HomeMy WebLinkAbout1977-06-28 Correspondence• • �$
LEASE EXTENSION AGREEMENT
The City of Iowa City, Iowa, [hereinafter the City], and the Viggo M. Jensen Company
of Iowa City, Iowa, [hereinafter Jensen], hereby agree as follows:
1. That the lease by Jensen, of the east 183 feet of the south half of Block 65,
Original Town of Iowa City, Iowa, from the City is hereby modified in the
following ways.
a. Clause 2, Part C, is changed to read "$100 due on the first day of each
month, in advance, until the lease is terminated..
b. Clause 7 is modified by deleting the phrase "and terminate on July 14, 1977."
VIGGO M. JENSEN Co.
CITY OF IOWA CITY, IOWA
01'r-
RLedevelopment—Program
Coordinator
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Mrs. C. (Dwe) Funk
1523 &oadxoy
Iowa City, Iowa 52240
FELE
JUN2 11977
ABBIE STOLFUS
CITY CLERK
The University of Iowa •
Iowa City, Iowa 52242
University of Iowa Hospitals and Clinics
Department of Psychiatry
$00 Newton Road
To Call Writer Direct
Phone (319) 353 -AZ
June 17, 1977
Honorable Mary C. Neuhauser
and Members of City Council of Iowa City
Civic Center
410 East Washington
Iowa City, Iowa 52240
Dear Mayor Neuhauser and Members of City Council:
&CFIVED JUN 2 11977
1-
aT7T1
I was appointed to the Board of Directors of United Action for Youth by action of the
council on September 28, 1976, under the terms of the contract between the city of Iowa
City and United Action for Youth. My current appointment expires at the end of this
month and so I thought it timely to report on my experience as a board member during
this period. Although there is no direct provision for reporting to the council, I
would assume that a desire for feedback was at least one motivation in providing for
appointment of two directors by the city council.
There have been tyD additional appointments to the board subsequent to that of Mr.
Mishak and myself. These were Attorney Al Bohanon and School Counselor Tom Conway of
Northwest Junior High School. This brings the total board to 13 members, approaching
the ceiling of 15 set by the organization's bylaws. The growth of the board seems to
reflect the increased strength and stability of the organization. The enthusiasm of
the UAY staff has not waned, as reflected in the very impression client contact
statistics provided in their monthly reports. However, there has been a distinct
evolution in terms of the staff's regard for (and regard by) other governmental and
private social agencies in the community. This,I believe,has resulted in more
effective outreach in that agency referrals both to and from UAY have increased
drastically over the past year. The picture I would present, then, is that of an
"unconventional" service agency which while maintaining its distinctiveness in the
eyes of its client population, is on the way to becoming firmly and usefully embedded
in the complex network of human services available to residents of the Iowa City area.
The period during which I have served has also been one of severe financial constraints.
To some extent, this has led the board to examine the use of funds in a highly critical
manner. I believe this has led to greater staff productivity as in, for instance, the
board members themselves assuming some of the nonprofessional tasks of running the
organization. Also, there has been much discussion and investigation of obtaining
volunteer or nearly volunteer help with such things as secretarial tasks. A major
development, to be certain, has been detailed clarification by the board of policies
relating to clients who are not residents of Iowa City. Because of the nature of the
client population and the nature of the outreach image desired by UAY, it is impossible
3136
I was appointed to the Board of Directors of United Action for Youth by action of the
council on September 28, 1976, under the terms of the contract between the city of Iowa
City and United Action for Youth. My current appointment expires at the end of this
month and so I thought it timely to report on my experience as a board member during
this period. Although there is no direct provision for reporting to the council, I
would assume that a desire for feedback was at least one motivation in providing for
appointment of two directors by the city council.
There have been tyD additional appointments to the board subsequent to that of Mr.
Mishak and myself. These were Attorney Al Bohanon and School Counselor Tom Conway of
Northwest Junior High School. This brings the total board to 13 members, approaching
the ceiling of 15 set by the organization's bylaws. The growth of the board seems to
reflect the increased strength and stability of the organization. The enthusiasm of
the UAY staff has not waned, as reflected in the very impression client contact
statistics provided in their monthly reports. However, there has been a distinct
evolution in terms of the staff's regard for (and regard by) other governmental and
private social agencies in the community. This,I believe,has resulted in more
effective outreach in that agency referrals both to and from UAY have increased
drastically over the past year. The picture I would present, then, is that of an
"unconventional" service agency which while maintaining its distinctiveness in the
eyes of its client population, is on the way to becoming firmly and usefully embedded
in the complex network of human services available to residents of the Iowa City area.
The period during which I have served has also been one of severe financial constraints.
To some extent, this has led the board to examine the use of funds in a highly critical
manner. I believe this has led to greater staff productivity as in, for instance, the
board members themselves assuming some of the nonprofessional tasks of running the
organization. Also, there has been much discussion and investigation of obtaining
volunteer or nearly volunteer help with such things as secretarial tasks. A major
development, to be certain, has been detailed clarification by the board of policies
relating to clients who are not residents of Iowa City. Because of the nature of the
client population and the nature of the outreach image desired by UAY, it is impossible
3136
Mayor Neuhauser and Counco continued . page 2
to discriminate against potential clients resident in contiguous towns or in un-
incorporated areas of Johnson County. I first raised the issue of utilization of
city of Iowa City funds for nonresidents shortly after joining the board. Ultimately,
this led to the board's decision to seek funding for an additional worker through the
Johnson County Board of Supervisors. As you know, this is currently becoming a
reality. Financial considerations are still a major constraint on the work of UAY
and, while I realize that the organization's past history has to some extent brought
this situation about, I hope to continue working with the board on balancing careful
fiscal responsibility with optimal client service.
My impression is that board meetings are well attended and carefully run. There is
a certain informality about them, but this is in keeping with the nature of the
organization. On critical matters such as revisions in policy or major expenditures,
I have found that the session rapidly assumes a most serious and reasoned tenor. I
feel that I have a special responsibility in being a city appointee to the board and
would be most happy to discuss the work of the board with the major or council members
at any time or to convey their views to the other directors. I appreciate this
opportunity to have shared my impressions and experience with you.
Respectfully,
Alan J. Wrowitz, M.D., P D.
Assistant Professor, Child Psychiatry
AJH:cf
EOMMERCL ,. CIVIC CCIITf11410 E.WASHING1ON $1.
0 IOWA CITY, 'MIA 02240
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June 30, 1977 9
•IOW CAT,rowA�
MAYOR
MARYNEUHAUSER
COUNCILMEMBENS
JOHN )AU ER
CAROL,hPROSSS
L P. FOSTER
OAVIOPERRET
M SEUER
ROEERTVEVERA
Dr. Alan J. Horowitz
1132 Hylde Green Road
Iowa City, Iowa 52240
Dear Dr. Horowitz:
At its regular meeting of June 28, 1977, the City Council received and placed
on file your letter concerning your experiences as a board member of United
Action for Youth. The Council is most appreciative of your report and expressed
their confidence in U.A.Y.Is program by passing a resolution approving funding
in the amount of $25,780 for fiscal year 1978.
Thank you for the time and effort expended during your term of office, and
we look forward to working with you next year.
Si re y yours,
eal G. Berl iii
City Manager
Is
cc: City Clerk
I
313 �
•
WILLIS M. BYWATER •�-�"""tea JUN .; 15l�
2501 POTOMAC DRIVE
IOWA CITY. IOWA 52240
June 20, 1977
Mayor & City Council
City of Iowa City
Civic Center
Iowa City, Iowa 52240
Dear Madam Mayor and Members of the Council:
This letter is in regard to the large scale non-residential
development plat that my father and I are proposing for lot
two of BDI first addition to Iowa City. We ask that the one
week review period be waived and that the plan be considered
on Tuesday, June 26th.
The reason for our request is the fact that something unfor-
seen has came up with the present location for one of the firms
to be located in the new facility on this property. A new
location is needed just as soon as the building can be com-
pleted. We are hoping that a building permit can be granted
on June 29th, or 30th in order that construction can begin
immediately and completed by September lst.
Thank you for giving this matter your consideration. We would
appreciate very much if this request could be granted and,
assuming your favorable action, allow us to proceed promptly
with construction.
Sincerely,
Willis—M. SyAater
WMB/me
Fjl-(-EP
UN2 11977
ABBIE STOLFUS
CITY CLERK
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NOTICE OF PUBLIC HEARING
Notice is hereby given that a public hearing will be
held on Tuesday, June 28, 1977, at 7:30 P.M. in the
Council Chambers, Civic Center, 410 E. Washington
St., Iowa City, Iowa. Purpose of the public hearing
is to obtain public input and reaction on the propo-
sition that the City of Iowa City, Iowa, participate
in a Public Housing Program pursuant to the United
States Housing Act of 1937, as amended.
This Act authorizes the U.S. Dept. of Housing & Urban
Development (HUD) to provide financial and technical
assistance to public housing agencies for the devel-
opment and operation of low-income housing. HUD has
published a Notification of Housing Assistance Avail-
ability for the State of Iowa. The Iowa City Housing
Authority may request an allocation of a specified
number of dwelling units designed for occupancy by
low-income families. These units will be dispersed
throughout the City and will range in size from 2-4
bedroom units. The structures may be single family
detached, semi-detached or row or walk-up type build-
ings.
Funds for development, construction, and operation
can be provided by HUD. Eligible family occupants
will 25% of family income for rent. For additional
information contact the Housing Coordinator, 354-
1800, Ext. 304.
Published by order of the Iowa City City Council
this 11th day of June, 1977.
A bie Stolfus, Ciiy C er
INP • •
94c iEpisrapal Ifflisplttinrq at the University of *own
THE REVEREND RONALD D. 099ORNE. CHAPLAIN
June 28, 1977
The Honorable Mary M. Neuhauser, Mayor
and the City Council
City of Iowa City
Iowa City, Iowa
(319) 351.2211
RE: Public Housing in Iowa City
Dear Ms. Neuhauser and Council Members:
I am unable to attend the hearing on public housing scheduled for this
evening's council meeting. I would like to state in this letter my be-
lief that public housing should be provided in this community.
The arguments have been made for and against this matter to the point
that we're all wearied by them.
The most basic argument, however, is very simple. We need public hous-
ing. Arguments that to provide it mean public subsidy of private sloth
are simply untrue and cloak an enormous hypocracy. Far and away the
largest public subsidies go to persons of means. That claim has been
more than amply documented.
There may be better alternatives in principle than the one proposed by
the city staff. But in fact, what has been proposed is a real alterna-
tive -- and a terribly modest one at that. One house in the bush -- if
1 2,-I might wax proverbial -- is better than two in the bush.
Sincerely, /�
lY
T e Rev. Ronald D. Osborne
RDO/kh
120 N. DUBUQUE STREET
IOWA CITY. IOWA 52240
3/39
I
Statement for Public Hearing
on Public Housing
Iowa City, Iowa June 28, 1977
No single program, no one approach will meet the housing needs of this
community.
The complexity and the magnitude of the problem means that all available re-
sources need to be utilized.
The housing needs In this community are such that it demands the efforts and
the cooperation of the city, the university, contractors, developers, apartment
owners, renters, landlords, homeowners, churches, community groups, social
agencies and the state and federal government.
