HomeMy WebLinkAbout1978-08-09 Correspondencei
MICROFILMED BY JORM MICROLAB
CEDAR RAPIDS AND JLS h1U1!+Lj, iUw,
CERTIFICATE
CiG - 3 4-78
COMPLETE & RETURN TO
STATE OF IOMA ) MR. HAYNIE
COUNT`! OF ) SS:
JOHNSON )
I, the undersigned City C.lfrk
wa, do hereby r ti.P} that: a t::r.:: ; .s a t -':le and complete copy
o" Zhe portion of the corporate records of said municipality
showing,proceedings of the Council, and the same is a true and
ccclpiete 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and have not been amended or rescinded in any way; that meeting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 pursuant to
the rules of the Council and the provisions of Chapter. 28A, Coda
of Iowa, upon advance notice to the public and media 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, caistence or
Loundaries 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
affi:ced this 1)llI day of
T 19 78
Clerk or the city of _I wa City
Iowa
SEAL
A,4CR5. CCev[r. DO R,r uL[R. H.IT". L. N. CR I. DES "0R1 us. 101
141CROFILMED BY
JORM MICR+LAB
f.FDRR RAPIDS • DCS M011M
11
f4I1:ROFILMED BY JORM 141CROLAB
PAUL D. SRCE R.Pnc sror. r.!
ELWOOD DARCE
NONALD V. NURENE
THOMAS E. COUGIILAN
PAUL U.IPCIL)iPEEIi.JN.
JAMES C.CUSSER
LAWRENCE J. RIMMEn
w 11111OO.rUWA hU/O]
THEODORE D.NUNZ
A 1+�+um.+uco
The Honorable Mayor
and City Council
Civic Center
Iowa City, Iowa 52240
Gentlemen:
CEDAR RAPIDS AND ULS MUiNLJ. .U,l
MUNICIPAL FINANCE CONSULTANTS
AREA 3I2' FINANCIAL U-ODBD
August 9, 1978
Bids were received today covering your $2,250,000 City of Iowa
City, Iowa, General Obligation Bonds. There were bids received
which are listed at the bottom of this letter in accordance with the at-
tached 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 City
and should be accepted. We 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 S•
Net Interest
Account Managers Rate
(� Continental Illinois National Bank and Trust
Company of Chicago and Bache Halsey Stuart i
Shields, Inc. and Associates 4.76q 7.2 2 7
The First National Bank of Chicago and Associates ......... %
Harris Trust and Savings Bank and Iowa -Des Moines National
Bank and Associates •• •• %
3 The Northern Trust Company and Associates 7,
y John Nuveen E Co., Inc. y %
n �....... ?331.632
lJnited California Bank and Associates .... fFP+ X�. :;
Wauterlek E Brown, Inc. .....
PDS:mk
Respectfully submitted,
PAUL D. SPEER E Associates, Inc.
ESTABLISHED 1954
111CROFILMED BY p�
' JORM MICR+LAB
CFMm NAPIPS 0rS 110114[5
President
MICROFILMED BY JORM 141CROLAB
CEDAR RAPIDS AND JLS I.IUIIILJ, .V,. .
L� .,LiJ nrirt.I•J, ..Ylr. • MUNICIPAL FINANCE CONSULTANTS
PAUL D. SPEERPw[.mpn
'
ELWOOD MANCE
� {A /,
PONALD V. NORCNC
']I/ //'ii'Y'+I ]!/"
• T1I0MAS E,C000IILAN
PAUL 0.(PCTQ5PLCR.J1:
/i•!///', •. ��////N.J l��//��
JAMLS 1.,:U55ER
• LAWNCNCE J. RIMMER
AREA 312 FINANCIAL 0-0060
vrnllwLOO, 10.A 50103
Nr w)]]e'11,nv
August 9, 1978
I,ICODORC 0.8LLNZ
A
' r. .uu mu. wir. s3uew
Mr+r )e r)o•.0
The Honorable Mayor
and City Council
Civic Center
Iowa City, Iowa 52240
Gentlemen:
Bids were received today covering your $2,250,000 City of Iowa
City, Iowa, General Obligation Bonds. There
were /3,11 -N41 bids received
which are listed at the bottom of this letter
in accordance with the at-
tached signed bids. There were oral
bids received.
Upon examin tion //t Is our opinion
y�l: tLt�Vl t, Ct �'1-
that the bid
is
(c�Ll. 1
J:; /Q3-� aan
the best bid re-
ceived, and it is furt�ur opi�ion that it
is favorable to the City
and should be accepted. We 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 J+--)G4L7-)i)
% -
Net Interest
Account Managers Rate
Continental Illinois National Bank and Trust
Company of Chicago and Bache Halsey Stuart
Shields, Inc. and Associates ............................ 1-x'76 �4 7.7.4
The First National Bank of Chicago and Associates ........
Harris Trust and Savings Bank and Iowa -Des Moines National
Bankand Associates ..................................... %
The Northern Trust Company and Associates .................4/7 —3 I, %
John Nuveen E Co., Inc....................................�%
United California Bank and Associates .................*. Lf g i %
IJauterlek L Brown, Inc . ................................... !¢ o'
...........
............ %
.............. %
............ %
Respectfully submitted,
PAUL D. SPEER G Associates, Inc.
PDS:mk \ President
ESTABLISHED 1954
141CROrILMED BY '
I i
JORM MICR+LAB
CEDAR RAPIDS • DFS MOINES
14IL! DW IL14ED BY DORM 141CRULAB
CEDAk RAPIUS AND uLS :4U1:1L_ , IUI••.
�l_.—_._ .._.....:s? :__S:�sm.'f 4:�c`F-Yrk.Y1=P.4Eav dr.0e.:sh:F.�l.fli.L'.'+siit'tF:.-ka.r3:,?'a.rs:i...::,.7i�:.�di:1a�1Bi7G,6:d.'iL•IFR'kiSSt•a.. iv �':��'�:r.
"r.
City of Iowa City
Civic Center
Iowa City, Iowa
Gentlemen:
OFFICIAL IIID FORM
August 9, 1978
For $2,250,000 Ceneral Obligation Bolds 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 v;due thereof plus accrued
interest from September 1, 1975 to the date of delivery, plus a premium of for all of said
bonds bearing interest at the following respective interest rates, each being a multiple of 1/4 or 1/10 of 1%.
,,�' ryryC%
MATURITIES—June lip /U
$100,000 g
. 1980�$200,000 ......... 1983 i!% $300,000 ..... 1987 "x 0
100,000.......... 1981 .%j6%n 200,000 .._......... 1984 % 300,000 .............. 1988 —%
150,000 1982 % 300,000 ............. 1985 _ % 300,000............ 1989 -L-7o300,000 .............. 1986 %
Said bonds are to be executed and delivered to us in accordance with the terms of this bid accompa•
nied by the approving legal opinion of Messrs. Ahlers, 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 of Iowa
City, Iowa, in the sum of $45,000 in accordance with the Oilleial Notice of Sale. We attach hereto the
list of the members of our account on whose behalf this bid is made.
Description of Check
Amount: $45,000
Name of Bank
Continental Illinois National Bank
and Trust ComDanv of Chicaeo
City Chicago State Tllinnis
Certified (Cashier's) Check No. B 148171
Dated August 2, 1978
(For Use By City Only)
The above check was returned and received for
the above named Account Manager
By
Res ect<y li
p on inen a edtllinois National Bank
None an ust C m . f Chicago
Ac •onnt Ma(9r
Mr. Leslie( F. Parrts , Vice Pres dent
Address 231 S. La Salle St.
City Chicago State Illinois
(Stili ATTACHED LIST OF MEMBERS)
NOT A PART OF BID
Our calculation of net interest rate from above is:
Total Interest .._.... ....................
i
$77? 9193
Less Premium ................................
$
Net Interest ....................................
$�iZ22a
Net Interest Rate ..........................
)3W
The foregoing bid was accepted and bonds sold August 9, 1978, 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 Or IOWA CITY, IOWA
Dirt; tor, Department o/ Finance
TABLE OF BONI) YEARS
From September 1, 1978
(For Computation Only. Not a Part o/ Bid.)
