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HomeMy WebLinkAbout1978-11-07 Resolution14i LRUr i G,IW BY JORPI MICROLAB CEDAR RAPIDS APID RESOLUTION NO. 78-479 RESOLUTION OF APPROVAL OF CLASS "C" BEER PERMIT APPLICATION BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, that a Class "C" Beer Permit Application is hereby approved for the following named person or persons at the following described locations: Inland Transport Co. dba/Kirkwood 76, 300 Kirkwood Ave. Said approval shall be subject to any conditions or restrictions hereafter imposed by ordinance or state law. The City Clerk shall cause a recommendation for approval to be endorsed upon the application and forward the same together with the license fee, surety bond, and all other information or documents required to the Iowa Beer and Liquor Control Department. It was moved by Perret and seconded by ' Roberts that the Resolution aT read be adopted, and upon roll call there were: Balmer deProsse Erdahl Neuhauser Perret Roberts Vevera AYES: NAYS: x x x x x x x ABSENT: Passed and approved this 7th day of November 1976 ag�eiL�' Gr����.e�� Mayor Attest: [lel - City Clerk 4 �PILh1ED BY i DORM MICR+LAB 'I I CEDAR RAPIDS • DES MOINES 2039 I i I 14i LRUr i G,IW BY JORPI MICROLAB CEDAR RAPIDS APID RESOLUTION NO. 78-479 RESOLUTION OF APPROVAL OF CLASS "C" BEER PERMIT APPLICATION BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, that a Class "C" Beer Permit Application is hereby approved for the following named person or persons at the following described locations: Inland Transport Co. dba/Kirkwood 76, 300 Kirkwood Ave. Said approval shall be subject to any conditions or restrictions hereafter imposed by ordinance or state law. The City Clerk shall cause a recommendation for approval to be endorsed upon the application and forward the same together with the license fee, surety bond, and all other information or documents required to the Iowa Beer and Liquor Control Department. It was moved by Perret and seconded by ' Roberts that the Resolution aT read be adopted, and upon roll call there were: Balmer deProsse Erdahl Neuhauser Perret Roberts Vevera AYES: NAYS: x x x x x x x ABSENT: Passed and approved this 7th day of November 1976 ag�eiL�' Gr����.e�� Mayor Attest: [lel - City Clerk 4 �PILh1ED BY i DORM MICR+LAB 'I I CEDAR RAPIDS • DES MOINES 2039 r;IIUU iLi•1�U B'f JORM 111CROLAB CEDAR RAPIDS AND 3i RESOLUTION NO. 78-480 RESOLUTION OF APPROVAL OF CLASS C Beer SUNDAY PERMIT APPLICATIO BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, that a Class C Beer Sunday Permit application is hereby approved for the following named person or persons at the following described location: Inland Tranport Co. dba/Kirkwood 76, 300 Kirkwood Ave. Said approval shall be subject to any conditions or restrictions hereafter imposed by ordinance of state law. The City Clerk shall cause a recommendation for approval to be endorsed upon the application and forward the same together with the license fee, bond, and all other information or docu- ments required to the Iowa Beer and Liquor Control Department. It was moved by Perret and seconded by Roberts that the Resolution as read be adopted, and upon roll call there were: AYES: NAYS: ABSENT: Balmer x deProsse x Erdahl x Neuhauser x Perret x Roberts x x Vevera Passed and approved this 7th day of November , 19 78 . Mayor Attest:_ C City Clerk i �• 141CROFILMEO BY •,,,� ' JORM MICR+LAB CEDAR RAPIDS • DES MOINES Ia!uj lUi ILMLu BY JORN MICROLAB CEDAR RAPIDS AND DE r") \, RESOLUTION NO. A RESOLUTION ENDORSING HAWKEYE CABLEVISION CORPORATION THE PREFERRED GRANTEE'F R THE BROADBAND TELECOMMUNICATIONS FRANCHIS . WHEREAS, the\City of Iowa City has established mi mum requirements and stated additional desired features to maximize x e potential of a broad - .band telecommunications network in Iowa Cityy and WHEREAS, the City has requested