In my mind, there is no question but that the elderly and the long-time resi-
dents of this community should have top priority. But, it would be a mistake
to neglect the needs of others.
The needs of students for short-term housing is a complicating factor in this
community and the responsibility to provide such must be shared by the city,
and the university. Many wish to wash their hands of this responsibility. In
truth, no one can responsibly do so. The fact is that the housing needs of
persons are so inter -related that until this problem is addressed and respon-
sibl,W,rdealt with, it will be impossible to deal adequately with the housing
needs of others.
What we need is a comprehensive strategy for dealing with the total housing
needs of this community and we need to work at many levels in many different
ways at the same time.
There are, as you know, various types of federal housing programs that are
aimed at meeting a given need, and not others, and some programs are avail-
able for one group to participate in and not others.
For example, the 202 program is aimed at housing for the elderly
and the handicapped. It is not geared to meet the needs of others.
The 202 program, likewise, limits sponsorship to non-profit corpora-
tions and cooperatives. A governmental agency or a private corpora-
tion is not allowed to be sponsors.
The Council needs to fully understand the alternatives and the limits and pos-
sibilities of each of the federal programs. In .some cases, only the Public
Housing Agency can serve as sponsor. In some cases, the PHA must act or
the needs of some will go unmet.
The Section 8 program which came into being in August of 1974 has many
strengths - the diversity of approaches (existing structures, new construc-
tion, rehabilitation, state agency), the concept of 100% subsid'ation, and
31391
the development of a uniform subsidy approach; but we must also be aware of
its weaknesses which include its questionable ability to adequately serve all
of the nation's needy families, especially large, low income, non -elderly,
minority households.
The fact is that at the present time, the only practical program that is designed
to meet the needs of large low income families is the federal housing program
that is called public housing. Like all of the federal housing programs, it seeks
to utilize the strengths of public enterprise, government and at it's best, the
volunteer sector.
In some federal housing programs, private enterprise is able to help as designers,
constructors, owners and operators. In Section 8, the profit factor is sufficient
to attract private investors. The federal government, however, believes, and I
agree at this point, that the amount of subsidy needed to attract private develop-
ers to meet the needs of the larger families is such that it is best in this case
to limit the role of private enterprise to the role of designer and contractor.
Under all of the federal housing programs, the bill is paid from our federal tax
dollars.
The 202 program is paid for by the federal tax dollars, the Section 8 program is
paid for by the federal tax dollars, public housing is paid for by the federal tax
dollars.
I do not object to my tax dollars being used to provide housing for those in need.
In fact, I think this is a proper use. I do, however, object to my dollars being
used to pay for the same housing two, three or four times, which is what hap-
pens when one group sells to another, who in turn sells it to another.
I am a conservative fiscal tax payer and I want the maximum benefit from my tax
dollars. It is for this simple but basic reason that I believe non-profit corpora-
tions with a strong community base are the best owners and operators. In my
thinking, the second best is a cooperative arrangement between the PHA and
non-profit corporations. The third best are facilities owned and operated by PHA.
I am of the conviction that in the year 1997 and the year 2027 we are going to
have low income persons in Iowa City and elderly in Iowa Citywho will need
housing. I am concerned that the actions taken by us in 1977 also be for their
best interest. I hope that the tax dollars we use today will not need to be
used main in 1997.
I am convinced that the best role for private enterprise In federal housing is to
design and construct the best possible buildings for a fair price and a decent
profit. I am convinced that the best role for non-profit corporations such as the
ecumenical housing corporation is to own and operate and to assure the avail-
ability of the facilities for the life of the building, and to assure quality design
and services to the total person.
I am convinced that the best role for the government Is as enabler.
• 0
But, in the studying that I have done on this subject over the past ten years,
I am convinced beyond a shadow of a doubt that the needs of the low income
(and I mean low income) can only be met by public housing programs financed
with local or federal tax dollars. Public housing is a dirty mrd to many people,
And rightly so. Public housing has crowded person together in facilities that
provided no more than a roof and four walls and suf9yprojects were dehumaniz-
ing, but even so, those early projects were a first step.
Public housing can now utilize scattered sites. Now, if a community insists
and is willing to assist, it can provide adequate community facilities . The
PHA can suggest additional requirements and In some cases has the option to
substitute higher local standards in place of the HUD housing quality stand-
ards. The term public housing has left a bad taste in the mouths of many.
But the alternative is not to do nothing. The alternative is to recognize that
there are many different types of persons and families who have housing needs
(inter -related with other needs) and that we have a responsibility to help. We
can and should minimize the disadvantages and maximize the advantages.
I urge this city not to wait another ten years exploring alternatives. The need
is now.
Let me close with these few suggestions:
1. I hope that a housing workshop, similar to that held in 1967, will be held In
the near future that all might become informed concerning alternatives. �Ilq+j.` •
2. I hope that the city will develop and submit to HUD a supplement to be used
In the determinations of eligiblity that includes factors such as are used by
the university to determine independent student status and financial need.
3. I hope the city will develop a comprehensive program that seeks to address
the total housing needs of this community and that the city will pin point the
needs that exist and utilizing the federal programs, the talents, imagination
and resources of the citizens of this community and its great university,
will do far more than it has In the past to meet the housing needs of the
residents of this community.
It is important to be prepared,for the deadline to submit application is soon
after advertisement a4A the availability of funds. -
I believe that public housing is one part of the answer, but only one part, and
I assure you that I will work with you to be of help, to be of service, in meet-
ing the needs of housing in this community.
Robert L. Welsh
2526 Mayfield Road
Iowa City, Iowa
\T
s
June 28, 1977
The Association of Campus Ministers voted to -day to encourage
the Iowa City Council to explore fully the possibilities for
federal funding for low-cost housing in our community. Since our
taxes are already going for the federal programs, we might as well
use our share right here where there exists great need for low-cost
housing.
1. We ;iked the idea of the smaller complex -- 20 unit instead
of 40 a pro sed by Seydel in the application voted down by the
council on June 14th. We think that the "scattered site" promotes
tension -free stable family environments for growing children.
We don't want another Mark IV complex!
2. We would like to go on record in favor of the preservation
of old homes -- preserving them for the larger families which
cannot be decently houed in our community
,. ,at present -- on the
limited funds aCJ-%tainita ea
3. We understand that the "Turnkey" federal program is so
organized that local developpers make bids on the proposed
construction, that the city inspectors checks to see that all
construction has been made according to our local code, and then
the developper turns the keys over to the city. Federal funds
provide for the maintenance for the structure. There is no reason
for "poor quality, shoddy housing" if these guidelines are followed.
In short, we want to see our city council do as our unitersity
does as it searches for funds for "basic" research moneys for student -
training, energy conservation etc. -- use available federal funds
to which we, of necessity, contribute -- for our own local gain.
- L
We can adapt the programs to our specific local needs, if we play
it right.
Very truly,
J
j7(FflTV(EtVP1flTA9
"We're a power and a force and don't you forget it! We're a power and a force!
So don't ever tell HE you can't fight City Rall! We not only stopped City Hall,
we beat the federal government back in Washington D.C.: To hell with 'ern: We're
here; We 1.11 keep fightin' !"
-- George Woolf, 84, Tenant Organizer,
from the film
TWO SHOWINGS,
A moving film made by over 200 persons actively
involved in the struggle against urban renewal;
the working people and minority residents of
San Francisco, battling to save their homes and
downtown from the bulldozers of high class
landlords and profit seeking industrialists.
"The city's elite reveal their callousness and
greed with surprising frankness... because it
shows how to fight the urban renewers, the film
should be seen and made use of."
--- Morrie Wright, GUARDIAN
" .. An extremely important film that immediately
transcends the local Redevelopment battles in San
Francisco, to make the necessary connections
between urban growth and the expansion of monopoly
capitalism.
--- CIREASTE
TUESDAY JUNE 28 MICHIGAN STATE ROOM
I MU 7: 30 pM
THURSDAY IN THE MINI—PARK 9pM run so of
i
WASHINGTON & DUBUQUE ST. m.u..bn'`
There will be speeches and discussion of the new Tenant -Landlord Ordinance by a
member of Tenants United for Action. Also, there will be a -summary of the City's
plans to close down the mini -park and make way for McDonald's. There will be a
discussion of liow we can best organize to stop the city and SAVE THII MINI -PARK.
SPONSORED BY THE TENANTS UNITED for ACTION
REVOLUTIONARY STUDENT BRIGADE
• WILLIS M. BYWATER
2501 POTOMAC DRIVE
IOWA CITY. IOWA 52240
CITY OF IOWA CITY
410 East Washington Street
Iowa City, Iowa 52240
Attn: Mr. Neil Berlin
City Manager
JUN 81977 (J
ABBIE STOLFUS
CITY CLERK
June 7, 1977
Re: Large Scale Non -Residential Development Plan
Dear Mr. Berlin:
As required by the ordinances, this letter is being sent to
furnish to you a statement of the intent of the large scale non-
residential development proposed by my father and me.
Ownership - A 3 acre parcel identified as lot 2 of BDI First Addi-
t oho Iowa City, Johnson County, Iowa is to be purchased by W. M.
and R. L. Bywater for the development, and all improvements, including
.the building, will be owned by W. M. and R. L. Bywater.
Descri tion of Pro osed Develo ment - This development will involve
t e cons ruct on o one u ng containing 6000 square feet of floor
space to house the screen process printing firm, Hawkeye Industries,
Inc., plus another tenant yet to be determined. The layout includes
parking and other requirements as required for large scale development.
The layout has been prepared by Shive-Hattery 8 Associates and includes
items required by the recently passed tree ordinance and requirements
Involved with storm water management. Interior design of the inside
has not yet been completed and probably will not be available for the
front portion of the building until the tenant has been determined.
Intended Time Schedule For Com letion Of Develo ment - It is hoped that
construct on can eg n mme ate y an t e u ng occupied by the
screen printing firm no later than August 1. Hopefully the other ten-
ant can be situated by September 1. Sight improvements such as trees,
etc., should be completed by late fall.
Certificate of Im rovements - The owners, W. M. and R. L. Bywater, are
n agreement w t t eimprovements shown on the drawing for large scale
non-residential development prepared by Shive-Hattery b Associates and
has every intention of completing said improvements.
Sincerely,
Willis M. Bywater
NOTICE OF PUBLIC HEARING ON
PROPOSED EXCAVATION ORDINANCE
Notice is hereby given that a public hearing will be held by
the City Council of Iowa City, Iowa at —L11 --2.M- on the
28th day of June , 1977, in the Council
Chambers in the Civic Center, Iowa City, Iowa. At which
hearing the Council will consider arguments for and against
the proposed adoption of an Ordinance Regulating the Opening
and Excavating of Public Places:_ Requiring a Permit $ Paymen
IYOTK,
incivaing rrarric G veaestrian Dare uarub: nc ui.atiu
t e Bac filling and Resurfacing of Excavations: and
Pr_ es,_,ribi— Ppnilrieg for Vinini-inns nF these Prnvisinns.
Copies of the proposed Ordinance are on file for
public examination in the Office of the City Clerk, Civic
Center, Iowa City, Iowa. This notice is given pursuant to
Section 380 of the Code of Iowa, 1977 .
Dated at Iowa City this 2 3T day of June , 1977.