Clue
hand Years
Due
nand Years
June 1
Atnounl
Annual
Cumulathe
June 1
Amount
Annual
CutnulalWe
1980.. _ ...
.. F 100,000
175.0
175A
1085 _ . ......
$ 300,000
2,025.0
5,137.6
1981... ._.
_.. 100,000
275.0
460.0
1:180.__......,,......
300,000
2,326.0
7,162.5
1982 ..... ....
.. 150,009
662.6
1,012.6
1987 .... .............
300,000
$025.0
10,087.51
1983 _., _.....
_.... 200,000
060.0
1,.mm,
1988 ....................
300,000
2,925.0
18,012.6
1081 .._.._....
.., 200,000
1,150.0
3,112.5
1989 .............._,...,
300,000
3,225.0
16,237.6
Avernre Lite:
7.217 Yearn
$2,250,000
16,237.6
I........ ... .._..._ _.. . _. ...— :... .......... ..._......r.....
ww.ovwnMvxa�vamv*�'+'t' , .
,
141CROFIL14CO BY
DORM MICR+LAB
CFaAR PARIPS • PFS F1011ICS
r- iIwfUt ILidi.0 8Y JURM MICROLAb
City of Iowa City
Civic Center
Iowa City, Iowa
LEUAk RAPIU:, AJiU JLS 'k,.',L
OFFICIAL BID FORM
August 9, 1978
Gentlemen:
For $2,250,000 General Obligation 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 September 1, 1978 to the date of delivery, plus a premium of $—._, for all of said
bonds bearing interestat the following respective interest rates, each being a multiple of 1/4 or 1/10 of 117o.
MATURITIES—June1
$100,000 ....._...... 1980 _—% $200,000 .............. 1983 _% $300,000 1987 —%
100,000 ____...... 1981 _% 200,000 .- _... 1984 _90 300,000 ........... 1988 _%
150,000 .............. 1982 —% 300,000 .............. 1985 —% 300,000 1989 —%
300,000 .............. 1986
Said bonds are to be executed and delivered to us in accordance with the terms of this bid accompa�
nied by the approving legal opinion of Messrs. Ahlers, Cooney, Dorweiler, IIaynie & 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 of Iowa
City, Iowa, in the sum of $45,000 in accordance with the Official Notice of Sale. We attach hereto the
list of the members of our account on whose behalf this bid is made.
Description of Check:
Amount: $45,000
Name of Bank
City State
Certified (Cashier's) 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
By
Address
City
Account Manager
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 August 9, 1978, 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
\ `e� I41CROEILIIED BY
JORM MICR+LAB
CEDAR RAPIDS • DES MOINES
TABLE OF BOND YEARS
From September 1. 1978
(For Com7nitatiol Only. Not a Part of Bid.)
Bond Years Due
Dnnd Yenrs
Due
June I
Amount
Annual Cumulative June I
Amount
Anmtnl
Cumulative
1080
$ 100,000
176.0 176.0 1985... .....,........
$ 300,000
2,026.0
6,137.6
......................
1981......_...___.....
100,000
276.0 460.0 1986 ... .... ...... ..... ,..
300,000
2,326.0
7,462.6
1982
160,000
602.6 1,012.6 1987._ ..................
300,000
2,626.0
10,087.6
.......__.
1983
200,000
960.0 1,962.6 1988 ........ .... ....
300,000
2,926.0
13,012.6
....... .............
1984 ......................
200,000
1,160,0 3,112.6 1989.......,_..._....
300,000
3,226.0
16,237.6
Avernae Life:
7.217 Years
$2,260,000
16,237.6
\ `e� I41CROEILIIED BY
JORM MICR+LAB
CEDAR RAPIDS • DES MOINES
i9iufUr iLi`:�u SY JURM 1•tICkULAif
• CLUAH kAPM AIiU UL.
OFFICIAL NOTICE OF SALE
$2,250,000
General Obligation Bonds
Sealed bids will be received until 1:00 o'clock P.M., on the 9th day of August, 1978, at the office of
the Director of Finance in the Civic Center, Iowa City, Iowa, for the purchase of $2,250,000 General
Obligation Bonds of the City of Iowa City, Iowa, at which time such bids will be referred to the City
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 September 1, 1978, in the denomination of $5,000 each, and to mature as follows:
MATURITIES—June 1
$100,000 .. . _ 1980 $200,000. 1983 $300,000 _, _ .. .. __. 1987
100,000... _ 1981 200,000 1984 300,000 1988
150,000. .. 1982 300,000 .. ._.... ...,... 1985 300,000. . _ _ _._........ 1989
300,000 .......................... 1986
Said bonds will eaanlinterest payable June 1, 1979, and semiannually thereafter and will be regis-
trable as to principal
None of said bonds will be optianal for redemption prior to maturity. Both principal and interest
will be payable at the office of the City Treasurer, Iowa City, Iowa. Each bid must be only for all of said
bonds upon terms of not less than par and accrued interest and shall specify the interest rate or rates for
the bonds in a multiple of one-quarter or one-tenth of one percent provided that only one rate shall be
specified for a single maturity and not more than three (3) rates will be named. Repeating a previously
mentioned rate will not constitute an additional interest rate. The difference between the highest and
lowest rate of interest bid shall not exceed 17o per annum and the maximum rate of interest which may
be bid shall not exceed 7%. 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 rates designated in his bid from September 1, 1978 to the respective final maturity
dates, after deducting any premium.
These bonds constitute general obligations of the City payable from taxes levied upon all the taxable
property in the City without limitation as to rate or amount. Said bonds are expected to be delivered
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 may withdraw his check and thereafter his interest in
and liability for the bonds will cease. When the bonds are ready for delivery, the City will give the
I successful bidder five (5) days' notice of the delivery date and the City will expect payment in full in
immediately available funds on that date, otherwise reserving the right at its option to determine that
the bidder has failed to comply with his offer of purchase. The City will furnish the printed bonds and
the approving opinion of Messrs. Ahlers, Cooney, Dorweiler, Haynie and Smith, Lawyers, Des Aloines,
Iowa, together with the transcript and usual closing papers, 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 certi-
fied or cashier's check drawn on a solvent state or national bank or trust company as bid security in the
amount of $45,000 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 damages upon failure of the purchaser to take up and pay for the bonds when
ready in accordance With his bid, which must be reduced to writing on the Oficial Bid Form.
The City Council reserves the right to waive informalities 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 an Official Statement containing pertinent infor-
mation relative to tL'c City} n^r copies of that Statement and the Official Bid Norm, or for any additional
information, any prospective purchaser is referred to Rosemnry Vitosh, Director, Department of Finance,
Civic Center, Iowa City', Iowa, or the Municipal Finance Consultants to the City, Paul D. Speer &
Associates, Inc., 20 North «racko• Drive, Chicago, Illinois 60606. Telephone: Area 312-346-0858,
By order of the City Council of the City of Iowa City, Iowa.
/s/ ABBIE STOLFUS
City Clerk
,July 11, 1978
141CROMMED BY
JoRM MICR#LAB
MMR RAPIDS • RCS'10114Fs
MILRUFILMLU BY JORM 141CROLAB
New Issue
Date of Sale: August 9, 1978
• CLUAk RAPIUJ AMU ULA :'!Ui:iL,,
n
Investment Rating:
Moody's Investors Service, Inc..... ...... Ann,
(Outstanding-Bonds—Review-Requested)
OFFICIAL STATEMENT
Interest Exempt, ht Opinion of Bond Counsel, From All Present Federal Income Taxes
$2,250,000
CITY OF IOWA CITY, IOWA
General Obligation Bonds
Dated September 1, 1978 Due June 1, 1980-1989
Non -Callable Coupon Bonds Denomination $5,000
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 June 1,
1979.
Overlapping Debt:
Johnson County ....... .......... ........ 2,485,000 49.047o 1,218,644
.2670 23.64
MATURITIES—June 1
.831/. 74.45
Total Direct and Overlapping Debt ....................................................-.. _..... _.......... $13,272,339
$100,000 ............................
1960
$200,000............................
1983
$300,000............................
1987
100,000 ............................
