title to the above property by reason of said prior recorded documents.
CITY OF IOWA CITY
~~
Ma
Attest: 7nm~) II .fdAA)
CftiClerk
A proved by:
STATE OF IOWA )
) S5:
JOHNSON COUNTY)
On this ~ day of ~~"~I"'t ' 19~. before me. So~t!r4-l_
'i='o'-!- . a otary Public in and for the State of Iowa, personally
appeared Darrel G. Courtney and Marian K. Karr, to me personally known, and. who, being
by me duly sworn. did say that they are the Mayor and City Clerk. respectively, of the City
of Iowa City, Iowa; that the seal affixed to the foregoing instrument is the corporate seal of
the corporation. and that the instrument was signed and sealed on behalf of the corporation.
by authority of its City Council, as contained in 1erdin&AGel (Resolution) No. , 3 - ~
passed (the Resolution adopted) by the City Council. under Roll Call No. ------... of the
City Council on the 19 T" day of J"(l,'UM~ . 19~. and that Darrel G.
Courtney and Marian K. Karr acknowledged the execution of the instrument to be their
voluntary act and deed and the voluntary act and deed of the corporation. by it voluntarily
executed.
Saw1..u ~
Notary Public in and for the State of Iowa
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RESOLUTION NO. 93-9
RESOLUTION AUTHORIZING THE MAYOR TO SIGN AND THE CITY CLERK TO
ATTEST THE RELEASE OF A LIEN REGARDING A PROMISSORY NOTE
EXECUTED FOR PROPERTY LOCATED AT 1122 FIFTH AVENUE.
WHEREAS, on February 16, 1983, the property owner of 1122 Fifth Avenue, Iowa City,
Iowa, executed a Promissory Note to the City of Iowa City in the amount of $15,000 in
exchange for a no,interest, declining balance loan; and
WHEREAS, said Promissory Note created a lien against the subject property; and
WHEREAS, under the terms of said Promissory Note, the Principal of the above,referenced
loan was forgiven on February 16, 19B8.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA that the Mayor is authorized to sign and the City Clerk to attest the attached release
of lien for recordation, whereby the City does release the affected property from an obligation
of the property owners at 1122 Fifth Avenue to pay to the City the principal amount of
$15,000, which obligation was recorded in Book 320, Pages 449.450 of the Johnson County
Recorder's Office.
It was movad by Horowitz and seconded by
adopted, and upon roll call there were:
Ambrisco the Resolution be
AYES: NAYS: ABSENT:
-L- Ambrisco
X Courtney
X- Horowitz
X- Kubby
X- Larson
-
-X- McDonald
-L- Novick
Passed and approved this 19th day of January ,1993,
UW}
Approved by
ATTEST: ~Al~ Al ~
CITY LERK
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RELEASE OF LIEN
The City of Iowa City does hereby release tha property:
Lots Five (5) and Six (6), Block Thirty,One (31), East Iowa City, Iowa, Johnson
County, Iowa according to the recorded plat thereof,
from an obligation of the property owners of 1122 Fifth Avenue to the City of Iowa City in
the principal amount of $15,000 represented by a Promissory Note recorded in the Office of
the Johnson County Recorder's Office on February 23, 1983, in Book 320, Pages 449,450.
This obligation has bean satisfied and the property is hereby released, in full, from any liens
or clouds upon title to the above property by reason of said prior recorded documents.
CITY OF IOWA CITY
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Mayo
Attest: ",,;,/:..."',/ ,f. J(a-uJ
City lerk
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STATE OF IOWA )
) SS:
JOHNSON COUNTY)
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On this ~ day of Janu...,,~ ' 19-!L, before me, S"n.l.....~
l=;,..-r ,a otary Public in and for the State of Iowa, personally
appeared Darrel G. Courtney and Marian K. Karr, to me personally known, and, who, being
by me duly sworn, did say that they are the Mayor and City Clerk, respectively, of the City
of Iowa City, Iowa; that the seal affixed to the foregoing instrument is the corporate seal of
the corporation, and that the instrument was signed and sealed on behalf of the corporation,
by authority of its City Council, as contained in (GffliAaAGe) (Resolution) No. 93 _ q
passed (the Resolution adopted) by the City Council, under Roll Call No. ~ of the
City Council on the ,e; T"H day of ~nun"8 ' 19~, and that Darrel G.
Courtney and Marian K. Karr aCknowledged th execution of the instrument to be their
voluntary act and deed and the voluntary act and deed of the corporation, by it voluntarily
executed.
8rJr1dMJ ~
Notary Public in and for the State of Iowa
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RESOLUTION NO. 93-10
RESOLUTION AUTHORIZING THE MAYOR TO SIGN AND THE CITY CLERK TO
ATTEST THE RELEASE OF A LIEN REGARDING A PROMISSORY NOTE
EXECUTED FOR PROPERTY LOCATED AT 513 SECOND AVENUE.
WHEREAS, on April 3, 1979, the property owner of 513 Second Avenue,lowa City, Iowa,
executed a Promissory Note to the City of Iowa City in the amount of $5,000,00 in exchange
for a no interest, declining balance loan; and
WHEREAS, said Promissory Note created a lien against the subject property; and
WHEREAS, under the terms of said Promissory Note, the Principal of the above,referenced
loan was forgiven on April 3, 19B2.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA that the Mayor is authorized to sign and the City Clerk to attest the attached release
of lien for recordation, whereby the City does release the affected property from an obligation
of the property owners at 513 Second Avenue to pay to the City the principal amount of
$5.000.00, which obligation was recorded in Book 270, Page 202 of the Johnson C~unty
Recorder's Office.
It was moved by Horowitz and seconded by Ambrisco the Resolution be
adopted, and upon roll call there were:
AYES: NAYS: ABSENT:
X Ambrisco
X- Courtney
-X- Horowitz
--L- Kubby
.....L- Larson
X McDonald
X Novick
Passed and approved this 19th day of January ,1993.
~
Approved by
ATTEST: 7Jt~.f ~4)
CITv=a:ERif
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RELEASE OF LIEN
The City of Iowa City does hereby release the property:
Lot 1 in Block 19 in East Iowa City, Iowa, according to the recordad plat thereof,
subject to easements to record.
from an obligation of tha property owners of 513 Second Avenue to the City of Iowa City in
the principal amount of $5,000 representad by a Promissory Note recorded in the Office of
the Johnson County Recordar's Office on May 15, 1979, in Book 270, Page 202.
This obligation has been satisfied and the property is hereby raleased, in full, from any liens
or clouds upon title to the above property by reason of said prior racordad documents.
CITY OF IOWA CITY
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May
Attast: 7J~ ,f. !riu-?)
City lerk
Approved by:
STATE OF IOWA )
) SS:
JOHNSON COUNTY)
~ - S
On this ~ day of J"""ar"J;1 . 19...iL. befora me, ~
hM- . a Notary Public in and for the State of Iowa, personally
appearad Darrel G. Courtney end Marian K. Karr, to me personally known, and. who, being
by me duly sworn, did say that they are the Mayor and City Clerk, respectively, of the City
of Iowa City, Iowa; that the seal affixed to the foregoing instrument is the corporate seal of
the corporation, and that the instrument was signed and sealed on behalf of the corporation.
by authority of its City Council, as contained in terdinenee) (Resolution) No. 93 -ID
passed (the Resolution adopted) by the City Council, under Roll Call No. ___________ of the
City Council on the ''1 ™ day of JQ,Ai/.4~" , 19..i.3-.-, and that Darrel G.
Courtney and Marian K. Karr acknowledged th& execution of the instrument to be their
voluntary ect and deed and the voluntary act and deed of the corporation, by it voluntarily
executed.
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Notary Public in and for the State of Iowa
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RESOLUTION NO. 93-11
RESOLUTION AUTHORIZING THE MAYOR TO SIGN AND THE CITY CLERK TO
ATTEST THE RELEASE OF A LIEN REGARDING A PROMISSORY NOTE
EXECUTED FOR PROPERTY LOCATED AT 119 EVANS STREET.
WHEREAS, on September 27, 1983, the property owner of 119 Evans Street, Iowa City,
Iowa, executed a Promissory Note to the City of Iowa City in the amount of $ 1 5,000 in
exchange for a no,interest, declining balance loan; and
WHEREAS, said Promissory Note created a lien against the subject property; and
WHEREAS, under the terms of said Promissory Note, the Principal of the above,referenced
loan was forgiven on September 27,1988,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA that the Mayor is authorized to sign and the City Clerk to attest the attached release
of lien for recordation, whereby the City does release the affected property from an obligation
of the property owners at 1 19 Evans Street to pay to the City the principal amount of
$15,000, which obligation was recorded in Book 337, Pages 217-21 B of the Johnson County
Recorder's Office.
It was moved by Horowitz and seconded by
adopted, and upon roll call there were:
Ambrisco the Resolution be
AYES: NAYS: ABSENT:
,
,
i ---X- Ambrisco
i
I ~ Courtney
.
, X Horowitz
,
I X Kubby
i X-
I i Larson
i --X- McDonald
--X- Novick
I Pessed and approved this 19th day of January ,1993,
ATTEST: 7J~,f -Id-AJ
CIT CLERK
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Approved by
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Clt; j;torney's Offic 1/' It
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RELEASE OF LIEN
The City of lowe City does hereby release the property:
South 45 feet of Lot 1, Block 3, J.W. Clark's Addition to Iowa City, Johnson County,
Iowa,
from an obligation of the property owners of 119 Evans Street to the City of Iowa City in the
principal amount of $15,000 represented by a Promissory Note recorded in the Office of the
Johnson County Recorder's Office on October 3, 19B3, in Book 337, Pages 217.21B.
This obligation has been satisfied and the property is hereby released, in full, from any liens
or clouds upon title to the above property by reason of said prior recorded documents.
CITY OF IOWA CITY
~,~
I Mayor
Attest: ~(~ .,/J .!dM,)
City lerk
Approved by:
STATE OF IOWA )
) 55:
JOHNSON COUNTY)
On this ~ day of 'J"""'"'1f;j , 19..1L, before me, S!llldr"~
hn- ,a otary Public in and for the State of Iowa, personally
appeared Darrel G. Courtney and Marian K. Karr, to me personally known, and, who, being
by me duly sworn, did say that they are the Mayor and City Clerk, respectively, of the City
of Iowa City, Iowa; that the seal affixed to the foregoing instrument is the corporate seal of
the corporation, and that the instrument was signed and sealed on behalf of the corporation,
by authority of its City Council, as contained in (Qrdinaneel (Resolution) No. '13-11
passed (the Resolution adopted) by the City Council, under Roll Call No. of the
City Council on the /q 7~ day of 'JQn".r~ ' 19~, and that Darrel G.
Courtney and Marian K. Karr acknowledged the execution of the instrumant to be their
voluntary act and deed and the voluntary act and deed of the corporation, by it voluntarily
Axecuted.
Sr.wt",,, ):""r.M:.-
Notary Public in and for the State of Iowa
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RESOLUTION NO. 93-12
RESOLUTION AUTHORIZING THE MAYOR TO SIGN AND THE CITY CLERK TO
ATTEST THE RELEASE OF A LIEN REGARDING A PROMISSORY NOTE
EXECUTED FOR PROPERTY LOCATED AT 629 MARKET STREET.
WHEREAS, on November 22, 1977, the property owner of 629 Market Street, lowe City,
Iowa, executed a Promissory Note to the City of Iowa City in the amount of $5,000.00 in
exchange for a no interest, declining balance loan; and
WHEREAS, said Promissory Note created a lien against the subject property; and
WHEREAS, under the terms of said Promissory Note, the Principal of the ebove,referenced
loan wes forgiven on November 22, 19BO.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA that the Meyor is authorized to sign and the City Clerk to attest the attached release
of lien for recordation, whereby the City does release the affected property from an obligation
of the property owners at 629 Market Street to pay to the City the principal amount of
$5,000.00, which obligation was recorded in Book 254, Pages 181'182 of the Johnson
County Recorder's Office.
It was moved by Horowitz and seconded by
edopted, and upon roll call there were:
Ambrisco the Resolution be
AYES: NAYS: ABSENT:
~ Ambrisco
~ Courtney
~ Horowitz
-L- Kubby
X Larson
X- McDonald
-
...lL- Novick
Passed and approved this 19th day of January ,1993.
~.
Approved by
ATTEST: ~,) Jl ~
CIT CLERK
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RELEASE OF LIEN
The City of Iowa City does hereby release the property:
The north 50 feet of Lot 1, Blk 26. Iowa City, IA., according to the recorded plat
thereof,
from an obligation of the property owners of 629 Market Street to the City of Iowa City in the
principal amount of $5,000 represented by a Promissory Note recorded in the Office of the
Johnson County Recorder's Office on May 10, 1978, in Book 254, Pages lBl.182.
This obligation hes been satisfied and the property is hereby released, in full, from any liens
or clouds upon title to the above property by reason of seid prior recorded documents.
CITY OF IOWA CITY
BY~
Mayor
Attest: 7?~) -I! ..jdu)
City erk
Approved by:
0'--
I-IY-V
I
STATE OF IOWA )
) SS:
JOHNSON COUNTY)
On this .J.J!!!:. day of -:rCUlL<~r!;l. , 19-1L. before me, Sbrd""...
h;..t- , a Notary Public in and for the State of Iowa, personally
appeared Darrel G. Courtney and Marian K, Karr. to me personally known, and, who, being
by me duly sworn, did say that they are the Mayor and City Clerk, respectively, of the City
of Iowa City, Iowa; that the seal affixed to the foregoing instrument is the corporate seal of
the corporation, and that the instrument was signed and sealed on behalf of the corporation,
by authority of its City Council, as contained in (6fE1ifleAce) (Resolution) No. 93 ~ IZ
passed (the Resolution adopted) by the City Council, under Roll Call No. ---- of the
City Council on the 111 71l day of "To.nll.a.,,!;\ , 19--'1-L-, and that Darrel G,
Courtney and Marian K, Karr acknowledged thE!' execution of the instrument to be their
voluntary ect and deed and the voluntary act and deed of the corporation, by it voluntarily
executed.
~QA, ~'"'b-
Notary Public in and for the State of Iowa
ppd,ahlb\820Mllkl,11l
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RESOLUTION NO. 93-13
RESOLUTION AUTHORIZING THE MAYOR TO SIGN AND THE CITY CLERK TO
ATTEST THE RELEASE OF A LIEN REGARDING A PROMISSORY NOTE
EXECUTED FOR PROPERTY LOCATED AT 514 OAKLAND STREET AIKIA 514
OAKLAND AVENUE.
WHEREAS, on April 20, 1977. the property owner of 514 Oakland Street, alkla 514 Oakland
Avenue, Iowa City, Iowa, executed a Promissory Note to the City of Iowa City in the amount
of $5,000.00 in exchange for e no interest, declining balance loan; end
WHEREAS, said Promissory Note created a lien against the subject property; and
WHEREAS, under the terms of said Promissory Note, the Principal of the above-referenced
loan was forgiven on April 20, 1980.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA that the Mayor is authorized to sign and the City Clerk to attest the etteched releese
of lien for recordetion, whereby the City does releese the affected property from an obligation
of the property owners at 514 Oakland Street, e/k/a 514 Oakland Avenue, to pay to the City
the principal amount of $5,000.00, which obligation was recorded in Book 489, Pages 244-
245 of the Johnson County Recorder's Office.
It was moved by Horowitz and seconded by Ambrisco
adopted, and upon roll call there were:
the Resolution be
AYES:
NAYS:
ABSENT:
I
X
-L-
-L-
-1L.
--K-
X
X
Ambrisco
Courtney
Horowitz
Kubby
Larson
McDonald
Novick
Passed and epproved this 19th day of
January
,1993.
~-
Approved by
ATTEST: ~M~""I.J 9fJ cJj,~
CITY LERK
L
City Attorney's Office
_ :B ClL-.
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ppdroh.b\614oakl.r.a
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RELEASE OF LIEN
The City of Iowa City does hereby release the following described property:
Rundell Addition, Lot 30, Block 2,
from en obligation of the property owners of 514 Oakland Street a/k/a 514 Oakland Avenue
to the City of Iowa City in the principal amount of $5,000 represented by a Promissory Note
recorded in the Office of the Johnson County Recorder's Office on April 20, 1977, in Book
489, Pages 244.245.
This obligation has been satisfied and the property is hereby released, in full, from any liens
or clouds upon title to the above property by reason of said prior recorded documents.
"u.' IOWA_CITY
M~
Attest: ~) ..,f. .)j~
City erk
::;
J)rJ!
I-N-93
STATE OF IOWA )
) SS:
JOHNSON COUNTY)
-rll -
On this ~ day of JClJ\v..Cl~ ' 19J.L, before me, SOItlflW..
j='"..I2t't ,a tary Public in and for the State of Iowa, personally
appeared Derrel G. Courtney and Marian K. Karr, to me personally known, and, who, being
by me duly sworn, did say that they are the Mayor and City Clerk, respectively, of the City
of Iowa City, Iowa; that the seal affixed to the foregoing instrument is the corporate seal of
the corporation, and that the instrument was signed and sealed on behalf of the corporation,
by authority of its City Council, as contained in (9rdinance) (Resolution) No. q3 ~ /3
passed (the Resolution adopted) by the City Council, under Roll Call No. ~of the
City Council on the /97"11 day of "J"OJI"ar'il ' 19.:La-, and that Darrel G,
Courtney and Marien K. Karr acknowledged the execution of the instrument to be their
voluntary act and deed and the voluntary act and deed of the corporation, by it voluntarily
executed.
Sm-dna.l. ~~
Notary Public in and for the State of Iowa
ppdr"'ob'51~ookl,'~
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RESOLUTION NO.
~
rlr~
RESOLUTION APPROVING THE FINAL PLAT OF FIRST AND ROCHESTER
COMMERCIAL SUBDIVISION, PART ONE, IOWA CITY, IOWA.
WHEREAS, the owner, Bruce Glasgow, filed with the City Clerk the final plat of First and
Rochester Commercial Subdivision, Part One, Iowa City, Johnson County, Iowa; and
WHEREAS, said subdivision is located on the following'described real estate in Iowa City,
Johnson County, Iowa, to wit:
Beginning at the Northeast Corner of Rochester Place, an Addition to the City of Iowa City,
Iowa, in accordance with the Piat thereof recorded in Plat Book 30, at Page 17, Records of the
Johnson County Recorder's Office: Thence N47022'50' E, la recorded bearing) along the
Centerline of Rochester Avenue, 35.67 feet; Thence Northeasterly 340.56 feet, along said
Centerline, on a 716.80 foot radius curve, concave Southeasterly, whose 337.37 foot chord
bears N60'59'30' E: Thence N74036'10'E, along said Centerline 143.B5 feet, to its
intersection with Centerline of First Avenue: Thence SOooOO'OO' E, along the Centerline of
said First Avenue 603.43 feet, to the Northeast Corner of a Plat of Survey, as recorded in Piat
Book 7, at Page 52, Records of the Johnson County Recorder's Office: Thence S89031'l O"W,
along the North line of said Plat of Survey, 453.75 feet, to a Point on the East Line of said
Rochester Place; Thence NOO'56'20'W, along said East Line, 381.33 feet, to the point of
Beginning.
Excepting therefrom the following:
Commencing at the Northeast Corner of Rochester Place, an Addition to the City of Iowa City,
Iowa, In accordance with the plat thereof recorded in Plat Book 30, at Page 17, Records of the
Johnson County Recorder's Office; Thence N47022'50'E (a recorded bearing) along the
Centerline of Rochester Avenue, 35.67 feet: Thence Northeasterly 340,56 feet, along said
Centerline, on a 716.80 foot radius curve, concave Southeasterly, whose 337.37 foot chord
bears N60059'30"E: Thence N74036'10"E, along said Centerline, 143.85 leet, to its
intersection with the Centerline of First Avenue: Thence SOOOOO'OO"E, along the Centerline
of said First Avenue, 39.74 feet: Thence N90000'OO"W, 20.00 feet, to the Northeast Corner
of Lot 1, of Wick's Addition, to Iowa City, Iowa, in accordance with the Plat thereof recorded
in Plat Book B, at Page 29, Records of the Johnson County Recorder's Office, and the Point
of Beginning: Thence SOOOOO'OO"E, along the East line of said Lot 1, 149.79 feet; Thence
N90000'OO"W, 13,00 feet to the Northeast Corner of Tract II, in accordance with the
Warranty Deed, recorded in Deed Book 626, at Page 175, Records of the Johnson County
Recorder's Office, Said Point being 33.00 feet normally distant Westerly of the Centerline of
said First Avenue: Thence SOO'OO'OO"E 166.00 feet: Thence N90000'OO"W, 276.25 feet:
Thence NOOOOO'OO"E, 5B.79 feet; Thence Northwesterly 105.51 feet, along a 157.50 foot
radius curve, concave Southwesterly, whose 103.54 foot chord bears N19011'27"W; Thence
N38022'53"W, 22.58 feet, to a Point on the Southerly Rlght,of,Way line of Rochester Avenue:
Thence Northeasterly along said Southerly Right'of.Way line 254,60 feet along a 683,BO foot
radius curve, concave Southeasterly, whose 253.13 foot chord bears N63056'll"E; Thence
N74036'10"E, along said Right.of.Way line 114.02 feat to the Point of Beginning. Said
resultant tract contains 3,67 acres, more or less, and is subject to easements and restrictions
of record,
WHEREAS, the Oepartment of Planning and Community Oevelopment and the Public Works
Department examined the proposed final plat and subdivision and recommended approval; and
WHEREAS, the Planning and Zoning Commission examined the final plat and subdivision and
recommended that said final plat and subdivision be accepted and approvad; and
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Resolution No.
Page 2
WHEREAS, a dedication has baen made to the public, and the subdivision has baen made with
the free consent and in accordance with tha desires of the owners and proprietors; and
WHEREAS, said final plat and subdivision are found to conform with Chapter 409A, Code of
Iowa (1991) and all other state and local raquirements.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA, THAT:
1. The final plat and subdivision located on the above-described real estate be and the
same are hereby approved, and the dedication of the streets and easements is
accepted as provided by law.
2. The Mayor and City Clerk of the City of Iowa City, Iowa, are hereby authorized and
directed, upon approval by the City Attorney, to execute all legal documents relating
to said subdivision, and to certify a copy of this resolution, which shall be affixed to
the final plat after passage and approval by law. The owner/subdivider shall record the
legal documents and the plat at the office of the County Recorder of Johnson County,
Iowa.
It was moved by and seconded by
adopted, and upon roll call there were:
the Resolution be
AYES:
NAYS:
ABSENT:
Ambrisco
Courtney
Horowitz
Kubby
Larson
McDonald
Novick
Passed and approved this
day of , 1992.