Publish on June 23 , 1977
% %-
u
City Clerk
3//-/2-1
�•i/
%�CIVIC CENTER, 410EWAS
HING
TON ST.Onlor- �IOWA CITYIOWA 52240
V��/(Nin4r 719.751.180
May 27, 1977
A few weeks ago I sent you a copy of a proposed excavation ordinance.
Since that time I have had the opportunity to receive comments concerning
the ordinance from many plumbers and excavators throughout the community.
Based on those comments another rough draft has been prepared and is
enclosed. I anticipate sending this to the City Council with a recom-
mendation that they hold a public hearing on the document so that you
can provide the Council with further comments concerning the ordinance.
If you have any questions or comments please contact me. I will send
another letter to you listing the time and place of the public hearing.
Sincerely,
r
Richard J. Pla i
Director of Pu 1'c Works
RJP/7P
cc: City Manager
City Council
3R3
0
Clyde Abbott
1108 E. Bloomington
337-4809
AAA Mechanical Engineers
P.O. Box 805
351-1843
R. M. Boggs, Inc.
P.O. Box 1130
338-9741
Boyd f, Rummelhart
601 S. Gilbert
351-3232 or 337-5345
Don 6 Allen Breese
315 E. Benton
338-8535 or 338-6801
e
WoM7-
7
John Carter Excavating
Hills -, - Iowa -
679-2546
'William Connell
1655 N. Dodge Street
337-5689
Reggie Eckhoff
P.O. Box 6172 - Coralville, IA
351-5685
William Grell
2110 N. Dubuque
338-1578
H&H PEH
Box 1178
R.R. M2
Kalona, IA 52247
656-2005
Gary Haman ..
2107 Bancroft
337-5106
Iowa City Excavating
305 lith Street East - Coralville, IA
351-6605
0
IIGBE
211 E. Washington
338-9781
Knowling Bros.
1714 5th Street - Coralville
351-1558
George Kondora, Jr.
1430 Glendale Rd.
337-3688
Larew, Company
227 E. Washington
337-9681
Ron Miller Trenching
R.R. 1
Kalona, IA 52247
656-2938
Mulford PP,H
320 Kirkwood Avenue
338 -8366 -
Muller P&H
315 First Avenue
337-3312
Don Nielsen
612 5th Street - Coralville
354-3584
Craig Minter
Street -Superintendent -
3/y2 l
I
OOTICE OF PUBLIC HEARING 9
ON PLANS, SPECIFICATIONS, FORM OF CONTRACT AND
ESTIMATED COST FOR THE JEFFERSON/MARKET SIGNALIZA-
TION PROJECT FAUS NO. M-4030(1)--81-52 IN THE CITY
OF IOIVA CITY, IOWA.
TO ALL TAXPAYERS OF THE CITY OF IOIVA CITY, IOIVA AND
TO OTHER PERSONS INTERESTED:
Public notice is hereby given that the City Council
of the City of Iowa City, Iowa, will conduct a
public hearing on plans, specifications, form of
contract and estimated cost for the construction of
the Jefferson/Market Signalization Project, FAUS
No. M-4030(1)--81-52 in the City of Iowa City
at 7:30 o'clock P.M., on the 28th day of June, 1977,
said meeting to be held in the Council Chambers
in the Civic Center in said City.
Said plans, specifications, form of contract and
estimated cost are now on file in the office of the
Clerk in the Civic Center in Iowa City, Iowa, and
may be inspected by any persons interested.
Any persons interested may appear at said meeting
of the City Council for the purpose of making ob-
jections to said plans, specifications or contract
or cost of making said improvement.
This notice given by order of the City Council of
the City of Iowa City, Iowa.
Publish on
Abbie Stolfus, City Clerk
31 q4
�J
NOTICE OF PUBLIC HEARING
0
Notice is hereby given that the City of Iowa City
proposes to vacate the following described property, .
to -wit:
A portion of Parsons Avenue described as follows:
Commencing at a point that lies South 89 degrees,
48' East 191.5 feet of the northeast corner of
Lot 19 Block 1 Clark and Borland's Addition to
Iowa City, Iowa, and at the Southwest Corner of
Parsons Avenue as extended; thence S 89 degrees
48' East 30 feet; thence north to the southerly
line of William White Blvd., (Formerly the right-
of-way of the CRI & P Railroad Company); thence
N 49 degrees 47' West along said Southerly line
to a point north of the point of beginning; thence
South 62.1 feet to the point of beginning.
Notice is further given that pursuant to Section
364.12.2a of the Code of Iowa that a hearing by the
City Council of Iowa City, Iowa, on said proposed
vacation of said property will be held in the Coun-
cil Chambers in the Civic Center of Iowa City, Iowa,
at 7:30 P.M. DST on June 2$,1977, and any person
having objections to said proposed action may
appear and file their objections at said hearing.
Dated at Iowa City this2lst: day of June -, 1977,
Publish June 21st, 1977
ABBIE STOLFUS, CITY CLERK
W
31y
0 0
0MCTAL .FID FORINJ
City of To,va City June 2S, 1977
Civic Ccute:
Iowa CRY, lovr.t
Centicnu:n:
For $3,1115,(1(10 Essenti;tl Corporate Purpose Bonds of lhu, City of Imva City, to\na, described in th. armu•xed Official
Notice of Salo, \vhich is made it part hereof, \ve vAll pay you lite pal' value thereof plus aec•roed i(dorst from Jnoe 1,
1977 to thr. date Of delivery, plus a premium of $. UVI ••71„ for till of said bowls be ariug interest at Illr follorinq resprctivc
interest rales, each being n multiple of 1/4 or J/10 of lVo.
$115,000 ..........
200,000 ..........
19So-. 4.10_%
200,060 .. .......
1951_4 ,1LJ_01b
300,000 ..........
1952. ).t0L\—°/n
i\TA'TU.t[1.1'il•:S—June 1
S311g000 . ........ If1S1-4,;i3O._ ,
,mo,(100 ......... luS I_ U afL ib
30000 .......... 1955_ �, aU_r7o
325,oclo ..... .... 19S7.-fc,.hL)- °ib
325,1100 . ........ 19S3 !tj;M-;,
325,000 ..........
Said bouds are to be executed and delivered to its in accordance with (Ile lcrols of [his bid oc•canpnoied by thu
approving legal opinion of 'Messrs. Ablers, Cooney, Dorwciler, I-ht}•uic h Smillr, lies \loincs, lova, \\'hi('h IS to be printed
on the bonds. You me to pay for said legal opinion nod printing Ilia bonds. Unless %v(! notify you to tit:• ra•mim y within
24 homy, CUSJP numbers are to be printed on the bonds it our expense. and \ve agree to accept Ihr, bonds at delivery
\vith Lite CUSIP numbers as printed.
As evidence of our good faith, Nva enclose here\vith chock to the order of ilia City 'Pn;uuier, City of Town Cily,
In\va, in file sum of $130,300 in accordance with Lite Official Notice of Sale. We attach herc[o the list of the, urenlbers of
our account on \vhosc behalf this bid is ninde.
Descriplion of Cluck:
Amount: $60,300
Name of Bank
Certified (Cashier's) Chcck No. _72 -0 -5L -
Dated - ----
Respectfully submitted, .
MAUI- I) CALIFORNI BMIK -r
cerne CAJ:T I+}U D_ )dill CO. - I: r J %f1S': TRUST CO.
J'•
Ilp _ o etC .Tamen lch
Address _ 13pQnec-_plginc_ilugild:i_ng_-______.___
Des Moines Iowa
City.........._......_..._....... _Stat[•. __-------"--'-
---NOT A VART OF
Our calculation of act interest rile from above is:
(For Use By City Only) 'Total Interest ...................... ° oral=sltcj;,(?0_
The above check \vis returned mal received for the Less Premium ................. .... $....... _RWL.7!i_
above wuned Account ManagerNetRO :5
Net rst ....................... $_ 2('T,••r__•_�._
ry ------ --- Net Tnterest kale ................... jLI?31;iS__%
The foregoing bid \vas accepted and bonds sold June 25, .1977 and receipt is hereby acknoveledged of If iv good faith
check \vhich is being held in accordance with the, terms of Ilia Official Notice of Sale.
1N fit luriIY
Juuu I
Amount
1979 ....... ....
$115,000
�• 1930 ............
2W,000
)US] .............
209,000
:. 1992 ...........
300,000
1953 .............
xio,ow
1934 .............
39,0911
A.'cr.rpa 151(2: 7.965 Wals
0,430
(13T1' OF I01VA CITY, TOIVA
`• Pinvinr, Ih7rrtrtncul n/ PiumlM
TAlO.I' OF BOND YKMtS
llrum ,lent• 1, I:J77
(Pur' CmnfnrluIbm only''Vol a Part of Ilid.)
Bond Yours Bund ll:.rs
v
Ammnl
Cumulntieu
Juuc I
---
Ammml
Annual
--
Cumrdidile
--
--
230
--
230
105. ...........
--
$ 300,1100
2,400
0,430
000
810
1950 ... .......
325,000
2,925
1.2,,353
SOLI
1,030
1951 ... .......
325,(100
di,2.0
15,6W5
1,600
3,130
101IR .........
. 325,000
3,575
1.9,180
I,Bf10
•1,93U
Ii180 ..........
329,1100
3; 100
2.1,080
2,100
7,030
$9,OI.,Ofxi
9;t (i5fi
v
0
Council Member
0
introduced the
following Resolution entitled "IlESOT.,uTION DIRECTING SALE OF
$3,015,000 GENERAL OBLIGATION BONDS (FOR AN ESSENTIAL CORPORATE;
PURPOSE)", and moved its adoption. Council Member
seconded the motion to adopt. The roll was
called and the vote was,
AYES:
NAYS:
11hereupon, the Mayor declared the following Resolution
duly adopted:
RESOLUTION DIRECTING SALE
OF $3,015,000 GENERAL
OBLIGATION BONDS (FOR AN
ESSENTIAL CORPORATE PURPOSE)
SJHEREAS, pursuant to notice as required by law, bids
have been received at public sale for the bonds described as
follows and the best bid received is 'determined -to be the
following:
$3,015,000 GENERAL OBLIGATION BONDS (FOR AN ESSEN'PIAI, CORPORATE
PURPOQSE 1 •j-- %J + sb�Co(•� %(�, S.L'• /•!t •17
L,.
+l.LLf,t.L 1.1%Lt''�/ Of .1
Bidder: \
the terms of said bid being.
F L1.71;
G
/] V N )
Glx �f �c�(/r i 7 /
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE
CITY OF IOWA CITY, IOWA:
Section 1. That the bid for the bonds as above set out
is hereby determined to be the best and most favorable bid
received and, said bonds are hereby awarded based on said
bid.
Section 2. That the form of contract for the sale of
said bonds is hereby approved and the Mayor and Clerk are
hereby authorized to execute the same on behalf of the City.
-3-
A I I. F.R.N.