1981
200,000............................
1984
300,000............................
1988
150,000 ...........................
1982
300,000............................
1985
300,000............................
1989
300,000 ..........................
1986
PURPOSE, LEGALITY AND SECURITY
Bond proceeds will be used as follows: Sanitary Sewer System Improvements, $1,015,000; Bridge
Repair, $625,000; Street, Curb and Traffic Signal Projects, $610,000. These bonds are general obligations
of the City of Iowa City, Iowa, and in the opinion of bond counsel, Messrs. Ahlers, Cooney, Dorweiler,
Haynie 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 furnish 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—Including This Issue
As of July 1, 1978
City Grass Assessed (Actual) Value, January 1, 1977 (Not including Moneys and Credits) ..................
$466,467,080
Applicable
Ratio Per Capita
to City 1978 Pop.
Totnl Percent Amount
Actual Fst. Q 51 Jr 50
Direct Debt (Incl. This Issue)' .......,__. _........-. .. $8,216,000 100.00% $ 8,21G,000
1.7670 $ 159.38
Overlapping Debt:
Johnson County ....... .......... ........ 2,485,000 49.047o 1,218,644
.2670 23.64
Iowa City Community Sch. Dist ............................. 5,537,000 09.3170 3,837,695
.831/. 74.45
Total Direct and Overlapping Debt ....................................................-.. _..... _.......... $13,272,339
2.85% $ 257.47
PerCapital Actual Value ........... ................. ...... ........ ...... ............. ...................... ,.... ........... ........... ...........
............. $9,048.83
•0/ the Direct Debt, $9,065,000 aro considered self-supporting as water and sewer revenues are used to annually
abate the taxes thereon. Excludes $2,904,000 (Vater Revenue Bonds and $1,295,000 Sewer Revenue Bonds. Also
excludes $5,090,000 Industrial Development Revenue Bonds, principal and interest of which
are payable solely from
rents ander a lease with the Phillips Petroleunn 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 opinion and not as representations of fact.
This Official Statement has been prepared under the authority of the City of Iowa City, Iowa. Addi-
tional copies as well as copies of the Official Notice of Sale and Official Bid Form may be secured from
Rosemary Vitosh, Director, Department of Finance, Civic Center, Iowa City, Iowa, or from the Financial
Consultants to the City:
Established 1954
PAUL D. SPEER & r&doelwled,� Jltc.
MUNICIPAL FINANCE CONSULTANTS
20 NORTH WACKER DRIVE • CHICAGO, ILLINOIS 60606
Area 312 -346-0858
:41CROFILMED DY
JORM MICR+LA13
frDAP RAPIDS • PES MOINrS
filLi(OFILi4f.O BY JORM MICROLAB
• CEDAR RAPIDS AMD LLS U1:+L:,
CITY OF IOWA CITY
Johnson Cooly, lows
Robert Vevera, Alayor
City Council
John Balmer, Mayor Pro Tent Mary C. Neuhauser
Carol 11'. deProsse David Perrot
Clemens Erdahl Glenn E. Roberts
City Officials
Neal G. Berlin, City Manager
Abbie Stolfus, City Clerk John W. Hayek, Attorney
Rosemary Vitosh, Director, Department of Finance Nancy Heaton, Treasurer
GENERAL iNFORMATION
Iowa City is located near the center of the eastern third of the State and is the seal of Johnson
County and the home of the State University of [owa, the oldest and largest educational institution in
Iowa. it is about 115 miles west of Des Moines, `LO miles south of Cedar Rapids, and 55 miles west of
Davenport. A Special Census as of January 1, 1975 reported it population of 47,747 anti City officials
estimate it present population of 51,550. The 1970 Census population was 46,850, in increase of 41 per-
cent over 1960. Over the same ten year period, the City's ]aunt area increased from eight square miles to
21 square miles, the approximate present area.
A primary reason for the large indicated population increase during the 1960's is the significant
increase in enrollment at the University. Total enrollment, undergraduate, graduate anti professional,
was 11,113 in 1960 and 20,322 in 1970. Slower enrollment growth has occurred in the 1970's. Enrollment
at the start of the 1977-1978 academic year was 22,766 and the projection for 1980-1981 is 23,327. It is
anticipated that enrolltnent thereafter will decrease to sonic 20,050 in 1987-1988.
The governing anti legislative body of the City consists of seven Council members. Council terms
are for four years and elections are every two years, which allows for continuation in office of at least
three members at each bi-annual election. All Council members are elected at large but three members
are nominated from specific districts while the other four are nominated at large. The Mayor is elected
by the Council from its own members. Since 1951, the Council has unified its administrative functions
through its City Manager who, its administrative head of the City government, supervises the per-
formance of the 380 full-time (and 39 part-time) municipal employees including it 54 man police force
and a 51 man fire department. The City owns and operates its water supply (Iowa River anti wells) and
distribution system and a sewage collection and treatment system (with secondary treatment provided).
The excellence of the City's fire department and water supply system have combined to give the City
it class 4 fare insurance rating. Virtually the entire City has separate storm and sanitary sewers. The
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 a transit system (buses) in and around the City which currently
consists of twelve routes, thirteen hours per day, six clays per week with it subsidized fare of 25¢. It is
expected to carry more than 1,500,000 riders in fiscal year 1978.
Many cultural events are sponsored by the University of ]owa. These, plus the University's athletic
programs, provide Iowa City residents with year-round activities and entertainment. Local residents
also enjoy 480 acres in 27 parks with eleven supervised playgrounds and three public swimming pools.
Three public all(] two private golf courses are located in the community. The 42 churches in Iowa City
represent all leading denominations. The City's public library houses 110,000 volumes In(] has a circula-
tion of 470,000. Iowa City Community School District includes all of Iowa City, the City of Coralville,
aul adjacent rural areas. The district administers 16 elementary schools, three junior high schools, and
two high schools with a combined total enrollment of 9,048, (Iowa front 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 253'and 492, respectively. At the 1970 Census, parochial/private
school enrollment totaled 5.7 7, of the total enrollment, substantially below the Statewide average of 10.07a.
ECONOMICS
Statistics from the 1970 Census indicated that Iowa( City residents are well above average in
terms of housing and income. 'file median value of owner occupied homes in the City was the highest of
the 16 cities in the Stale with n population of 25,000 or more. lledimn family income was ut the midway
point of the 16 city group but per capita nnoney income was the third highest. Per capita money income
in loot was up 47.5 percent over the 1969 amount reported in the 1970 Census, according to Census
Bureau estimates.
U.S. Census Figures
Median
Medinn
Value
of homes
Pnmlly
Income
Per CnRita Money Income
—1970
=191118
1469 197211 1971
fowa City ..., _._... __ $23,169
$9,942
$3,028 $3,573 $4,465
Johnson County ..__._._ ............................. 22,523
9,744
3,007 3,574 4,508
State of ]owe ..,.. .._ 14,025
9,016
2,884 3,510 4,628
iJ
141CROrIL1110 BY
JORM MICR+I-AB
CITAR RANDS • DES MOMES
The Universil
Major industrial
Owens Brush Co.,
Products) t Westin
& Gamble, 350 ei
Bell Telephone, 27
residents include I
paper conversion 1
The Iowa Cil
The March 1978
ment of Job Servi
Iowa City labor in
2.3 percent in 197:
Iowa City is
about 20 miles fro
daily flights availq
Railroad and by .
the Milwaukee R
and bus lines opo
the main east-wes
Iowa City. Chico
As of March
total deposits of $
Commerce and In
Commercial a
of Business f]gur
wholesale sales by
were 17 percent f
Iowa City
1967 ................... .
1972 ......................
Increase 1967/72
Major improvenne
tion 11as begun on
shopping mall is
retail space is pla
The City's iT
according to the
"to be the best va
Iowa
Pensions
City
for their employe(
employees contrib
liability to any mu
the Iowa Legislat
final average sale
tion rate to 5.76'7
The Police an
total costs of the 1
lav wns amended
agreed to fund til
30, 1977 to the Po
$2,838,038. For tl
System was 22.1 t
System was 27.73
butions are establ
of entrance into t
Police and Fire P
be fully funded by
Systems no longe
Systems.