~d,
Approved by
ATTEST: 7?~~-uJ -t' ~
CIT CLERK
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Rev BY:XEROX TELEeOPIER 7ell ; 1-19-93 4:19PM;
01-19-199304:15PM FROM Barker,Cruise.Kennedy
319351e6e5~
TO
3193565ee9;~ 1
3565009 P.01
CHARiotS).,. BARKER
.JQHti O.l;AUI$t
MICHAEl. W, KfNNEOY
JAMLS 0, HOUGHTON
gAVIS I.. roSTI"
M. AlBlCCA SEIOl.
STevEN 1;. ANoe;RSQN
BARKER. CRUISE, KENNEDY. HOUGHTON a FOSTER
LAWYERS
gag:l:, OUBU~UE trRIE"I'. P,O, sOX .aooo
IOWA CITY, IOWA
~ili!44
AAeA COOl: 319
TeLEPHONE: 3~I'8181
FA)( 319-391,0(105
January 19, 1993
FAX TRANSMISSION and
ORDINARY MAIL
to
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Ms. Marsha Bormann
Assistant City Attorney
City of Iowa city
civic Center
410 East Washington Street
Iowa city, IA 52240
Re: First and Rochester Commercial Subdivision,
Part One
Dear Marsha:
On behalf of the subdivider, Bruce R. Glasgow, I agree to
waive the 60 day period for Council approval of the above-refer-
enced subdivision with this waiver to extend the time period to
March 1, 1993. I have conferred with Bruce Glasqow about our
discussion today. He hopes that we can resolve all questions on
the legal papers shortly so that subdivision approval can be ob-
tained next month.
JDe/dc
00: Bruce R. Glasgow
\ltr\2la8956.1tr
truly yours,
E~
cruise
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RESOLUTION NO. 91-14
PRELIMINARY RESOLUTION FOR THE CONSTRUCTION OF ALLEY IMPROVE-
MENTS IN THE CITY OF IOWA CITY, IOWA.
WHEREAS, this Council, after e study of the requirements, is of the opinion thet it is
necessery and desirable that portland cement concrete paving be constructad within Iowa
City, Iowa, as hareinafter described; and
WHEREAS, it is proposed that said project be constructed as a single improvement under the
authority granted by Division IV of Chapter 384 of the Code of Iowa.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA THAT:
Subdivision A. Iowa City, Iowa construct portland cement concrete paving, as hereinafter
described.
Subdivision B. The beginning and terminal points of said improvements shall be as follows:
Construction of portland cement concrete alley pavement Class C, seven (7)
inches thick, and incidental related work in the alley south off Bowery Street
between Dodge and Johnson Streets (from existing pavement south to existing
pavement.)
Subdivision C. The City Engineer of Iowa City, Iowa, having been employed as engineer to
prepare plats, schedules, estimates, plans and specifications and otherwise to act in said
capacity with respect to said project is hereby ordered to prepare and file with the City Clerk
preliminary plans and specifications and estimatas of the total cost of the work, and also the
plat and schedule of special assessments against benefitted pro parties.
Subdivision D. This Council hereby determines that all property within the area hereinafter
described will be specially benafitted by said improvements, to-wit:
All properties with access to the alley within the block of the improvements.
Subdivision E. Said improvement shall be designated as the "FY93 Alley Paving Assessment
Project." and such name shall be a sufficient designation to refer to said improvement in all
subsequent proceedings.
t1\J~
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Resolution No. 93-14
Page 2
It was moved by Horm,Hz end seconded by
edopted, end upon roll call there were:
Ambrisco the Resolution be
AYES: NAYS: ABSENT:
x Ambrisco
x Courtney
X- Horowitz
--X- Kubby
--X- Larson
---1L- McDonald
-L- Novick
Passed end epproved this 19th day of January ,1993.
ATTEST: ~,;,.~ .f ..;;iA)
CITY LERK
~
MAYOR
Approv ,d by '--I A /
1.tU'-h~ '#'-4
Ci Attorney's Office //',,/r. f
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SENT BY:CITY CF J~ ,m~,15-'93. lp-W_J.i'8Af~(L ;"334-0303 ~1~~ib~~~9oj~ 33H3~3:~ 1
\It'
TO: \U<LClA-1'. \.1:lJ~____
FAX#:.J11~)~b~~
PAGES: I
January 15. 1993 R. SCOTT BARKER, P.A.
813.~2-4949
R. Scott Barker, P.A.
212b j!1rGt Bt., #201"
P.O. Drawer 169
Fort MYers, iL 33902-0159
RB: Bowery Street Alley Paving Project
aka !y93 Alley Paving Aassasment ProJeot
Deal' l1r. 24rk&r:
(:11 r OFfl.liMr~I[ER
~~~~~W~@
JAN 15 1993
Disposition:
ThAnk you tor your letter of Janu~ry 6 regard' ns tho pro~8ed alley pavillSl
pt'oJect. I Ilould like to reSpOnd to your quest on 4Jld llive you 'an update of
the eh.t\lll of thie proJect.
As you noted 1n your letter, YOU And other prope ty owners Plvtd the southern
portion of the ~llay after efforts at an AsseSSme t project were unsuooaasful.
A portion of the alley at the northern snd remain un~roved and this is the
M'oa that i6 bein.. oonsidered for ~Y1l1J1 at th1 time. Under the our rent
proPO~al, costs for this improvement would be aese eed to all property ownera
on the blook with aooess to the alloy baled on squ footage of property owned
(not baaed on property frontase).
The City Counoil will oonoider 1n1t1al aotion on th e proposal at the Counoil
meetill8 MlI1i Tuesday evonilli, January 19. If you have oonoerns about the proJ eot
that YOU would l1ke to have brousht to the attention f the ColUlcil, you may do
00 by latter Or F~ to me by 5:00 P.m. January 19.
Thank you for your 1ntere~t in this matter.
Sinoerely,
1/15/93
~J. /~
1. What square footage figure do you
haye for Il\Y property??
2. Do you compute all square footage on
all floors?
3. It is unfair to make me pay fOI' ~~1
of the paving behind Il\Y property and
then have to pay for part of the paving
behind property which did not contribute
to, yet has the right to use the
pavement I paid for 100%.
4. flhat is the authority for this scheme?
Maroil T. Hende~eon
ProJect Cool'dinator
00: Rick Foeee, City Engineer
Jt\Lh\waUYR
0'110 ~'i U~ '{f"I~3
Thanks for your assistance. Please make
III,\' r~elK2t of the record on 1/19/93.
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RESOLUTION NO. q1-11
RESOLUTION AUTHORIZING THE MAYOR TO SIGN AND
THE CITY CLERK TO ATTEST A UMITED RELEASE AGREEMENT
CONCERNING THE STORMWATER DETENTION BASIN EASEMENT
AGREEMENT FOR APPLE RIDGE SUBDIVISION
WHEREAS, the City of Iowa City, Iowa, a municipal corporation (hereinafter '1he City") and
Gregory A. Apel and Lynn M. Apel (hereinafter 'Subdividers") entered into a Subdividers
Agreement and a Stormwater Detention Basin Easement Agreement concerning Apple Ridge
Subdivision dated September 17, 1991, and recorded in the Johnson County Recorder's Office
In Book 1'288, Pages 56-62 and Pages 74-77, respectively; and
WHEREAS, said Subdividers Agreement and Stormwater Detention Basin Easement Agreement
obligate Subdividers to construct a stormwater management facility; and
WHEREAS, the City does not ordinarily release a subdivision from the construction requirements
relating to stormwater management facilities until the City Engineer certifies that pefmanent
groundcover Is established and mowable; erosion and sedimentation are wholly or substantially
controlled; and substantially all lots within the tributary area In the subdivision have been
developed; and
WHEREAS, in the Interim, a lien remains on the Apple Ridge Subdivision with a cloud on the titles
of all lots In said Subdivision; and
WHEREAS, local builders and financial Institutions are unable to market local mortgages on the
secondary mortgage market by reason of these liens and clouds on the title; and
\
WHEREAS, tho Limited Release Agreement would remove the cloud on the titles to the lots in the
Apple Ridge Subdivision, while protecting the City by reason of the lien attaching to an
established escrow fund, said escrow fund to be established and maintained by the City Finance
Department; and
WHEREAS, the remaining requirements for maintenance, access and other requirements of the
Stormwater Detention Basin Easement Agreement and Subdividers Agreement would continue
In full force and effect, In order to protect the Interests of both parties.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA, THAT:
1, Ills In the public interest to execute the Limited Release Agreement for Apple Ridge
Subdivision In order to protect local property values.
2, The Council finds that transferring the real estate lien to the escrow account Is reasonable
under the circumstances and protects the City's Interests,
3. The Mayor Is hereby authorized to execute and the City Clerk to ,attest the Limited
Release Agreement, a copy of which is attached hereto. Subdividers shall record this
agreement In the Johnson County Recorder's Office.
^t-l-:;
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Res. No. 93-15.
4, Upon certification from the City Engineer that construction of the stormwater management
facility has been satisfactorily completed; permanent groundcover has been established
and Is mowable; erosIon and sedimentation has been wholly or substantially controlled;
and, In the opinion of the City Engineer, substantially all lots within the tributary area In
the Subdivision have been developed, the Mayor and City Clerk are authorized to execute
a final release for recordation In the Johnson County Recorder's Office.
" was moved by Ambrisco and seconded by Novick
adopted, and upon foil call there were:
the Resolution be
AYES:
NAYS:
ABSENT:
x
X-
~
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L-
L-
x
Ambrlsco
Courtney
Horowitz
Kubby
Larson
McDonald
Novick
JJ
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"
Passed and approved this 19th day of January ,1993.
~
Approved by
AlTEST: ~;AA'.J Jl. ~
CITY LERK _
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LIMITED RELEASE AGREEMENT
this Limited Release Agreement Is made between the Clly 01 Iowa City, Iowa, a municipal
corporation (hereinafter '1he City") and Gregory A. Apel and Lynn M. Apel, husband and wile
(hereinafter "Subdividers"),
IN CONSIDERATION OF THE MUTUAL PROMISES CONTAINED HEREIN, THE PARTIES AGREE
AS FOLLOWS:
1. The parties acknowledge that by reason of a Subdividers Agreement and Stormwater
Detention Basin Easement Agreement for Apple Ridge Subdivision (hereinafter
"Subdivision") dated September 17, 1991, and recorded In the Johnson County
Recorder's Office In Book 12BB, Pages 56,62 and Pages 74-77, respectively, Subdividers
are obligated to construct a Stormwater Management Facility (hereinafter "Facility") as
required by the City and as a benefit to the Subdivision, The parties further acknowledge
that this obligation Is deemed a covenant running with the land,
2, The parties acknowledge that $5,000.00 has been placed In escrow with the City for the
Apple Ridge Subdivision. The parties further acknowledge that this escrow Is being
retained by the City pending completion of the Facility, as certified by the City Engineer.
3. The City acknowledges that construction of the Facility herein has been substantially
completed, but that final release of the Facility by the City Is not yet appropriate. For this
reason, the Subdividers Agreement constitutes a lien and cloud on the property in the
Subdivision,
4. In consideration of the City's release 01 Its lien on the property, Subdividers agree that the
lien on the lots In the Subdivision shall be transferred to and shall immediately attach to
the escrow for this property, and that this lien shall remain attached to the escrow until
such time as the Facility has been completed; permanent groundcover Is established and
mowable; erosion and sedimentation are controlled; and, In the opinion 01 the City
Englneef, substantially all lots within the tributary area In the Subdivision have been
developed, At such time, the City will Issue a final release to the Subdivider lor
recordation, '
5. Subdividers agree that said escrow will be retained until all work on the Facility has been
completed and the Facility Is finally released by the City as provided above,
6. In consideration thereof, the City does hereby release Apple Ridge Subdivision from any
lien or cloud now placed on the title to the above property for the purposes stated In
paragraphs 1 through 4 above,
7. This Limited Release Agreement shall not be construed as a release 01 Subdividers'
obligations to complete the stormwater management facility and the site work Incident
thereto, which obligations shall remain the responsibility of Subdividers until the Facility
has been completed and finally released by the City, Nor shall this Limited Release
Agreement In any way alter, amend or modify the Subdividers Agreement or the
...-- .....,...--
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Stormwater Detention Basin Easement Agreement recorded In the Johnson County
Recorder's OffIce In Book 1288, Pages 56,62 and Pages 74-77, respectively, except as
provided In this agreement.
Dated this JJ!! day 01 J~o.r'J ' 1993
SUBDIVIDERS
~/MA h ' t2p-L
Lynn M. Apel
CITY OF IOWA
BY:
Darrel G. Courtney, Mayor
Attest: ~e~~;! -d:!.~
Marian K. Karr, City Clerk
STATE OF IOWA )
)SS:
JOHNSON COUNTY )
j!J.. .
On this Jf day 01 January, 1993, before me, the undersigned, a Notary Public In and lor
the State 01 Iowa, personally appeared Gregory A. Apel and Lynn M. Apel, husband and wile, to
me known to be the Identical persons named herein and who executed the within and loregolng
Instrument and acknowledged that they executed the same as their voluntary act and deed,
f."lg- 1.1;') \ n, WL.lLG
,,',;,,;0 l,iYCO",',II;SION EXPIRES
l:l'", November 3, 1991
XM ;~ IZ.. bJetl'J
Notary'Publlc In and lor the State 01
Iowa
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STATE OF IOWA )
)SS:
JOHNSON COUNTY )
TI'-
On this l!L.. day 01 January, 1993, belore me, the undersigned, a Notary Public lood lor
said County, In said State, pertonally appeared Darrel G. Courtney and Marian K. Karr, to me
personally known, who being bl me duly sworn, did say that they are the Mayor and City Clerk,
respectively 01 said municipal corporation executing the loregolng Instrument; that the seal affixed
thereto Is the seal 01 said municipal corporation; that said Instrument was signed and sealed on
behalf 01 said municipal corporation by authority 01 City council 01 said municipal corporation;
and that ~ Darrel G. Courtney and Marian K. Karr acknowledged that execution 01 said
Instrument to be the voluntary act and deed 01 said municipal corporation and by them voluntarily
executed.
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Notary Public In and lor the State 01
Iowa
Approved By
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\0
LIMITED RELEASE AGREEMENT
t~~1r
this Limited Release Agreement Is made between the City of Iowa City, Iowa, a municipal
corporation (hereinafter '1he City") and Gregory A Apel and Lynn M. Apel, husband and wife
(hereinafter "Subdividers").
IN CONSIDERATION OF THE MUTUAL PROMISES CONTAINED HEREIN, THE PARTIES AGREE
AS FOLLOWS:
1. The parties ack wledge that by feason of a Subdividers Agreement and Stormwater
Detention Basin asement Agreement for Apple Ridge Subdivision (hereinafter
I
"Subdivision") date September 17, 1991, and recor,aed In the Johnson County
Recorder's Office In B k 1288, Pages 56,62 and pa~gs 4-77, respectively, Subdividers
are obligated to constr ~a Stormwater Managemen aclllty (hereinafter "Facility") as
required by the City and a a benefit to the Subdlvlslo . The parties further acknowledge
that this obligation Is dee d a covenant running h the land.
2. The parties acknowledge tha $5,000.00 has bee placed In escrow with the City for the
Apple Ridge Subdivision, T parties further cknowledge that this escrow Is being
retained by the City pending c pletlon of th Facility, as certified by the City Engineer.
3, The City acknowledges that co structlo of the Facility herein has been substantially
completed, but that final release 0 the F cllity by the City Is not yet appropriate. For this
reason, the Subdividers Agreeme c slltutes a lien and cloud on the property In the
Subdivision,
4.
In consideration of the City's rele eo Its lien on the property, Subdividers agree that the
lien on the lots In the Subdlvlsl shal be transferred to and shall Immediately attach to
the escrow for this prope~rty d that t s lien shall remain attached to the escrow until
such time as the Facility has een compl ed; permanent ground cover Is established and
mowable; erosion and se mentation ar controlled; and, In the opinion of the City
Engineer, substantially aJ! lots within the Ibutary area In the Subdivision have been
developed, At such Jme, the City will I ue a final release to the Subdivider for
recordation, I
Subdividers agree Inat said escrow will be retain d until all work on the Facility has been
completed and t,6 Facility Is finally released by t e City as provided above.
In conslderatlgtthereof, the City does hereby releas Apple Ridge Subdivision from any
lien or cloud/now placed on the title to the above pr erty for the purposes stated In
paragraphs~ through 4 above.
This L1mled Release Agreement shall not be construed as a release of Subdividers'
I
obllga)ions to complete the stormwater management faclllty and the site work Incident
thereto, which obligations shall remain the responsibility of Subdividers until the Facility
has been completed and finally released by the City, Nor shall this Limited Release
Agreement In any way alter, amend or modify the Subdividers Agreement Of the
5,
6,
7,
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Stormwater Detention Basin Easement Agreement recorded In the Johnson County
Recorder's Office In Book 128B, Pages 56,62 and Pages 74-77, respectively, except as
provIded In this agreement.
Dated thIs _ day of
,1993
SUBDIVIDERS /
/
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Lyn 'M. Apel
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OF IOWA CITY, IOWA
BY:
Darrel G. Courtney, Mayor
Allest:
Marian K. Karr, City Clerk
STATE OF IOWA )
)SS.
JOHNSON COUNTY Y
On this _ d~y of January, 1993, before me, the un rSlgned, a Notary Public In and for
the State of Iowa, P9rsonally appeared Gregory A. Apel and ~ nn M. Apel, husband and wife, to
me known to be the Identical persons named herein and who eouted the within and foregoing
Instrument and acknowledged that they executed the same as heir voluntary act and deed,
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Notary Pulillc In and for the State of
Iowa
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STATE OF IOWA )
)SS:
JOHNSON COUNTY )
On this _ day of January, 1993, before me, the undersigned, a Notary Public In nd for
said County, In said State, personally appeared Darrel G. Courtney and Marian K. Karr, to me
personally known, who being be me duly sworn, did say that they are the Mayor and City Clerk,
respectively of said municipal corporation executing the foregoing Instry~ent; thatthe seal affixed
thereto Is the seal of said munlcIP~corporatlon; that said Instru[Zjen .was signed and sealed on
behalf of said municipal corporall n by authority of City council 0 said municipal corporation;
and that the Darrel G. Courtney and Marian K Karr acknow dged that execution of said
Instrument to be the voluntary act a deed of said municipal c poratlon and by them voluntarily
executed.
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Notary Public In and for the State of
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Approved By
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CITY OF IOWA CITY
TO THE COUNTY AUDITOR AND THE BOARD OF SUPERVISORS OF JOHNSON COUNTY,
IOWA:
I, Marian K. Karr, CMC, City Clerk of the City of Iowa City, Iowa, do hereby certify the attached
Resolution with Exhibit A, a list of the delinquent property cleanup account, and a description of
the premise where such delinquent account was Incurred (together with the name of the owner
thereof), to the County Auditor to be collected as regular taxes as by statute provided, As dirBcled
by the City Council this 19U1 day of January, 1993.
~d f Idw
Marian K. Karr, City Clerk
linacctg\prpclean,crt
.,0 EAST WASIIINOTON STREET' IOWA CITY, IOWA 52240.1126 '1)1913)6.5000' FAX 1)191 ))6.5009
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RESOLUTION NO. 93-16
RESOLUTION CERTIFYING UNPAID PROPERTY CLEANUP CHARGES TO
JOHNSON COUNTY FOR COLLECTION IN THE SAME MANNER AS A
PROPERTY TAX.
WHEREAS, Section 364.12 of the Code of Iowa provides that the City Council may certify unpaid
property cleanup charges to Johnson County, for collection In the same manner as a property tax;
and
WHEREAS, there exist unpaid property cleanup charges for the owner and property, and In the
amount specified In Exhibit A, attached to this Resolution and by this reference made a part
hereof; and
WHEREAS, the Council finds that the property owner has received a written notice by certified
mall, return receipt requested, of the date and time for the City Council's consideration of this
resolution, at which time the property owner may appear before the Council and be heard
concerning the unpaid charges.
NOW, THEREFORE, BE IT RESOLVED BYTHE CITY COUNCIL OFTHE CITY OF IOWA CITY,
IOWA:
That the City Clerk Is hereby authorized to certify to Johnson County, Iowa, for collection In the
same manner as a property tax, unpaid property cleanup charges, as stated In Exhibit A attached.
It was moved by Ambrisco and seconded by
adopted, and upon roll call there were:
Novick
the Resolution be
AYES:
NAYS:
ABSENT:
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Ambrisco
Courtney
Horowitz
Kubby
Larson
McDonald
Novick
Passed and approved this 19th
day of January , 1993,
4t!~
Approved by
ATTEST: f#u~.J ~ ~~
elT CLERK
0L
. y Attorney' Office
P!J1/1L
IInacctglprpsnow,ros
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****EXHIBIT A****
PROPERTY CLEAN-UP
Section 24-101 (a), Ordinance for city of Iowa City
section 364-12 (3) (a) and (h), Code of Iowa (1991)
PROPERTY OWNER: Hubert L. Yeggy
PROPERTY OWNER'S ADDRESS: 1525 prairie du Chien Road, Iowa city, IA
52245
PROPERTY: 828 st. Anne's Drive
LEGAL DESCRIPTION: Lot 21 Conway's SD 8ec.3-79-6 & W 4' of Lot 20
Thereof
PARCEL NUMBER: 63569001
CHARGES: Clean-up of property and officer escort - $8020.99
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01'1~'93 10:33 f\! 313 2~3 21~O
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~002
(This Notice to be posted)
NOTICE ~ CALL OF PUBLIC MEETING
Governmental Body: The city council of Iowa City, Iowa.
Date of Heeting:
Time of Meeting:
January 19 , 1993.
7:30 o'clock !...H.
Place of Hoetingt Council Chambers, civic center, 410 E.
Washington street, Iowa City, Iowa.
PUBLIC NOTICE IS HEREBY GIVEN tbat the above mentioned
governmental body will meet at the date, time and place above set
out. The tentative agenda for said meeting is as follows:
$37,300,000 Sewer Revenue Bonds.
- Approval of Tax Exemption Certificate.
- Resolution aUthorizing the iesuance.
Such additional matters as are set forth on the addi-
tional 10 pagels) attached hereto.
(number)
This notice is given at the direotion of the Mayor pursuant
to Chapter 21, Code of Iowa, and the local rules of said
governmental body.
h1~ J ,r. ~A//
City lerk, Iowa City, Iowa
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t '
January 19
, 1993
The city council of Iowa City, Iowa, met in Re~ular
session, in the Council Chambers, civic Center, 410 E. Washington
Street, Iowa city, Iowa, at 7:30 o'clockP .M., on the above
date. There were present Mayor Courtney - , in the
chair, and,the following named Council Members:
Ambrisco, Courtney, Horowitz, Kubby. Larson,
McDonald, Novick
Absent: None
*******
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Council Member Ambrisco ' moved that the form
of Tax Exemption certificate be placed on file and approved.