3--111.605. COONEY. 0011WEI LEff. IH AYN IE N SMITH. LAWYEOS. DES MOINES. IOWA
June 28 _. 1977
The Council of Iowa City, Iowa, met on the above date,
in regular session, pursuant to law and the
rules of said Council and in accordance with the terms of a
Notice of Meeting, a copy of which was served on each member
of the Council and accepted in writing by each member thereof,
said Notice of Meeting being as follows:
NOTICE
June 28 , 1977
TO: John Balmer, Carol deProsse L. P. "Pat" Fosterr Mary Neuhauser
David Perret, Max Selzer, and Robert Vevera
Council Members
Iowa City, Iowa
You are hereby notified that a meeting of the above
Council will be held on the 28th day of June
1977, at the Council Chambers - Civic Center, Iowa City, Iowa,
at 1• o'clock �M., for the purpose of adopting
a Resol 4tion Directing the Sale of $3,015,000 General Obligation
Bonds (For An Essential Corporate Purpose), and for such
other business in connection therewith as may come before
the meeting.
Respectfully submitted,
AAll��i11Az�
Mayor
Service of the foregoing notice is hereby acknowledged:
S/John Balmer
S/Carol deProsse
S/L. P. Foster
S/Mary Neuhauser
S/Max Selzer
S/Robert Vevera
S/David Perret
-1-
AHLERS. GOONEY. DORW EILER. HAYNIE 6 SMITH. LAWYERS. DES MOINES. IOWA
3//8
The meeting was called to order by Mayor Neuhauser ,
Mayor, and on roll call the following Council Members were
present:
Balmer, deProsse, Foster, Neuhauser,
PPrrpf, Vevera
Absent: Selzer
The Mayor announced that this being the time and place
for the opening of bids for the sale of $3,015,000 General
Obligation Bonds (For An Essential Corporate Purpose), the
meeting was thrown open for the receipt of bids for said
bonds. The following sealed bids were received and not
opened:
Name & Address of Bidders:
Carleton D. Beh Co., Des Moines; United California Bank,
Los Angeles, Calif.; and Mercantile Trust Co., St. Louis, Mo.
Continental Illinois National Bank and Trust Company of
Chicago and Bache Halsey Stuart, Inc. and Associates
The First National Bank of Chicago and Associates
Harris Trust and Savings Bank and Iowa -Des Moines National
Bank and Associates
The Northern Trust Company, Chicago, and Associates
open bids were then called for and the best open bid
received was as follows:
Name & Address of Bidder: None
Net Interest Rate:
Net Interest Cost:
Whereupon, the sealed bids were opened and the best
sealed bid was as follows:
Name & Address of Bidder: Carleton D. Beh Co., Des Moines,
United California Bank, Los Angeles, Calif., & ercan i e rust Co.
Net Interest Rate: 4.2356% St. Louis, Mo.
Net Interest Cost: Par and accrued interest plus a
premium of $874.75
Net interest cost - $977,580.25
-2-
AHLERS, COONEY. DORWEI LER. HAYN IE55MITH, LAWYERS, DES MOINES. IOWA
ys a
Council Member deProsse introduced the
following Resolution entitled "RESOLUTION DIRECTING SALE OF
$3,015,000 GENERAL OBLIGATION BONDS (FOR AN ESSENTIAL CORPORATE
PURPOSE)", and moved its adoption. Council Member Perret
seconded the motion to adopt. The roll was
called and the vote was,
AYES: Balmer, deProsse, Foster,
Neuhauser, Perret, Vevera
NAYS: None ABSENT: Selzer
Whereupon, the Mayor declared the following Resolution
duly adopted: RESOLUTION NO. 77-217
RESOLUTION DIRECTING SALE
OF $3,015,000 GENERAL
OBLIGATION BONDS (FOR AN
ESSENTIAL CORPORATE PURPOSE)
WHEA&S, pursuant to notice as required by law, bids
have been received at public sale for the bonds described as
follows and the best bid received is determined to be the
following:
$3,015,000 GENERAL OBLIGATION BONDS (FOR AN ESSENTIAL CORPORATE
PURPOSE:
Carleton D. Beh Co. Des Moines
Bidder: United California Bank of Los Angeles
Mercantile Trust Co. St. Louis
the terms of said bid being:
Par and accrued interest plus a premium of $874.75
Interest rates: 4.10% 1979-1986, incl.
4.40% 1987-1989, incl.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE
CITY OF IOWA CITY, IOWA:
Section 1. That the bid for the bonds as above set out
is hereby determined to be the best and most favorable bid
received and, said bonds are hereby awarded based on said
bid.
Section 2. That the form of contract for the sale of
said bonds is hereby approved and the Mayor and Clerk are
hereby authorized to execute the same on behalf of the City.
-3-
A HLERS.
3-AHLERS. COONEY. DORW EILER. HAYN IE S SMITH. LAWYERS. DEB MOINES. IOWA
t4J 3
0
PASSED AND APPROVED, this 26th day of June
1977.
ii011. tu" fAl
May r
ATTEST:
Clerk
AHLMS. COONEY. DORWEILER, HAY
0
0
Neto Issue Investment Rating:
Date of Sale: June 28,1977 Moody's Investors Service, Inc ................. Ana
(Outstanding Bonds-Reuieto Requested)
OFFICIAL STATEMENT
Interest Exempt, In Opinion of Bond Counsel, Prom All Present Federal Income Taxes
$3,015,000
City of Iowa City, Iowa
Essential Corporate Purpose Bonds
Dated June 1, 1977 Due June 1, 1979-1989
Non -Callable Coupon Bonds Denomination $5,009
Registrable As To Principal Only
Principal and semiannual interest (June 1 and December 1) payable at the office of the City Treasurer, Iowa
City, Iowa. First coupon due December 1, 1977.
$115,000 ...................
1979
200,000 ...................
1980
200,000 ...................
1981
300,000 ...................
1982
MATURITIES—June 1
$300,000 ................... 1983
300,000 ................... 1984
300,000 ................... 1985
PURPOSE, LEGALITY AND SECURITY
$325,000 ...................
1986
325,000 ...........
I....... 1987
325,000 .............
I..... 1985
325,000 ...................
1989
Of the proceeds of these bonds, $2,721,500 will be used for construction of street improvements and the acquisi-
tion and installation of traffic control devices; $275,000 will be used to rehabilitate and reconstruct various bridges in the
City; and $18,500 will be for an Infiltration/Inflow Study of the Sewer System. These bonds are general obligations of the
City of Iowa City, Iowa and in the opinion of bond counsel, Messrs. Ahlers, Cooney, Donvefler, Ilaynie and Smith,
Lawyers, Des Moines, Iowa are payable, both principal and interest, from ad valorem taxes levied against all taxable
property within the City of Iowa City, Iowa, exclusive of moneys and credits without limitation as to rate or amount.
The City will famish the unqualified approving opinion of said bond attorneys evidencing legality of the bonds and
that the interest thereon is exempt from Federal Income Taxes under existing statutes and decisions.
Statement of Indebtedness
As of July 1, 1977
City Actual Value, January 1, 1070.....................................................................
$447,160.911
Applicable Ratio Per Capita
to City 1977 Pop.
Total Percent Amount Actual Est. r@ 49,945
Direct Debt (Inc]. This Issue)• ......................
$6,810,000 100.00% $ 6,810,000 1.52% $ 136.35
Overlapping Debt:
Johnson County ..................................
695,000 49.25% 342,288 .08% 6.85
Iowa City Community School District ...............
0,071,000 69.99% 4,2,19,093 .05% 85.08
Total Direct and Overlapping Debt .............................................
$11,401,381 2.55% $ 228.28
Per Capital Actual Value.................................................................................
$8,953.07
° Ol ilia Direct Debt $1,225,000 are considered sell-.suptmrting as water and senior revenuer are user) to mmualltt abate the taxes
thereon. Excludes 2,409,000 {Vater Revenue Bonds
51,315,000 Sewer Revenue Bonds. Also excludes $3,285,000 Industrial Devel-
opment Revenue Bonds, principal and interest o/ w7ilch arc payable solely front rents under a lease with the Phillips Petroleum Co.
The information in this Statement has been compiled from sources believed to be reliable, but is not guaranteed.
As far as any statements herein involve matters of opinion, whether or not so stated, they are intended as opinions and
not as representations of fact.
This Official Statement has been prepared under authority of the City of Iowa City, Iowa. Additional copies as well
as copies of the Official Notice of Sale and Official Bid Form may be secured from Rosemary Vitosh, Director, Depart-
ment of Finance, Civic Center, Iowa City, Iown, or from die Financial Consultants to the City:
PAUL D. SPEER & e,&d0C&&di, A11C.
MUNICIPAL FINANCE CONSULTANTS
20 droll/ 0%4c/%L Odour
W/Ikayoj Allworb 60606
Area 312 • Financial 6.0852
June 10, 1977
0
CITY OF IOWA CITY
Johnson County, Iowa
Mary C. Neuhn iscr, Mayor
City Council
Carol W. deProsse, Mayor pro tem
L. P. Poster
Max: Selzer
City Officials
Neal C. Berlin, Citi Manager
Abbit Stolfus, Citi Clerk
Rosemary Vitosh, Director, Department of Finance
GENERAL INFORMATION
John Balmer
Robert Vevera
David Perrot
John NV. Hayek, Attorney
Nancy Heaton, Treasurer
Iowa City is located in the middle -east section of the State, lying 29 kilometers (18 miles) south of Cedar Rapids and
88 kilometers (55 miles) west of Davenport. It is approximately equidistant from Chicago, Omaha, St. Louis and Minne-
apolis. The City became the Territorial Capital in 1839, one year niter the separation of the 'territory of Iowa from the
Wisconsin Territory. Prom 1&16 to 1857, lova City was the State Capital. Although the Capital was later moved to lies
Moines, Iowa City has continued to grow and prosper as the seat of Johnson County and the home of the State University
of Iowa, the oldest and largest educational institution in the State.
At the 1960 Census, the median value of owner occupied homes was 63.6% greater than the comparable Statewide
statistic. At the 1970 Census, the City's median value of $22,800 was 62.9% greater than the Statewide median value
of $14,000. As of January 1, 1976, the City Assessor computed the average actual value of residences at $28,362.
Between the 1960 and 1970 Censuses, the City's population grew 40.8% to a total of 46,850 and the land area increased
from 8 square miles to 21 square miles. A Special Census as of January 1, 1975 reported a total population of 47,744 and
the City estimates its June 1977 population at 49,945. The primary reason for the population increase in the 1960's was
the substantial increase in the enrollment at the University—University students were included in both the 1960 and 1970
Censuses. Based upon the 10 year building program dated January 1977 for the University as submitted by the Board of
Regents to the Iowa General Assembly, 10 years from now there will be a nominal decrease in the enrollment at the
University of Iowa with the total enrollment in 1955 projected at 19,936 as compared to Pall 1976 enrollment of 22,393.
Enrollment—University of Iowa
Undergmdunte
Fail 1960 ..............................
7,791
Fall 1970 ..............................
13,896
Increase ...............................
78%
Fall 1976 ..............................
111,680
Fall 1986 Estimate .....................
1217.16
Gradunte and
1'rofessional
Total
3,322
11,113
13;126
20,322
93%
83%
7,713
22,393
7,190
19,936
With approximately 11,027 employees ( including staff), the University is the, major employer in lite City. The 10 year
building program referred to above calls for a total expenditure of $56.5 Million (June 30, 1976 plant value—$366.6
Million). The University's total annual expenditures for the year ending June 30, 1976 were in excess of $193.8 Million.
In addition to the usual areas of instruction, the University conducts a space research center, and a medical center which
includes the 1,080 bed University Ilospilal—the largest of the nations university -owned teaching hospitals. The University
is the only one of the three controlled by the State Board of Regents that has Colleges of Medicine, Dentistry and Law.