PIILR0FI1_i4c0 BY JORM 141CROLAB LLUAK KAYIUZ, ANU UL� v, "
141CROFILMED BY
JORM MICR¢LAS
CEDAR P.AP105 • OB MOVIES
The University of Iowa is the largest employer in the City with approximately 11,000 employees.
include the following:
Major industrial employers and the approximate number of their employees
Owens Brush Co., 450 employees (Toothbrushes) ; Sheller Globe Corp., 535 employees (Urethane Foam
Products) ; Westinghouse Learning Co'pmralion, 525 employees ( Educational 'Testing Services) ; Procter
'Testing, inc., 150 Northwestern
& Gamble, 350 employees ('Toiletries) ; American College employees;
Bell Telephone, 270 employees; and Mone Business Forms with 240 employees. Recent new industrial
residents include iL P. Smith and Company, it subsidiary of Phillips Petroleum Co. which operates a
paper conversion process, and H. J. lieia'r. Co. which has it regional warehouse.
The Iowa City label- market (Johnson County) has a long record of mnininmun unemployment.
at 2.6 percent (unadjusted) by the Iowa Depart -
C. Neuhauser
The March 1978 unemployment rate was reported
ment of Job Service The comparable statewide figure ,vas 4.6 percent. Im recent selected years, the
have been as follows: 1.8 percent in 1970;
vid Perret
Iowa City label- market average annual tit employnnent rates
2.3 percent in 1972; 1.9 percent in 1974; and 2.1 pe•c'enl in 1976.
n E. Roberts
Iowa City is served by it diverse transportation network. The Cedar Rapids Airport, located only
about 20 miles from downtown Iowa City, is served by both Ozark and United Airlines ,with numerous
is by the mainline of the Chicago, Rock Island and Pacific
daily flights available. Bail service provided
low:' City and Cedar Rapids. This connects with mainlines of
Railroad and by it shortline connecting
Milwaukee Road, the Illinois Central Gulf, and the Chicago and North Western. Intercity truck
Interstate Route 80,
John W. Hayek, Attorney
and bus lines operate to and through lown City, which lies immediately south of
and
the -west interstate highway through Iowa. 'There are five interchanges available to and from
Nancy Heaton, Treasurer
main east
Iowa City. Chicago is less than four hours away via the completed Interstate Highway System.
As of Mach 31, 1978, the three banks and two savings and loan associations in the City reported
total deposits of $251279,522 and total assets of $296,418,470.
e and is the seat of Johnson
gest educational institution in
Rapids, and 55 miles west of
Commerce and Industry
Cornrnercial activity within the City increased strongly between 1967 and 1972 according to Census
by 4'•J
it of 47,747 and City officials
increase of 41 per-
of Business figures for the two most recent periods available. Retail sales increased percent,
service receipts by 87 percent. Comparable statewide figures
46,850, an
cd from eight square miles to
wholesale sales by 69 percent and selected
were 17 percent for retail, 55 percent for ,wholesale and 51 percent for services.
the 1960's is the significant
Census of Business
to, graduate and professional,
rred in the 1970's. Enrollment
($000)
Retail wholesale Selected Service
for 1980-1981 is 23,327. It is
Estab, sales Estab, Sales Flslab, Receipts
7-1988.
Iowa City
313 $ 84,322 39 $28,761 272 $11,146
uracil members. Council terms
............ _.... ..
1967 .........
9$2 125,920 54 48,533 425 20,835
ntinuation in office of at least
d at large but three members
1972 .......... ... __, ....
Increase 1967/72 ....._... __ . ... 38% 49^/0 38^/0 69^/0 56% 87%n
at large. The Mayor is elected
d its administrative functions
Major improvements are now, or soon will be, underway in the downtown area of the City. Construc-
200,000 square foot enclosed
vernment, supervises the per-
tion Ilas begun on it $2.3 Million pedestrian mall and in November, 1978, it
140 hotel with 30,000 square feet of ground floor
eluding a 54 man police force
shopping mall is expected to be started. A new room
ly (Iowa River and wells) and
retail space is planned for construction sometime in 1979.
econdary treatment provided).
to give the City
iline with
manufacturinghas .nValueclA Added by� Mamlfact Ire ]said bythe
theaCens IsaBureau
ave combined
oro and sanitary sewers. The
late
downtown atthe
Manufacturesase
accordThe ng to tcomparing4 tile of manu-
best a�11e w available for
"to be measure ic over 1967-1972Linithe City. eThe State
it the
City whichacurrentlY
factuinge mmnggeographareas", increased bercent
it subsidized fare of 250. It is
of Iowa 1967-1972 increase was 46 percent.
Census of Manufacturers
e, plus the University's athletic
ntertainment. Local residents
Ibw'n Calan Added
Cite. Establishments 67• manufacture
three public swimming pools.
1967 21 $ 95,300,000
The 42 churches in Iowa City
36 136,800,000
volumes and has a circula-
1972
,000
Nva City, the City of Coralville,
tlnr•ee junior high schools, and
Pensions loon Public Employees
fire are covered nolo•
8,610 in September, 1971. The
'The elementary and
City employees, except for police and pe,
for
Retirement System (IPERS). fhc State annually sets contribution rides fm• municipal entities and
in 5.251;1^ of gross salm ins while covered
pe•ochial
1970 Census, parochial/private
for their employees. Currently, municipal employe's most pay unfunded
3.6^/0 the first $20,000 earned each year. 'Thee is no allocation
Currently,
he Statewide average of 10.0%•
employees contribute on .
employee rclirmnenL benefits are Unc sole ,.esponsibility of IPEKS.
44^J0 of tine
liability to nay municipality;
the lonva Legislature is studying :t formula to assign retirement benefits on the basis of
'Phis would require at increase in cont•ibu-
nts are well above average in
final average salary of the high five yours out of the last Let.
Cion rete to 6.75% and 3.7%, fm the City and its employees, respectively'.
s in the City ,vas the highest of
roily income w•as al the midway
The Police and Fire IletiremenL and Pension Systems arc mandated by' State law. Prior to then, to
the Of lhC toed I1111111Cipahly. flu 1976, the State
,hest. Per capita money income
Census
LOtal C091S Of the 1'Ctll'Clllenit bCllefils lwe'C 1'CBp011albllnty
to improve the retirement benefits of Chose systems and at the same time the State
from the City as of June
0 Census, according to
law was amended
agreed to fund the extra costs. The liability to be paid for future omit ibutions
i. and tile re tPolicenRetirement
to lratetto
atoathe
8,1tile City's contrib0
$$1977 to 838,038.1Fo Ylhe fiscalyearend i ending June 197eln
tl ami the Fire Retirement
System was or f; (will increase to 26:168, for next fiscal yen,.) of salaries,
Syslcnt was 27.7354 (will increase to 33.11'% for next fiscal year) of salaries. The employee's cont•i-
based the individual's age at time
Per capita AlnneY Income
butions are established between 4.91'%- curd (i.5'/� by lite State Code, on
The covering letter to the June 30, 1977 actuarial repe't on the Iowa City
the System will
I?rs s�2R tsla
of oilrancc into system.
Police and Fire Pension Systems staled that at the current level of contributions, tho Police
be fully funded by Junc 30, 1984. The
$3,028 $3,578 $4;165
Ile fully funded by,lune 30, 1970 and the Fire System, Neill iMinent
and :ire being phased out and replaced by the Pctireme:t
3,007 3,574 4,508
Systems no longe cover any active employees
Ii 2,884 3,510 4,628
Systems.
i
3
141CROFILMED BY
JORM MICR¢LAS
CEDAR P.AP105 • OB MOVIES
City Capital Improvements Program
The City maintains and regularly updates a five vear capital improvement program. The improve-
the construction of $50.2 Million
Valuation F,
Co
ment program for fiscal years ending June 30, 1979-1983 contemplates
of capital of which more than one-half, $28.4 Million, is for improvements to the sewage
Jami
projects
treatment and collection system. Major sources of funds for the $50.2 Million program are state and
1973 .........................19
federal aid (including revenue sharing) of $27.3 Million (54 percent), general obligation bonds of
A recent interim update of
1974 .......................... 19,
$17.2 Million (34 percent) and revenue bonds of $2.4 Million (5 percent).
in the proposed general
1975(7) .................... 19',
the preceding indicates greater federal and state participation and a reduction
obligation financing by $1,600,000. Prior to the interim update, the annual general obligation financing
1976 ..........................197
1977 ....191
was projected as follows:
Notes: (1) Assessed ve
1978.79 1979.80 1980.81 1981.82 1982-83
(2) Debt limit
$8,134,080 $5,235,832 $2,790,832 $541,830 $466,830
(s) Tax w1lech
Reconciliation of the amount projected for 1978-79 and the financing presently being offered is as
follows:
This Bond Issue.......__...............__.................... ............,. _. ........ _... ..._......._...... $2,250,000
Collection
Year
..... . ...................