Council Member Larson seconded the motion. The
roll was called and the vote was,
AYES: Kubby, Larson, HcDonald, Novick
Ambrisco, Courtney, Hcrowitz
NAYS: None
council Member Ambrisco introduced the
following Resolution entitled IIA RESOLUTION AUTHORIZING AND
PROVIDING FOR THE ISSUANCE AND SECURING THE PAYMENT OF $37,300,000
SEWER REVENUE BONDS OF THE CITY OF IOWA CITY, IOWA, UNDER THE
PROVISIONS OF THE CITY CODE OF IOWA, AND PROVIDING FOR A METHOD OF
PAYMENT OF SAID BONDS", and moved its adoption. council Member
Horowitz seconded the motion to adopt. The roll
was called and the vote was:
AYES: Kubby. Larson, HcDonald. Novick,
Ambrisco. Courtney, Horowitz
NAYS: None
Whereupon the Mayor decl"'"ed the following Resolution duly
adopted: RES. NO. 93-17
A RESOLUTION AUTHORIZING AND PROVIDING FOR
THE ISSUANCE AND SECURING THE PAYMENT OF
$37,300,000 SEWER REVENUE BONDS OF THE CITY
OF IOWA CITY, IOWA, UNDER THE PROVISIONS OF
THE CITY CODE OF IOWA, AND PROVIDING FOR A
METHOD OF PAYMENT OF SAID BONDS
WHEREAS, the city Council of the city of Iowa city, Iowa,
sometimes hereinafter referred to as the "Issuer", has heretofore
established charges, rates and rentals for services which are and
will continue to be collected as system revenues of the Municipal
sanitary Sewer utility, sometimes hereinafter referred to as the
"System", and said revenues have not been pledged and are
available for the payment of Revenue Bonds, subject to the
following premises; and
WHEREAS, said Issuer is in need of funds to pay costs of
adjusting and refunding its existing Sewer Revenue Bonds as more
fully set forth in the schedule of bonds tO,be refunded,
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191
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hereinafter set forth as Exhibit "A", attached to this Resolution
and made a part hereof by reference, and it is deemed necessary
that the City should include in its issue of Sewer Revenue Bonds
the amount of $2,675,000 for said purpose; and
WHEREAS, it is found and determined that the aforesaid
refunding of present indebtedness is necessary and in the interest
of the Issuer and will benefit the Owners and occupants of
properties served by the Municipal Sanitary Sewer utility by the
adjustment of its present and anticipated obligations payable from
Sewer revenues and by obtaining and thereby to effect the
defeasance of a portion of the Sewer Revenue Bonds presently
outstanding and to be refunded so as to avoid the necessity of
performing under the provisions of a Resolution dated July 29,
19B6, authorizing the issuance of the Outstanding Bonds and the
substitution therefor of provisions deemed more advantageous and
appropriate; and
WHEREAS, there have been heretofore issued Sewer Revenue
Bonds, part of which remain outstanding and are a lien on the Net
Revenues of the System. In the Resolution authorizing the
issuance of the outstanding bonds it is provided that additional
Revenue Bonds may be issued on a parity with the outstanding
bonds, for the costs of future improvements and extensions to the
System, provided that there has been procured and placed on file
with the Clerk, a statement complying with the conditions and
limitations therein imposed upon the issuance of said parity
bonds; and
\
WHEREAS, the auditor's report for the fiscal year ending
June 30, 1992, of Ernst & YounQ , certified Public
Accountants not in the regular employ of Issuer, has been placed
on file in the office of the Clerk. In addition there shall be
placed on file in the office of the Clerk, a statement of the
opinion of Evensen-Dodge, Inc., an independent financial
consultant not in the regular employ of the City, 1) relating the
net revenues of the System as reported by the auditors to the
annual requirements of principal and interest giving effect to the
issuance of the bonds and the defeasance of bonds as provided in
Section 14 of this resolution and 2) Showing the conditions and
limitations of said Resolution, dated July 29, 19B6, with regard
to the sufficiency of the revenues of the System to permit the
issuance of additional Revenue Bonds ranking on a parity with the
outstanding bonds to have been met and satisfied as required; and
WHEREAS, the notice of intention of Issuer to take action for
the issuance of not to exceed $38,000,000 Sewer Revenue Bonds has
heretofore been duly published and no objections to such proposed
action have been filed:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF IOWA CITY, IN THE COUNTY OF JOHNSON, STATE OF IOWA:
-3-
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s~ction 1. Definitions. The following terms shall have the
following meanings in this Resolution unless the text expressly or
by necessary implication requires otherwise:
(a) "AMBAC Indemnity" shall mean AMBAC Indemnity
Corporation, a Wisconsin-domiciled stock insurance company;
(b) "Beneficial Owner" shall mean, whenever used with
respect to a Bond, the person in whose name such Bond is
recorded as the beneficial owner of such Bond by a
Participant on the records of such Participant or such
person's subrogee;
(c) "Bonds" shall mean $37,300,000 Sewer Revenue Bonds,
authorized to be issued by this Resolution;
(d) "Cede & Co," shall mean Cede & Co., the nominee of
DTC, and any successor nominee of DTC with respect to the
Bonds;
(e) "Clerk" shall mean the city Clerk or such other
officer of the successor governing body as shall be charged
with sUbstantially the same duties and responsibilities;
(f) "Corporate Seal" shall mean the official seal of
Issuer adopted by the governing body;
(g) "Fiscal Year" shall mean the twelve-month period
beginning on July 1 of each year and ending on the last day
of June of the following year, or any other consecutive
twelve-month period adopted by the governing body or by law
as the official accounting period of the System;
(h) "Governing Body" shall mean the city Council of the
city, or its successor in function with respect to the
operation and control of the System;
(i) "Independent Auditor" shall mean an independent
firm of Certified Public Accountants or the Auditor of State;
(j) "Issuer" and "City" ,,;hall mean the city of Iowa
City, Iowa;
(k) "Municipal Bond Insurance Policy" shall mean the
municipal bond insurance policy issued by AMBAC Indemnity
insuring the payment when due of the principal of and
interest on the Bonds as provided therein;
(1) "Net Revenues" shall mean gross earnings of the
System after deduction of current expenses; "Current
Expenses" shall mean and include the reasonable and necessary
cost of operating, maintaining, repairing and insuring the
-4-
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System, including purchases at wholesale, if any, salaries,
wages, and costs of materials and supplies, but excluding
depreciation and principal of and interest on the Bonds and
any Parity Bonds or payments to the various funds established
herein; capital costs, depreciation and interest or principal
payments are not system expenses;
(m) "Notice of Sale" shall mean the official Notice of
Sale as published on January 7 , 19 J.L;
(n) "original Purchaser" shall mean the purchaser of
the Bonds from Issuer at the time of their original issuance;
(0) "Parity Bonds" shall mean Sewer Revenue Bonds
payable solely from the Net Revenues of the System on an
equal basis with the Bonds herein authorized to be issued;
and shall include the Outstanding Bonds; "Outstanding Bonds"
shall mean 'the Sewer Revenue Bonds dated August 1, 19B6,
issued in accordance with a Resolution adopted July 29, 1986,
$2,675,000 of which bonds are still outstanding and unpaid
and remain a lien on the Net Revenues of the System;
(p) "Participants" shall mean those broker-dealers,
banks and other financial institutions for which DTC holds
Bonds as securities depository;
(q) "Paying Agent" shall be the city Controller, or
such successor as may be approved by Issuer as provided
herein and who shall carry out the duties prescribed herein
as Issuer's agent to provide for the payment of principal of
and interest on the Bonds as the same shall become due;
(r) "project Fund" or "Construction Account" shall mean
the fund required to be established by this Resolution for
the deposit of the proceeds of the Bonds;
(s) "Rebate Fund" shall mean the fund so definnd in and
established pursuant to the Tax Exemption certificate;
(t) "Registrar" shall be the City Controller of Iowa
City, Iowa, or such successor as may be approved by Issuer as
provided herein and who shall carry out the duties prescribed
herein with respect to maintaining a register of the owners
of the Bonds. Unless otherwise specified, the Registrar
shall also act as Transfer Agent for the Bonds;
(u) ;'Representation Letter" shall mean the
Representation Letter from the city and the Paying Agent and
Registrar to DTC, with respect to the Bonds;
(v) "System" shall mean the Municipal Sanitary Sewer
Utility of the Issuer and all properties of every nature
-5-
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hereinafter owned by the Issuer comprising part of or used as
a part of the System, including all improvements and
extensions made by Issuer while any of the Bonds or Parity
Bonds remain outstanding; all real and personal property; and
all appurtenances, contracts, leases, franchises and other
intangibles;
(w) "Tax Exemption certificate" shall mean the Tax
Exemption Certificate executed by the Treasurer and delivered
at the time of issuance and delivery of the Bonds;
(x) "Treasurer" shall mean the City Treasurer or such
other officer as shall succeed to the same duties and
responsibilities with respect to the recording and payment of
the Bonds issued hereunder; and
,
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(y) "Trustee" shall mean Bankers Trust Company of Des
Moines, Iowa, or its successor as may be approved pursuant to
the "Refunding Trust Agreement" referred to herein between
the Issuer and the Trustee for the purpose of insuring the
payment of the Outstanding Bonds.
Section 2. Authoritv. The Bonds authorized by this
Resolution shall be issued pursuant to Division V, Chapter 384; of
the city Code of Iowa, and in compliance with all applicable
provisions of the Constitution and laws of the State of Iowa.
Section 3. Authorization and Purpose. There are hereby
authorized to be issued, negotiable, serial, fully registered
Revenue Bonds of Iowa city, in the County of Johnson, State of
Iowa, Series 1993, in the aggregate amount of $37,300,000 for the
purpose of paying costs of refunding outstanding Sewer Revenue
Bonds of the city.
Section 4. Source of PaYment. The Bonds herein authorized
and Parity Bonds and the interest thereon shall be payable solely
and only out of the net earnings of the System and shall be a
first lien on the future net revenues of the System. The Bonds
shall not be general obligations of the Issuer nor shall they be
payable in any manner by taxation and the Issuer shall be in no
manner liable by reason of the failure of the said Net Revenues to
be sufficient for the payment of the Bonds.
Section 5. Bond Details. Sewer Revenue Bonds of the city in
the amount of $37,300,000 shall be issued pursuant to the
provisions of section 384.B3 of the city Code of Iowa for the
aforesaid purpose. The Bonds shall be designated "SEWER REVENUE
BOND", be dated January 15, 1993, and bear interest from the date
thereof, until payment thereof, at the office of the Paying Agent,
said interest payable on July 1, 1993 and semiannually thereafter
on the 1st day of January and July in each year until maturity at
the rates hereinafter provided.
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The Bonds shall be executed by the manual or facsimile
signature of the Mayor and attested by the manual or facsimile
signature of the City Clerk, and printed or impressed with the
seal of the city and shall be fully registered as to both
principal and interest as provided in this Resolution; principal,
interest and premium, if any shall be payable at the office of the
Paying Agent by mailing of a check to the registered owner of the
Bond. The Bonds shall be in the denomination of $5,000 or
multiples thereof. said Bonds shall mature and bear interest as
follows:
Interest Principal Maturity
Rate Amount Julv 1st
5.BOO% $ 235,000 1993
5.BOO% 265,000 1994
5.BOO% 280,000 1995
5.BOO% 1,295,000 1996
5.800% 1,390,000 1997
5.BOO% 1,465,000 1998
5.BOO% 1,535,000 1999
5.BOO% 1,625,000 2000
5.BOO% 1,715,000 2001
5.B75% 1,830,000 2002
5.B75% 1,940,000 2003
5.B75% 2,045,000 2004
5.B75% 2,175,000 2005
5.B75% 2,295,000 2006
6.000% 2,440,000 2007
6.000% 2,610,000 2008
6.000% 2,770,000 2009
6.000% 2,950,000 2010
6.000% 3,125,000 2011
6.000% 3,315,000 2012
Section 6. Redemption. Bonds maturing after July 1, 2002,
may be called for redemption by the Issuer and paid before
maturity on said date or any date thereafter, from any funds
regardless of source, in whole or from time to time in part, in
inverse order of maturity and within an annual maturity by lot by
giving thirty days' notice of redemption by registered mail, to
the registered owner of the Bond. The terms of redemption shall
be par, plus accrued interest to date of call.
If selection by lot within a maturity is required, the
Registrar shall by random selection of the names of the registered
owners of the entire annual maturity select the bonds to be
redeemed until the total amount of bonds to be called has been
reached.
Section 6.1. DTC - Reqistration. All of the Bonds shall be
registered in the name of Cede & Co., as nominee for DTC. Payment
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of semiannual interest for any Bond registered in the name of Cede
& Co. shall be made by wire transfer or New York clearing House or
equivalent next day funds to the account of Cede & Co. on the
interest payment date for the Bonds at the address indicated in or
pursuant to the Representation Letter.
Section 6.2. The Bonds shall be initially issued in the form
of separate single authenticated fully registered bonds in the
amount of each separate stated maturity of the Bonds. Upon
initial issuance, the ownership of such Bonds shall be registered
in the registry books of the City Controller kept by the Paying
Agent and Registrar in the name of Cede & Co., as nominee of OTC.
The Paying Agent and Registrar and the City may treat OTC (or its
nominee) as the sole and exclusive owner of the Bonds registered
in its name for the purposes of payment of the principal or
redemption price of or interest on the Bonds, selecting the Bonds
or portions thereof to be redeemed, giving any notice permitted or
required to be given to registered owners of Bonds under the
Resolution of the city, registering the transfer of Bonds,
obtaining any consent or other action to be taken by registered
owners of the Bonds and for all other purposes whatsoever; and
neither the Paying Agent and Registrar nor the City shall be
affected by any notice to the contrary. Neither the Paying Agent
and Registrar nor the city shall have any responsibility or
obligation to any Participant, any person claiming a beneficial
ownership interest in the Bonds under or through OTC or any
Participant, or any other person which is not shown on the
registration books of the Paying Agent and Registrar as being a
registered owner of any Bonds, with respect to the accuracy of any
records maintained by OTC or any Participant; with respect to the
payment by OTC or any Participant of any amount in respect of the
principal or redemption price of or interest on the Bonds, with
respect to any notice which is permitted or required to be given
to owners of Bonds under the Resolution, with respect to the
selection by OTC or any Participant of any person to receive
payment in the event of a partial redemption of the Bonds, or with
respect to any consent given or other action taken by OTC as
registered owner of the Bonds. The Paying Agent and Registrar
shall pay all principal of and premium, if any, and interest on
the Bonds only to Cede & Co. in accordance with the Representation
Letter, and all such payments shall be valid and effective to
fully satisfy and discharge the city's obligations with respect to
the principal of and premium, if any, and interest on the Bonds to
the extent of the sum or sums so paid. No person other than OTC
shall receive an authenticated Bond for each separate stated
maturity evidencing the obligation of the city to make payments of
principal of and premium, if any, and interest. Upon delivery by
OTC to the Paying Agent and Registrar of written notice to the
effect that OTC has determined to substitute a new nominee in
place of Cede & Co., the Bonds will be transferable to such new
nominee in accordance with Section 6.7 hereof.
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Section 6.3. In the event the City determines that it is in
the best interest of the Beneficial Owners that they be able to
obtain Bond certificates, the City may notify OTC and the Paying
Agent and Registrar, Whereupon DTC will notify the Participants,
of the availability through DTC of Bond certificates. In such
event, the Bonds will be transferable in accordance with Section
6.7 hereof. OTC may determine to discontinue providing its
services with respect to the Bonds at any time by giving notice to
the City and the Paying Agent and Registrar and discharging its
responsibilities with respect thereto under applicable law. In
such event the Bonds will be transferable in accordance with
Section 6.7 hereof.
Section 6.4. Notwithstanding any other provision of the
Resolution to the contrary, so long as any Bond is registered in
the name of Cede & Co., as nominee of DTC, all payments with
respect to the principal of and premium, if any, and interest on
such Bond and all notices with respect to such Bond shall be made
and given, respectively to OTC as provided in the Representation
letter.
Section 6.5. In connection with any notice or other
communication to be provided to Bondholders by the City or the
Paying Agent and Registrar with respect to any consent or other
action to be taken by Bondholders, the City or the Paying Agent
and Registrar, as the case may be, shall establish a record date
for such consent or other action and give OTC notice of such
record date not less than 15 calendar days in advance of such
record date to the extent possible. Notice to OTC shall be given
only when OTC is the sole Bondholder.
Section 6.6. The execution and delivery of the Representa-
tion Lettet. to OTC by the Mayor, and the City Controller, in the
form presented at this meeting with such Changes, omissions,
insertions and revisions as the Mayor shall deem advisable is
hereby authorized and execution of the Representation Letter by
the Mayor and the City Controller, shall be conclusive evidence of
such approval. The Representation Letter shall set forth certain
matters with respect to, among other things, notices, consents and
approvals by Bondholders and payments on the Bonds. The Paying
Agent and Registrar is hereby authorized and requested to execute
the same and shall have the same rights with respect to its
actions thereunder as it has with respect to its actions under the
Resolution.
Section 6.7. In the event that any transfer or exchange of
the Bonds is permitted under Section 6.2 or 6.3 hereof, such
transfer or exchange shall be accomplished upon receipt by the
Registrar from the registered owners thereof of the Bonds to be
transferred or exchanged and appropriate instruments of transfer
to the permitted transferee. In the event Bond certificates are
issued to hOlders other than Cede & Co., its successor as nominee
-9-
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for DTC as holder of all the Bonds, or other securities depository
as holder of all the Bonds, the provisions of the Resolution shall
also apply to, among other things, the printing of such
certificates and the method of payment of principal of and
interest on such certificates.
section 6.B. The officers of the city are hereby authorized
and directed to prepare and furnish to said purchaser, and to the
attorneys approving the legality of said General obligation Bonds,
certified copies of such proceedings, ordinances, resolutions and
records and all such certificates and affidavits and other
instruments as may be required to evidence the legality and
marketability of said bonds, and all certified copies,
certificates, affidavits and other instruments so furnished,
including any heretofore furnished, shall constitute
representations of the city as to the correctness of all facts
stated or recited therein.
section 7. Reqistration of Bonds: Appointment of Reqistrar:
Transfer: Ownership: Deliverv: and Cancellation.
(a) Reqistration. The ownership of Bonds may be transferred
only by the making of an entry upon the books kept for the
registration and transfer of ownership of the Bonds, and in no
other way. The City Controller is hereby appointed as Bond
Registrar under the terms of this Resolution. Registrar shall
maintain the books of the Issuer for the registration of ownership
of the Bonds for the payment of principal of and interest on the
Bonds as provided in this Resolution. All Bonds shall be
negotiable as provided in Article 8 of the Uniform Commercial Code
and Section 384.83(5) of the Code of Iowa, subject to the provi-
sions for registration and transfer contained in the Bonds and in
this Resolution.
(b) Transfer. The ownership of any Bond may be transferred
only upon the Registration Books kept for the registration and
transfer of Bonds and only upon surrender thereof at the office of
the Registrar together with an assignment duly executed by the
holder or his duly authorized attorney in fact in such form as
shall be satiSfactory to the Registrar, along with the address and
social security number or federal employer identification number
of such transferee (or, if registration is to be made in the name
of multiple individuals, of all such transferees). In the event
that the address of the registered owner of a Bond (other than a
registered owner which is the nominee of the broker or dealer in
question) is that of a broker or dealer, there must be disclosed
on the Registration Books the information pertaining to the
registered owner required above. Upon the transfer of any such
Bond, a new fully registered Bond, of any denomination or
denominations permitted by this Resolution in aggregate principal
amount equal to the unmatured and unredeemed principal amount of
such transferred fully registered Bond, and bearing interest at
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the same rate and maturing on the same date or dates shall be
delivered by the Registrar.
(c) Reqistration of Transferred Bonds. In all cases of
the transfer of the Bonds, the Registrar shall register, at
the earliest practicable time, on the Registration Books, the
Bonds, in accordance with the provisions of this Resolution.
(d) Ownership. As to any Bond, the person in whose
name the ownership of the same shall be registered on the
Registration Books of the Registrar shall be deemed and
regarded as the absolute owner thereof for all purposes, and
payment of or on account of the principal of any such Bonds
and the premium, if any, and interest thereon shall be made
only to or upon the order of the registered owner thereof or
his legal representative. All such payments shall be valid
and effectual to satisfy and discharge the liability upon
such Bond, including the interest thereon, to the extent of
the sum or sums so paid.
(e) Cancellation. All Bonds which have been redeemed
shall not be reissued but shall be cancelled by the
Registrar. All Bonds which are cancelled by the Registrar
shall be destroyed and a certificate of the destruction
thereof shall be furnished promptly to the Issuer; provided
that if the Issuer shall so direct, the Registrar shall
forward the cancelled Bonds to the Issuer.
I
(f) Non-Presentment of Bonds. In the event any payment
check representing payment of principal of or interest on the
Bonds is returned to the Paying Agent or is not presented for
payment of principal at the maturity or redemption date, if
funds sufficient to pay such principal of or interest on
Bonds shall have been made available to the Paying Agent for
the benefit of the owner thereof, all liability of the Issuer
to the owner thereof for such interest or payment of such
Bonds shall forthwith cease, terminate and be completely
discharged, and thereupon it shall be the duty of the Paying
Agent to hold such funds, without liability for interest
thereon, for the benefit of the owner of such Bonds who shall
thereafter be restricted exclusively to such funds for any
claim of whatever nature on his part under this Resolution or
on, or with respect to, such interest or Bonds. The Paying
Agent's obligation to hold such funds shall continue for a
period equal to two years interest or principal became due,
whether at maturity, or at the date fixed for redemption
thereof, or otherwise, at which time the Paying Agent, shall
surrender any remaining funds so held to the Issuer,
whereupon any claim under this Resolution by the Owners of
such interest or Bonds of whatever nature shall be made upon
the Issuer.
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Section B. Reissuance of Mutilated. Destroved. Stolen
or Lost Bonds. In case any outstanding Bond shall become
mutilated or be destroyed, stolen or lost, the Issuer shall at the
request of Registrar authenticate and deliver a new Bond of like
tenor and amount as the Bond so mutilated, destroyed, stolen or
lost, in exchange and substitution for such mutilated Bond to
Registrar, upon surrender of such mutilated Bond, or in lieu of
and substitution for the Bond destroyed, stolen or lost, upon
filing with the Registrar evidence satisfactory to the Registrar
and Issuer that such Bond has been destroyed, stolen or lost and
proof of ownership thereof, and upon furnishing the Registrar and
Issuer with satisfactory indemnity and complying with such other
reasonable regulations as the Issuer or its agent may prescribe
and paying such expenses as the Issuer may incur in connection
therewith.
Section 9. Record Date. Payments of principal and interest,
otherwise than upon full redemption, made in r.espect of any Bond,
shall be made to the registered holder thereof or to their
designated agent as the same appear on the books of the Registrar
on the 15th day of the month preceding the payment date. All such
payments shall fully discharge the obligations of the Issuer in
respect of such Bonds to the extent of the payments so made.
Payment of principal shall only be made upon surrender of the Bond
to the Paying Agent.