proposals "I construct and operate a broadband telecommunic tions network ccordance with these stated needs and interests, WHEREAS, the City has recei ed qua/l'ified proposals from both Eastern Iowa. Cablevision and Hawkeye Cablevision Corporation, and WHEREAS, both companies have subm tted applications which would result in excellent service to subscriber\aannd users in Iowa City, and WHEREAS, no long-term difference in rat s proposed by the two companies can be predicted with any accuracy, and off rs the superior proposal WHEREAS, Hawkeye Cablevision Corporation responding to the City's stated needs and inter oncileutorse r community-based programming and special services, NOW THEREFORE WIT RESOLVED, that the City CouHawkeye Cablevision Corporation as the preferred grantee foraoadband telecom- munications franchise, anchise, and BE IT FURTHER RESOLVED, that the City Council urge the voters f Iowa City to vole yes to authorize the City Council to grant a franch'") to Hawkeye Cablevision Corporation on the November 28, 1978 special election ballot. / MICROFILMED BY JORM MICR+LAE1 CEDAR RAPIDS • DES MOINES ■ t S ,.a i �I I Ia!uj lUi ILMLu BY JORN MICROLAB CEDAR RAPIDS AND DE r") \, RESOLUTION NO. A RESOLUTION ENDORSING HAWKEYE CABLEVISION CORPORATION THE PREFERRED GRANTEE'F R THE BROADBAND TELECOMMUNICATIONS FRANCHIS . WHEREAS, the\City of Iowa City has established mi mum requirements and stated additional desired features to maximize x e potential of a broad - .band telecommunications network in Iowa Cityy and WHEREAS, the City has requested proposals "I construct and operate a broadband telecommunic tions network ccordance with these stated needs and interests, WHEREAS, the City has recei ed qua/l'ified proposals from both Eastern Iowa. Cablevision and Hawkeye Cablevision Corporation, and WHEREAS, both companies have subm tted applications which would result in excellent service to subscriber\aannd users in Iowa City, and WHEREAS, no long-term difference in rat s proposed by the two companies can be predicted with any accuracy, and off rs the superior proposal WHEREAS, Hawkeye Cablevision Corporation responding to the City's stated needs and inter oncileutorse r community-based programming and special services, NOW THEREFORE WIT RESOLVED, that the City CouHawkeye Cablevision Corporation as the preferred grantee foraoadband telecom- munications franchise, anchise, and BE IT FURTHER RESOLVED, that the City Council urge the voters f Iowa City to vole yes to authorize the City Council to grant a franch'") to Hawkeye Cablevision Corporation on the November 28, 1978 special election ballot. / MICROFILMED BY JORM MICR+LAE1 CEDAR RAPIDS • DES MOINES ■ MiLi<UFiLMEO BY JORM 141CROLAB r • CEDAR RAPIDS AND It was moved by and seconded that the Resolution be adopted, and upon roll call AYES: NAY\ ABSENT: / \ Balmer T— deProsse j 7 Erdahl Neuhauser Perref oberts /vevera Passed and approved this \day of, MAYOR ATTEST: CITY CLERK re: , 1978. RECEIVED & APFROVi:L By . -THE LEGAL DEPARTMENT IdICROFILMEO BY i DORM MICR+LAB CEDAR RAPIDS DES MOINES it • CEDAR RAPIDS AND It was moved by and seconded that the Resolution be adopted, and upon roll call AYES: NAY\ ABSENT: / \ Balmer T— deProsse j 7 Erdahl Neuhauser Perref oberts /vevera Passed and approved this \day of, MAYOR ATTEST: CITY CLERK re: , 1978. RECEIVED & APFROVi:L By . -THE LEGAL DEPARTMENT IdICROFILMEO BY i DORM MICR+LAB CEDAR RAPIDS DES MOINES 1•!iw%Ut il-ALU BY JORM MICROLAB CEDAR RAPIDS AND UES RESOLUTION N0. 