The University library has in excess of 1.8 million volumes.
Economics
The economy of the area is stabilized by the State supported University. Additionnlly, the Univo:city Ilospilal
tvidi 1,080 beds and 2,850 full -lime employees is the largest short-term acute care and only tertiary care hospital (in
fiscal year ending June 30, 1976 the hospital had 36,927 admissions all(] 298,102 clinical visits) in the Stale of Iowa, the
Veterans Administration hospital (virtually across the street from the University Hospital) with 360 Inds (800 cm-
ployces) is the largest short -tern veterans hospital in the Stntc, and together with the 375 bed Mercy Ilospitnl (557
employees) provide Iowa City with the second largest number of short-term ,ionic care beds of any city (Des Moines
with 200,587 population has 485 more bells) in the State and without question another very strong support for the local
economy. The cost of new educational buildings at the Medical Center Campus since 1970 has totaled $25 Million. The
hospital recently completed n $14 Million expansion program and currently has it $16 million ndditiol under construc-
tion scheduled for completion in January 1978. Total building permit value in the City (excluding; the University) from
January 1, 1970 through December 31, 1976 was $103.5 Million, of which $67.5 Million was represented by residential
construction.
W W
As the largest City in Johnson County, it is not surprising that the City is the retail trade center for the County
plus several surrounding counties. The 1972 Business Censuses reported Iowa City's retail sales increased 49.3% to $125.9
Million compared to the Statewide increase of 17.1%. At the same 1972 Census, the City's Annual Receipts from Selected
Services were $20,835,000, up 86.9% compared to a Statewide increase of 51% and Wholesale Trade totaled $48,533,000,
up 68.790 compared to the Statewide increase of 5591o.
Of growing importance is the enlarging manufacturing base. In terns of "Value Added by Manufacture" which the
Census Bureau regards as the best measure of the relative economic importance between geographic areas, Iowa City's
$136.8 Million (up 43.8% from the 1967 Census of Manufactures) reported at the 1972 Census ranked the City 7th in
the State.
The table below records the number of establishments and die number of employees in the City at each of the last
three Business/ Manufactures Censuses.
Selected Statistics Hominem/Idnnufacluring Censuses
The major industrial employers currently include; Owens Brush Co, with 498 employees (Toothbrushes); Sheller
Globe Corp. with approximately 490 employees (Urethane roam Products); Westinghouse Learning Corporation
with 446 employees (Educational Testing Services); Procter & Gamble with 372 employees (Toiletries); American Col-
lege Testing, Inc. with 312 employees; Northwestern Bell Telephone with 270 employees; and Moore Business Forms
with 240 employees. The most recent new industrial residents include I -I. P. Smith and Company, a subsidiary of Phillips
Petroleum Co. which operates a paper conversion process, and a regiennl warehouse for II. J. Heinz Co. The unemploy-
ment rate for Johnson County (Iowa City) reflects the stability afforded by the University. The average annual unemploy-
ment rate for the past 7 years and the current rate for Johnson County, the State of Iowa and the United States nre
set out below.
1963
1967
1072
No. Establishments: Retail .............................................
278
313
432
Wholesale ..........................................
37
39
54
Selected Services ....................................
190
272
425
Manufacturing ......................................
27
21
30
No. Employees: Retail .............................................
2,259
3,360
3,630
Wholesale ..........................................
313
410
450
Selected Services ....................................
635
990
972
Manufacturing ......................................
1.906
1,809
2,996
The major industrial employers currently include; Owens Brush Co, with 498 employees (Toothbrushes); Sheller
Globe Corp. with approximately 490 employees (Urethane roam Products); Westinghouse Learning Corporation
with 446 employees (Educational Testing Services); Procter & Gamble with 372 employees (Toiletries); American Col-
lege Testing, Inc. with 312 employees; Northwestern Bell Telephone with 270 employees; and Moore Business Forms
with 240 employees. The most recent new industrial residents include I -I. P. Smith and Company, a subsidiary of Phillips
Petroleum Co. which operates a paper conversion process, and a regiennl warehouse for II. J. Heinz Co. The unemploy-
ment rate for Johnson County (Iowa City) reflects the stability afforded by the University. The average annual unemploy-
ment rate for the past 7 years and the current rate for Johnson County, the State of Iowa and the United States nre
set out below.
Nota: In April 1976, the Johnson County unemployment rate toss 2.5%.
Iowa City's prosperity is further enhanced by the modem and diverse transportation network serving the City. The
Cedar Rapids Airport, located only about 20 miles from downtown Iowa City is served by both Ozark anti United Airlines
with numerous daily flights available. Rail service is provided by the mainline of the Chicago, Rock Island and Pacific
Iiaflroad and by a shortline connecting Iowa City and Cedar Rapids. This connects with mainlines of the Milwaukee
Road, the Illinois Central Gulf, anti the Chicago and North Western.
Intercity truck and bus lines operate to and through Iowa City, which lies immediately south of Interstate Ronde 80,
the main cast -west interstate highway through Iowa. There are five interchanges available to and from Iowa City.
Chicago is less thou four hours away via the completed Interstate Highway System.
As of April 29, 1977, the three banks and two savings and loan associations in the City reported total deposits of
$223,543,607 and total assets of $262,3.10,205.
Government and Services
Pour councilmembers are known as "councilmembers at large" and are nominated and elected on an at large basis.
The other three are known as "district councilmembers' with nominations made in their respective districts and elected
by the voters at large. The governing and legislative body of the City consists of seven councilmembers. The Mayor is
elected by the Council from its own members. Since 1951, the Council ins unified its administrative functions through its
City Manager who, as administrative head of the City Government, supervises the performance of the 350 full -lime (and
30 part-time) municipal employees including a 47 mail police force and n 49 man fire department. The City owns and
operates its water supply (Iowa River and wells) and distribution system and a sewage collection all(] treatment system
(with secondary treatment provided). The excellence of the Citys fire department and water supply system have com-
biner) to give the City the very high class It fire insurance, rating. Virtually the entire City has separate storm and snnitary
sewers. Tine City also operates a municipal off-street and on -street parking system in the downtown area. In late 1971,
the City began the operation of it transit system (buses) in and around the City which currently consists of twelve routes,
thirteen hours per day, six days per week with a subsidized fare of 250. It is expected to carry more than 1,400,000 riders
Average Annual Unemployment Rates
April
1970 ID71 1972 1973
1074
1975
1070
1077
Johnson County ............................
1.8% 2.2% 2.3% 1.8%
1.9%
2.8%
2.1%
1.6%(Note)
State of Io%va .............................
3.7% 4.2% 3.6% 2.9%
3.0%
5.4%
4.0%
3.0%
United States ..............................
4.9176 5.9% 5.6% 4.0%
5.6%
8.5%
7.7%
6.9%
Nota: In April 1976, the Johnson County unemployment rate toss 2.5%.
Iowa City's prosperity is further enhanced by the modem and diverse transportation network serving the City. The
Cedar Rapids Airport, located only about 20 miles from downtown Iowa City is served by both Ozark anti United Airlines
with numerous daily flights available. Rail service is provided by the mainline of the Chicago, Rock Island and Pacific
Iiaflroad and by a shortline connecting Iowa City and Cedar Rapids. This connects with mainlines of the Milwaukee
Road, the Illinois Central Gulf, anti the Chicago and North Western.
Intercity truck and bus lines operate to and through Iowa City, which lies immediately south of Interstate Ronde 80,
the main cast -west interstate highway through Iowa. There are five interchanges available to and from Iowa City.
Chicago is less thou four hours away via the completed Interstate Highway System.
As of April 29, 1977, the three banks and two savings and loan associations in the City reported total deposits of
$223,543,607 and total assets of $262,3.10,205.
Government and Services
Pour councilmembers are known as "councilmembers at large" and are nominated and elected on an at large basis.
The other three are known as "district councilmembers' with nominations made in their respective districts and elected
by the voters at large. The governing and legislative body of the City consists of seven councilmembers. The Mayor is
elected by the Council from its own members. Since 1951, the Council ins unified its administrative functions through its
City Manager who, as administrative head of the City Government, supervises the performance of the 350 full -lime (and
30 part-time) municipal employees including a 47 mail police force and n 49 man fire department. The City owns and
operates its water supply (Iowa River and wells) and distribution system and a sewage collection all(] treatment system
(with secondary treatment provided). The excellence of the Citys fire department and water supply system have com-
biner) to give the City the very high class It fire insurance, rating. Virtually the entire City has separate storm and snnitary
sewers. Tine City also operates a municipal off-street and on -street parking system in the downtown area. In late 1971,
the City began the operation of it transit system (buses) in and around the City which currently consists of twelve routes,
thirteen hours per day, six days per week with a subsidized fare of 250. It is expected to carry more than 1,400,000 riders
in fiscal year 1977. This strong citizen supported system provides free elderly service and discounted monthly passes and
during the fiscal year ending June 30, 1976 had the highest per capita ridership in a four state area including Iowa,
Nebraska, Kansas and Missouri.
The City has a history of conservative financial management. Over 61% of its general obligation bonds, including
this issue, are due in five )'cars with the final maturity due in twelve years. 13oth the water and sewer systems are in ex-
cellent financial condition. The City annually up -dates its five year capital improvement program and has a formal fiscal
policy that debt service charges shall not exceed 25% of the general tax levy (during fiscal 1977 they were 15.7% of the
total levy).
Pensions
With the exception of the police and fire personnel, the City's employees are covered by the Iowa Public Employees
Retirement System (IPERS). All municipal entities within the State are authorizer) to set an annual tax rate to be levied
sufficient to meet the requirements of the City's contribution to the State plan. All covered employees are required to
contribute amounts to Ore fund as well as the employer's contributions. There is no allocation of unfunded liability to any
municipal entity, and upon the retirement of an employee, responsibility for his benefits are solely those of ITERS. The
City has no responsibilities to meet employees' pensions. In the past several years, the State had increased the benefits
of the plan basically by raising the maximum salary against which participants are assessed from $10,500 to $20,000, and
by increasing the City's contribution rate to 4.75% (will increase to 5.25% on July 1, 1977) of Ore individual's salary
and maintaining the individual's contribution rate at 3.5% (will increase to 3.6% on July 1, 1977).
The Police and Fire Pension Systems arc mandated by State law. Prior to 1976, the total costs of the retirement ben-
efits were the responsibility of the local municipality. In 1976, the State law was amended to improve the retirement
benefits of these systems and at the same time the State agreed to fund the extra costs. The liability to be paid for
future contributions from Ore City as of June 30, 1976 to the Police System is $1,607,417 and the liability to the Fire
System is $2,048,943. For the fiscal year ending June 30, 1977, Ore City's contribution rate to the Police Retirement Sys-
tem was 24.04% (will increase to 27.73% for next fiscal year) of salaries, and the Fire Retirement System was 26.95%
(wvill decrease to 2211% for next fiscal year) of salaries. The employee's contributions are established between 4.911yo
and 6a010 by the State Code, based on the individual's age at time of entrance into the system.