Section 10. Execution. Authentication and Deliverv of the
Bonds. Upon the adoption of this Resolution, the Mayor and Clerk
shall execute and deliver the Bonds to the Registrar, who shall
authenticate the Bonds and deliver the same to or upon order of
the Purchaser. No bond shall be valid or obligatory for any
purpose or shall be entitled to any right or benefit hereunder
unless the Registrar shall duly endorse and execute on such Bond a
Certificate of Authentication substantially in the form of the
Certificate herein set forth. Such Certificate upon any Bond
executed on behalf of the Issuer shall be conclusive evidence that
the Bond so authenticated has been duly issued under this
Resolution and that the holder thereof is entitled to the benefits
of this Resolution.
Section 11. Riqht to Name Substitute Pavinq Aqent or
Reqistrar. Issuer reserves the right to name a substitute,
successor Registrar or Paying Agent upon giving prompt written
notice to each registered bondholder.
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" ," . \ ' '. . "
Section 12. Form of Bond. Bonds shall be printed in
substantial compliance with standards proposed by the American
Standards Institute substantially in the form as follows:
\
/ //////////////////////////////////////////////////////// /
/ /
/ /
/ (6) (6) /
/ /
/ /
/ (7) (B) /
/ /
/ /
/ /
/ (1) /
/ /
/ /
/ /
~ (2) I~~~~
/ /
/ /
/ /
/ (9) /
/ /
/ /
/ /
/ (9a) /
/ /
/ /
/ /
/ (10) /
/ (continued on the back of this Bond) /
/ /
~/ II ///
(11) (12) (13) (14) (15)
/ /
/ /
/////////////////////////////////////////////////////////// /
FIGURE 1
(Front)
-13-
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AnOANEVSATLAW OtSMOIN[S,IOWA
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:":"::"':1"'- "1',/.:.:<;::, ,,,.:\tt""'" ':':,:', ','i.","::,:,:,:,,-.;:,'I
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. ' '" ", > . ,'I . ,". ~ . ':
(10) (16) (17)
(Continued)
FIGURE 2
(Back)
-14-
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ATTORN(VSATlAW OUMOIMS,IOWA
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AnOR~I[15ATLA'N O(S~OI"tS,IO"""
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;:'~ ':,,:_,~~\ ~'...:: :~, '?~,'I:' :'1,:, .', '~l\< ~__:"t~','}. , ~'":: ~" I" ';':",;.' ,'::.. I'" ,,:~: >',
The text of the bonds to be located thereon at the item
numbers shown shall be as follows:
Item 1, figure 1 " "STATE OF IOWA"
"COUNTY OF JOHNSON
"CITY OF IOWA CITY"
"SEWER REVENUE BOND"
"SERIES 19931t
Item 2, figure 1 " Rate:
Item 3, figure 1 " Maturity:
Item 4, figure 1 " Bond Date: January 15, 1993
Item 5, figure 1 " Cusip No.:
Item 6, figure 1 " "Registered"
Item 7, figure 1 " certificate No. _____
Item 8, figure 1 " Principal Amount: $
Item 9, figure 1 " The City of Iowa City, Iowa, a municipal
corporation organized and existing under and by virtue of the
Constitution and laws of the State of Iowa (the "Issuer"), for
value received, promises to pay from the source and as hereinafter
provided, on the maturity date indicated above, to
Item 9A, figure 1 " (Registration panel to be completed by
Registrar or Printer with name of Registered Owner).
Item 10, figure 1 " or registered assigns, the principal sum
of (principal amount written outl THOUSAND DOLLARS in lawful money
of the United States of America, on the maturity date shown above,
only upon presentation and surrender hereof at the office of the
City Controller, Paying Agent of this issue, or its successor,
with interest on said sum from the date hereof until paid at the
rate per annum specified above, payable on July 1, 1993, and
semiannually thereafter on the 1st day of January and July in each
year.
Interest and principal shall be paid to the registered holder
of the Bond as shown on the records of ownership maintained by the
Registrar as of the 15th day of the month next preceding such
interest payment date. Interest shall be computed on the basis of
a 360-day year of twelve 30-day months.
This Bond is issued pursuant to the provisions of section
3B4.83 of the city Code of Iowa, as amended, for the purpose of
paying costs of refunding outstanding Sewer Revenue Bonds of the
City, in conformity to a Resolution of the Council of said City
duly passed and approved.
Unless this certificate is presented by an authorized
representative of The Depository Trust Company, a New York
corporation ("OTC"), to the Issuer or its agent for registration
of transfer, exchange or payment, and any certificate issued is
-15-
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t '11" " \.'1, .." "j " ":sI " ~,' "',' '. .. ;. ':',
':~~',.>,;~~\' :"""'\~"~'_\"~'T:-~~;<'~"Y) )"':;:~'> '.,-',.::> ",j.;~',:..", i~',;
registered in the name of Cede & Co. or such other name as
requested by an authorized representative of DTC (and any payment
is made to Cede & Co. or to such other entity as is requested by
an authorized representative of DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
an interest herein.
Bonds maturing after July 1, 2002, may be called for
redemption by the Issuer and paid before maturity on said date or
any date thereafter, from any funds regardless of source, in whole
or from time to time in part, in inverse order of maturity and
within an annual maturity by lot by giving thirty days' notice of
redemption by registered mail, to the registered owner of the
Bond. The terms of redemption shall be par, plus accrued interest
to date of call.
ownership of this Bond may be transferred only by transfer
upon the books kept for such purpose by the City Controller, the
Registrar. Such transfer on the books shall occur only upon
presentation and surrender of this Bond at the office of the
Registrar as designated below, together with an assignment duly
executed by the owner hereof or his duly authorized attorney in
the form as shall be satisfactory to the Registrar. Issuer
reserves the right to substitute the Registrar and Paying Agent
but shall, however, promptly give notice to registered bondholders
of such change. All Bonds shall be negotiable as provided in
Article 8 of the Uniform Commercial Code and section 3B4.83(5) of
the Code of Iowa, SUbject to the provisions for registration and
transfer contained in the Bond Resolution.
This Bond and the series of which it forms a part, other
bonds ranking on a parity therewith, and any additional bonds
which may be hereafter issued and outstanding from time to time on
a parity with said Bonds, as provided in the Bond Resolution of
which notice is hereby given and is hereby made a part hereof, are
payable from and secured by a pledge of the Net Revenues of the
Municipal sanitary Sewer Utility (the "System"), as defined and
provided in said Resolution. There has heretofore been
established and the city covenants and agrees that it will
maintain just and equitable rates or charges for the use of and
service rendered by said System in each year for the payment of
the proper and reasonable expenses of operation and maintenance of
said System and for the establishment of a sufficient sinking fund
to meet the principal of and interest on this series of Bonds, and
other bonds ranking on a parity therewith, as the same become due.
This Bond is not payable in any manner by taxation and under no
circumstances shall the city be in any manner liable by reason of
the failure of said net earnings to be sufficient for the payment
hereof.
-16-
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AnOIIfI(VSAT~AW DUMOI'j[!.,tOW"
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And it is hereby represented and certified that all acts,
conditions and things requisite, according to the laws and
Constitution of the state of Iowa, to exist, to be had, to be
done, or to be performed precedent to the lawful issue of this
Bond,' have been existent, had, done and performed as required by
law.
IN TESTIMONY WHEREOF, said City by its City Council has
caused this Bond to be signed by the manual signature of its Mayor
and attested by the manual signature of its City Clerk, with the
seal of said City impressed hereon, and authenticated by the
manual signature of an authorized representative of the Registrar,
the City Controller, Iowa City, Iowa.
Item 11, figure 1 = Date of authentication:
Item 12, figure 1 = This is one of the Bonds described in
the within mentioned Resolution, as
registered by the city Controller.
CITY CONTROLLER, Registrar
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By:
Authorized Signature
Item 13, figure 1 = Registrar and Transfer Agent:
city Controller
Paying Agent: City Controller
SEE REVERSE FOR CERTAIN DEFINITIONS
Item 14, figure 1 = (Seal)
Item 15, figure 1 = [signature Block]
CITY OF IOWA CITY, IOWA
By: Mavor's manual siqnature
Mayor
ATTEST:
By: citv Clerk's manual siqnature
City Clerk
Item 16, figure 2 = It is certified that the following is
a correct and complete copy of the
opinion of bond counsel issued as of the
date of delivery of the issue of which
this Bond is a part.
(manual siqnaturel
city Clerk
[opinion of Bond Counsel]
-17-
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,~'I ~,' .~,\ .... '. '.' ~" ,~ ':;_ ",~, '.. .!,~\ '''; ,'" ,:" '~'.' .:" ,"" }.:~
Item 16, figure 3 = [Legend on AMBAC Indemnity Insured Bonds]
Municipal Bond Insurance POlicy No.
(the "Policy") with respect to payme~
due for principal of and interest on this
bond has been issued by AMBAC Indemnity
Corporation ("AMBAC Indemnity"). The
Policy has been delivered to the United
states Trust Company of New York, New
York, New York, as the Insurance Trustee
under said Policy and will be held by
such Insurance Trustee or any successor
insurance trustee. The Policy is on file
and available for inspection at the
principal office of the Insurance Trustee
and a copy thereof may be secured from
AMBAC Indemnity or the Insurance Trustee.
All payments required to be made under
the Policy shall be made in accordance
with the provisions thereof. The owner
of this bond acknowledges and consents to
the subrogation rights of AMBAC Indemnity
as more fully set forth in the POlicy.
Item 17, figure 2 = [Assignment Block]
[Information Required for
Registration]
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and
transfers unto (Social, Security or Tax
Identification No. ) the within Bond and does
hereby irrevocably constitute and appoint attorney in
fact to transfer the said Bond on the books kept for registration
of the within Bond, with full power of substitution in the
premises.
Dated
(Person(s) executing this Assignment sign(s) here)
SIGNATURE )
GUARANTEED)
-18-
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IMPORTANT - READ CAREFULLY
The signature(s) to this Power must correspond with the
name(s) as written upon the face of the certificate(s) or
bond(s) in every particular without alteration or enlargement
or any change whatever. Signature guarantee should be made
by a member or member organization of the New York Stock
Exchange, members of other Exchanges having signatures on
file with transfer agents or by a commercial bank or trust
company.
INFORMATION REQUIRED FOR REGISTRATION OF TRANSFER
Name of Transferee(s)
Address of Transferee(s)
Social security or Tax
Identification Number of
Transferee(s)
Transferee is a(n):
Individual*
Partnership
Corporation
Trust
*If the Bond is to be registered in the names of multiple
individual owners, the names of all such owners and one address
and social security number must be provided.
I
The following abbreviations, when used in the inscription on
the face of this Bond, shall be construed as though written out in
full. according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship
and not as tenants in common
IA UNIF TRANS MIN ACT - ..........Custodian..........
(Cust) (Minor)
under Iowa Uniform Transfers
to Minors Act..,.............
(state)
ADDITIONAL ABBREVIATIONS MAY ALSO BE
USED THOUGH NOT IN THE ABOVE LIST
Section 13. Equalitv of Lie~. The timely payment of
' principal of and interest on the Bonds and Parity Bonds shall be
secured equally and ratably by the revenues of the System without
priority by reason of number or time of sale or delivery; and the
revenues of the System are hereby irrevocably pledged to the
timely payment of both principal and interest as the same become
due.
-19-
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Section 14. Bankers Trust Company (the "Trustee") is hereby
appointed Trustee and fiscal agent for the city for the purpose of
insuring payment of the outstanding Bonds to be refunded. All of
the proceeds derived from the sale of the bonds herein authorized
plus accrued interest thereon and cash from the existing Sewer
Revenue Bond Sinking Fund in the amount deemed necessary by the
Finance Officer shall be placed in trust with the Trustee, as
Trustee under the Refunding Trust Agreement, dated as of
January 15, 1993, which Trustee shall (1) hold such proceeds in a
special and irrevocable trust fund, (2) invest such proceeds only
in cash or direct obligations of the United States, and (3) apply
such proceeds and earnings thereon only in accordance with the
terms and conditions of said Refunding Trust Agreement in such
manner that the amounts deposited will be sufficient, without the
need for any further investment or reinvestment, to retire all of
the outstanding Bonds to be refunded on or prior to maturity and
to pay interest thereon as it comes due. All the terms and
conditions of the Refunding Trust Agreement are hereby
incorporated by reference in this Resolution as if set forth
herein in full. Said Refunding Trust Agreement is hereby approved
and confirmed as binding upon the city, and the Mayor and Clerk
are hereby authorized to execute the same on behalf of the city.
Any funds received from the Trustee for use of the Paying
Agent, to pay principal and interest on the bonds to be refunded
shall be held in cash or non-interest bearing demand deposits
separate from all other city moneys or accounts.
Section 15. User Rates. There has heretofore been
established and published as required by law, just and equitable
rates or charges for the use of the service rendered by the
System. Said rates or charges to be paid by the owner of each and
every lot, parcel of real estate, or building that is connected
with and uses the System, by or through any part of the System or
that in any way uses or is served by the System. So long as the
Bonds are outstanding and unpaid the rates or charges to consumers
of services of the System shall be sufficient in each year for the
payment of the proper and reasonable expenses of operation and
maintenance of the System and for the payment of principal and
interest on the Bonds and Parity Bonds as the same fall due, and
to provide for the creation of reserves as hereinafter provided.
Net revenues shall be maintained at a level not less than one
hundred and ten percent of principal and interest falling due in
the same year.
In the event the Issuer or any department, agency or
instrumentality thereof in any way uses or is served by the
System, the rates or charges provided for shall be paid by the
Issuer from its Corporate Fund, or by such department, agency or
instrumentality thereof. Any revenues so collected by the Issuer
shall be used and accounted for in the same manner as any other
revenues derived from the operations of the System.
-20-
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section 16. ApPlication of Revenues. From and after the
delivery of any Bonds, and as long as any of the Bonds or Parity
Bonds shall be outstanding and unpaid either as to principal or as
to interest, or until all of the Bonds and Parity Bonds then
outstanding shall have been discharged and satisfied in the manner
provided in this Resolution, the entire income and revenues of the
System shall be deposited as collected in a fund to be known as
the Sewer Revenue Fund (the "Revenue Fund"), and shall be
disbursed only as follows:
The provisions in the Resolution heretofore adopted on
July 29, 1986, whereby there was created and is to be maintained a
Sewer Revenue Bond and Interest Sinking Fund, and for the monthly
payment into said fund from the future net revenues of the System
such portion thereof as will be sufficient to meet the principal
and interest of the outstanding Bonds dated August 1, 19B6, and
maintaining a reserve therefor, are hereby ratified and confirmed,
and all such provisions inure to and constitute the security for
the payment of the principal and interest on Sewer Revenue Bonds
hereby authorized to be issued; provided, however, that the
amounts to be set aside and paid into the Sewer Revenue Bond and
Interest Sinking Fund in equal monthly installments from the
earnings shall be sufficient to pay the principal and interest due
each year, not only on the Sewer Revenue Bonds dated August 1,
1986, but also the principal and interest of the Bonds herein
authorized to be issued and to maintain a reserve therefor.
Sections 15 to 23, inclusive, of the Resolution dated July 29,
19B6 are hereby ratified, confirmed, adopted and incorporated
herein as a part of this Resolution.
Nothing in this Resolution shall be construed to impair the
rights vested in the outstanding Bonds. The amounts herein
required to be paid into the various funds named in this section
shall be inclusive of payments required in respect to the
outstanding Bonds. The provisions of the legislation authorizing
the outstanding Bonds and the provisions of this Resolution are to
be construed wherever possible so that the same will not be in
conflict. In the event such construction is not possible, the
provisions of the Resolution or Ordinance first adopted shall
prevail until such time as the bonds authorized by said Ordinance
or Resolution have been paid in full or otherwise satisfied as
therein provided at which time the provisions of this Resolution
shall again prevail.
At such time as the outstanding Series 19B6 Sewer Revenue
Bonds are paid the Reserve Fund shall be maintained by an amount
equal to at least the lesser of 1) the maximum amount of principal
and interest coming due on the Bonds and Parity Bonds in any
succeeding fiscal year; or 2) ten percent of the proceeds of the
sale of the Bonds to the public.
-21-
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AnOllllCYSATtAW (.(SMOllltS,IOWA
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section 17. Additional Covenants. Representations and
Warranties of the Issuer. The Issuer certifies and covenants with
the purchasers and holders of the Bonds from time to time
outstanding that the Issuer through its officers, (a) will make
such further specific covenants, representations and assurances as
may be necessary or advisable; (b) comply with all
representations, covenants and assurances contained in the Tax
Exemption certificate, which Tax Exemption certificate shall
constitute a part of the contract between the Issuer and the
owners of the Bonds; (c) consult with bond counsel (as defined in
the Tax Exemption Certificate); (d) pay to the united States, as
necessary, such sums of money representing required rebates of
excess arbitrage profits relating to the Bonds; (e) file such
forms, statements and supporting documents as may be required and
in a timely manner; and (f) if deemed necessary or advisable by
its officers, to employ and pay fiscal agents, financial advisors,
attorneys and other persons to assist the Issuer in such
compliance.
Section lB. Amendment of Resolution to Maintain Tax
Exemption. This Resolution may be amended without the consent of
any owner of the Bonds if, in the opinion of bond counsel, such
amendment is necessary to maintain tax exemption with respect to
the Bonds under applicable Federal law or regulations.
Section 19. Severabilitv. If any section, paragraph, or
provision of this Resolution shall be held to be invalid or
unenforceable for any reason, the invalidity or unenforceabi1ity
of such section, paragraph or provision shall not affect any of
the remaining provisions.
section 20. Repeal of Conf1ictinQ Ordinances or Resolutions
and Effective Date. All other ordinances, resolutions and orders,
or parts thereof, in conflict with the provisions of this
Resolution are, to the extent of such conflict, hereby repealed;
and this Resolution shall be in effect from and after its
adoption.
section 21. Pavrnent Procedure Pursuant to Municipal Bond
Insurance Po1icv.
A. As long as the bond insurance shall be in full force and
effect, the Issuer and the Paying Agent shall comply
with the following provisions:
(1) at least one (1) day prior to all Interest Payment
Dates the Paying Agent will determine whether there
will be insufficient funds in the Funds and
Accounts to pay the principal of or interest on the
Bonds on such Interest Payment Date. If the Paying
Agent determines that there will be insufficient
funds in such Funds or Accounts, the Paying Agent
-22-
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- " " ., , ' , .' '~,
shall so notify AMBAC Indemnity. Such notice shall
specify the amount of the anticipated deficiency,
the Bonds to which such deficiency is applicable
and whether such Bonds will be deficient as to
principal or interest, or both. If the Paying
Agent has not so notified AMBAC Indemnity at least
one (1) day prior to an Interest Payment Date,
AMBAC Indemnity will make payments of principal or
interest due on the Bonds on or before the first
(1st) day next following the date on which AMBAC
Indemnity shall have received notice of nonpayment
from the paying Agent.
(2) the Registrar and Paying Agent shall, after giving
notice to AMBAC Indemnity as provided in (1) above,
make available to AMBAC Indemnity and, at AMBAC
Indemnity's direction, to the united States Trust
Company of New York, as insurance trustee for AMBAC
Indemnity or any successor insurance trustee (the
"Insurance Trustee"), the registration books of the
Issuer maintained by the Registrar and Paying Agent
and all records relating to the Funds and Accounts
maintained under this Resolution.
(3) the Registrar and Paying Agent shall provide AMBAC
Indemnity and the Insurance Trustee with a list of
registered owners of Bonds entitled to receive
principal or interest payments from AMBAC Indemnity
under the terms of the Municipal Bond Insurance
Policy, and shall make arrangements with the
Insurance Trustee (i) to mail checks or drafts to
the registered owners of Bonds entitled to receive
full or partial interest payments from AMBAC
Indemnity and (ii) to pay principal upon Bonds
surrendered to the Insurance Trustee by the
registered owners of Bonds entitled to receive full
or partial principal payments from AMBAC Indemnity.
(4) the Registrar and Paying Agent shall, at the time
it provides notice to AMBAC Indemnity pursuant to
(1) above, notify registered owners of Bonds
entitled to receive the payment of principal or
interest thereon from AMBAC Indemnity (i) as to the
fact of such entitlement, (ii) that AMBAC Indemnity
will remit to them all or a part of the interest
payments next coming due upon proof of Bondholder
entitlement to interest payments and delivery to
the Insurance Trustee, in form satisfactory to the
Insurance Trustee, of an appropriate assignment of
the registered owner's right to payment, (iii) that
should they be entitled to receive full payment of
principal from AMBAC Indemnity, they must surrender
-23-
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oI\nOA"EYSAT~AW 0(5"'0IN[6,IOWA
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~:;":"'~"'l' ':" ':;.',': '"<::ci,, , "tl' :,:'" ,"" <, '>:"-:'" ',:.;,
.,':>~"~ ';, ';';~,:I',.",~"I:7I:'.. <~') ,:::,"." .' '....' ,.".".:..,\f
., " .,\. , ' " .., _' \-.= "1\ ~ , ' , , ,I .' \ .,'
'\~' , , " L' ',' " " :., ,.", ' . , ' . '" '.,
their Bonds (along with an appropriate instrument
of assignment in form satisfactory to the Insurance
Trustee to permit ownership of such Bonds to be
registered in the name of AMBAC Indemnity) for
payment to the Insurance Trustee, and not the
Paying Agent and (iv) that should they be entitled
to receive partial payment of principal from AMBAC
Indemnity, they must surrender their Bonds for
payment thereon first to the Paying Agent, if any,
who shall note on such Bonds the portion of the
principal paid by the Paying Agent, if any, and
then, along with an appr.opriate instrument of
assignment in form satisfactory to the Insurance
Trustee, which will then pay the unpaid portion of
principal.
(5) in the event that the Paying Agent has notice that
any payment of principal of or interest on a Bond
which has become Due for Payment and which is made
to a Bondholder by or on behalf of the Issuer has
been deemed a preferential transfer and theretofore
recovered from its registered owner pursuant to the
united states Bankruptcy Code by a trustee in
bankruptcy in accordance with the final,
nonappealable order of a court having competent
jurisdiction, the Paying Agent shall, at the time
AMBAC Indemnity is notified pursuant to (1) above,
notify all registered owners that in the event that
any registered owner's payment is so recovered,
such registered owner will be entitled to payment
from AMBAC Indemnity to the extent of such recovery
if sufficient funds are not otherwise available,
and the Paying Agent shall furnish to AMBAC
Indemnity its records evidencing the payments of
principal of and interest on the Bonds which have
been made by the Paying Agent and subsequently
recovered from registered owners and the dates on
which such payments were made.
(6) in addition to those rights granted AMBAC Indemnity
under this Resolution, AMBAC Indemnity shall, to
the extent it makes payment of principal of or
interest on Bonds, become subrogated to the rights
of the recipients of such payments in accordance
with the terms of the Municipal Bond Insurance
POlicy, and to evidence such subrogation (i) in the
case of subrogation as to claims for past due
interest, the Paying Agent shall note AMBAC
Indemnity's rights as subrogee on the registration
books of the Issuer maintained by the Registrar and
Paying Agent upon receipt from AMBAC Indemnity of
proof of the payment of interest thereon to the
-24-
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AnOAl~[Y5AflAW PESMOINUIC\V,
/?tf
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:~,'," ':;i,~ ,'::",,<;r '1' " ~;'ci: ,',:, ,;tZI'" : ;'<' ; ';>'.' . ,'::, 'r ~:,~.'