78-481 A RESOLUTION ENDORSING AND COMMENDING THE REPORT OF THE CATV ADVISORY STAFF AND AUTHORIZING THE DISTRIBUTION OF THIS REPORT TO THE RESIDENTS OF IOWA CITY PRIOR TO THE SPECIAL ELECTION TO BE HELD ON NOVEMBER 28, 1978. WHEREAS, the City of Iowa City has established minimum requirements and stated additional desired features to maximize the potential of a broadband telecommunications network in Iowa City, and WHEREAS, the City has requested proposals to construct and operate a broadband telecommunications network in accordance with these stated needs and interests, and WHEREAS, the City has received qualified proposals from both Eastern Iowa Cablevision and Hawkeye Cablevision Corporation, and WHEREAS, both companies have submitted applications which would result in excellent service to subscribers and users in Iowa City, and WHEREAS, no long-term difference in rates proposed by the two companies can be predicted with any accuracy, and WHEREAS, the CATV Advisory Staff has submitted a report which evaluates the two qualified applicants in terms of the stated needs and interests of Iowa City, NOW THEREFORE BE IT RESOLVED that the City Council endorse and commend the report of the CATV Advisory Staff, and BE IT FURTHER RESOLVED, that the City Council authorize the distribution of this report to the residents of Iowa City prior to the special election to be held on November 28, 1978. It was moved by deProsse and seconded by Perret that the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: x Balmer x deProsse c� r„ Y Neuhauser x 1•!iw%Ut il-ALU BY JORM MICROLAB CEDAR RAPIDS AND UES RESOLUTION N0. 78-481 A RESOLUTION ENDORSING AND COMMENDING THE REPORT OF THE CATV ADVISORY STAFF AND AUTHORIZING THE DISTRIBUTION OF THIS REPORT TO THE RESIDENTS OF IOWA CITY PRIOR TO THE SPECIAL ELECTION TO BE HELD ON NOVEMBER 28, 1978. WHEREAS, the City of Iowa City has established minimum requirements and stated additional desired features to maximize the potential of a broadband telecommunications network in Iowa City, and WHEREAS, the City has requested proposals to construct and operate a broadband telecommunications network in accordance with these stated needs and interests, and WHEREAS, the City has received qualified proposals from both Eastern Iowa Cablevision and Hawkeye Cablevision Corporation, and WHEREAS, both companies have submitted applications which would result in excellent service to subscribers and users in Iowa City, and WHEREAS, no long-term difference in rates proposed by the two companies can be predicted with any accuracy, and WHEREAS, the CATV Advisory Staff has submitted a report which evaluates the two qualified applicants in terms of the stated needs and interests of Iowa City, NOW THEREFORE BE IT RESOLVED that the City Council endorse and commend the report of the CATV Advisory Staff, and BE IT FURTHER RESOLVED, that the City Council authorize the distribution of this report to the residents of Iowa City prior to the special election to be held on November 28, 1978. It was moved by deProsse and seconded by Perret that the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: x Balmer x deProsse x i 1•!iw%Ut il-ALU BY JORM MICROLAB CEDAR RAPIDS AND UES RESOLUTION N0. 78-481 A RESOLUTION ENDORSING AND COMMENDING THE REPORT OF THE CATV ADVISORY STAFF AND AUTHORIZING THE DISTRIBUTION OF THIS REPORT TO THE RESIDENTS OF IOWA CITY PRIOR TO THE SPECIAL ELECTION TO BE HELD ON NOVEMBER 28, 1978. WHEREAS, the City of Iowa City has established minimum requirements and stated additional desired features to maximize the potential of a broadband telecommunications network in Iowa City, and WHEREAS, the City has requested proposals to construct and operate a broadband telecommunications network in accordance with these stated needs and interests, and WHEREAS, the City has received qualified proposals from both Eastern Iowa Cablevision and Hawkeye Cablevision Corporation, and WHEREAS, both companies have submitted applications which would result in excellent service to subscribers and users in Iowa City, and WHEREAS, no long-term difference in rates proposed by the two companies can be predicted with any accuracy, and WHEREAS, the CATV Advisory Staff has submitted a report which evaluates the two qualified