Community Life and Schools
A continuing program of cultural events is sponsored by the University. This, plus the University's athletic program,
affords not only Iowa City residents but those of eastern Iowa with a year-round entertainment source. Local residents
also enjoy 4SO acres in 28 parks with eleven supervised playgrounds and three public swimming pools. Three public and
two private golf courses are located in the community. The 42 churches in Iowa City represent all leading denomina-
tions. The City's public library houses 110,000 volumes and has n circulation of 470,000.
Iowa City Community School District includes all of Iowa City, the City of Coralville, and adjacent rural areas. The
district administers 16 elementary schools, three junior high schools, and two high schools inti a combined total enroll-
ment of 9,070, down from 9,510 in September 1971. The enrollment is expected to decrease nominally over the next
several years. The parochial elementary and high school have current enrollments of 257 and 470, respectively. At the
1970 Census, parochial/private school enrollment totaled 5.7% of the total enrollment, substantially below the State-
wide average of 10.0%.
FINANCIAL INFORMATION
Cumulative Central Obligation Debt Retirement Schedule
(Including These Bonds)
From July 1, 1977 -June 1, 1980
Fiscal
Cumulative
Fiscal
Cumulative
YearEnd
Annual
Year End
Annual
June 30
Amount
Amount Percent
June 30
Asnnmrt
Amount
Percent
1078 ..............
$ &14,000
$ 841,000 12.4%a
198-1 ............
.. S 400,000
$5,110,000
75.0%
1979 ..............
1,009,000
1,851;000 27.2%
1985
... 400,0(10
5.510,000
80.9%
1980 ..............
&14,000
2,097,000 39.6%
1080 ..............
325,000
5,835,000
85.7%
1981 ..............
8,14,000
3,541,000 52.0%
1987 ..............
325,000
6,160,000
90.5%
1982 ..............
600,000
4,210,000 111,8%a
1088 ..............
325,000
6,185,000
95.2%
1983 ..............
500,000
4,710,000 (39.2%
1989 ..............
325,000
6,810,000
100.0%
$0,810,000
Debt Ratios at City's Last five Bond Sales
(Including This Issnc)
Issue
Debt Outstanding
Ratio to Actulnl
Value
Debt
Amount
Statement
t to 0 nt
Direct
Overlapping Direct and
aping
Direct and
Direct Overlapping
$ 900,000 ..............................
Dec. 1, 1971
$5,395,000
$12,372,789
1.00%
4.36%
600,000 ............
I .......... I ......
Dec. 1, 1973
5,142,000
11,343,398
1.77%
3.91%
400,000 ..............................
July 1, 1914
5,542,000
11,734,6,13
1.77%
3.75%
285,000 ..............................
July 1, 1970
4,599,000
9,827,551
1,07%
2.28%
3,015,000 ..............................
July 1, 1077
6,810,000
11,401,381
1.52%
2.55%
0
Valuations
ValuationAssessed
Por Tac
for Taxing Purposes
Actual
as of
Jan. I
Collection
Real
Personal
Railroad
Total
for Debt
Collection Debt
Year
Property
Property
anti Utility
Assessed
Limit(2)
1972 .........................
1973
$ 68,386,048
$ 7,773,980
$ 4,546,295
$ 80,706,073
$298,911,381
1973 .........................
197.1.75(3)
712&L091
8,391,046
4,855,441
81,513,578
313,013,252
1974 .........................
197570
82,223,198
8,381,810
5,062,020
95,670,058
354,335,770
1975(1) ......................
1976-77
379,501,175
30,946,885
20,680,850
431,131,910
431,131,910
1976 .........................
1977-78
393,667,654
31,123,659
22,369,601
447,160,914
447,160,914
Notes: (1) Assessed value changer! from 27% of actual to 100% of actual.
1.528
7.70221 10.95057 14.92734
4.38005
.48258
(2) Debt limit 5% of actual.
Notes: (1) 18 month Ivey to prepare for focal year.
Budget
(3) Tax collection year changed from calendar year to pear ending June 30.
Estimate
(Nott)
Tax Rales—$1,000 Assesses! Valuation
Taxes Extended and Collected
(City Purposes Only)
Tax
City of Iowa City
T+�
Total Tax
Current,%
iosrn City
Total Tax
Area
Year
Collection Debt
Collected
All
School
Johmon
School
$2,4102,628
Year Service
Pensions
Other
Total District
County
Levies
Total
1972 ....................... $ 5.006
$3.567
$29.017
$37.590 $ 72.087
$15.789
$5.381
$130.847
1973 ....................... 6.480
4.467
27.126
38.073 74.931
17.732
5.380
136.110
1974 ....................... 10.205
6.898
46.293
63.456 102.477
27.389
8.010
201.332(1)
1975-76 .................... 4.1.10
7.965
30.646
42.751 57.253
22.515
2.128
124.847(2)
1976-77 .................... 1.72030
1.528
7.70221 10.95057 14.92734
4.38005
.48258
30.74114
Notes: (1) 18 month Ivey to prepare for focal year.
Budget
(2) First nese focal year.
Estimate
(Nott)
18 Months
Fiscal Year
Fiscnl Year
Fiscal Year
Ten Largest Taxpayers
Ending
Ending
Ending
Ending
0/30/75
0/30/76
Jan. I, ID76
Company
Receipts:
Product/Business
Actual Value
Procter h Gamble Manufacturing Cc ...........................
$3,90.1,235
Toiletries ......................................
$3,32.as998
$3,811,121
$ 7,809,613
H. J. Heinz Co .............................................
Regional Warehouse ..............................
State .............................................
4,718.750
Westinghouse Learning Corp .................................
,$ 1151,309
$1,502,835
Educational Testing Services ......................
Federal ...........................................
4,524$10
Post Office ................................................
080,357
034,016
U.S. Covcmment Lensed Building ..................
3,449,593
Owens Brush Co ...........................................
—0—
—(1—
Dr. West Toothbrushes ...........................
3,337;140
Seville Apartments, Inc ......................................
$2,098,612
Charges for Services ....................................
Apartments .....................................
905,502
604,596
3,297,700
International Business Machines ..............................
Licenses and Permits ..................
................
Business Machines ...............................
192,038
140,625
3,133,969
American Equity Inv. Trust .................................
... 293,993
Apartments .....................................
304,000
276,000
2,945,750
Sheller -Globo Co ...........................................
225,539
410,375
Urethane Foam Products .........................
260,617
Use of Money anti Properly ..................
2,002,802
American College Testing Program, Inc ........................
06,709
118,340
Testing Forms ..................................
All 00her ................
...
2,656,146
Total Ten Largest...............................................................................
35,5!1(1
15,232
Total ........................................
$8,695,360
$38,536,273
Percent of Total City Actual .......................................................................
$7,536,048
8.62%
Taxes Extended and Collected
(City Purposes Only)
Tax
Collection
Total Tax
Current,%
Current
Total Tax
% Total
Year
Extended
Collected
Collected
Collected
Collected
1972 .................................
$2,4102,628
$2,860,145
98.7476
$2,010,018
100.3 %
1073 .................................
3,134,947
3,114,393
99.34%
3,166,136
101.0 %
1974-75 ...............................
5,427,059
5,378,747
99.11%
5,39.1,323
00.4 %
1975-76 ...............................
4,001,170
4,153,463
101.52%
4,183,843
102.20%
1976-77 ...............................
4,712,465
4,090,608
09.53%
—In Collection--
Cenernl Fund
Cash Receipts and Disbursements
Audited
Budget
Estimate
(Nott)
18 Months
Fiscal Year
Fiscnl Year
Fiscal Year
Ending
Ending
Ending
Ending
0/30/75
0/30/76
0/30/77
0/30/78
Receipts:
Property Taxes ........................................
$3,90.1,235
$3,019,140
$3,32.as998
$3,811,121
Intergovemment Revenue:
State .............................................
$1,992,570
,$ 1151,309
$1,502,835
$1;103,996
Federal ...........................................
535,548
574,351
080,357
034,016
Other ............................................
121,160
—0—
—0—
—(1—
ToW$2,819,200
........................................
$1,228,663
$2;192,192
$2,098,612
Charges for Services ....................................
905,502
604,596
872,570
718,201
Licenses and Permits ..................
................
203,339
192,038
140,625
191,015
Fines and Forfeitures ...............................
... 293,993
237,714
304,000
276,000
Transfersln........................................
225,539
410,375
217,500
260,617
Use of Money anti Properly ..................
...........
235,567
06,709
118,340
105,10)
All 00her ................
...
217,901
102,793
35,5!1(1
15,232
Total ........................................
$8,695,360
$5,899,021
$7,183,740
$7,536,048
2
4
0
Balance Dec. 31,
1972..........
Audited
$
(79,135)
Budget
}4,905,911
}
739,923
Estimate
(Note)
-
18 Months
Fiscal Year
Fiscal Year
Fiscal Year
}15,192,129
Ending
6/30/75
Ending
6/30/76
Ending
6/30/77
Ending
6/30/78
Disbursements:
$1,050,515
$1,158,571
$1,306,893
$1,533,642
Administration ........................................
1,257,782
911,112
1,095,9r,
1,160,145
Police Protection .......................................
947,801
724,336
843,290
832,787
Fire Protection ........................................
700,456
523,554
490,697
0,351
Sanitation .............................................
Street System Maintenance ..............................
1,350,359
610,250
731,066
692,167
792,579
Mass Transportation ....................................
745,076
800,050
503,062
080,263
647,585
490,079
743,368
Parks and Recreation ...................................
427,2&1
355,467
391:119
451,300
Library ..............................................
All Other
1,093,908
&11,382
1,375,306
I 92,320
.............................................
Total ........................................
$8,985,240
$6,311,003
$7,572.242
$7,504,665
Fund Balance at June 30 ....................................
$1,216,124
$ 834,145
$ 745,043
$ 777,026
Note: Budget adopted on March 8, 1977.
-26,910,959
206,079
1,610,356
250,367
609,779
Summary Statement of All Fund Transactions
2222,921
611,889
6,422,396
}1;475289
BUDGETED FUNDS
}610,530
Police and
}11,033,515
Debt
Capital Pension Special
}30,258,152
Fire Pension
All
Total
General Service
Audited Fund Fund
Projects Enterprise and Assessment
Fund Funds Retirement Funds Total
and
Retirement Other
All Funds
Balance Dec. 31,
1972..........
$1,491,966
$
(79,135)
Receipts ........
}4,905,911
}
739,923
Disbursements ..
-4,861,909
-
611,899
Balance Dec. 31,
} 320,318
} 4,914,958
}15,192,129
1973 ..........
1235,998
_351284
18,889
Receipts ........
}8,695,366
}1,090,170
-15,691;473
Disbursements ..
-8,985240
-
810,538
Balance June 30,
1545.822
1,017,999
6258,925
1975 ..........
1246,124
-1.604,934
298421
Receipts ........
-x-5,899,024
-f-
690,821
Disbursements ..
-6,311,003
-
913,482
Balance June 30,
- 257,097
-16,059,374
-31,741225
1976 ..........
834,145
11454
46,860
Unaudited
1,903,379
506,651
6,322,091
Receipts
7/1-4/30/77 ... }5,544243 } 754238
Disbursements ..