"1.' -I,.: \, ..,1" . ":Im' ,:...J - ,', ., " . , "
.~': . "~'\", ...( ,;~I:,\,,1O; ,':, :',', ': '~;'~' " '. l~'" / " , ':(, ',::' \ " ":: "l ',I
registered owners of the Bonds, and (ii) in the
case of subrogation as to claims for past due
principal, the Registrar and Paying Agent shall
note AMBAC Indemnity's rights as subrogee on the
registration books of the Issuer maintained by the
Registrar and Paying Agent upon surrender of the
Bonds by the registered owners thereof together
with proof of the payment of principal thereof.
Section 22. pavina Aaent Related Provisions. AMBAC
Indemnity requires the following:
(a) The Paying Agent may be removed at any time, at the
request of AMBAC Indemnity, for any breach set forth
herein.
\
(b) AMBAC Indemnity shall receive prior written notice of
any Paying Agent resignation.
(c) Any successor Paying Agent, if applicable, shall not be
appointed unless AMBAC approves such successor in
writing.
(d) Notwithstanding any other provision of this Resolution,
in determining whether the rights of the Bondholders
will be adversely affected by any action taken pursuant
to the terms and provisions of this Resolution, the
Paying Agent shall consider the effect on the
Bondholders as if there were no Municipal Bond Insurance
Policy.
(e) Notwithstanding any other provision of this Resolution,
no removal, resignation or termination of the Paying
Agent shall take effect until a successor, acceptable to
AMBAC, shall be appointed.
Section 23. Defeasance. Notwithstanding anything herein to
the contrary, in the event that the principal and/or interest due
on the Bonds shall be paid by AMBAC Indemnity pursuant to the
Municipal Bond Insurance Policy, the Bonds shall remain
Outstanding for all purposes, not be defeased or otherwise
satisfied and not be considered paid by the Issuer and the
assignment and pledge of the Trust Estate and all covenants,
agreements and other obligations of the Issuer to the registered
owners shall continue to exist and shall run to the benefit of
AMBAC Indemnity, and AMBAC Indemnity shall be subrogated to the
rights of such registered owners.
Section 24. Consent.
A. Consent of AMBAC Indemnity
-25-
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:~~", .::~::", " [<:; ,'.'[\]':',,' _> :J,.".' ~.: .'.,'1 '''''::'~',' l~,'.:
. "\.' ,.\ . '.... ',: '.-..r:, , 'a. '"'I "', " , , ' ','"
. ," '" . ~ ., 'I ' .": "I '. ,.", ,'., '. .,.
Any provision of this Resolution expressly recognizing
or granting rights in or to AMBAC Indemnity may not be
amended in any manner which affects the rights of AMBAC
Indemnity hereunder without the prior written consent of
AMBAC Indemnity.
B. Consent of AMBAC Indemnity in Addition to Bondholder
Consent
Unless otherwise provided in this section, AMBAC
Indemnity's consent shall be required in addition to
Bondholder consent, when required, for the following
purposes: (i) execution and delivery of any supplemental
resolution; (ii) removal of the Paying Agent and selection
and appointment of any successor paying agent; and (iii)
initiation or approval of any action not described in (i)
above which requires Bondholder consent.
C. Consent of AMBAC Indemnity Upon Default.
Anything in this Resolution to the contrary
notwithstanding, upon the occurrence and continuance of an
event of default as defi~ed herein, AMBAC Indemnity shall be
entitled to control and direct the enforcement of all rights
and remedies granted to the Bondholders or the Trustee for
the benefit of the Bondholders under this Resolution.
\
Section 25. AMBAC as Third Partv Beneficiarv. To the extent
that this Resolution confers upon or gives or grants to AMBAC any
right, remedy or claim under or by reason of this Resolution,
AMBAC is hereby explicitly recognized as being a third-party
beneficiary hereunder and may enforce any such right, remedy or
claim conferred, given or granted hereunder.
section 26. parties Interested Herein. Nothing in this
Resolution, expressed or implied, is intended or shall be
construed to confer upon or to give to, any person or entity,
other than the Issuer, AMBAC Indemnity, the Paying Agent and the
registered owners of the Bonds, any right, remedy or claim under
or by reason of this Resolution or any covenant, condition or
stipulation hereof, and all covenants, stipulationA, promises and
agreements in this Resolution contained by and on behalf of the
Issuer shall be for the sole and exclusive benefit of the Issuer,
AMBAC Indemnity, the Paying Agent and the registered owners of the
Bonds.
section 27. Permitted Investments.
A. AMBAC Indemnity will allow the following obligations to
be used as Permitted Investments for all purposes
including defeasance investments in refunding escrow
accounts:
-26-
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",' ' . ,.. ,,,
(1) cash (insured at all times by the Federal Deposit
Insurance Corporation or otherwise collateralized
with obligations described in paragraph (2) below),
or
(2) direct obligations of (including obligations issued
or held in book entry form on the books of) the
Department of the Treasury of the United states of
America.
B. AMBAC Indemnity will allow the following obligations to
be used as Permitted Investments for all purposes other
than defeasance investments in refunding escrow
accounts:
(1) obligations of any of the following federal
agencies which obligations represent full faith and
credit of the United states of America, including:
Export - Import Bank
Farmers Home Administration
General Services Administration
U.S. Maritime Administration
Small Business Administration
Government National Mortgage
Association (GNMA)
U.S. Department of Housing & Urban Development
(PHA's)
Federal Housing Administration;
bonds, notes or other evidences of indebtedness
rated "AAA" by Standard & Poor's corporation and
"Aaa" by Moody's Investors Service Inc. issued by
the Federal National Mortgage Association or the
Federal Home Loan Mortgage Corporation with
remaining maturities not exceeding three years;
(3) U.S. dollar denominated deposit accounts, federal
funds and banker's acceptances with domestic
commercial banks which have a rating on their
short-term certificates of deposit on the date of
purchase of "A-l" or "A-1+" by Standard & Poor's
and "P-l" by Moody's and maturing no more than 360
days after the date of purchase. (Ratings on
holding companies are not considered as the rating
of the bank);
(2)
(4) commercial paper which is rated at the time of
purchase in the single highest classification,
"A-1+" by Standard & Poor's and "P-1" by Moody'S
Investors Service and which matures not more than
270 days after the date of purchase;
-27-
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AllOR~tv6ATlAW O(SMOI'1tS,IOWA
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::',~:: ,':i."" ':,", "':;"I".,'>b'"~,,,,. :'" ',,' .~", . :,; :;,': " ",,' 't':
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(5) Investments in a money market fund rated "AAAm" or
"AAAm-G" or better by standard' poor's
corporation;
(6) Pre-refunded municipal obligations defined as !
,
follows: ,
I
Any bonds or other obligations of any state of the
I
united states of America or of any agency, i
instrumentality or local governmental unit of any I
such state which are not callable at the option of I
,
the obligor prior to maturity or as to which I
irrevocable instructions have been given by the
obligor to call on the date specified in the
notice; and (A) which are rated, based on an
irrevocable escrow account or fund (the "escrow"),
in the highest rating category of standard' poor's I
corporation and Moody's Investors Service, Inc. or i
any successors thereto; or (B) (i) which are fully I
!
secured as to principal and interest and redemption I
premium, if any, by an escrow consisting only of
cash or obligations described in paragraph (1)
above, which escrow may be applied only to the I
payment of such principal of and interest and
redemption premium, if any, on such bonds or other
obligations on the maturity date or dates thereof
or the specified redemption date or dates pursuant
to such irrevocable instructions, as appropriate,
and (ii) which escrow is sufficient, as verified by
, a nationally recognized independent certified
I public accountant, to pay principal of and interest
\ i and redemption premium, if any, on the bonds or
I
, other obligations described in this paragraph on
I
J the maturity date or dates specified in the
I irrevocable instructions referred to above, as
I appropriate; i
i (7) Investment agreements approved in writing by AMBAC
I I
Indemnity Corporation [supported by appropriate
, J
, opinions of counsel] with notice to Standard , ,
Poor's corporation; and I
,
(B) Other forms of Investments approved in writing by I
AMBAC with notice to Standard & poor's corporation.
section 2B. Value of Investments.
The value of the Permitted Investments shall be determined as
provided in "Value" below.
"Value", which shall be determined as of the end of each
month, means that the value of any investments shall be calculated
-2B-
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ATlOIIN[VSAT1AW O[SM~NtS,IOWA
/f'l
I
'~;":" :,;;:,:/" ""~;"'J' ',; "cf' ><PJ ':, ':<"":':':""~':',':' >,. ',' :,~','
~\,::~'J:',~i::' <:,~,~,:,': /'(:.I'"lFJ~',:,"I~~I' ':;,: :,'. \,~):;. ":'::", ~,!
as follows:
(a) as to investments the bid and asked prices of which are
published on a regular basis in The Wall street Journal
(or, if not there, then in The New York Times): the
average of the bid and asked prices for such investments
so published on or most recently prior to such time of
determination;
(b) as to investments the bid and asked prices of which are
not published on a regular basis in The Wall street
Journal or The New York Times: the average bid price at
such time of determination for such investments by any
two nationally recognized government securities dealers
(selected by the Trustee in its absolute discretion) at
the time making a market in such in/estments or the bid
price published by a nationally ~ecognized pricing
service;
(c) as to certificates of deposit and bankers acceptances:
the face amount thereof, plus accrued interest; and
(d) as to any investment not specified above: the value
thereof established by prior agreement between the
Issuer, the Trustee and AMBAC Indemnity Corporation.
section 29. Default Remedies. Upon the occurrence of an
event of default, the Paying Agent may, with the consent of AMBAC
Indemnity, and shall, at the direction of AMBAC Indemnity or 25 %
of the Bondholders with the consent of AMBAC Indemnity, by written
notice to the Issuer and AMBAC Indemnity, declare the principal of
the Bonds to be immediately due and payable, whereupon that
portion of the principal of the Bonds thereby coming due and the
interest thereon accrued to the date of payment shall, without
further action, become and be immediately due and payable,
anything in this Resolution or in the Bonds to the contrary
notwithstanding.
Adopted and approved this
1993.
day of
19th
Januarv
~i~
Mayor
ATTEST:
lh'
City~~
I( liuJ
clO7I40l6rmrOIt4t0S4
-29-
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ATTOMj[VSATLAW O[5MOI~j[S,IOWA
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EXHIBIT A
Refunded Bonds
$38,950,000 principal amount of Sewer Bonds,
dated August 1, 1986 (now outstanding in the
principal amount of $36,175,000), the refunded
portion--$33,500,OOO maturing on July 1st of
the years 1996 to 2012, inclusive and bearing
interest as follows:
principal Interest Maturity
Amount Rate irulv 1st
I $1,000,000 7.70% 1996
I 1,100,000 7.70% 1997
1,175,000 7.70% 1998
I
! 1,250,000 7.70% 1999
i 1,350,000 7.70% 2000
1,450,000 7.70% 2001
, 1,575,000 7.80% 2002
!
! 1,700,000 7.80% 2003
I 1,825,000 7.80% 2004
t 1,975,000 7.80% 2005
i 2,125,000 7.80% 2006
I 2,300,000 7.80% 2007
I 2,500,000 7.80% 2008
2,700,000 7.80% 2009
2,925,000 7.80% 2010
3,150,000 7.80% 2011 I
3,400,000 7.80% 2012 ,
I
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CIG- 3
9/91
CERTIFICATE
STATE OF IOWA
COUNTY OF JOHNSON
SS
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,
I, the undersigned city Clerk of Iowa City, Iowa, do hereby
certify that attached is a true and complete copy of the portion
of the corporate records of said Municipality showing proceedings
of the Council, and the same is a true and complete copy of the
action taken by said Council with respect to said matter at the
meeting held on the date indicated in the attachment, which
proceedings remain in full force and effect, and have not been
amended or rescinded in any way; that meeting and all action
thereat was duly and publicly held in accordance with a notice of
meeting and tentative agenda, a copy of which was timely served on
each member of the Council and posted on a bulletin board or other
prominent place easily accessible to the pUblic and clearly
designated for that purpose at the principal office of the Council
(a copy of the face sheet of said agenda being attached hereto)
pursuant to the local rules of the Council and the provisions of
Chapter 21, Code of Iowa, upon reasonable advance notice to the
public and media at least twenty-four hours prior to the com-
mencement of the meeting as required by said law and with members
of the public present in attendance; I further certify that the
individuals named therein were on the date thereof duly and
lawfully possessed of their respective city offices as indicated
therein, that no Council vacancy existed except as may be stated
in said proceedings, and that no controversy or litigation is
pending, prayed or threatened involving the incorporation,
organization, existence or boundaries of the City or the right of
the individuals named therein as officers to their respective
positions.
WITNESS my hand and the seal of said Municipality hereto
affixed this 19th day of January , 1993.
7A~~4/1() R J!u/l/
City Clerk, Iowa City, Iowa
SEAL
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ATTORN[V&ATlAW DtsMOlt~t9,IOWA
/91/
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(This Notice to be posted)
NOTICE AN/) CALL OF PUBLIC MEETING
Governmental Body: The city Council of Iowa city, Iowa.
Date of Heeting: , 1993.
Time of Meeting: o'clook,__,M.
Plaoe of Meetingl Council Chambers, Civie Cent
Washington Street, Iowa cit ,
PUBLIC NOT E IS HEREBY GIVEN that the ove mentioned
governmental body will meet at the date, t e and place above set
out, The tentativ agenda for said meetin is as follows:
$37,300,000 Sewer Rev ue Bonds,
- Approval of Tax mption Cert ieate.
- Resolution authoriz ng the is anca.
Such additional 'matters as a a sst orth on the addi"
tional page(s) tta ad hereto. '
(nUl\\J)er)
This notice is given at
to Chapter 21, Coda of Iowa,
governmental body. '
iraction of the Mayor pursuant
e looal rules of said '
I
i
'1
i
City Clerk, Iowa City, Iowa
Aiti.En~ C%\EI', llL~II'~LER. H,I\~IE ~ltn'H l,II.I.OEE p.a
AnOAA(VS"'r1.A.W DUMo~n,~
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!mId ,nn SM31HV
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am m H2 XVd 9~:90 COIH/TO
E6-S1-1 I llC~ ~3JdO)313! XaH3XIA8 A~~J'~if
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",: :', "'/:'1;:' '. ',.," ]':' ".:, 'ifH-' '''''':~';'' ..' , ," : :,: :"" ,,:,','.
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,I: )',~,:,' ~':',},,', '.",'1\"."':" "\~"\o"':" " ,', ":,', " :', .,,(.~
, 1993
The City counQil of Iowa City, Iowa, met in
session, in the council Chambers, civic center, 410 E. Washington
street, Iowa city, Iowa, at o'clock __.H., on the above
date. Tbere were present Mayor , in the
chair, and the following named council Membersl
Absent:
~!
i
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lill', ll\'1 SM31HY
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"
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--. ~ ..,.--- .,....-.-......,.. .--~---
~.,~': ""':/' :,\;",""",r,tt;:,,' ~~l('<'" ':':/'. '/:':',:, '/:,:)
,J",'.",.'...;~I:",; , ,"/.: ..,.,.,',:S!1',.j ~::., ' ~f : '1, ,,: """"J,. .' ~':
,', , ,',\ "" '" ., "'" It ~ "11 4,. \". , " . ,. , \ .. , ,
',I. .' ,
Counoil Member moved that the form
of TaK Exemption Certificate be placed on file and approved.
Council Member seconded the motion. The
roll was called and the vote was,
AYES:
NAYS:
Council Member introduced the
following Resolution entitled "A RESOLUTION AUTHORIZING AND
PROVIDING FOR THE ISSUANCE AND SECURING THE PAYMENT OF $37,300,000
SEWER 1U:VENUE BONDS OF THE CITY OF IOWA CITY, IO~A, UNDER THE
PROVISIONS OF THE CITY CODE OF IOWA, AND PROVIglNG FOR A METHOD OF
PAYMENT OF SAID BONDS , and moved its adopti9n: Council Member
seconded the moti nto adopt. The roll
was called and the vot wasl
AYES:
NAYS:
, Whereupon the Mayor de a ed the following Resolution dUly
adopted: /
A RESOLUTION AthHORIZ G AND PROVIDING FOR
THE ISSUAN~E' SE NG THE PAYHEN'l' OF
$37,300,000 EWER
OF IOWA CI I IOWA, UND '!'HE PROVISIONS, OF
THE CITY ODE OF IOWA, PROVIDING FOR A
METHOD~F PAl/KM OF SAID BONDS
WHEREAS, the City Council of th City of Iowa city, Iowa,
sometimes herein fter referred to as e "Issuer", has heretofore
established oh~ges, rates and rentals for services which are and
will continu~tb be colleoted as system revenues of the Munioipal
Sanitary Sewer utility, sometimes herei fter referred to as the
"system", and said revenues have not bee pledged and are
available fa the payment of Revenue Bond , subjeot to the
fOllowing p emisesl and
WH S, said Issuer is in need of fund to pay oosts of
adjusting and refunding itseKisting Sewer Re enue Bonds as more
fully so forth in the schedule of bonds to be refunded,
"2"
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, " , ' ~ I ,. ~ h' ' " " , l '-
hereinafter set forth as Exhibit lIA",' attached to this Resolution
and made a part hereof by reference, and it is deemed necessary
that the city should include in its issue of Sewer Revenue Bonds
the amount of $2,675,000 for said purpose I and
WHEREAS, it is found and determined that the aforesaid
refunding of present indebtedness is necessary and in the interest
of the Issuer and will benefit the owners and occupants of
properties served by the Munioipal Sanitary Sewer utility by the
adjustment of its present and antioipated obligations payable from
Sewer revenues and by obtaining and thereby to effect the
defeasance of a portion of the Sewer Revenue B?~dS presently
outstanding and to be refunded so as to avoid pne necessity of
performing under the provisions of a Reso~lti n dated July 29,
1986, authorizing the issuance of the Outst ding Bon~B and the
substitution therefor of rovisions deemed ore advantaqeous and
appropriate I and
WHEREAS, there have b en heretofor~issued sewer Revenue
Bonds, part of which remain outstandiq~and are a lien on the Net
ReVenUes of the System. In the Re~o tition authorizing the
issuance of the outstanding nds i is provided that additional
Revenue ,Bonds may be issued a pity with the outstanding
bonds, for the costs of futur imp ovements and extensions to the
System, provided that there b een procured and placed on file
with the Clerk, a statement co ying with the conditions and
limitations therein imposed up the issuance of said parity
bonds I and
WHEREAS, the auditor's epo for the fiscal year ending
June 30, 1992, of , Certified Public
Accountants not in the re lar em loy of Issuer, has been placed
on rile in the office of e Cler. In addition there shall be
placed on file in the of ice of th Clerk, a statement of the
opinion of Evensen"Dodg , Inc., an ndependent finanoial
consultant not in the egular emplo of the City, 1) relating the
net revenues of the Sy, tem as report d by the auditors to the
annual requirements 0 prineipal and interest giving effect to the
issuance of the bond and the defeasa Cs of bonds as provided in
Section 14 of this esolution and 2) owing the conditions and
limitations of sai Resolution, dated uly 29, 1986, with regard
to. the SUfficiency of the revenues of e system to permit the
issuance of add it onal Revenue Bonds ring on a parity with the
outstanding bond to have been met and s tisfied as required; and
WHEREAS, e notice of intention of suer to take action for
the issuance of not to exceed $38,000,000 ewer Revenue Bonds has
heretofore bee duly published and no objeo ions to such proposed
action have b n filedl
NOW, TH FORE, BE IT RESOLVED BY THE Clry COUNCIL OF THE
CITY OF IOWA CITY I IN THE COUNTY OF ,'JOHNSON, S ATE OF IOWAI
-3-
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section 1. Definitions. The fallowing terms shall have the
fOllowing ~eanings in this Resolution unless the text expressly or
by necessary implication requires otherwise I
(a) "AMBAC Indemnity" shall mean AHBAC Indemnity
corporation, a Wisconsin-domiciled stock insurance company;
(b) "Beneficial owner" shall mean, whenevet' used with
respect to a Bond, the person in whcse name such,Bond is
recorded as the beneficial owner of such Bond by a
Participant on the reoords of such ParticiPtnt or such
person's subrogee; .
(c) "Bonds" shall me n $37,300,000 S er Revenue Bonds,
authorized to be issued by his Resolutlo ; ,
(d) "Cede Ii Co." shai mean Cede co., the nominee of
DTC, and any successor nom! ee of DTC ith respeot to the
Bonds;
(e) "Clerk" shall mean e ty Clerk or suoh other
offioer of the sucoessor gove ni body as shall be charged
with substantially the same d t s and responsibilities;
(f) "Ccrporate Seal" sh 1 mean the offioial seal of
Issuer adopted by the govern' bcdy;
(g) "Fiseal Year" sh 1 m 'the twelve-month period
beginning on July 1 of ea9h year and ending on the last day
of June of the followingJyear, 0 any other consecutive
twelve-month period a~do~ted by th governing body or by law
as the'official account ng periOd of the system;
,
(h) "Governing ody" shall m an the City counoil of the
City, or its succeis in funct:1on ith respect to the
operation and oontr of the System
(i) RIndep~n ent AUditor" shal mean an independent
firm of Certified Public Aooountants r the Auditor of State;
(j) "Issue II and "Cityll shall me n the City of Iowa
City, Iowa;
(1\:) "Mun cipal Bond Insurllnee Poll II shall lllean the
municipal bon~ insurance polioy issued b AMBAO Indemnity
insuring the payment when due of the prin ipal of and
interest on e Bonds as provided therein;
(1) "et Revenues" shall mean gross e nings of the
System aft r deduction of current expenses; current
Expenses" shall mean , and include the reasonab e and necessary
cost of 0 erating, maintaining, repairing and nsuring tpe
-4-
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system, including purohases at wholesale, if any, salaries,
wages, and costs of ~aterials and supplies, but exoluding
depreciation and prinoipal of and interest on the Bonds and
any Parity Bonds or payments to the various funds established
herein; capital oosts, depreciation and intere.st or prinoipal
payments are not system expenses:
(m) "Notioe of Sale" shall mean the offioial Notice of
Sale as published on , 19___;
(n) "Original Purcha ern shall mean the purohaser of
the Bonds from Issuer at e time of ~ei original issuance;
(0) "Parity Bonds" s all mean Sew Revenue Donds
payable solely from the Ne Revenues the System on an
equal basis with the Bonds ere in au~orized to be issued:
and sha~l include the Outst nding Bqnds; "Outstanding Bonds.
shall mean the Sewer Revenu Bonds/aated August 1, 1986,
iSsued in acoordance with a Resol~tion adopted July 29, 1986,
$2,675,000 of which bonds st+ll outstanding and unpaid
and remain a lien on the Net Revenues of the System;
,I
(p) "Participants" shal 'mean those brOker-dealers,
banks and other finanoial ins itutions for whioh DTC holds
Bonds as seourities deposito' ;
,
i
(q) "Paying Agent" ~hall be ,the City Controller, or
such successor as may be appro ed by Issuer as provided
herein and who shall oarfy out e duties prescribed herein
as Issuer's agent to provide fo the payment of Frincipal of
and interest on the Bonds as th same shall beoome dUG;
I
I
I
(r) "Projeot Furid" or "Con traction Account" shall mean
the fund required to/be establisH d by this Resolution for
the deposit of the ,roceeds of th Bonds;
(8) "Rebate ~nd" shall mean the fund so defined in and
established purs~nt to the Tax Ex ption Certificate;
(t) "RegiStrar" shall be the ity Controller of Iowa,
City, Iowa, or suoh suocessor as may be approved by Issuer as
provided herein/and who shall carry t the duties prescribed
herein with respeot to maintaining a agister of the owners
of the Bonds. Unless otherwise speci ed, the Registrar
shall also ao as Transfer Agent for e Bonds;
(u) "R presentation Letter" shall ean the
Representat n Letter from the City and ~paYing Agent and
Registrar t DTC, with respect to the Bon s;
(v) 'lsystemll shall ~ean the Municipal sanitary sewer
utility of the Issuer and all properties of every nature.