Proposed Library Bonds (November, 1978 Referendum)3,500,000
1,600,000
1974.76(1) ....................
Reduction Due to State and Federal Aid (Sanitary Sewer System) ....... ...................
1976.77
_. _ ... _ .. ...._
Road Use Tax Instead of Bonds 235,000
.. ............
1s7s-77
Deferred Projects .......................... ...............__..., .. .................... ................................. 322,000
200,000
...
.........................
1977-76
""""""""""" `
Animal Shelter (Referendum to be Scheduled) ........._ . _.__. _............ ..........
1978.78
Rounding and Miscellaneous ... .................. ........... ... ............................................... ,...... 27,080..........................is
Nates: (s) 18 month to
$8,134,080
(s) First new fi
It is emphasized that capital improvement programs are continually subject to change both as to
projects and the sources of funding. It now appears that the potential general obligation financing during
Tax
the 1978-79 fiscal year will be $5,760,000, including the bonds now being offered and, subject to a suc-
Collection
cessful referendum, the $3,500,000 Library Bonds. The City may also issue approximately $4,750,000
Year
Parking System Revenue Bonds during the current fiscal year.
1973................................
It is City policy that general obligation bonds be issued only up to four percent of the value of
1x74-76 .........................
taxable property as against the five percent legal limitation. The minimum differential of one percent
1975-76 ................ - .... .....
(currently some $4.6 Million) is maintained as a reserve to meet possible emergencies. Assuming that
1976-77 ...........................
all of the potential $6,750,000 General Obligation Bonds for this fiscal year are issued, debt in relation
1977.78 (As of May 31
to taxable value will be 2.30 percent, after deducting general obligation principal maturities during
The City's acco
the year.
basis, reflecting only
Another City policy regarding debt is that debt service charges payable from the general tax levy
(General Fund, Debt Service and Pension and Retirement Fund) shall not exceed 25 percent of such
levy. Debt service amounted to 11 percent of the levy in fiscal 1976-1977. The highest it has been within
the last ten years was the 12.3 percent of 1972. Of the $2,250,000 bonds now being offered, $1,015,000
are expected to be paid from revenue of the sanitary sewer system and the taxes abated.
FINANCIAL INFORMATION
Receipts:
Iowa City retires its general obligation debt rapidly. More than one-half of the debt, including this
Property and General T
issue, will be retired within five years and the final maturity is due within eleven years.
Intergovernment Revell
State...........................
General Obligation Debt Retirement Schedule
Federal ......................
($000)
Other ..........................
YearYear Cumulative
Annual Cumulntirc Ending \noun!
Subtotal ...
Chargee for Services ....
Ending
June 3p Amount Amount Percent Years June 30 Amount Amount Percent Years
Licenses and Permits ...
1979.$1,00'J $1,009 5/ 1 1986 ._..._..__. _..._. $ 700 $6,716 7070 7
Fines and Forfeiture, ..
..................
....
1980 944 11963 24r/o 2 1986 ..... ... ,...... .,... ... 626 6,341 7770 8
Transfers In
........................
1981....................... 944 2,897 367 3 1987 ........................ 625 0,966 867, 9
.627,591 921/c
Use of Money and Prop
1982 ..................... 819 3,71G 4670 4 ........... _...........
700 4,41G 647 IND 6 1969 ....._ ..... 6255 B,21C 10076 11
All Other.........................
1983 .......... .............
1984........................ 600 5,016 61% G $8916
Total Rece
Total general obligation bond principal Holl interest payable during the fiscal years ending June 3Q
Disbursements:
Administration
1977 and 1978 was $987,356 and $1,116,351, respectively. Estimated debt service payments, including
..............
police Protection
this issue, during fiscal year 1979 is $1,341,725.
............
Fire Protection ..............
Ten Largest Taxpayers
Sanitation ........................
Jan. 1, 1977
Street System Maintema
Company Product/Rusinea, Actual Value
Mass Transportation ..
Iowa Illinois Gas & Electric Co..._..........................Gas and Electric Utility .....,...__. ..._..,. .._... _.._ _... _.- $19,942,713
7,989,080
Parks and Recreation .,..
Procter & Gamble Manufacturing Co .....................Toiletries......................................................................................
5,682,240
Library .........................
Regional Warehouse ..............................
H. J. Heinz Co........................ ............
.. Educational Testing Services .................................................... 4,535,199
Westinghouse Learning Corp. ..................................
OtherAll ........................
Northwestern Bell Telephone Co. .Telephone Utility ...................... ...... ........... .............. _........... ... 4,371,671
Dr. west Toothbrushes4,157,940
Total Disb
Fund Balance at June 3
Owens Brush Ce.................................................... .__.,.......................................................
Post Gilles....................U.S. Government Leased Building .....................,.................•• 4,110,390
Note: Types o/ disburse
...............................................
Moore Business Forme............................................Business Forms ........ 3,857,420
3,615,945
Finance and di e
Thomas & Betts Corp.... Electrical Ilardware.................................................................
3,466,330
are in accord wit
Cimarron Investors ......... ...... ................._........ Apartments, Real Estate...,.... ...__.............. ...... _....... ..........,.
provided by the
TotalTen Largest ................. ...._.,.... ...,. _._......... ....... ....... ,...... ,....... _...,.._..... ...... .... .......... ....... .......... $G1,717,928
13.237
governmental Ro
1977-1078 reflects
Percent of Total City Actual .._......_
4
141LROrIL14E0 BY .•�
JORM MICR+LAB
crOAR P.MIM • DCS MOINES
being offered is as
$2,250,000
3,500,000
1,600,000
235,000
322,000
200,000
27,080
$8,134,080
ubject to change both as to
al obligation financing during
ffered and, subject to a suc-
nee anoroximately $4,750,000
[moml
ur percent of the value of
ifferentialof one percent
eergencies. Assuming that
r are issued, debt in relation
principal maturities during
le from the general tax levy
of exceed 26 percent of such
he highest it has been within
now being offered, $1,016,000
e taxes abated.
half of the debt, including this
h eleven years.
Cumulative
Annual
Amount
Amount Percent Ye- ars
$ 700
$5,716 7o 7
626
6,341 77%. 8
626
6,966 85% 9
Valuations
7,591 92% 10
625
8,216 100%. 11
program. The improve-
Valuation For Tax
Assessed for Taxing Purposes
Railroad
Total
Actual Value
For Debt
truction of $50.2 Million
na of
Jan.1
Collection
Year
Real Personal
Properly Property
and Utility
Assessed
Limit(2)
ovements to the sewage
1 program are state and ,
1973 ..........................
1974-75(1) ....................
$ 71,264,091 ; 8,394,046
$ 4,655,441
$ 84,513,578
$313,013,252
obligation bonds of
1974 ........
................ ..1975-76 ..................
._..... 82,223,198 8,384,840
5,062,620
05,670,658
354,336,770
,oral
recent interim update of
1975(1)
....................1976-77 ..........................
379,504,175 30846,886
20,680,850
431,131810
431,131,910
in the proposed general
1976 ..................
....... 1977-78 ..........................
393,667,654 31,123,659
22,369,601
447,160,914
447,160,914
feral obligation financing
1977 ..........................1978-79
..........................
409,890,264 31,668,916
24,907,900
466,467,080
466,467,080
Collected
Notes:
(1) Assessed value changed from 27% of actual to 100% of actual.