applicants in terms of the stated needs and interests of Iowa City, NOW THEREFORE BE IT RESOLVED that the City Council endorse and commend the report of the CATV Advisory Staff, and BE IT FURTHER RESOLVED, that the City Council authorize the distribution of this report to the residents of Iowa City prior to the special election to be held on November 28, 1978. It was moved by deProsse and seconded by Perret that the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: x Balmer x deProsse x Erdahl x Neuhauser x Perret x Roberts x _ Vevera Passed and approved this 7th day of November , 1978, MAYOR ATTEST: , L. I CITY CLERK ITCFIVD & APPROVED LEGAL D I AR'PSE121 MICROFILMED BY DORM MICR+LAB CEDAR RAPIDS • DES MOINES - fliu<UhiI-MEU BY JORN 141CROLAB CED.,,, RAPIDS AND !40NES, 10' j COMMENT: t A resolution endorsing and commending the report of the CATV Advisory Staff and authorizing the distribution of this report to the residents of Iowa City prior to the special election to be held on November 28, 1978. 1ICROFILMED BY �1 JORM MICR¢LAB !CEDAR RAPIDS - DES MOINES i .i i� i I(� t j f 1ICROFILMED BY �1 JORM MICR¢LAB !CEDAR RAPIDS - DES MOINES hiiuwFiLI4Lu BY JUem MICROLAB CEDAR KAPIDS AND OL_ ;0 "IFC', IOW RESOLUTION NO. 78-482 A RESOLUTION THAT THE COUNCIL TO DENY CONSIDERATION OF IOWA CITY CABLE TELEVISION WHOSE NAME SHALL APPEAR ON THE BALLOT NOVEMBER 28, 1978 WHEREAS, a third company, Iowa City Cablevision, has submitted its name by petition and will appear on the special election ballot for broadband telecommunications franchise, but is not eligible to receive a franchise under terms of the Iowa City Ordinance because they did not comply with the application process, THEREFORE BE IT RESOLVED that the City Council can notgive consideration to Iowa City Cablevision to receive a franchise, pursuant to the Broadband Telecommunications Ordinance #78-2917, Section 14-69 of the Municipal Code of Iowa City, Iowa, even if this company received a majority of votes in the special election to be held November 28, 1978. - It was moved by Erdahl and seconded by Perret that the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: x Balmer x deProsse x Erdahl x Neuhauser x Perret x Roberts x Vevera Passed and approved this 7th day of November 1978. MAYOR ATTEST: CITY CLERK RLCEIVED & APPROVMD' Bl( 'ISL LEGAL DFPARTME77T 7P /i*t- �• MICROFILMED BY •' J0 RM MICR+LAB 1(1 CEDAR RAPIDS • DES MOINES f41LxUFiLMLU BY JORM MICROLAB • CEDAR RAPIDS AMU COMMENT: Iowa City Cablevision, whose name shall appear on the ballot, did not comply with the application process. Therefore, the CATV Advisory Staff asks the Council to deny them consideration for a franchise in the event that said company receives a majority of yes votes. 141CROFILMED BY JCRM. MICR+LAB -� CEDAR RAPIDS • DES MOINES F a„ a ur ulLu BY JURM MICkOLAB CEDAR RAPIDS AMD UE NEWSPAPER'S COPY NOTICE OF MEETING OF THE COUNCIL OF THE CITY OF IOWA CITY, IOWA, ON THE MATTER OF THE PROPOSED ISSUANCE OF $5,200,000 PARKING FACILITIES REVENUE BONDS OF SAID CITY, AND THE HEARING ON THE ISSUANCE THEREOF PUBLIC NOTICE is hereby given that the City Council of the City of Iowa Ci y, Iowa, will hold a public hearing on theiof'; f a ;,1978,, at -1: 3o o'clock �.Di., in the Civic Center 1n Iowa City, Iowa, at which meeting the Council proposes to take additional action for the issuance of $5,200,000 Parking Facilities Revenue Bonds of said City. Said bonds will not constitute general obligations or be payable in any manner by taxation, but will be payable from and secured by the net revenues of the City's system of municipal parking facilities. Said net revenues are defined as follows: "Net revenues" shall mean gross earnings including investment earnings, rentals of any portion of the system or the properties comprising it, lease payments, parking fees, and parking charges of any kind of the system, including by