-5-
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hereinafter owned ~y the Issuer comprising part of or used as
a part of the System, including all improvements and
extensions ~ade ~y Issuer while any of the Bonds or Parity
Bonds remain outstanding; all real and personal property; and
all ap~urtcnances, contracts, leases, franchises and other
intanglblcs;
(w) "Tax Exemption certifioate" shall mean the TaX
Exemption Certificate executed by the Treasurer and delivered
at the time of issuance and delivery of the Bondsl
(x) "Treasurer" shall mean the City Treasurer or such
other officer as shall succeed to the same d ties and
responsibilities with resp at to the record nq and payment of
the Bonds issued hereunde I and .
(y) "Trustee" shall mean Bankers st Company of Des
Moines, Iowa, or its succ ssor aa may e approved pursuant to
the "Refunding Trust Aqre ent" refe ed to herein between
the Issuer and the Truste for the ose of insuring the
payment of the Outstandin Bonds.
section 2. Authoritv. Th Bond authcrbed by this
Resolution shall be issued purs ant 0 Oivision V, Chapter 384/ of
the City Code of Icwa, and in c mp anoe with all applicable
provisions of the Constitution a laws of the State of Io~a.
Section 3. u zation d . There are hereby
authorized to be issued, neqot be, serial, fully'registered
R~venue Bonds of Iowa city, i th County of Johnson, state of
Iowa, Series 1993, in ,the ag egat amount of $37,300,000 for the
purpose of paying costs of fundi 9 outstanding Sewer Revenue
Bonds of,the city.
Seotion 4. oe 0 Pa e . The Bonds hei:ein authorized
and parity Bonds and the interest th reon shall be payable solely
and only out of the net earnings of e System and shall be a
first lien on the fut e net revenues of the System. The Bonds '
shall not be general ligations of e Issuer nor shall they be
payable in any manna[ by taxation and e Issuer shall be in no
manner liable by rea on of the failure of the said Net Revenues to
be sufficient for e payment of the Bo ds.
section 5. d Detai s. Sewer Re anue Bonds of the City in
the amount of $37 300,000 shall be issue pursuant to the
provisions of Seq ion 384.83 of the city ode of Iowa for the
aforesaid purpose. The ~onds shall be desi nated "SEWER REVENUE
BOND", be dated !January 15, 1993, and bear nterest from the date
thereof, until pa~ent thereof, at the offi e of the Paying A~ent,
said interestlayablS on July 1, 1993 and se iannually thereafter
on the 1st da of January and July in each ye r until maturity at
the rates her inafter providM. .
( .6~
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The Bonds shall be executed by the manual or faosimile
signature of tha Mayor and attested by the manual or faosimile
signature of the City Clerk, and printed or impressed with the
seal of the City and shall he fully registered as to both
principal and interest as provided in this Resolution; principal,
interest and premium, if any shall be payable at the office of the
Paying Agent by mailing of a check to the registered owner of the
Bond. The Bonds shall be in the denomination of $5,000 or
mUltiples thereof. Said Bonds shall mature and bear interest as
follows:
Interest prinoipal Maturity
Rate, Amount t7Ulv 1st / ,
5.800% $ '35,000 1993/
5.800% 65,000 199:
5.800% 80,000 1~
5.800% 1,2 5,000 1 96
5.BOO% 1,3 0,000 1997
5.800% 1,46 ,000 1998
,5.800% 1,53 000 1999
5.800% 1,625 000 2000
5.800% 1,715, 00 2001
5.875% 1,830, 00 2002
; 5.875% 1,940,0 0 2003
I
I 5.875% 2,045,0 0 2004
,
I 5.B75% 2,175,00 2005
I 5. B75% 2,295,00 2006
i 6.000% 2,440,00 2007
} 6.000% 2,610,0 2008
, 6.000% 2,770, 00 2009
6.000% 2,950 000 2010
6.000% 3,12 ,000 2011
\ 6.000% 3,3 5,000 2012
section 6. Redembtio~. Bonds ma ing after July 1, 2002,
may be called for redemptio by the rss ar and paid before
maturity on said date or a date therea ter, from any funds
regardless of source, in wale or from t me to time in part, in
inverse order of maturity, and within an a ual maturity by lot by
giving thirty days' noti e of redemption registered mail, to
the registered owner of the Bond. The te s of redemption shall
be par, plus acorued i erest to date of ca 1.
If seleotion by at within a maturity i required, the
Registrar shall by r ndom selection of the n es of the registered
owners of the entir annual maturity seleot t e bonds to be
redeemed until the' otal amount of bonds to be called has been
reached.
Section 6.1. DTC - Registration. All of the Bonds shall be
registered in th name of Cede & co., as nominee for DTe. Payment
-7-
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of semiannual interest for any Bond registered in the name of Cede
& Co. shall be made by wire tranSfer or New York Clearing House or
equivalent llext day funds to the acoount of Cede' Co. on the
interest payment date for the Bonds at the address indicated in or
pursuant to the Representation Letter.
Section 6.2. The Bonds shall be initially issued in the form
of separate single authenticated fully registered bonds/in the
amount of eaoh separate stated maturity of the Bonds. Upon
initial issuance, the ownership of such Bonds shall~/reqistered
in the registry books of the City Controller kept by, the Paying
Agent and Registrar in the nam of Cede & Co., as 9 minee of DTC.
The Paying Agent and Registra and the City may ~eat DTC (or its
nominee) as the sole and exel sive owner of the;>>?nds registered
in its name, for the purposes f payment of th~rinOiPal or
redemption price of or inter t on the Bonds, selecting the Bonds
or portions thereof to be rede med, 9iVi~9 y notice permitted or
required to be given to regist red owners Bonds under the
Resolution of the City, regist ing the t ansfer of Bonds,
obtaining any consent or other ction t9..~e taken by registered
owners Of the Bonds and for all othi(r urposes whatsoever; and
neither the Paying Agent and Ra stra nor the City shall be
affected by any notice to tha co tra . Neither the Paying Agent
and Registrar nor the city shall ha e,any responsibility or
obligation to any Partioipant, an person Claiming a benefioial
ownerShip interest in the Bonds der or through' D~C or any
Partioipant, or any other perso hich is not shown on the
registration books of the payi ~ ent 'and Registrar as being a
registered owner of any Bonds, wi respeot to the accuracy of any
records maintained by DTe or ny P rticipantj with respect to the
payment by DTC or any Partie pant 0 any amount in respect of the
prinoipal or redemption pri e of or interest on the Bonds, with
respect to any notice whio is perm~ ted or required to be given
to owners of Bonds under e Resolut on, with respect to the
selection by DTC or any Participant f any person to reoeive
payment in the event OfJ.8 partial red mption of the Bonds, or with
respect to any consent given or other action taken by DTC as
registered owner of th~ Bonds. The Pa ing Agent and Registrar ,
shall pay all princip~l of and premium if any, and interest on
the Bonds only to ce~e & Co. in accorda ce with the Representation
Letter, and all suchLpayments shall be alid and effective to
fully satiSfy and diSCharge the City's 0 ligations with respect to
the principal of aryd premium, if any, an interest on the Bonds to
the extent of the jlum or sums so paid. N person other than DTC
shall receive an ~uthentioated Bond for ea h separate stated
maturity evidencing the obligation of the ity to make payments of
prinoipal of and/premium, if any, and inter st. Upon delivery by
DTe to the Paying Agent and Registrar of wri tan notice to the
effect that DTCthaS determined to substitute new nominee in
place of Cede & Co., the Bonds will be transf able to such new
nominee in acco danoe with Seotion 6.7 hereof.
I
! -8-
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Section 6.3. In the event the City determines that, it is in
the best interest of the Beneficial owners that they be able to
obtain Bond certificates, the City may notify DTC and the paying
Agent and Registrar, whereupon DTC will notify the Participants,
of the availability through DTC of Bond certificates. In such
event, the Bonds will be transferable in accordance with section
6.7 hereof. DrC may determine to discontinue providing its
services with respect to th~ Bonds at any time by giving notice to
the City and the Paying Agent and Registrar and discharging its
responsibilities with respect thereto under applicable law. In
such event the Bonds will be transferable in accordance with
Section 6.7 hereof.
Section 6.4. NotWithstanding any other provision of the
ReSolution to the contrary, so long as any Bond is'registered in
the name of Cede & Co., as nominee of OTC, all.paYments with
respect to the principal 0 and premium, if any' and interest on
such Bond and all notices ith respect to such Bond shall be made
and given, respectively to TC as provided' the Representation
letter.
Section 6.5. In connec on with any notice or other
communication to be provided 0 Bondhol S by the City or the
Paying Agent and Registrar wi respec to any consent or other
aotion to be taken by llondhold rs, th city or the Paying Agent
and Registrar, as the case may , s 11 establish a record date
for such consent or other actio an give DTe notioe of such
record date not less than,15 oa1 ar days in advance of such
record date ,to the extent possib!. Notioe to DTC shall be given
only when DTC is the sole Bondho er.
section 6.6. The executi n a d delivery of the Representa-
tion Letter to DTC by the May r, an the city Controller, in the
form presented at this meeti 9 with such changes, omissions,
insertions and revisions as the Mayo shall deem advisable is
hereby authorized and exec tion of e Representation Letter by
the Mayor and the city Co roller, sh 11 be conclusive evidence of
such appr~val. The Repr entation Le ter shall set forth certain
matters with respeot to, among other ings, notice~, consents and
approvals by Bondholdet and payments the Bonds. The Paying
Agent and Registrar is hereby authorize and requested to exeoute
the same and shall he e the same rights ith respeot to its
actions thereunder a it has with respec to its actions under the
Resolution.
. Section 6.7. In the event that any t nsfer or exchange of
the Bonds is perm ted under Section, 6.2 or 6.3 hereof, such
transfer or excha ge shall be accomplished u on receipt by the
Registrar from t e registered owners thereof f the Bonds to be
transferred or e ohanged and appropriate ins uments of transfer
to the permitte transferee. In the event Bon certifioates are
issued to holda s other than Cede & Co., its su cessor as nom~nee
"
-9-
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~;,," ':,' 'I' "', "'~l' ;' "~I ,:: '1€z( ":",',, ',',:: ,:,', ;",,".'
,)::,'-:",:r,' ::,' ::,"'i~,':'~>'I<: -:>::";"1,,';';:: '~,;.<: :..,,~:<:.. ,,\'>::'
" . II, ~ ,l\~', \~" '.. "', ,~,., ," ;., I
. . .',' , ,_' '.. \ ." 0 ' " ;',
for DTC as holder of all the Bonds, or other securities depository
as holder of all the Bonds, the provisions of the Resolution shall
also apply to, among other things, the printing of suoh
certificates and the method of payment of prinoipal of and
interest on such certificates.
Section 6.8. The offioers of the city are hereby authorized
and directed to prepare and furnish to said purchaser, and to the
attorneys approving the legality of said General obligation Bonds,
certified copies of such proceedings, ordinances, resolutions and
records and all such certificates and affidavits and other
instruments as may be required ~o evidence the legality and
marketability of said bondS'hEd all certified copies,
certificates, affidavits and other instruments sg/furnished,
inoluding any heretofore fur ishedi shall constitute
representations of the city s to the correotne'ss of all facts
stated or recited therein.
Seat ion 7.
(a) Reaistration. The 0 ership of Bonds may be transferred
only by the making of an entry pon e books kept for the
registration and transfer of 0 ers p of the Bonds, and in no
other way. The city controller s ereby appointed as Bond
Registrar under the terms of thi esolution. Registrar shall
maintain the books of the Issuer or the registration of ownership
of the Bonds for the payment of incipal of and interest on the
Bonds ,as provided in this Res~ ti n. All Bonds shall be '
negotiable as provided in Art' le of the Uniform Commercial Code
and Section 384.83(5) of , the ode Iowa, subject to the provi-
sions for registration anZ, ansfer contained in the Bonds and in
this Resolution. '
(h) Transfer. The wnership 0 any Bond mar be transferred
only upon the Registrat~n Books kept for the reglstration and
transfer of Bonds and 0 ly upon surre der thereof at the office of
the Registrar together, ith an assignm nt duly executed by the
holder or his duly authorized attorney in fact in such form as
shall be satiSfactory/to the Registrar, along ,with the address and
social security n~~ or federal emplo I' identification number
of such transferee (or, if registration s to be made in the nama
of multiple individuals, of all such tran ferees). In the event
that the address at the registered owner f a Bond (other than a
registered owner whioh is the nominee of t e broker or dealer in
question) is tha~!of a broker or dealer, t ~e must be disclosed
on the Registration Books the information p rtaining to the
registered owne~ required 'above. Upon the t ansfer of any such
Bond, a new fu11y registered Bond, of any denomination or
denominations permitted by this Resolution in\~9gregate prinoipal
amount equal to the unmatured and unredeemed prinoipal amount of
suoh transferred fully registered Bond, and bearing interest ~t
!
M10-
,\JlLm,r,oom,OO!I\\,ILt:JI.lL\\'SIE,!lIITlf!ALLBo:.~C,
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~ ':' " _ ;" :':~'..':':>~r'!,,~" ~]L''':':" .,' .:':,'....~ "_',,,:'::\:'::'::':;:.::~I
".,' ',. "I ' ",;5"1 "'f'" """ltB' ".. ' ". ',,' ,
..:' " ,;/; ~", ~,.". 'I,' ',.' ,',' \,.',J,',:"', 'I
.;, ";.\:' \. .,t~.\".. I~ ," I.':." '" ,<,' "'" ,1
'.,./1,;, ,~~\ l.",'.,:~~'...il~.t, '. . ,; ~", .' '.,' ',<
the same rate and maturing on the same date or dates ahall be
delivered by the Registrar.
\
(e) Registration of Transferred Bonds. In all cases of
the transfer of the Bonds, the Registrar shall register, at
the earll~Gt practicable time, on the Registration Books, the
Bonds, in accordance with the provisions of this Resolution.
(d) Ownership. As to any Bond, the person in whose
name the ownership of the same shall be registered on the
Registration Books of the Registrar shall be deemed and
regarded as the absolute owner thereof for all/purposes, and
payment of or on account of the principal of )bY such Bonds
and the premium, if any, and interest thereon shall be ~ade
only to or Upon the order.of the registere{ owner thereof or
his legal representativ. All such paymeJ'\ts shall be valid
and effectual to satisf and discharge ~e liability upon
Such Bond, inClUding the interest thereon, to the extent of
the sum or sums sc paid. /
(e) Cancellation. 1 Bonds/which have been redeemed
shall not be reissued but hall ,be canoelled by the
Registrar. All Bonds whi are ,cancelled by the Reqistrar
shall be destroyed and a ce ificate of the destruotion
thereof shall be furnished 9mptly to the Issuer; provided
that if the Issuer shall so !rect, the Registrar shall
forward the cancelled Bonds;' 0 the Issuer.
(f) on-Presentment/of onds. ,In the event any paytllent
check representing payment of rincipal of or interest on the
Bonds is returned to the payin Agent or is not presented for
payment of principal at the ma ity or redemption date, if
funds sufficient to piy such pr ncipal of or interest on
Bonds shall have been made avail Ie tc the Paying Agent for
the benefit, of the owner thereof all liability of the Issuer
to the owner thereof for such in est or payment of such
Bonds shall forthwith cease, term nate and be Completely
diSCharged, and thereupon it shall be the duty of the Paying
Agent to hold suoh fUnds, without iability for interest
thereon, for the benefit of the own r of suoh Bonds who shall
thereafter be restricted exclusivel to such funds for any
claim of whatever nature on his part under this Resolution or
on, or with ;espect to, such interes or Bonds. The Paying
Agent's obligation to hold such funds shall continue for a
periOd equal to two years interest or rincipal became due,
whether at/lnaturitr, or at the date f d for redemption
thereOf, ~ otherwlse, at which time tb Paying Agent, shall
surrender any remaining funds so held to the Issuer,
whereuPog any claim under this Resolution by the OWners of
such int rest or Bonds of whatever nature \all be made upon
the Issu r.
( . '.
-11- \
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eTO~
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t~(\ ""0 t ': '.',,' "., ~,'", I:;, '.~ " . ":,.:\ . ':.,,' '\: < ,I ..) " .,\ : "..
\',:., ;~\r ,"".:f,'I~--&I;"'\~~l, ";'i1:- ",'.:...",. '. ,',"'" ""~I
, .' 1', ',', ",." ,,'
section 8. Feissuanoe of Mutilated. Destroved. Stolen
or Lost Bonds. , In case any outstanding Bond shall become
mutilated or be destroyed, stolen or lost, the Issuer shall at the
request of Registrar authenticate and deliver a new Bond of like
tenor and amount 8S the Bond so mutilated, destroyed, stolen or
lost, in exohange and substitution for such mutilated Bond to
Registrar, upon surrender of such mutilated Bond, or in lieu of
tnd substitution for the Bond destroyed, stolen or lost, upon '
filing with the Registrar evidence satisfactory to the Registrar
and Issuer that suoh Bond has been destroyed, stolen or lost and
proof of ownership thereof, and upon furnishing the Registrar and
Issuer with satisfactory indemnity and complying with such other
reasonable regulations as the Issuer or its agent ~y prescribe
and paying such expenses as the Issuer may incur i oonneotion
therewith.
seotion 9. Record Date. Payments of pri aipal and interest,
otherwise than upon full red mption, made in espect of any Bond,
shall be made to the regist ed holder the eo! or to their
designated agent as the same appear on the ooks of the Registrar
on the 15th day of the month reoeding payment date. All such
payments shall fully discharg the obli tions of the Issuer ,in
respect of suoh Bonds to the xtent of e payments so made.
Payment of principal shall onI be ma e upon surrender of the Sond
to the Paying Agent. .
Section 10. Execution Au e too a
~. Upon the adoption of th s Resolution, the Mayor and Clerk
shall,exeeute and deliver'the Bo ds to the Registrar, who shall
authenticate the Bonds and deli r the same to or upon order of
the Purchaser. No bond shall e alid or Obligatory for ,any
purpose or shall be entitled 0 a y right or benefit hereunder
unless the Registrar shall d ly en orse and execute on such Bond a
Certificate of Authenticati n subs antially in the form of the
Certifioate herein set fo . suc~ certificate upon any Bond
executed on behalf of the/Issuer sh 11 be conclusive evidence that
the Bond so authenticate~ has been d ly issued under this
ReSOlution and that the/hOlder there f is entitled to the benefits
of this Resolution. I
section 11. i ht to Name Substi ute pa in A ent or
Registrar. Issuer rpserves the right name a substitute,
successor Reqistrar!~r Paying Agent upo giving prompt written
notice to each registered bondholder.
-12-
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',.') ~,\. "I')'~'" ~t ,\', " 'i'" " ,,,., .
..... ,...,,", ;"'" ' . " "", \ " " '., '".:' . " \', ' \:
section 12. Form of Bond. Bonds shall be printed in
GUbstantial compliance with standards proposed by the American
standards Institute substantially in the form as follows:
I
I 111111111111111111111111111111111111111111111111111/1/// / i
I ' / I
I I I I I I !
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1111111111111111111/11111111111111111111 111111111111111111 I
!
\ FIGURE 1 ,
(Front)
I
I I
,
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,\IILER~ COO\tf. lJOI\\\ULER.H.\\,1r., 8llITH &AI.LlItt,~r,
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:.,;:,; <;,:,1" ,',I~:",'.JL, :':: '::~8';". ,:> ':':"',:' "<,",':,: :"}'~':':
(1,0)
(continued)
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FIGURE 2
(aack)
/
(17)
j
i
AIlIXIl$,t~~~E\',DORWE1LER. H,\l~lE,i\\lml. ALLllE~P,C,
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,
i
The text of the bonds to be located thereon at the item
numbers shown shall be as follows:
Item 1, figure 1 '" "STATE OF IOWA"
"COllNTY OF JOIINSON
"CITY OF IOWA CITY"
"SEWER REVENUE BOHOn
"SERIES 1993"
Item 2, figure 1 = Ratel
Item 3, figure 1 = Maturity:
Item 4, figure 1 = nond Datel January 15, 1993
Item 5, figure 1 = cusip No.1
Item 6, figure 1 = "Registered"
Item 7, figure 1 = Certificate No. _ I'
Item B, figure 1 c Prinoip 1 Amount: $
Item 9, figure 1 = The City of Iowa C'ity, Iowa ~ municipal
corporation organized and existin under and bY~i ue of the
Constitution and laws of the Stat of Iowa (the" seuer"), for
value received, promises to pay fr m the source nd as hereinafter
provided, on the maturity date indi ted above to
, Item 9A, figure 1 . (Registrati n panel to be completed by
Registrar or Printer with name of Reg ster OWner) .
Item 10, figure 1 = or registered a igns, the principal sum
of (DrinciDal amount written out) THOU DOLLARS in lawful money
of the united states of America, on the maturity date shewn abOve,
only upon presentation and surrender tie of at the office ,of the
City Controller, Paying Agent of thii is ue, or its suocessor,
with interest on said sum from the ~ate eof until paid at the
rate per.annum specified above, payable 0 July I, 1993, and "
semiannually thereafter on the Is~ day of anuary and July in each
year. I
Interest and principal shall be paid t the registered holder
of the Bond as shown on the rsoords of owner hip maintained by the
Registrar as of the 15th day/of the month ne preoeding such
interest payment date. Intetest shall be oom uted on the basis of
a 360-day year of twelve 30~day months.