$3,134,947 $3,114,393
99.34%.
$3,166,136
1982.83
........................................................................
1974-75
(2) Debt limit 5% of actual.
99.11%
5,394,323
99.4 %
..................................................................
197546
$466,830
101.527.
(J) Tax collection year changed
from calendar year to year ending June Jo.
..................................................................
1976-77
4,712,465 4,710,073
being offered is as
$2,250,000
3,500,000
1,600,000
235,000
322,000
200,000
27,080
$8,134,080
ubject to change both as to
al obligation financing during
ffered and, subject to a suc-
nee anoroximately $4,750,000
[moml
ur percent of the value of
ifferentialof one percent
eergencies. Assuming that
r are issued, debt in relation
principal maturities during
le from the general tax levy
of exceed 26 percent of such
he highest it has been within
now being offered, $1,016,000
e taxes abated.
half of the debt, including this
h eleven years.
Jan. 1, 1977
Actual Value
............................................ $19,042,713
7,989,090
......................................... 5,682,240
...................................
4,636,199
... _........................ 4,971,671
........................................ 4,157,940
............................ .
..........................................
3,857,420
................................... I ...... .. 3,615,945
....... .........:..........................:. 3,486,330
........................................... .
........................................ ..
$61,717,928
13.28%
Tax Rate"1,000 Assessed Valuation
Tax
Cumulative
Annual
Amount
Amount Percent Ye- ars
$ 700
$5,716 7o 7
626
6,341 77%. 8
626
6,966 85% 9
626
7,591 92% 10
625
8,216 100%. 11
$8,216
7.965 30.646 42.761
the fiscal years ending June 30,
ebt service
payments, including
Jan. 1, 1977
Actual Value
............................................ $19,042,713
7,989,090
......................................... 5,682,240
...................................
4,636,199
... _........................ 4,971,671
........................................ 4,157,940
............................ .
..........................................
3,857,420
................................... I ...... .. 3,615,945
....... .........:..........................:. 3,486,330
........................................... .
........................................ ..
$61,717,928
13.28%
Tax Rate"1,000 Assessed Valuation
Tax
City of Iowa City
Iowa City
Area
$4,029,061
Collection Debt
Year Service
All
Pensions Other Total
School
District
Johnson School
County Levies
Total
1974-76(1) ............................ $10.266
$6.898 $46.293 $63.456
$102.477 $27.389 $8.010
$201.332
1976.76(t) ............................ 4.140
7.965 30.646 42.761
57.253
22.515 2.128
124.647
1976.77 .................................. 1.72036
1.528 7.70221 10.96067
14.92734
4.38065 .46268
30.74114
... .
1977-76............... ............. . 1.73165
.82629 8.53874 11.09668
15.13891
4.49937 .4066G
31.14162
1978.79 .................................. 2.47245
1.05920 8.54707 12.07872
14.85019
4.99708 .41615
32.34214
Notes: (1) 18 month levy to prepare for
June JO fiscal year.
237,714
289,728
276,000
(2) First new focal year.
226,639
416,375
1,783,482
2,031,320
1,581,700
Taxes Extended and Collected
90,799
80,040
8D,600
(City Purposes Only)
217,901
102,793
92,595
Tax
Collection
Total Tax Current
%. Current
Total Tax
% Total
Year
Extended Collected
Collected
Collected
Collected
1973
$3,134,947 $3,114,393
99.34%.
$3,166,136
101.0 %.
........................................................................
1974-75
5,427,059 5,378,747
99.11%
5,394,323
99.4 %
..................................................................
197546
4,091,176 4,153,463
101.527.
4,183,943
102.26%
..................................................................
1976-77
4,712,465 4,710,073
99.967.
4,742,154
100.63%
..................................................................
1977-78 (As of May 31) ....................................
4,976,831 4,969,781
99.86%.
5,014,604
100.769*
The City's accounts are maintained, and the statements of fund
operations are presented,
on a cash
basis, reflecting only cash received and disbursed.
General Fund Summary
Cash Receipts and Disbursements
18 Months
Fiscal Years Ending June 30
Ending
6/20/75 1976
1977
1978
1979
Audited Audited
Audited Estimated
Budget
Receipts:
Property and General Taxes ........................................
Intergovernment Revenue:
State............................................................................
Federal........................................................................
Other....... ........ .......................... ............._. _.....__.....
Subtotal....................................................
Charges for Services ....................................................
Licenses and Permits ......................................... ..........
Fines and Forfeitures ....... ........ .... _.............,.. _...........
Transfers In ..............................................._ ..__..........
Use of Money and Property ........................................
AllOther..........................................................................
Total Receipts ........................................
$3,961,235
$3,019,146
$3,348,649
$3,841,120
$4,029,061
$1,992,676
$ 654,309
$ 584,311
$ 690,627
$ 770,000
535,548
574,354
-0-
-0-
-0-
121,166
-0-
-0-
-0-
-0-
$2,649,290
$1,228,663
$ 584,311
$ 590,527
$ 770,000
$ 905,502
$ 604,596
$ 800,402
$ 768,998
$ 713,420
203,339
192,938
185,439
201,045
205,250
293,993
237,714
289,728
276,000
294,000
226,639
416,375
1,783,482
2,031,320
1,581,700
235,567
90,799
80,040
8D,600
65,000
217,901
102,793
92,595
68,581
39,085
$8,695,366
$6,899,024
$7,164,646
$7,867,092
$7,697,516
Disbursements:
$1,656,515
$1,166,571
$1,199,850
$1,807,482
$1,831,786
Administration ................._.....__...... _...._...._... _...... ._..
Police Protection
1,257,782
914,112
1,013,515
1,082,144
1,161,530
............................................................
Fire Protection
0.47,804
724,336
751,908
009,824
925,215
..............................................................
Sanitation
700,466
523,554
483,382
12,149
-0-
........................................................................
Street System Maintenance ........................................
1,350,359
610,256
554,909
826,524
670,617
Mass Transportation .,........_._........., .._ ....................
745,076
503,062
692,770
871,357
999,439
Parke and Recreation
806,056
680,263
667,909
884,153
793,105
....................................................
427,284
355,467
395,862
433,892
453,968
Library ...- ...... ..... ...... ....... .... ............ ................ ........--- .-
1,093,908
841,382
1,432,463
1,045,255
1,045,443
All Other........................................................................
Total Disbursements ............................
$8,965,240
$6,311,003
$7,1D2,fi68
$7,872,780
$7,784,103
Fund Balance at June 30 ............................................
$1,24G,12d
$ 834,145
$ B06,134
$ 800,446
$ 713,869
Note: Types of disbursements and same types of
receipts as shown above have been prepared by the City Director of
diabnrsements and June JO fiend balances
Finance and differ from those shoran in the audit. Total receipts, total
Estimated results for fiscal year 1978 and
budgeted figures
for 1979
have also been
are in accord with the audits,
provided but the Director of Finance. Due
to accounting
change, certain revenues formerly included as "Inter-
in
Revenue" are rote included
as "Transfers
In". The decrease in ."Sanitation"
disbursements
govemowntal
1977.1978 reflects the establishment of refuse collection and lard fill operations
as at
enterprise fund.
5
141CROFILI.ICD BY ..�
1 JORM MICR+LAB
CEDAR RAPIDS • nrs I401NES
h1jLR0FlU4L0 BY JORM MICROLAB LLUAK KAIJIU�) A14U UL,� 1u, :V.11
IAICROFIL141D BY
i
JORM MICR+LAB
CFDhR RhPIM • OFS MOINES
The
r&
believed to
opinion, whe
We hav
Obligation }3
bonds at the
and belief the
and, includin
respects and
any material
of the circum
/s/
July 21, 1978 1
r ^1
Significant capital outlay
expenditures have been made in the General Fund. Not shown separately
above, but reported in the audits,
were capital expenditures of $24,171 in fiscal 1975, $436,429 in 1976,
and $683,197 in 1977.
Summary Statement of All Fund Transactions
BUDGETED FUNDS
Debt Capital Pension Special
Audited:
General service Projects Enterprise and Assessment
Fund Fund Fund Funds Retirement wrkg. Cap.