validation, overtime charges or payments received in any manner, after deduction of system expenses; "System expenses" shall mean and include (1) for all off-street parking facilities the reasonable and necessary cost of operating, maintaining, repairing and insuring such facilities, salaries, wages, costs and materials and supplies; (2) for all on -street parking meters, the repair and replacement of parking meters, salaries and wages of meter repair and collection personnel. Capital costs, depreciation, and interest or principal payments are not system expenses. The parking facilities system is defined as follows: "System" shall mean and is established and defined as the parking facilities system of the City including "off-street parking" as hereinafter described and "on - street parking" including parking meters located on and along the City's streets and all properties acquired or to be acquired from the proceeds of the Bonds or from revenues of the system or made a part thereof by Council resolution. Said bonds are proposed to be issued for the purpose of paying costs of additions to the municipal parking facilities system including multilevel facilities for the parking-,pf motor vehicles and related or subordinate uses. -4 - AHLCRS, COONEY. DonWgLLR, HAYNIE 6 SMITH. LAWYERS, DES MOINES, IOWA jar•...-..^— Y- E`• MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES R 1,11t,IWFILMLD BY JORM MICROLAB CEDAR RAPIDS AILD A proposed form of resolution for the authorization of the issuance of said bonds is now on file in the office of the City Clerk. Said resolution defines the parking system, its revenues and expenses, the bonds, their terms, accounting requirements, restrictions and limitation on the City in the operation of Its Municipal Parking Facilities System, in the issuance of additional bonds, and containing such other provi- sions as are deemed appropriate. The Council will consider the form of said resolution at the meeting aforesaid and reserves the right to make such modifications therein as it shall deem appropriate following said hearing or as may appear necessary to effect the sale thereof in one or more installments. This notice is given by order of the Council of Iowa City, Iowa, as provided by Section 384.83 of the City Code of Iowa. Dated this /-5—T day of /%Lepu bo✓_ , 1978. L Clerk of the Citye6f Iowa City, Iowa (End of Notice) -5- ANLERS. COONEY. DORWCILCR. MAYNIE 6 SMITH, LAWYERS. DCS MOINES. IOWA MICROFILMED BY 1 JORM MICR+LAB CEDAR RAPIDS • DES MOINES g a a a i � .IY j„ CEDAR RAPIDS AILD A proposed form of resolution for the authorization of the issuance of said bonds is now on file in the office of the City Clerk. Said resolution defines the parking system, its revenues and expenses, the bonds, their terms, accounting requirements, restrictions and limitation on the City in the operation of Its Municipal Parking Facilities System, in the issuance of additional bonds, and containing such other provi- sions as are deemed appropriate. The Council will consider the form of said resolution at the meeting aforesaid and reserves the right to make such modifications therein as it shall deem appropriate following said hearing or as may appear necessary to effect the sale thereof in one or more installments. This notice is given by order of the Council of Iowa City, Iowa, as provided by Section 384.83 of the City Code of Iowa. Dated this /-5—T day of /%Lepu bo✓_ , 1978. L Clerk of the Citye6f Iowa City, Iowa (End of Notice) -5- ANLERS. COONEY. DORWCILCR. MAYNIE 6 SMITH, LAWYERS. DCS MOINES. IOWA MICROFILMED BY 1 JORM MICR+LAB CEDAR RAPIDS • DES MOINES Mlu<UFiLNEu by JURM NICROLAB CEDAR RAPIDS AND UES "40 "IES, 10�I I November 1978 The Council of Iowa City, Iowa, met in regular session, in the Council Chambers, in the Civic Center, Iowa City, Iowa, at 7:30 o'clock P. M., on the above date. There in chair, wand