7/1.4/30/77 ... -5,892,583 - 615,474
Balance 4/30/77. 486,005 185,624
For Comparison
Purposes
Balance @
4/30/76 ...... 919,502 327,347
11 779,725
$1,526,855
$ 7,307
$292,679
3 4,019,3.7
$1,364253
$ 1,374,619
$ 6,758,269
.1-1,268,359
}2.184,159
}385;101
}473,067
} 9,956,853
} 320,318
} 4,914,958
}15,192,129
-1,573050
-2,187,730
_351284
-604,874
-10281,146
- 138,7.19
- 5,271,578
-15,691;473
474,634
1,523.284
41;127
100,872
3,695,101
1545.822
1,017,999
6258,925
-}.1,244,999
}3,377,303
-1.604,934
}628,939
}15,011,711
} WAN
-1.15,548,026
}31,804,391
-1;481,3&4
-3,354,883
-634,807
_154,902
-15;124,754
- 257,097
-16,059,374
-31,741225
235,249
1,51,704
11454
574,909
3,912,061
1,903,379
506,651
6,322,091
-1-1,828,602
}2,746,191
}787221
i- 53,687
+12,005,546
} 495,251
}1040;467
-1-27011 261
-1,857,772
-2,651439
-548;108
- 18,817
-12,330,021
- 175,709
-14;135229
-26,910,959
206,079
1,610,356
250,367
609,779
3,587586
2222,921
611,889
6,422,396
}1;475289
}2,621,167
}610,530
} 28,048
}11,033,515
} 539,726
-1-18,684,911
}30,258,152
_1,598,362
-2,014,329
-607222
- 7,198
-10,736968
- 219,612
-18270232
-29,224,842
83,006
2,247.194
253,675
630,629
3,886,113
2,543,005
1,026268
7:155,706
161,522 1,525,765 27,613 605,639 8,597,388 2,254250 271,090 6,122,728
AUTHORIZATION
The foregoing Official Statement has been approval for distribution to prospective underwriters and purchasers
of $3,015,000 Essential Corporate Purpose Bonds by the City of Iowa City, Iowa. All information and statistics are
believed to be reliable, and to the best of knowledge and belief, reflect the financial conditions bearing on the City
but are not guaranteed.
We have examined Ute attached Official Statement dated June 10, 1077 for the $3,015,000 Essential Corporate Pur-
pose Bonds and to the best of our knowledge and belief die information in the Official Statement does not include any
untrue statement of a material fact, nor does it omit the statement of any material fact required to be stated therein,
or necessary to make the statements therein, fn the light of the circumstances under which they were made, not mis-
leading.
/S/ ROSEMARY VITOSH /S/ NEAL C. RBnLIN
Director, Department o/ Finance City Manager
City of Iowa City, Iowa City of Iowa City, Iowa
June 10, 1977
6
OFFICIAL NOTICE OF SALE
$3,015,000
City of Iowa City, Iowa
Essential Corporate Purpose Bonds
Scaled bids will be received until 1:00 P.M., on the °Sth day of June, 197, at the oQico of the Director of Finance in
the Civic Center, Iowa City, Iowa, for the purchase of 53,015,000 Essential Corporate Purpose Bonds of the City of
Iowa City, Iowa, at which time such bids will be referred to the Cih• Council of said City at its meeting to be then
held at the Council Chambers in the Civic Center in said City. Open bidding will be concluded not later than 1:30
o'clock P.M., and, after the best open bid has been determined, the sealed bids will be publicly opened and the bonds
will be sold to the highest bidder for cash. Sealed bids will be fully protected.
Bonds will be dated June 1, 1977 in the denomination of $5,000 each, and to mature as follows:
MATURITIES—June 1
$115,000 ............. _ 1979 $300,000 1953 S3251000 19S6
200,000 ................... 19S0 300,000 ......... .. .. .. 19S4 325,000 _ 19S7
200,000 ................... 1981 300,000 ............. ..... 1955 325.000 ....... .,.... .. 19SS
300,000 ................... 19S2 325,000 .................. 19S9
Said bonds will bear interest payable December 1, 1977 and semiannually thereafter and will be registrable as to
principal only.
None of said bonds will be optional for redemption prior to maturity. Both principal and interest will be parable at
the office of the City Treasurer, Iowa City, Iowa. Each bid must be only for all of said bonds upon terns of not less than
par and accrued interest and shall specify the interest rate or rates for the bonds in a multiple of onc-quarter or one-tenth
of one percent provided that only one rate shall be specified for a single nnatnrit• and not more thin three (3) rates
may be named. Repeating a previously mentioned rite will not constitute an additional interest rate. The difference
between the highest and lowest rate of interest bid shall not exceed 1% jc per annum incl the maxinnun rate of interest
which may be bid shall not exceed Ko. Each installment of interest will be represented by a single coupon on each bond.
The bonds will be awarded to the best bidder determined upon the basis of the lowest total interest cost at the rate or rales
designated in his bid from June 1, 1977 to the respective final maturity dates, after deducting any premium.
These bonds constitute general obligations of the City payable from luxes levied upon all the taxable property in the
City without limitation as to rate or amount. Said bonds are expected to be deliverer) within thirty (30) days after the
sale at any mutually agreeable bank or trust company in the City of Chicago, Illinois or Des Moines, Iowa, without
expense to the purchaser. Should delivery be delayed beyond sixty (60) days from date of sale for any reason without
the fault of the City, or except failure of performance by the purchaser, the purchaser nay withdraw his check and
thereafter his interest in and liability for the bonds will cease. Mien the bonds are ready for delivery, the City will give
the successful bidder five (5) days' notice of the delivery date and the City will expect payment in full in immediately
available funds on tint date, otherwise reserving the right at its option to determine that the bidder has failed to com-
ply with his offer of purchase. The City will furnish the printer) bonds and the approving opinion of Messrs. Ahlers,
Cooney, Dorveileq flaynie and Smith, Lawyers, Des Moines, Iowa, together with the transcript and usual closing pipers,
including non -litigation certificate. Said opinion will be printed on the bonds and will recite that, based on existing
statutes and decisions, interest on said bonds is exempt from present federal income taxes. Each bidder must furnish a
separate certified or cashiers check drown on a solvent state or national bank or trust company as bid security in the
amount of $60,300 payable to the order of the City Treasurer of said City as a guarantee of good faith, this amount to
be retained pending full performance by the successful bidder and to be forfeited to the City as agreed liquidated dam-
ages upon failure of the purchnser to take up and pay for the bonds when ready in accordance with his bid, which most
be reduced to writing on the Official Bid Corm.
The City Council reserves the right to waive infomwlities in any bid, to reject any or all bids and to determine in
its sole discretion the best bid.
The City Council has authorized the preparation of all Official Statement containing pertinent infomnation relative to
the City. For copies of that Statement and the Official Bid Porn, or for any additional infennalion, any prospective pur-
chaser is referred to Rosemary Vilosh, Director, Department of Financv, Civic Center, Iowa City, Iowa, or the Municipal
Finance Consultants to the City, Paul D. Speer & Associates, inc., 20 North Wacker Duive, Chicago, Illinois 00606. Tele-
phone.: Area 312--340.0858.
By order of the City Council of the City of inwa City, Iowa.
/s/ AmmnSTor.rus
May31, 1977 City Clerk
•
City of Iowa City
Civic Center
Iowa City, Iowa
OFFICIAL BID FORM
L�
J
June 28, 1977
Gentlemen:
For $3,015,000 Essential Corporate Purpose Bonds of the City of Iowa City, Iowa, described in the annexed Official
Notice of Sale, which is made a part hereof, we will pay you the par value thereof plus accrued interest from June 1,
1977 to the date of delivery, plus a premium of $ , for all of said bonds bearing interest at die following respective
interest rates, each being a multiple of 1/4 or 1/10 of 1%.
$115,000 ..........
1979 %
200,000 ..........
1980 %
200,000 ..........
198L -0/o
300,000 ..........
198° %
MATURITIES -June 1
$300,000 .......... 1983 %
300,000 .......... 1984-0/0
300,000 .......... 1985 90
$325,000 ..........
1986
%
325,000 ..........
1987
%
325,000 ..........
1988
%
325,000..........
1989
%
Said bonds are to be executed and delivered to us in accordance with the terns of this bid accompanied by the
approving legal opinion of Messrs. Alders, Cooney, Dorweiler, Haynie & Smith, Des Moines, Iowa, which is to be printed
on the bonds. You are to pay for said legal opinion and printing the bonds. Unless we notify you to the contrary within
24 hours, CUSIP numbers are to be printed on the bonds at our expense and we agree to accept the bonds at delivery
with the CUSIP numbers as printed.
As evidence of our good faith, we enclose herewith check to the order of the City Treasurer, City of Iowa City,
Iowa, in the sum of $60,300 in accordance with the Official Notice of Sale. We attach hereto the list of the members of
our account an whose behalf this bid is made,
Description of Check:
Amount: $00,300
Name of Bank
City State
Certified (Casbieis) Check No.
Dated
(For Use By City Only)
The above check was returned and received for the
above named Account Manager
By
Respectfully submitted,
Name
Account Manager
By
Address
City State
NOT A PART OF BID
Our calculation of net interest rate from above is:
Total Interest ......................
$
Less Premium .....................
$
Net Interest .......................
$
Net Interest Rate ...................
%
The foregoing bid was accepted and bonds sold June 28, 1977 and receipt is hereby acknowledged of the good faith
check which is being held in accordance with the terms of the Official Notice of Sale.
CITY OF IOWA CITY, IOWA
Director, Department of Finance
TABLE OF BOND YCABS
From June 1, 1977
(Fat Computation Only. Not a Part of Rid.)
Bond Years Bond Years
Maturity
Annual
Cumulative
$ 300,000
Maturity
June 1
Amount
Annual
Cumidntive
June 1
1070 .............
$115,000
230
230
1985 ...........
1080 .............
200,000
000
830
1980 ...........
1081 .............
200,000
800
1,630
1087 ...........
1082 .............
300,000
1,500
3,130
1088 .........
1983 .............
300,000
1,800
4,030
1980 ...........
1984 .............
300,000
2,100
7,030
Average Life: 7.855 Years
Amount
Annual
Cumulative
$ 300,000
2,400
9,430
325,000
2,025
12,355
325,000
3,250
15,605
325,000
3,575
19,180
325,000
3,000
23,080
$3,015,000 23,0811
• Aa CA C(141: !�1!i RA:1. •/LII
1 /
CowIN n. eRENL NrCa ' _�
aEnaoo 1
"AUL P. ANL[RU
JAIAED [2 DDDN EY
AHLER SI COONEYI DORW EILE R. HAYNIE S: SMITH �)
. J. onwEUER
"H UN1.R
KENNETH IL HAYNIE
LAWYERS
H. RICHARD SIAITH
JAMCS L. KnAM11ECR
N20 LIBERTY DW LDING
JOHN1. NCKINNL'Y. in.
SIXT14 AND GRAND
L. W. nOnCOnUDK
PICHARO C. OANTI
DES MOINES, IOWA SOODSI
ELI J. WIRT.'. June 3, 1977
TCRnY L. MCNOUN
LANCC A. CO""CCK
DAVID 11. LUUINDILL
Ms. Rosemary Vitosh
Finance Director
Civic Center
410 E. Washington Street
Iowa City, Iowa 52240
Re: $3,015,000 General Obligation Bonds
Dear Rosemary:
I understand that there was a last minute coordination
problem with respect to the Notice of Bond Sale and that you
are substituting a Notice provided by Paul Speer for the one
which our office originally prepared. There should be no
problem in doing that so long as it's coordinated with the
form as published and as circulated in the Notice to Bidders.