Total
Balance December 31, 1972 .......
$1,491,966 $ (79,136) $ 779,725 $1,526,856 $ 7,307 $292,679
$ 4,019,397
Receipts .........._...... ........ ,.... ... ...
4,905,941 739,923 1,268,359 2,184,159 385,404 473,067
9,956,853
Disbursements .... ...._...... ...__...
4,861,909 641,899 1,573,450 2,187,730 361 284 664,874
10,281,146
Balance December 31, 1973 ._
1,535,998 18,889 474,634 1,523,284 41,427 100,872
3,695,104
Receipts ......................................
8,695,366 1,090,170 1,244,999 3,377,303 604,934 628,939
15,641,711
Disbursements ......... .... ......... .....,..
8,085,240 810,538 1,484,384 3,354,883 634,807 154,902
15,424,754
Balance June 30, 1975 ...............
1,246,124 298,521 235,249 1,645,704 11,554 574,909
3,912,061
Receipts ...... ............__.... ......,..
5,899,024 690,821 1,828,602 2,746,191 787,221 53,687
12,005,546
Disbursements ..............................
6,311,003 943,482 1,857,772 2,651,539 548,408 18,817
12,330,021
Balance June 30, 1976 ................
834,145 46,860 206,079 1,640,356 250,367 609,779
3,587,586
Receipts ..................._...................
7,164,546 944,542 1,985,575 3,281,083 779,835 34,886
14,190,467
Disbursements ..............................
7,192,557 987,356 2,959,161 2,552,512 728,770 7,198
14,427,657
Balance June 30, 1977 ................
806,134 4,046 (767,510) 2,368,927 301,432 637,467
3,350,496
Unaudited:
• Reccipb, (7/1-5/31/78) ......___.
6,462,705 1,008,412 4,986,027 3,820,346 431,675 39,087
16,748,252
Disbursements (7/1.5/31/78) ....
6,414,488 1,000,000 1,655,072 3,121,924 542,374 173,823
12,907,681
Balance May 31, 1978 ................
854,351 12,458 2,563,445 3,067,349 190,733 502,731
7,191,067
For Comparison Purposes:
Balance May 31, 1977 ................
945,278 13,177 (993,006) 2,270,731 380,326 636,415
3,252,921
Police and
Fire Pension
Total
Audited:
and All
All Funds
Retirement Other
(Memo Only)
Balance December 31, 1972 .... ........
..... .......... ....... ........ .................... ........... _........ ...... ... $1,364,253 $ 1,374,619
$ 6,768,2G9
Receipts................................... ..........
... .............. ..................... .......... ....... ...... ............... .... 320,318 4,914,958
_
16,192,129
..., Disbursements..................................................................................................................
138,749 5,271,578
15,691,473
Balance December 31, 1973............................................................................................
1,545,622 1,017,999
6,258,925
Receipts..............................................................................................................................
614,654 15,548,026
31,804,391
Disbursements ... ...... .....
......... .......... _... ......... ...... .__ .............. 257,097 16,059,374
31,741,225
j Balance June 30, 1976 ........ .......
.............................. ..... ........................... 1,903,379 506,651
6,322,091
Receipts.............................................................................................................................
495,251 14,640,467
27,041,264
Disbursements..................................................................................................................
175,709 14,435,229
26,940,959
Balance June 30, 1976 ....... .....
�
.._.... ......... ........ ...... .................... 2,222,921 611,889
6,422,396
Receipts ........................
....... ..... ............... .. ... 648,089 9,637,116
24,476,672
Disbursements......... .....................................................
.... ................................. 276,698 9,349,656
24,053,911
Balance June 30, 1977....... .....
... .... ..... .............. 2,594,312 899,349
6,844,157
Unaudited:
,i Receipts (7/1-5/31/78) _
._.. _. 536,915 16,285,639
33,570,806
Disbursements (7/1.5/31/78) ......
.. ........... ............................ ... ............ 229,509 15,762,393
28,899,583
Balance May 31, 1978 .. ............ ...............
............ ........ .................. ......... ............ ....... _ ... 2,901,718 1,422,505
11,515,380
For Comparison Purposes:
Balance May 31, 1977 ....... ... ..........
... _... _.._. ...... _.. ._.__..,,.... 2,535,312 1,177,527
6,065,760
Note: The above nonmarp statement
of fund transactions has been prepared by the City Director of Finance
from audita
except as noted.
,
Direct debt in relation to actual value is currently at the same level as it was in 1973. Actual
value per capita has kept pace with direct debt per capita and exceeded the small rate increase in
direct and overlapping debt per
of
capita.
Historic Debt Statistics
- Debt Outstanding (000) Ralin to Actual Value Per Capita
Dale Direct
Direct and Direct and Direct and
Overlapping Direct Overlapping Direct Overlapping
Actual
Value
1973, December 1 ........ _.. $5,142
$11,343 1.77% 3.91% $108 $239
$6,103
1974, July 1 .................... 5,542
11,735 1.77% 3.75r/o 115 244
6,522
1976, July 1 .................... 4,599
9,828 1.0770 2.28% 95 203
8,897
1977, July 1 .................... 6,810
11,401 1.6270 2.55 r10 136 228
8,963
1078, July I .................... 8,216
13,372 1.76r/o 2.85r/ 150 267
9,049
Note: Per capita figure$ as of July 1, 1974, revised front those previously reported duc to a change in the
estimate of
poptdatiou.
General obligation debt of the City is limited to five percent of the value of taxable property by the
Iowa Constitution. The debt limit
of Iowa City is thus $23,323,354 which leaves the City with
additional
debt capability of $15,107,364
after the issuance of the bonds now being offered. Not included
as debt
in this Oficial Statement is a
capitalized lease with a June 30,1978 balance of $35,045 dile in
monthly
installments of $966, including
interest, to June, 1982.
6
IAICROFIL141D BY
i
JORM MICR+LAB
CFDhR RhPIM • OFS MOINES
The
r&
believed to
opinion, whe
We hav
Obligation }3
bonds at the
and belief the
and, includin
respects and
any material
of the circum
/s/
July 21, 1978 1
Not shown separately
1975, $436,429 in 1976,
special
Vrk9. Cap. Total
$292,679 $ 4,019,397
473,067 9,956,853
664,874 20281,146
100,872 3,695,104
628,939 15,641,711
154,902 15,424,754
574,909 3,912,061
53,687 12,005,646
18,817 12,330,021
609,779 3,587,586
34,886 14,190,467
7,198 14,427,657
637,467 3,360,496
39,087 16,748252
173,823 12,907,681
502,731 7,191,067
636,416 3,252,921
16,285,639 33,570,800
16,762,393 28,899,583
1,422,595 11,515,380
2 1,177,627 6,966,760
Director of Finance
Jrom audita
1has it was in 1973. Actual
e small rate of increase in
Total
All
All Funds
Other
(Memo Only)
$ 1,374,619
$ 6,768,269
4,914,958^
15,192,129
5,271,578
15,691,473
1,017,999
6,268,925
16,548,026
31,804,391
.16,059,374
31,741,226
506,651
6,322,091
14,640,467
27,041,264
14,435,229.
26,940,959
611,889
6,422,396
,9,637,116
24,475,672
8 9,349,656
24,053,911
899,349
6,844,157
16,285,639 33,570,800
16,762,393 28,899,583
1,422,595 11,515,380
2 1,177,627 6,966,760
Director of Finance
Jrom audita
1has it was in 1973. Actual
e small rate of increase in
ue to a change in the catintote of
of taxable property by the
es the City with additional
n@d. Not included as debt
of $35,045 due in monthly
MICROFILMED BY JORM MICROLAB 0 CEDAR RAPIDS AND UES MUMLZ), luvill 11
r
AUTHORIZATION AND CERTIFICATION
The foregoing Official Statement has been prepared for the City of Iowa City, Iowa, by Paul D.
Speer & Associates, Inc., Municipal Finance Consultants, and is authorized for distribution to prospec-
tive underwriters and purchasers of these bonds. All statements, information and statistics herein are
believed to be correct but are not guaranteed by the consultants or by the City and all expressions of
opinion, whether or not so stated, are intended only as such.