This nond is issued ;?ursuant to the provi ons of Section
384.83 of the City Code 9f Iowa, as amended, fo the purpose of
paying coat a of refundi~~ outstanding Sewer Reve ue Bonds of the
city, in oonformity to a Resolution of the Couno of said City
duly passed and approvfd. ,
Unless this certificate is presented by an' au orized
representative of The Depository Trust Company, a N~W York
corporation (IIDTCII) / to. the Issuer or its agent for registration
of transfer, eXOha?ge or payment, and any oertifioate issued i~
( -15-
,\IUX"~ cuom.Ii~O\\tlLEllllAl~IE,,~rrll ~ ,\1J.BEt, p,r.
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, . J " ~/I , ",I." .'. '1.1 ' .1., \ ' , , '. " ' .'
"\;'. i,i:" ~~':. .,' I: '1',1" I,' ..' .' d'" ',::' ", ~. ",::
I.~,', ,::~~'; ;:'?'",~;~:,: "~\~".,' , ".111'.,\~.~,", , "':" '. :,\. .~ ':.,'
registered in the name of Cede & Co. or such other name as
requested by an authorized representative of DTC (and any payment
is made to Cede & Co. Or to such other entity as is requested by
an authorized representative of DTC), ANY TRANSFER, PLEDGE OR
0'l'BER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., bas
an interest herein.
Bonds maturing after July 1, 2002, may be oalled for
redemption by the Issuer and paid before maturity on said date or
any date thereafter, from any funds regardless of source, in whole
or from time to time in part, in inverse order of m~turity and
within an annual maturity by lot by giving thirty gays' notice of
redemption by registered mail to the registered WIler of the
Bond. The terms of redemption shall be par, plu accrued interest
to date of call.
ownership of this Bond may e transferr only by transfer
upon the books kept for such purp se by the ity Controller, the
Registrar. Such transfer on the oks sha occur only upon
presentation and surrender of this Bond a the office of the
Registrar as designated belOW, toge er th an assignment duly
executed by the owner hereof or his ul authorized attorney in
the form as shall be satisfactory to t e Registrar. Issuer
reserves the right to substitute the eqistrar and Paying Agent
but Shall, however, promptly give no e to registered bondholders
of such change. All Bonds shall be e otiable as provided in
Article 8 of the Uniform Commercia Cod and Section 384.83(5) of
the Code of Iowa, SUbject to the ovis ons for registration and
transfer contained in the Bond Re olutio .
\
This Bend and the series 0 which it forms a part, other
bonds ranking on a parity ther~ ith, and a y additional bonds
which may be hereafter issued/and outstand ng from time to time on
a parity with said Bonds, as provided in th Bond Resolution of
which notice is hereby given/and is hereby ade a part hereof, are
payable from and seoured by /a pledge of the et Revenues of the
Municipal Sanitary Sewer utility (the "Syst "), as defined and
provided in said Resolutio~. There has heret fore been
established and the City covenants, and agrees at it will
maintain just and equitable rates or charges f r the use of and
service rendered by said/System in each year fo the payment of
the proper and reasonable expenses of operation nd maintenance of
said System and for the/establishment of a suffi ient sinking fund
, '
to meet the principal of and interest on this ser eS of Bonds, and
other bonds ranking on/a parity therewith, as the aIDe beoome due.
This Bond is not payable in any manner by taKation and under no
circumstances shall the City be in any manner liabl by reason of
the failure of said net earnings to be suffioient f r the payment
hereof. I '
I
I
I
I
,
!
-16-
,IHLEHS, C0I1\H, IIQR\\'EILER IL\I)t~,~lUTII ~ !1.I.m, ~C,
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, "'I" ',\, , 'I ". " ' .' " " ,
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'., ",-:/:, ,'~"::: I': ,I' . ,J:,'
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.lr :, :~,\ .,..'\~,': ,,~,'l, _. .~~' J ',::~ J. ',', " " , ",'
,,. , , , ~' . " \ "', ,
-And it is hereby represented and certified that all aots,
oonditions and things requisite, accordin~ to the laws and
Constitution of the state of Iowa, to exist, to be had, to be
done, or ~o, be performed precedent to the lawful issue of this
Bond, have been existent, had, done and performed as required by
law.
IN TESTIMONY WHEREOF/ said city by its city Council has
caused this Bond to be signed by the manual signature of its Mayor
and attested by the manual signature of its city Clerk, with the
seal of said City impressed hereon, and authenticated by the
manual signature of an authorized representative of the Registrar,
the city controller, IOwa city, Iowa.
Item 11,
Item 12,
figure 1 = Date of authentication I /
figure 1 Q This is one of the Bonds des~ibed in
the within mentioned Resolution, as
registered by the city Co troller.
By.
uthorized Sign
Item 13, sfer Agent:
Item 14, figure 1 = (Seal)
Item 15, figure 1 = [Signat Block]
CITY OF I WA CITY, IOWA '
Ma or's manua i
yor
Item 16, figure 2
It is certifie that the following is
a oorreot and c mp1ete copy of the
opinion of bond counsel issued as of the
date of delivery of the isaue of which
this Bond is apt.
CItY Clerk
[Opinion of Bond Co
.17-
AIILEJIS, C~T.\'. DQH\\'LtLEn. H,\\~tF, ~11lT1I. ALLBf.r"l!t,
Al'TOfl,WYSA'Utw DtG,,~qj~,J(NwA
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OTO~
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It. ___
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':! ' ".:,;":' .,)',',':'i~.:," :,,;:,,"',<;:p,>, :',,' (':':;', ':,'::;::, ,',: ,>',"
" ",I." I~' ,I " ',"J,,,, ", '" ' '"
,~:" .-':>,~' J: ,::'l,,~,J',. :~'~,~.:' !~~~ I ,:': :' ',,: """ "':."
Item 16, figure 3 c (Legend on AMBAC Indemnity Insured Bonds]
Munioipal Bond Insurance Policy No. _
(the npolicy") with respect to payments
due for prineipal of nnd interest on this
bond has been issued by AMBAC Indemnity
Corporation ("AMBAC Indemnity"). The
Policy has been delivered to the united
states Trust Company of New York, New
York, New YOrk! as the Insuranoe Trustee
under said Pol cy and will be held ~y
such Insurance Trustee or any successor
insurlUlce trustee. The Policy is on file
and avail 1e for inspection at the
principal ffice of the Insur~ce Trustee
and a copy thereof may be secured from
AMBAC Ind ity or the ,insurance Trustee.
'All payment required to be made under
the Policy s all be ~'de in acoordance
with the pro idons ,thereof. The owner
of this bond ckno~{edges and consents to
the sUbrogati n rf9hts of AMBAC Indemnity
as more fully se forth in the POlicy.
Item 17, figure 2 = [Assignment B ck]
(Information f quired for
Registration
ASSIG
For value received, the unde signed hereby sells, assigns and
transfers unto (Socia security or Tax,
Identification No. ) e within Bond and does
hereby irrevocably constitute ,nd appoin attorney in
faot to transfer the said Bon on the boo s kept for registration
of the within Bond, with ful power of s stltution in the
premises.
Dated
(Person(s)
SIGNATURE )
GUARANTEED)
"
O~OI2J
",on 16",",S9S~6 If:
,
ing this Assignment s1
,
-18-
,\HI.r.R~ COOX~I', OOIWElLEa IIA1Xl~~)IrI'II& ,ILl. SEt p.r.
'l'Tl)IllfI'tJlJl.A\Y DCS~~U.IQW"
hllI.:I ~~1 SH::I1HV 6m m STS XV.:! a:gO C6iSliTO J9'J
.6~To ~~o STS I W~~~:8 ~6-S1-T I IT",~ ~3IdO~3'3l XO~3X:^8 nJ~ "
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fIF - ".-.--
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L,::" '~;:' :::J:'4r>::\I"I':~;.':<tJ' :'./: :,::":",.\-,~:,::,:":",,,,,,;;~,
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IMPoRTANT - READ CAREFULLY
'l'he signature(s) to this Power must: oorrespond with the
name(s) as written upon the face of the certificate(s) or
bond(s) in every particular without alteration or enlargement
or any change whatever. Signature guarantee should be made
by a m~r or m~ organization of the New York stook
Exchange, lIIembers of other Exchanges having signatures on
file with transfer agents or by a commercial bank or trust
c:olllpany.
INFORMATION REQUIIWl FOR REGISTRATION OF TRANSFER
I
I
I
,
I
,
i
,
"
j
I
I
i
,
,
I
I
I
,
I
!
Name of Transferee(s)
Address of Transferee(s) /
sooial Security or Tax
Identification Number of
Transferee(s)
Transferee is a(n):
Individual*,
Partnership st
*If the Bond is to be registered th~ames of multiple
individual owners, the names of al sue owners and one address
and soeial security number must be rJ ided.
The following abbreviations, wh n used in the inscription on
the face of this BOnd, shall be 700 s rued as though written out in
full acoording to applicable laws or egulationsl
TEN COM - as tenant~ oomm n
TEN EN'!' - as tenants y the ntireties
JT TEN . as joint enants wi right of survivorship
and not s tenants n common
IA UNIF TRANS HI ACT - ..... ...'.CUstodian..........
(OUst) (Minor)
under Xo a Uniform Transfers
to Hinor Aot................
(State)
ADDITIO AL ABBREVIATIONS MAY
USED OUGH NOT IN THE ABOVE
Section 13. E lit of Li . The time payment of,
principal of and iq erest on the Bonds and Par ty Bonds shall be
secured equally and ratably by the revenues of e System without
priority by rea sod of number or time of sale or Slivery; and the
reven~es of the ystem are hereby irrevocably pl ~ged to the
timely payment 0 both principal and interest as t~e same beoome
due.
,
-19-
AJIUlR~r.ooSEt llOIl\\tILER. "hl'Xl. &\UTII,\ ALLR&E. Re,
ATTOAkfYS.uUW DnMI)INU,fO\......
m~
lZ~:6e0s9S~61~
Iml.:! JI~1 SH;nIlV om m m IT.:! ~t:eo CO/~I'IO I~/I
.6.IZ ~PZ SlS : W~P.:8 ~6-S1-1: lle~ ~3IdO~3131 XO~3X:Aa ~~ l'
.......---. ~. - y-.--
....,
.. .. ....---,. ~- -.- .,....-------y--...,.,..-......,.---- '. .... --..,...----,,--- ........-.....-
~~,:'('<"..:.:.,"':.:~ ::,'. "i,~~'_'" ";'~ ~.::::',,',:,,',,::,,>,':,:~'~\:l
,':", ,.,',' .,~~., '1"" "[{j,,., ", , , ' "",'"
-I' ,",:\' ""..."_\I~.",~:,,: :" : J,' ~~m',,:J'; \",'~ .'.",1,',:':' {r',:','l
-Ii ""'1\ ""I"~' . ,..\(,,~ . ~.. "~ '., ' ,., .'
. . "'",." ',' ,,1,' '" '. . .
section 14. Bankers Trust Company (the "Trustee") is hereby
appointed Trustee and fiscal agent for the city for the purpose of
insuring payment of the outstanding Bonds to be refunded. All of
the proceeds derived from the sale of the bonds herein authorized
plus acorued interest thereon and cash from the existing Sewer
Revenue Bond Sinking Fund in the amount deemed necessary by the
Finance Officer shall be placed in trust with the Trustee, as
Trustee under the Refunding Trust Agreement, dated as of
January 15, 1993, Which Trustee shall (1) hold such proceeds in a
special and irrevocable trust fund, (2) invest such proceeds only
in cash Or direct obligations of the united States, and (3) apply
such proceeds and earnings thereon only in accordance with the
terms and conditions of said Refunding Trust Agreement in such
manner that the amounts depos ted will be SUfficient, without the
need for any further investrn t or reinvestrnen~{ to retire all of
the OUtstanding Bonds to be re unded on or pr or to maturity and
to pay interest thereon as it omes due. Al the terms and
conditions of the Refunding Tru t Agreement re hereby
incorporated by reference in th s Resoluti n as if set forth
herein in full. Said Refunding rust Agr ement is hereby approved
and confirmed as binding upon th City, d the Mayor 'and Clerk
are hereby authorized to execute e s, e on behalf of the City.
Any funds received from the fee for use of the Paying
Agent, to pay principal and intere on the bonds to be refunded
shall be held in cash or non-inter t bearing demand deposits
separate from all other City mone s or accounts.
Seotion 15. User Rates. ere has heretofore been
established and published as r ire by law, just and equitable ,
rates or Charges for the use the ice rendered by the
System. Said rates or Charr to be aid by the owner ot each and
every lot, parcel of real e ate, or uilding that is conneoted
with and uses the System, b or throug any part of the system or
that in any way uses or~s served by e system. so long as the
Bonds are outstanding and unpaid the ra es or charges to consumers
of services of the Syst shall be suff aient in each year for the
payment of the proper a~Q reasonable e nses of operation and
maintenance of the Sye em and for the pa ent of principal and
interest on the Bonds nd Parity Bonds ag the same fall due, and
to provide for the cr ation of reServes a hereinafter provided.
Net revenues shall b maintained at a leve not less than one
hundred and ten per ent of principal and i terest falling due in
the Sallla year.
In the event the Issuer or any departme t, agency or
instrumentality ereof in any way uses or is served by the
System, the rate or charges provided for sha ~ be paid by the
Issuer from its corporate Fund, or by such dep~rtment, agenoy or
instrumentality, thereof. Any revenues so colle~ted by the Issuer
shall be Used nd accounted for in the same manner as any other
revenues dari ad from the operations of the Syste~.
-20-
,\J!J.ERR moSBY, UOlI\ltILr.~ 1l\\,IUJlrrU ~ ALLBF.r., p.r.
...nOf\"€1IATl..'W PfS~Q<kU,lf:1NA.
m~
zz~ r 600595"6 H:
!(l!U 1\1'1 SHnllY 6m Ct~ HS XV'; Ct:SO C6iSl/TO ""
~6pTZ "PZ 5TS r w~5p:8 f:6-S1-1: llC~ ~3IdO~3131 XO~3X:^B ~J~ T
.....,----.........,..~ --~----~
vr.T:nI'l1Wll,lflll""9Pltl\l1~~
-..,
~:~',:f' t'~"~'I':"!""<::~~"I"'"''~:'''i''' ::;,,:'.......1:.' ,'.,,:~:':, ....,I,:.,: ""'\'1
, .I!'..,.. '" . '~I" !' I 7 ',' " I ' " I,
,\' ~':'::\ :', :::.':; 4:. ,,:,~ 'I;. ,: "1 :'. I , : ",~"; :". ','\: J.j,,~
'" ".., _, ,,~~, ,'~' ' I ,I(j '",,' ,'''' , " .,
I . ,/- .' .... >. ~ ....,.. 1I '. ~ . . " , :' \ " , ~', ' \ I: ,. ,,\ ' "'. . .~.
section 16. Application of Revenues., From and after the
delivery of any BondS, and as long as any of the Bonds or parity
Bonds shall be outstanding and unpaid either as to principal or as
to interest, or until all of the Bonds and Parity Bonds then
outstanding shall bave been discharged and satisfied in the manner
provided in this Resolution, the entire income and revenues of the
system sball be deposited as collected in a fund to be known as
the Sewer Revenue Fund (the "Revenue Fund"), and Ehall be
disbursed only as followsl '
The provisions in the Resolution'beretofore adopted on
July 29, 1986, whereby there as created ana/is to be maintainod a
Sewer Revenue Bond and Inter at sinking Fund, and for the monthly
payment into said fund frolll e future net/revenues of the System
such portion thereof as will sufficient to meet the prinoipal
and interest of the outstandin Bonds dated August 1, 1986, and
m~intaining a reserve therefor, are h~r by ratified and oonfirmed,
and all such provisions inure t and c nstitute the security for
the payment of the principal an inte est on Sewer Revenue Bonds
hereby authorized to be issued; rov~aed, however, that the
amounts to be set aside and paid n~o the Sewer Revenue Bond and '
Interest Sinking Fund in equal mo bly installments from the
earnings shall be sufficient to p the prinoipal and interest due
eaoh year, not only on the Sewer venue Bonds dated August 1,
1986, but also the,prinoipal an in erest of the Bonds herein
authorized to be issued and to in ain a reserve therefor.
seotions 15 to 23, inclusive, f the Resolution dated July 29,
1986 are hereby ratified, con irmed, dopted and incorporated
herein as a part of this Res ution.
Nothing in this Resolu ion shall oonstrued to impair the
rights vested in the Outst nding Bonds. The al1Iounts herein
required ,to bs paid into a various f ds named in this Section
shall be ino1usive of pa ents required n respect to the
outstanding Bonds. The rovisions of th legislation authorizing
the outstanding Bonds a d the provisions f this Resolution are to
be construed wherever ossible so that the slll1le will not be in
conflict. In the even such construotion i not possible, the
provisions of the Res lution or ordinanoe f st adopted shall
prevail until such teas the bonds authori ed by said Ordinance
or Resolution ' have en paid in full or othe ise satisfied as
therein provided at which time the provisions f this Resolution
shall again prevail.
At such time~as the outstanding Series 1986 SeWer Revenue
Bonds are paid t e Reserve Fund shall be maintain d by an amount
equal to at leas the lesser of 1) the maximum amount of principal
and interest co in9 due on the Bonds and Parity Bonds in any
succeeding fiso 1 year; or 2) ten percent of the prooeeds of the
'al' of tho '1" to tho ,",,110:,,_
,\lILER~ Cil'll>r.l. DOI\WEILEH.IlA\W. iiltrlHkI.LLBEE.P,r,
.lTTOfl.'<<YI"'\,AW DUl.AoM:S,.ewA
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EZ~:600595E6IE
lilIld ,\\\'1 SM311lV am m STS XVd ~t :so ~6/STilO l(lll
.61112 EI12 515 : l'I~SI1:8 E6-51-1: llO~ ~3IdO)313! XOd3X,A8 ~,~71
.....
<.:'~,~:')''''''''.':: :,/~":.'" li;:-':" ,~ .".:",: '."..- ,.....:.,:...'~....'.':...I
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,~,~,>",,~,: \: ,',"\ ;':,. ,"t', ;::.1 ,....f' ...' ". ; .,::.:' ;". : ':':''''.'~'':.JIL
". '", .\~ ,\ ,\ ,.\~, '. ~~)I,~'" " . ~\' !~ " ,,' \,' , :' " .. '.,'. '.
, '" ,.' .' ..'.
.
section 17. Additional Covenants, Renresentations and
Warranties of the Issuer. The Issuer certifies and covenants with
the purohasers and holders of the Bonds from time to time
outatanding that the Issuer through its offioers, (a) will ~ake
suoh further speoifio covenants, representations and assurances as
may be neoessary or advisable; (b) oomply with all
representations, ~ovenants and assuranoes contained in the Tax
Exemption Certifioate, which Tax Exemption certificate shall
constitute a part of the contxact between the Issuer and the
owners of the aonds; (c) consult with bond counsel (as defined in
the Tax Exemption Certificate); (d) pay to the united States, as
necessary, such sums of money representing required rebates of
excess arbitrage profits relating to the Bonds; (e) file such
fo~, statements and supporting documents as may be required and
in a tilllely manner; and (f) if deellled necessary or advisable by
its offieers, to ~ploy and pay fiscal agents, finanoial advisors,
attorneys and other persons to assist the I'suer in suoh
compliance. .
\
section 18. e t
Exempt~. This Resolution ay be amen d without the consent of
any owner of the Bonds if, in the opini n of bond counsel, such
amendment is necessary to main ain tax exemption with respect to
the Bonds under applicable Fed al la or regulations.
Seotion 19. severahilitv. If ny section, paragraph, or
provision of this ReSOlution aha 1 held to be invalid or
unenforceable for any reason, the nva1idity or unenforceability
of such section, paragraph or pro ision sba1l not affect any of
the remaining provisions. '
Section 20. e ea1 of Co O~dinanees or Resolutions
and Effeotive Date. All other ordi anoes, resolutions and orders,
or parts thereof, in eonflict with e provisions of this
Resolution are, to the exten of sue confliot, hereby repealed;
and this Resolution shall b in effe t from and after its
adoption.
Section 21.
Insurance po1icv.
A. As long as th bOnd insurance hall be in full force and
effeot, the ssuer and the Pay! g Agent shall oomp1y
with the fa owing provisions:
(1)
at 1e at one (1) day prior ~ll Interest payment
Date the Paying Agent will etermine whether tilere
wi1 be insuffioient funds in the Funds and
Ac unts to pay the prinoipal f or interest en the
BO ds on suoh Interest Payment Date. If the Paying
A snt determines that there wi11\be insuffioient
f ds in suoh Funds or Accounts, the paying Aq~t
\
-22-
,11tJ,.ERS. C~EY. OOR\\!IL!:~ IUmE,Rllml i ALLlJEE,nr.
AnOfV..EY$J,fl,AW D(8M~NlI.JO'NA,
tZO~
VGIt16~~5g5E61E
11lI1l1IV1 SM31HY 8m m HI lId ttl90 C6miTO/O,J
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tr"~Y-' ~ -
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I' ,: ","'", :,"!j\' :"" '8' :':, ' ,."",::~"'">,,,,,;,,~',,:..
i;,.'.,,~;':; '::~:"'~~"~' :J'}l' , ,<>~,. i ';,;'/: :.': '; "',":::(.\,:>:
" , "\1 /, . jl.[;, "" /,.J .', " " , " ,
,," ".1'.1." .. "l, _, \ ., , '.:., ,. -, ...'
,
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50~:600595.61.
------....
shall so notify AHBAC Indemnity. Such notice shall
speoify the amount of.the anticipated deficiency,
the Bonds to which such deficiency is applicable
and whether such Bonds will be deficient as to
principal or interest, or both. If the Paying
Agent has not so notified AHBAC Indemnity at least
one (1) day prior to an Interest Payment Date,
AMBAC Indemnity will make payments of principal or
interest due on the Bonds on or before the first
(1st) day next following the date on wbich AMBAC
Indemnity shall have received notice of nonpayment
from the Paying Agent. '
/
(2) the Registrar and pav1ll9 Agent shall:; aftar giving
notice to AMBAC I ~lty as provided in (1) above,
make available t AMBAC Indemnity/and, at AMBAC
Indemnity'S dire tion, to the U?ited states Trust
Company of New Y rk, as insurance trustee for AMBAC
Indemnity or any SUccessor insUrance trustee (the
"Insurance Trust en),' the r~istration books of the
Issuer maintaine by the R~istrar and Paying Agent
and all records elating t6 the Funds and Accounts
maintained under this Reyiolution.
(3) the Reiistrar and payi" Agent shall provide AMBAC
Indemn ty and the I~Urance Trustee with a list of
registered owners 0 Bonds entitled to receive
prinoipal or int t payments from AMBAC Indemnity
under the terms 0 the Munioipal Bond Insurance
Policy, and shal ake arrangements with the
Insurance Tru~t i) to mail ohecks or drafts to
the registered wne s of Bonds entitled to receive
full or parti int rest payments from AMBAe
In~emnity an (U) 0 pay principal upon Bonds
surrendered 0 the I surance Trustee by the
re9istere~wners of Bonds entitled to reoeive full
or partial principal ayments from AMBAC Indemnity.