I am enclosing herewith the procedure to cover the
receipt of bids and award of bonds on June 28th. " you
know, the sealed bids for the bonds should be received and
placed on file unopened, open bids should then be called for
and received, if there are any, and the best open bid noted
in the minutes. Thereafter the sealed bids are to be opened
and the bonds will then be awarded to the lowest bidder. If
any questions arise at the time of the sale please do not
hesitate to get in touch with me either at the office or at
home.
The Notice of Bond sale sets out the restrictions on
the type of interest rates which may be bid, as well as the
number of rates. Up to three different interest rates may
be bid for the issue and each interest rate must be in a
multiple of one-quarter or one—tenth of one percent. Each
bidder is required to furnish a bid check in the amount- of
$60,300. The check of the successful bidder for such issue
0 0
Ms. Rosemary Vitosh
Page 2
June 3, 1977
should be held uncashed by the City as security that the
bidder will take the bonds as agreed upon when the same have
been printed and are ready for delivery. In the event that
anyone desires to bid orally for the bonds, you should
require that a bid check in the required amount be deposited
prior to accepting any bids.
Two extra copies of the procedure are enclosed to be
completed as the original and certified to our office,
together with a conformed copy of the Bond Sale Agreement.
As soon as possible, following the sale, please get in
touch with me by telephone and advise me of the sale results
so that I can immediately prepare the balance of the procedure
in order to speed final action and the printing of the
bonds.
If any questions arise, please keep me advised.
AHLERS
LO
KHH:vm
Enc.
CC: John W. Hayek
HAYNIE & SMITH
f
eewn.a��
n to by - /
• CITY OF IOWA CITY, IOWA • CL ��
Tentative Financing Timetable
$3,015,000 - 1977 Issue
Tuesday, May 31, 1977 - Resolution directing advertisement of bonds adopted by
Week of July 18, 1977 - Deliver bonds, receive proceeds.
�� _are h•�-tee- �c �- ��� ��-� �=4`'-C.� �/ «,..<- -%
Paul !. Speer E Associates, Inc.
May 25, 1977
RVN:mk
City Council.
Wednesday, June 1, 1977
- Paul D. Speer b Associates, Inc. (PDS&A) mail news re-
lease regarding bid opening on Tuesday, June 28, 1977.
Friday, June 3, 1977
- First draft of Official Statement to City for review and
comment to PDS&A by Wednesday, June 8, 1977.
Monday, June -5, 1977
- PDS&A receive Official Statement, etc, printing bids and
award.
Wednesday, June 8, 1977
- PDS&A receive first proofs on Official Statement, -etc.
and mail all information to Moody's.
Friday, June 10, 1977
- PDS&A give proof approval on Official Statement, etc.
Monday, June 13, 1977
Tuesday, June A 1977
Monday, Ane 20, 1977
- PDS&A mail Official Statement to banks, underwriters and
investing institutions.
- PDS&A publish suJnmary Notice of Sale in The and Buyer.
- PDS&A receive bond printing proposals and award.
Tuesday, June 28, 1977
- Bond bid opening at 1:00 P.M.
Week of July 18, 1977 - Deliver bonds, receive proceeds.
�� _are h•�-tee- �c �- ��� ��-� �=4`'-C.� �/ «,..<- -%
Paul !. Speer E Associates, Inc.
May 25, 1977
RVN:mk
G�.
COWIN D. CAgPENTLq
RCTIRCD
PAUL 1'. AM L&PS
JAMES LYANB DDDNEY
NE
AHLERSI GOONEY, DORWEILER, HAYNIE & SMITH
PHILIP J. OORWEI
KENNETH M. N.YNIC
LAWYERS
H. RICMARD ON"
JAMES L. KRAMDCCK
920 LIBERTY BUILDING
JOHN P. MCKINNCY. JR.
SIXTH AND GRAND
L. W. RO SCBgOOK
RICHARD R. BANTI
DEB MOINES, IOWA 50309
ELI J. WIRTS
May 26, 1977
TERRY L. MONSON
LANCCA. COPPOCK
DAVID H. LUDINDILL
Ms. Rosemary Vitosh
Finance Director
Civic Center
410 E. Washington Street
Iowa City, Iowa 52240
Dear Rosemary:
AREA CODE 515 240.9611
Re: $3,015,000 General Obligation Bonds
I am enclosing herewith the following procedure to
cover the sale of $3,015,000 General Obligation Bonds.
The procedure consists of a Resolution Directing the
Advertisement of Bonds for Sale, and the form of Notice of
Sale. The Notice of Bond Sale must be published twice on
the same day of two successive weeks and the sale may be
held at any time after seven (7) days following the date of
the second publication. An extra copy of the Notice is
enclosed for use by the newspaper.
The Notice of Bond sale sets out the restrictions on
the type of interest rates which may be bid, as well as the
number of rates. Up to three different interest rates may
be bid for the issue and each interest rate must be in a
multiple ofne-eight�or onewen ie f"one` percent.
Each bidder is required to furrrlsh a bid check in the amount
of $60,300. The check of the successful bidder for such
issue should be held uncashed by the City as security that
the bidder will take the bonds as agreed upon when the same
have been printed and are ready for delivery. In the event
that anyone desires to bid orally for the bonds, you should
require that a bid check in the required amount be deposited
prior to accepting any bids.
Two extra copies of the procedure are enclosed to be
completed as the original and certified to our office,
together with a conformed copy of the Bond Sale Agreement.
0
Ms. Rosemary Vitosh
Page 2
May 26, 1977
0
Enclosed too is a suggested form of "Official Bid Porm"
prepared by Ron Norene.
I£ any questions arise, please keep me advised.
Very truly yours,
ARLERS, COONEY, DORRI ER, HAYNII & SMITH
By
Lance A.
LAC:vm !
Enc.
CC: John W. Hayek
Ron Norene
w/copy of Notice
i f�JLc
PEPC
S YES EP 'c, o A�� 2�SEr- o-"
5-�\ 1 kpOE CA 0
. owl _ 91F -`e tk'� 311 ,tc4"" EcFr^
pEZ0Lv,YW r% E Sy RT t� •• Q S oF p ��P� -E ° s" ('00
Eckab'
ME
4�<t£
S P` E.
I
PA
0
n
u
f �• CIVIC CENTER, EWASHINGTON ST
IOWA
CITY, IOWA
52240�7��/(?/
31c354 -1e00
,unC"cwt
up -
June 30, 1977
Paul D. Speer,
Paul D. Speer f, Associates, Inc.
20 North Wacker Drive
Chicago, Illinois 60606
Dear Paul:
Attached are the imprints of the City of Iowa City Official Seal
that you asked for.
Yours truly,
Abbie Stolfus
City Clerk
Enc.
i
PAUL O. SPr EN,lhuama 11
Luvoon UARCE
NON -AW V. NOPENF
111014AS L.0000IILAN
JOAN W. ILLYEF—M.
PAUL 0. (PETE) SPCF..R.JH.
LAW RFIICE J. 41141:.1 r R
(lIP)i.. fOL_
TIILOGORE RKl1N).
ovaoenan. wlz..om:
tmgvne nolo
The Honorable Mayor
and City Council
Civic Center
lot -'a City, Iowa 52240
Gentlemen:
MUNICIPAL FINANCE CONSULTANTS
A13CA JSP • 1'I14A Ni IAL CI-01._:El
June 23, 1977
Bids were received today covering your $3,015,000 City of Iowa
City, lona, Essential Corporate Purpose Bonds. There were bids
received which, are listed at the bottom of this letter in accordance
with the attached signed bids. There were oral bids received.
Upon examination, it is our opinion that the bid of
is the best bid re-
ceived, and it is further our opinion that it is favorable to the Ci Ly
and should be accepted. We therefore recommend that the bonds be awarded
to that bidder it the coupon rates and premium specified in the bid,
being at a net interest rate of —q.
Net Interest
Account Managers
6(1"- -,P -:t-&11(1:441 � `It.<Lk— Ratc�
Carleton D. Beh Co, and Mercantile Trust Company, 11. A. .... - Z 3.S'(� %
The Chase 1lanhattan !Bank, N.A. ..................... ....... 1L" ";.c,
Continental Illinois National Dank and .Trust Company
of Chicago and Bache Halsey Stuart, Inc. and Associates y477'kZ/
The First National Bank of Chicago and Associates .........� Q5-"(,
Barris Trust and Savings Bank and Iowa -Dos Moines
National Bank and Associates ............................
Tho. Northern Trust Company and Associates .................
...........
............ 7
............ :.
Yours truly,
PAUL D. SPEER L Associates, Inc.
Presi&-,nt
PDS:II)Ic
1 I J
L� .,�i;l nri rll'.1, •�)f r`. MUNICIPAL F114ANCE CONSULTANTS
PAUL U. pPCE a,I'ena UCm
ELWOOD DARCC
RONALD V. t4001:IJE
THOLIAS E. COJJC ALAN
JOIN W. ILLYE-, JPI.
PAUL 0. (•'ETC) SPECR,JN
LAWRENCE J. RIIA IA I:R
Inr.)zo-s.-man
THEODORE. U. KUNZ
I)u00 r. f'IELC. WIi. M1]O(IS
(wl<))CG,t)GO
The Honorable Mayor
and City Council
Civic Center
Iowa City, lona 52240
Gentlemen:
Ar<F.A 32 • FINANCIAL G-Ofl'i3
.1LHle 21, 1977
Bids were received today covering your $3,015,000
City of Iona
a, Essential Corporate Purpose Bonds. There were
City, lota;•;
';:. bids
received which are listed at the bottom of this letter in accordance
with the attached signed bids. There wore oral bids
received.
_ •.,
n j ,
/ Upon. eramina_tion, it is our opinion that the bid
of\-f;..t�';/C-1:,.1 _1 .
c��('lo (➢. L.l. 11,, t;{:. — — is the
best bid re-
eeived, and it ,ins further ouriopinion that it is favorable
to the City
and should be accepted. 1 -le therefore recommend that the bonds
be awarded
to that bidder at the coupon rates and premium specified in
the bid,
being at a net interest rate of �,) 7:' .%, •
/ILIY
rt Lo'�+`"'
'
Net Interest
M
Account tlana ersat� 1 4R E-.'••^_
l `S
Rate _
�'
Carleton D. Deh Co. and 1lercagtHe Trust Company, N.A.
-1 2
he LhasrrJ9anhal �iri�Bankrll,lt�...........................
to c,.l y
continental Illinois National Bank and .Trust Company
yJ 7 ,4/Jl�j
of Chicago and Bache Halsey Stuart, Inc. and Associates
The First National Bank of Chicago and Associates .........
Barris Trust and Savings Bank and Iowa -Des Moines
�l . '1 rr• r
National Bank Eind Associates ......•••........•••••
_
The Northern Trust Company, and Associates ......•.........•
4• )- / S-[__7
•-c ;,, r..; 1,
...........
---'
yours truly,
PAUL D
— _6
%
i
SPEER & Associates, Inc.
President V
PDS:ml,
r 20(1,000 000 830 1080 ........... 8"_5,000 2,025 19,355
1.1fiU crm i AM 1087 ............ 325,000 3,250. 15,00.5