We have examined the attached Official Statement slated July 21, 1978, for the $2,250,000 General
Obligation Bonds, believe it to be true and correct and will, if requested, provide to the purchaser of the
bonds at the time of delivery a certificate confirming to the purchaser that to the best of our knowledge
and belief the information in the Oficial Statement was at the time of acceptance of the bid for the bonds
and, including any addendums thereto, was at the time of delivery true and correct in all material
respects and does not include any untrue statement of a material fact, nor does it omit the statement of
any material fact required to be staled therein, or necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading.
/s/ ROSEMARY VITOSH /s/ NEAL G. BERLIN
Director of Finance City Manager
July 21, 1978
V1
141CRONUIED By
JORM MICR+LAB
CEDAR RAPIDS • DES MOVIES
Direct and
Actual
tree'
Orerlappinp
Value
$108
$239
$6,103
115
244
6,522
95
203
8,897
136
228
8,953
159
257
0,049
ue to a change in the catintote of
of taxable property by the
es the City with additional
n@d. Not included as debt
of $35,045 due in monthly
MICROFILMED BY JORM MICROLAB 0 CEDAR RAPIDS AND UES MUMLZ), luvill 11
r
AUTHORIZATION AND CERTIFICATION
The foregoing Official Statement has been prepared for the City of Iowa City, Iowa, by Paul D.
Speer & Associates, Inc., Municipal Finance Consultants, and is authorized for distribution to prospec-
tive underwriters and purchasers of these bonds. All statements, information and statistics herein are
believed to be correct but are not guaranteed by the consultants or by the City and all expressions of
opinion, whether or not so stated, are intended only as such.
We have examined the attached Official Statement slated July 21, 1978, for the $2,250,000 General
Obligation Bonds, believe it to be true and correct and will, if requested, provide to the purchaser of the
bonds at the time of delivery a certificate confirming to the purchaser that to the best of our knowledge
and belief the information in the Oficial Statement was at the time of acceptance of the bid for the bonds
and, including any addendums thereto, was at the time of delivery true and correct in all material
respects and does not include any untrue statement of a material fact, nor does it omit the statement of
any material fact required to be staled therein, or necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading.
/s/ ROSEMARY VITOSH /s/ NEAL G. BERLIN
Director of Finance City Manager
July 21, 1978
V1
141CRONUIED By
JORM MICR+LAB
CEDAR RAPIDS • DES MOVIES
1•1;%AUrl1_?IEU 8Y JORM MICROLAB • LEDAk kAP IUS AW Uu :1U LJ1.
OFFICIAL NOTICE OF SALE
$2,250,000
General Obligation Bonds
Sealed bids will be received until 1:00 o'clock P.M., on the 9th day of August, 1978, at the office of
the Director of Finance in the Civic Center, Iowa City, Iowa, for the purchase of $2,250,000 General
Obligation Bonds of the City of Iowa City, Iowa, at which time such bids will be referred to the City
Council of said City at its meeting to be then hell 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 September 1, 1978, in the denomination of $5,000 each, and to mature as follows:
MATURITIES—June t
$100,000.. ... 1980 $200,000..__ 1983 $300,000....... ... . ..... 1987
100,000..__..__ _. 1981 200,000.. _,_ 1984 300,000 ........ ....... 1988
150,000. 1982 300,000 ___ _ .. 1985 300,000 ...... ............ 1989
300,000 .................... ... 1980
Said bonds will bear interest payable June 1, 1979, and semiannually thereafter and will be regis-
trable as to principal only.
None of said bonds will be optional for redemption prior to maturity. Both principal and interest
will be payable at the office of the City Treasurer, Iowa City, Iowa. Each bid must be only for all of said
bonds upon terms of not less than par and accrued interest and shall specify the interest rate or rates for
the bonds in a multiple of one-quarter or one-tenth of one percent provided that only one rate shay, be
specified for a single maturity and not more than three (3) rates will be named. Repeating a previously
mentioned rate will not constitute an additional interest rate. The difference between the highest and
lowest rate of interest bid shall not exceed 176 per annum and the maximum rate of interest which may
be bid shall not exceed 77o. 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 rates designated in his bid from September 1, 1978 to the respective final maturity
dates, after deducting any premium.
These bonds constitute general obligations of the City payable from taxes levied upon all the taxable
property in the City without limitation as to rate or amount. Said bonds are expected to be delivered
within thirty (30) days after the sale at any mutually agreeable bank or trust company in the City of
Chicago, Illinois or Des Aloines, Iowa, without expense to the purchaser. Should delivery be delayed
beyond sixty (60) days from (late of sale for any reason without the fault of the City, or except failure
of performance by the purchaser, the purchaser may withdraw his check and thereafter his interest in
and liability for the bonds will cease. When 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 that date, otherwise reserving the right at its option to determine that
the bidder has failed to comply with his offer of purchase. The City will furnish the printed bonds and
the approving opinion of Messrs. Alders, Cooney, Dorweiler, Haynie and Smith, Lawyers, Des Aloines,
Iowa, together with the transcript and usual closing papers, 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 certi-
fied or cashier's check drawn on a solvent state or national bank or trust company as bid security in the
amount of $45,000 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 damages upon failure of the purchaser to take up and pay for the bonds when
ready in accordance with his bid, which must be reduced to writing on the Official Bid Form.
The City Council reserves the right to waive informalities 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 an Official Statement containing pertinent infor-
mation relative to the City. For copies of that Statement and the Official Bic] Farm, or for any additional
information, any prospective purchaser is referred to Rosemary Vitosh, Director, Department of Finance,
Civic Center, Iowa City, Iowa, or the Municipal Finance Consultants to the City, Paul D. Speer &
Associates, Inc., 20 North Wacker Drive, Chicago, Illinois 60606. Telephone: Area 312-340-0858.
By order of the City Council of the City of Iowa City, Iowa
,July 11, 1978
/s/ ABBIE STOLFUS
City Clerk
(Copies of the Official Bid Form are available upon request.)
MICROFILMCD BY
JORM MICR#LA6
[EMR RAPI^s • irs. Mows
IA1CROFILi•IED BY JORM MICROLAB CEDAR RAPIDS APID UES IIU!Iii:,, +J"',
.Y
roWry u. a+n ncrvrzN
NCIINLU
w11L 1'. wHLLN9
Mcn LvwNu cDON E,
I'111 L11• J. OUN WCILLN
JnMEIi L. I: MUCCK
JOHN r. MCKINNEY. JN.
' I.. W. NOUCflNUUK
NICIIw11U 11. tl+rnl
II:N IIY L. MONtlUN
- CLI J. WINTS
..NCC A. CUI•VOCK
.AVIU r.. LUUINUILL
MAN•. N. BCCNn1AN
JpL 19 1979
AHLERS, COONEY, DORWEILER, HAYNIE & SMITH
LAWYERS
920 LIBERTY BUILDING
SIXTH AND BRAND
DEB MOINES, IOWA 50309
Ms. Rosemary Vitosh,
Director of Finance
Civic Center
410 East Washington Street
Iowa City, Iowa 52240
Dear Rosemary:
July 17, 1978
APC<1:000'.1, .w J']61,
I am enclosing herewith the proceedings for the receipt
of bids and sale of the g.o. bonds on August 9th. Two extra
copies are enclosed to be completed as the original and
certified back to our office.
In conducting the sale, the procedure from Code Chapter
75 which is set out in the minutes should be followed with
sealed bids first received and listed, open bids then to be
called for and the best open bid if any noted in the minutes,
with the sealed bids to be received only after all open bidding
has been closed.
The Official Notice of Sale includes restrictions on the
number of interest rates and the multiples which may be bid.
I should mention that in the event someone is present and
desires to bid orally, that you should require a bid check to
be deposited before accepting any open bids.
I will be available by telephone at the time of the sale
and I would appreciate your getting touch with me as soon as
possible so that I can prepare the balance of the proceedings
and immediately forward copy to the bond printer.
MICROFILMED BY ..1
JORM MICR+LAB
CEDAR RAPIDS • DES MOINES