(4) the Regi~ rar and Pay ng Agent shall, at the time
it prov des notice to AC Indemnity pursuant to
(1) abo e, notify regi tered owners of Bonds
entitl d to receive th payment of principal or
inter st thereon from AC Indemnity (i) as to the
fact of suoh entitlemen (ii) that AMBAC Indemnity
wil remit to them all 0 a Rart cf the interest
pa ants next coming due pon proof of Bondholder
en itlement to interest p ymants and delivery to
a Insurance Trustee, in om satisfaotory to the
I surance Trustee, of an a ropriate assignmeat of
ihe registered owner's righ to payment, (iii) that
~hOUld they be entitled to r oeive full payment of
principal from AMBAC Indemni , they must surr~nder
I,
-23-
AIMII~ COOSE\'. DOOlltlLEII.It^nl~ SJllrlltALLa,r"p,r.
ATf'OII.olMATLAW D(SI.lOUI,'CmJ.
10113 JIV1 SH3"IHY am m m m St :ea C6iS1ilO 1911
~61>10 .1>0 515 : fl~~1>:8 .6-51-1: 110~ ~31dOJ3l31 XO~3X:^8 (\J~ Y
- .........- 1.... ,_..-'!'.!
"'~,Iho~""""",,""'Nf(RKfJ,I,..~
"".,
~ - y---
.. ... .------.~-....~ ,--... - - "-~ --,.- --. ~~
Il:.':~< "', 'j'I~;J', ,~:, 'l.'-,ff€l.'...." ': ,",., ,,:\;,,:,'~:..,
\..' -../. ,,' .r~'.;)'1 " .1' ' q '\,.' ,. ' , ' \ ' , ,
I : '::: ,.1' '. ~::, ~ ~;" ,::' ~~. " . ., .:f,~ ' ,:"", ,L, :;" ',I, ":' ~:
':: ,.;\.1: :;, \I..;.;.!"""" '\', J .... ,), ,-": '.. , ... ,',,'" ,". ",
..,.~, . L,'~. \ . " , . ,L " .., '"
m~
92~:6~~595E61E
_u.__" 11_'
(5)
their Bonds (along with an appropriate instrument
of assignment in fo~ satisfaotory to the Insuranoe
Trustee to permit ownership of such Bonds to be
registered in the name of AMBAC Indemnity) for
payment to the Insurance Trustee, and not the
Paying Agent and (iv) that should they be entitled
to receive partial payment. of prinoipal from AMBAC
Indemnity, they must surrender their Bonds for
paYl1lent thereon first to the payinlJ Agent, if any,
who shall note on such Bonds the portion of the
principal paid by the Paying Agent, if any, and
then, along with an appropriate i9strument of
assignment in form satisfaotory to the Insurance
Trustee, which will then payZ/unpaid portion of
prinoipal. '
in the eVent that the paYi~ Agent has notice that
any payment of p inoipal 0 or interest on a Bond
which has become Due for e yment and which is made
to a Bondholder y or onLbehalf of the Issuer has
been deemed a pr ferent al transfer and theretofore
recovered from i s reg stered owner pursuant to the
united states Ba p cy Ccde by a trustee in
bankrUptcy in ac ord nee with the final,
nonappealable ord of a court having competent
jurisdiction, the aying Agent shall, at the time
AMBAC Indemnity i notified pursuant to (1) above,
notify all regis ad owners that in the event that
any registered wn 's payment is so recovered,
suc~ registere 0 er will be entitled to payment
from AMBAC In emnit to the extent of such recovery
if sufficien funds are not otherwise available,
and the Pay q Agent shall furnish to AMBAC
Indemnity i s record evidencing the payments of
principal f and int est on the Bonds which have
~een made y the Pay q Aqent and sUbsequently
recovere from regist ed owners and the dates on
which su h payments we e made.
in add~ ion to those ri hts granted AHBAC Indemnity
under this Resolution, AC Indemnity shall, to
the e~?nt it makes paym nt of prinoipal of or
in~e st on Bonds, become subrogated to the rights
of t e recipients of such ayments in accordance
wi the terms of the Muni ipal Bond Insurance
Pol oy, and to evidence suo subrogation (i) in the
caSe of subrogation as to c ~ms for past due
~ferest, the Paying Agent s all note AMBAC
I demnity's rights as subroge on the registration
b oks of the Issuer maintaine \~y the Registrar and
Paying Aqent upon receipt from ~Ae Indemnity of
proof of the payment of interes thereon to th~
-24- .
(6)
,\H1tR~ coom, 1XIIl\\'&II,F.R, 11.\ \~IE. smrn' ALLBEE. Pt.
AlTC~$,.rLAW OUMOI~(I,tOW4.
!mld !In SM3111i' 6m m m m Ot :90 C6/HiTO JQIJ
.6~12 E~2 515 : W~8~:8 E6-51-1: 11~~ ~3IdO~3131 XO~3X:AS ~J' l'
~-_._~"'~.-..
..__---"'UI. ;,1 ,., "..A- 4~, IM'<IJ'I'f n....~ J;J.~d"'1L.'.~'"
\,
~-- 7f!'" - y-'-
.....,
_ r ...-...__.~_....... .......~.-.--_
, .. ' --~ ,-
--. -"'~-_..-'--'-.....,...---
::;i ':..: '~"l:':. ,~~:, ,,;.;~j..: If]' ",' ,',.,''' ,'\' ,"',,'::": ,',~,~,
:~..."..,:i<.. ..':,1 j' t,'i,~' :1, .Ii' ,:; ,ft' ''-' \,' " ':" ' '^ >',', .::
....' ' .\" \ I . ~ ':J \ ..... , !' I . ."". ' .
, ,.' ,_t" .~\' ", ....;, :,' .'~ ',' '.' '," J'" ': ",'
\
registered owners of the Bonds, and (ii) in the
case of subrogation as to olaims for past due
principal, the Registrar and Paying Agen~ shall
note AMBAC Indcwnity's rights as subrogee on the
registration books of the Issuer maintained by the
Regiatrar and Paying Agent upon surrender of the
Bonds by the regiatered owners thereof toqether
with proof of the payment of principal thereof.
Section 22. ~p~ Aqcnt Related Provisions. AMBAC
Indcwnlty requires the following: I
/
(a) The Paying Agent may be removed at ~y time, at the
request of AMBAC Indemnit~" for:::. an reach set forth
herein.
(b) AMBAC Indemnity shall receive pr r written notice of
any Paying Agent res nation.
(c) Any successor Paying gent, i applicable, shall not be
appointed unless AMBA appro es such successor in
writing.
(d) NotwithStanding any 0 provision of thia Resolution,
in determining whether e rights of the Bondholders
will be adversely affeo d by any action taken pursuant
to the terl!lS and prov! i ns of this Resolution, the
Paying Agent shall co si er the effect on the
. Bondholders as if th ew re no Munioipal Bond Insurance
policy.
(e) Notwithstanding a other rovision of this Resolution,
no removal, resi ation or ermination of the Paying
Agent shall take effect unt a succsssor, acceptable to
AMBAC, shall be appointed.
Section 23. eas nce. Notwiths nding anything herein to
the oon~ary, in the ev t that ,the prin ipal and/or interest due
on the Bonds shall be aid by AMBAC Ind ity pursuant to tha
Municipal Bond Insura e Policy, the Bond shall remain
outstanding for all poses, not be defe~ ed or otherwise
satisfied and'not be considered paid by th Issuer and the
assignment and Ple~ of the TrUst Estate d all covenants,
agreements and othe Obligations of the Ies r to the registered
owners shall conti e to exist and shall run to the benefit of
AMBAC Indemnity, d AMBAC Indemnity shall be subrogated to the
rights of such ro istered owners.
Section 24. ,consent.
\
\
A. (nsent of AMBAC Indemnity
, -25-
,\HL!:~S. coost:!, UORW &11.FJlllll1m:. slIrrn. ALL DE~ P.C,
l<<'rO"-'dYIATU,W C6"'~1OW.I.
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KlIU 11Y1 SlI31IlV am m m rYd n:go ca'~tilOLQJJ
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-
..~-
1l"'N~ r .....""II,J1l lIl1r. ,rll{IlI....mt*Ull'J.alJtl.
-.
.....,
\
~;/<."> ~'_"';':'l'~ l"\;~::"'; ;1';);'," 'I: : ,,:;,:: ,:. '.'.~,', ,:,....:;~...\
,"., ., I" ......:21 ,.;:1 "l.t'" "',' ,.' .' .. '.
,-',,;"~~l'~ ,"),':",: ~",:>,<,} ".", \ -' ;', ,.1"," ..'," ',~. :'~' ,_ ,::: ,:".
I?; " _\ !':\' ' .~: \1 I"J ~, , I'~l' '. . " . I'" ,. ..' ....' I' . ,",j
. , 1, ,\'-'JI'~,\. ". _, .\ l':",\ ': I t" '~." '. .' ;,'
Any provision of this Resolution.expressly reoognizing
or granting rights in or to AMBAC Indemnity may not be
amended in any manner whioh affeots the rights of AMBAC
Indemnity hereunder without the prior written consent of
AMBAC Indemnity.
B. Consent of AMBAC Indemnity in Addition to Bondholder
Consent
Unless otherwise provided in this Section, AMBAC
Indemnity'S oonsent shall be required in addition to
Bondholder oonsent,when re~ired, for the following
purposes: (i) execution and delivery of any supplemental
resolution; (ii) removal of the Paying Agent and seleotion
and appointment of any suocessor aying agent; and (iii)
initiation or approval of any ion not desoribed in (i)
above whioh requires Bondholde consent. /
. /
C. Consent of AMBAC Ind ity upon Default.
Anything in this Resolutio to the c~trary
notwithstanding, upon the oceurr nee an~oontinuance of an
event of default as defined here , ~c Indemnity shall be
entitled to control and direct e enf6rcement of all rights
and remedies granted to the Bon Id s or the Trustee for
the benefit of the Bondholders un e this Resolution.
Section 25. AMBAC as Third Part a ef . To the extent
that this ReSolution confers upon or i as or grants to AMBAC any
right, remedy or claim under or by r as n of this Resolution,
AMBAC is hereby explioitly recogniz d a being a third"party .
beneficiary hereunder and may enfo oe an such right, remedy or
olaim conferred, given or granted ereun er.
Section 26. Parties Inter s . Nothing in this
Resolution, expressed or impli , is inte ded or shall be
construed to oonfer upon or t give to, person or entity,
other than the Issuer, AMBAC ,Indemnity, th Paying Agent and the
registered owners of the Bonds, any right, remedy or claim under
or by reason of this Resolu~ion or any cove ant, condition or
stipulation hereof, and a~. covenants, stip lations, promises and
agreements in this Resolu ion oontained by 5d on behalf of the
Issuer shall be for the s le and exclusive nefit of the Issuer,
AMBAC Indemnity, the Pa~ing Agent and the re istered owners of the
Bonds. . ! .
Section 27. Permitted Investments.
/
A.' AMBAC Ind~ity will allow the follow ng obligations to
be used a~~~ermitted Investments for 11 purposes
inoluding defeasance investments in re' unding esorow
account!l .' .
-26-
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(1) cash (insured at all times by the Federal Deposit
Insurance Corporation or otherwise collateralized
with obligations aescribed in paragraph (2) below),
or
(2) direct obligations of (inolUding obligations issued
or held in book entry form on the books of) the
Department of the rteasury of the united States of
America. .
\
B. AMBAC Indemnity will allow the following Obligations to
be US~Q as Permitted Investments for all purposes other
than defeasanoe investments in/refunding esorow
accounts: ~ /
(1) obligations of any.off~~ fOl~~ing federal
agencies which oblig tions r2present full faith and
credit of the United state/of America, including:
- Export - Import Bank,
~ Farmers Home A inistration
- General servic Administration
- U.S. Maritime inistration
- Small Business dministration
Covernment Nat nal Mortgage
Assooiation (G' )
- u.s. Departmen of Housinq & Urban Development
(PHA's) !
- Federal H~sin Administration; ,
(2) bonds, notes 9t oth evidences of indebtedness
rated "AAAM ~y Stand rd & Poor's Corporation and
"Aaa" by M y's Inv store Service Ino. issued by
the Federa National Mortgage Assooiation or the
Federal Ho e Loan Mo tgage corporation with
remaining matQrities ot exceeding three years;
(3) U.S. do~ ar denonrlnat d deposit aooounts, federal
funds nd banker's ac eptances with domestio
oommer ial banks whio have a rating on their
short term certifioat s of deposit on the date of
pure ase of "A-1" or " -1+" by standard & Poor's
and 'P-1" by Moody's a d maturing no more than 360
day after the date of purchase. (Ratings on
io ding companies are ot considered as the rating
o the bank);
(4) ommeroial paper whioh f rated at the time of
~urchase in the single h ghest classification,
"A~1+" by Standard & poo 's and "P-1" by Moody'S
Investors service and whi matures not more than
270 days after the date 0 purohase; .
-27-
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(5) Investments in a money market fund rated "l\AAIIl" or
"MAm-G" or better by standard & poor's ,
corporation;
(6) Pre-refunded municipal Obligations defined as
follows I
Anr bonds or other ohligations of any state of the
Un ted states of ~erica or of any agen:3:' I
instrumentality or local governmental un t of any i
such state which are not calla'le at the option of I
tho Obll'Erlor to """Ity or .. to wIllob I
I
irrevocab nstruotions hav been g~ven by the I
obliqor t call on the date specified in the
notioe; an (A) which are ated, basad on an
irrevocabl esorow BCCO or fund (the "escrow"),
in the hig est rating egory of standard & poor's
corporation and MOody' Investors service, Inc. or I
any succesS rs theret ; or (B) (i) whioh are fully
seoured as 0 princi 1 and interest and redemption I
I
premium, if ny, by escrow consisting only of I
i
cash or obli ation described in paragraph (:1.) I
above, which scr may be applied only to the
payment of su h incipal of and interest and ,
!
redemptionpr , if anY, on suoh bonds or other
obligations on he maturity date or dates thereof
or the s~eoifi d redemption date or elates pursuant
to such rrev c ble instructions, as appropriate,
and (ii) whi sorow is sufficient, as verified by
a nationall re gnized indepp~dent certified
public aco tan, to pal principal of and interest
and redem ion p emium, f any, on the bonds or
\ other obl qat ions described in this paragraph on
the mat ity date or dates speoified in the
irrevo 1e inst tions referred to above, as
appropr atel , :
(7) Inves ent agreemen s approved in writing bl AMBAC i
Ind ity corporatio [supported bY appropr ate i
opin one of counsel] with notice to Standard & I
I
poo IS corporation; a d !
i
er forms of Investm nts approved in writing by I
(8) I
AC witn notice to st ndard & poor's corporation.
The value f the Permitted Investmen~shall be determined as
provided in "V lue" below.
"Value" , hich shall be determined as' f the end of eaoh
month, means at the value of any investmen~ shall be calou~ated
-28. "
;\IIL~H~ COOilt\',IlO1.W1.JLt~ H,\\~IE.SlllTH ~ .II,J,1.1.1., p.~
"nOMM"T~ OO:~Q!\'lU,IOWl
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",' '-"1' ,.'11". ".d- .~' , '" ,,', ",
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.J."."\~\,, '.'1'\*:;'" ~.. "\",_~,~;"',, .',,' "';.,'I'~~:~'.~1
as follows:
\
(a) as to investments the bid and asked prices of which are
published on a regular basis in ~e Wall street Journal
(or, if not there, then in TJ1e New York Times): the
average of the bid and asked prices for suoh investments
so published on or most reoently prior to such time of
determination;
(b) as to investments the bid and asked prices of whioh. are
not published on a regular basis in The Wall street
Journal or the New York ~imes: the average bid price at
such time of determination for suoh investments by any
two nationally recognized.government securities dealers
(selected by the Trustee in its absolute discretion) at
the time lIlaking a market in such investments or the bid
price published by a nationally recognited pricing
service;. I
(0) as to certifio~es of deposit nd bankers acceptances:
the face alllount thereof, plus accrued interest I and
(d) as to any inves nt not sp, cified above: the value
thereof establish d by pr r agreement between the
Issuer, the Truste and C Indemnity corporation.
seotion 29. De nIt e . upon the occurrenoe of an
event of default, the paying Ag t may; with the consent of AMBAC
Indemnity, and shall, at the d ection of AMBAC Indemnity or %
of the Bondholders with the c Fent of AMBAC Indemnity, by written
notice to the Issuer and AHB 1demnitY, declare the prinoipal of
the Bonds to be immediately ue nd payable, whereupon that
portion of the principal of the onds thereby coming due and the
interest thereon accrued t the d te or payment shall, without
further aotion, beoome an be imm diately due and payable,
anything in this Resolut on or in e Bonds to the contrary
notwi thstandinq . '
Adopted and appro ad this
1993.
elO714Ql6nnrOll411lSl
Mayor
A'l"l'EST:
City Clark
~29~
.1Ht.tRS,COO:If.\'. OOIIWEILER,HAmr. $11ll11 & /JJ.!I~E, p.r. \
ATT()II"'tYI>>UW ont.,l~iI,'1:1NA
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CERTIFICATE
STATE OF IOWA
COUNTY OF JOHNSON
/
)
CIG.3
9/91
I, the undersigned city Cler of Iowa lty, Iowa, do hereby
certifY that attached is a true nd compl e oopy of the portion
of the oorporate reoords of sai~MuniCiP ity showing prooeedings
of the Counoil, and the' same is a true ~ d oomplete copy of the
aotion taken by said Counoil wi re~p at to,said matter at the
meeting held on the date indioa ed in e attaobment, whioh
proceedings remain in full forc and effect, and have not been
amended or rescinded in any way; ~ meeting and all action '
thereat was duly and publicly he d in accordance with a notioe of
meetinlJ and tentative agenda, a ~ y of which was tilllely served on
each member of the Council and p sted on a bulletin board or other
prominent place easily accessib to the public and clearly
designated for that purpose at e principal office of the counoil
(a copy of the facs sheet of Ii id aganda being attached hereto)
pursuant to the local rules ~r th Counoil and the provisions of
Chapter 21, Code of Iowa, u 6n re sonable advanoe notice to the
pUblic and media at least enty- our hours prior to the com-
menoement of the meeting a requir d by said law and with members
of ,the publio present in ttendanc; I further certify that the
individuals named therei were on e date thereof duly ~d
lawfully possessed of ~~eir respeot va city offices as indicated
therein" that no couno~ vacancy ex sted except as may be' stated
in said proceedingS~d that no con roversy or litigation is
pending, prayed or eatened involv ng the incorporation,
organization, existe ce or boundaries of the City or the right of
the individuals nam d therein as offi era to their ,respective
positions.
WITN~SS my ha d and the seal of sai Municipality hereto
affixed this day of , 1993.
,
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SEAL
~co~
ZE~16e0S9SE6IE
IOW\City,
\
City Clerk,
Iowa
iHLEJl~COO~&r,noRW"w.ltmm:. SlllTU "ALLR!:t, ~C,
"nollNtYa,,>fLAlN Dn~OWEI,~
h~Id MV1 SH31HV 6tl~ Ct~ ~1~ IVd O~:90 C6/~1/10L~~
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CCOIlJ
EE>>1600S9SE61E
EXHIBIT A
Refunded Bonds
$38,950,000 'principal amount of sewer Bonds,
date~ AUgust 1, 1986 (now outstanding in the
prinoipal amount of $36,175,000), the refunded
portion--$33,SOO,000 maturing on July 1st of
the years 1996 to 2012, inclusive and bearing
interest as follows:
Principal
Amount
Interest
Rate
Maturity
Julv let:
$1,000,000
1,100,000
1,175,000
1,250,000
1,350,000
1,450,000
1,575,000
1,700,000 '
1,825,000
1,975,000
2,125,000
2,300,000
2,500,000
2,700,000
2,925,000
3,150,000
3,400,000
7.70t
7.70t
7.70\
7.70%
7.70t
. 7.70%
7.80\
7.80\
7.80\
7.80t
7.80%
7.90%
7.80%
7.80t
7.80\
7.80\
7.80% .
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
AHL!:M, C.l)(\\El',IlIlII"~lIn 1L\YlI1E.SlIITH& WJlE&, nr,
^nQllNl"Y'unAW ou~on.u.1QWI\
KHI& MV1 SNOlHV 6tlZ Ct7. 21S l~& 12:90 C6/21/10
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(T)1"cl
RESOLUTION NO. 93-18
RESOLUTION REGARDING BID FOR CONTRACT FOR THE REMODELING OF
THE CIVIC CENTER MAIN LOBBY PROJECT.
WHEREAS, toe' Council of the City of Iowa City authorized receipt of bids for the remodeling of
the Civic Center Main Lobby Project on December 15, 1992, and
WHEREAS, one (1) bid was received, and
WHEREAS, this bid exceeded the Architect's estimate by more than 10%, and
WHEREAS, the Engineering Division recommends rejection of the bid,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA that the bid be rejected,
It was moved by Larson and seconded by Novick
adopted, and upon roll call there were:
the Resolution be
AYES:
NAYS:
ABSENT:
x
x
Ambrlsco
Courtney
Horowitz
Kubby
Larson
McDonald
Novick
i
.
,
,
I
I
I
I
1
I
I
~
i
,
,
I
I
~
x
X
X
X
Passed and approved this 19th
day of
January
,1993,
ATTEST: 7tt'~~ rf ~AJ
CIT CLERK
~
MAYOR
~dt" . ,/
~.~ At(A'7~ >>-r:10
Ity Attorney's Office /. /,,. /" '7
/~5~f.2-
pwenglccmnlby,res
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RESOLUTION NO. ...2l=l9
RESOLUTION AMENDING THE AFSCME PAY PLAN AND RECLASSIFYING A
POSITION IN THE GOVERNMENT BUILDINGS DiViSION OF THE PARKS AND
RECREATION DEPARTMENT.
WHEREAS, Resolution No, 91-138, adopted by the City Council on June 11, 1991,
esteblished a classification/compensation plan for AFSCME employees for FY93;
WHEREAS, the Classification plan for the City of Iowa City was established and is maintained
to reflect through job classification and compensation the level of job duties and
responsibilities performed;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA, that one fuli-time Maintenance Worker 1- Recreation & Government Buildings, range
01, be reclassified to Maintenance Worker 11- Government Buildings, range 04.
BE IT FURTHER RESOLVED that the AFSCME Pay Plan be amended by the addition of the
position of Maintenance Worker II - Government Buildings, paygrade 04,
it was moved by Horowitz and seconded by
adopted, and upon roll cali there were:
Ambrisco the Resolution be
AYES:
NAYS:
ABSENT:
---L-
X
X
---x-
--L-
---L-
---L-
Ambrisco
Courtney
Horowitz
Kubby
Larson
McDonald
Novick
Passed and approved this 19th
day of January , 1993,
~
Approved by
~ 'L"-./pL~
ity Attorney's Office
y~/r3
ATTEST: "h'lnU'"A') ./!. -t:wJ
CiTfCLERK
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