present Mayor Robert A. Vevera the following named Council Members: John Balmer, Carol deProsse, Clemens Erdahl, Mary Neuhauser, David Perret, Glenn Roberts Absent: None The Mayor announced that this was the time and place for the public hearing and meeting on the matter of the issuance of $5,200,000 Parking Facilities Revenue Bonds of said Municipality, in order to provide funds to pay costs of additions to the municipal facilities system including multilevel facilities for the parking of motor vehicles and related ortsubordinate he Council to uses; and that notice of the proposed action by institute proceedings for the issuance of said bonds, had been published pursuant to the provisions of Section 384.83 of the City Code of Iowa. The Mayor then asked the Clerk whether any written objections had been filed by any resident or property owner of the Municipality, to the issuance of said bonds by the Munici- pality. The Clerk advised the Mayor and the Council that no written objections had been filed. The Mayor then card for oral objections to the issuance of said bonds and none were made. Whereupon, the Mayor declared the time for receiving oral and written objections to be closed. (Attach here a summary of objections received or made, if any) The Council then considered the proposed action and the extent of objections thereto. AHLERS. COONEY. DORWEILER• HAYNIE A SMITH. LAWYEn S. DES MOINES, IOWA �t 141CROFILMED 8Y IJORAA MICR+LAB 6EDAR RAPIDS • DES MOINES ,? 20.570 V l November 1978 The Council of Iowa City, Iowa, met in regular session, in the Council Chambers, in the Civic Center, Iowa City, Iowa, at 7:30 o'clock P. M., on the above date. There in chair, wand present Mayor Robert A. Vevera the following named Council Members: John Balmer, Carol deProsse, Clemens Erdahl, Mary Neuhauser, David Perret, Glenn Roberts Absent: None The Mayor announced that this was the time and place for the public hearing and meeting on the matter of the issuance of $5,200,000 Parking Facilities Revenue Bonds of said Municipality, in order to provide funds to pay costs of additions to the municipal facilities system including multilevel facilities for the parking of motor vehicles and related ortsubordinate he Council to uses; and that notice of the proposed action by institute proceedings for the issuance of said bonds, had been published pursuant to the provisions of Section 384.83 of the City Code of Iowa. The Mayor then asked the Clerk whether any written objections had been filed by any resident or property owner of the Municipality, to the issuance of said bonds by the Munici- pality. The Clerk advised the Mayor and the Council that no written objections had been filed. The Mayor then card for oral objections to the issuance of said bonds and none were made. Whereupon, the Mayor declared the time for receiving oral and written objections to be closed. (Attach here a summary of objections received or made, if any) The Council then considered the proposed action and the extent of objections thereto. AHLERS. COONEY. DORWEILER• HAYNIE A SMITH. LAWYEn S. DES MOINES, IOWA �t 141CROFILMED 8Y IJORAA MICR+LAB 6EDAR RAPIDS • DES MOINES ,? 20.570 Plit,lNhiLNLU BY JURN 14ICROLAB Resolution No. 78-483 CEDAR RAPIDS AND DES Whereupon, Council Member Neuhauser introduced and delivered to the Clerk the Resolution herein- after set out entitled "RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF $5,200,000 PARKING FACILITIES REVENUE BONDS", and moved its adoption. Council Member Balmer seconded the motion to adopt. The roll was called and the vote was, AYES: Balmer, deProsse, Erdahl Perret Roberts Vevera NAYS: Whereupon, the Mayor declared said Resolution duly adopted as follows: RESOLUTION NO. 78-483 RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF $5,200,000 PARKING FACILITIES REVENUE BONDS WHEREAS, pursuant to notice published as required by law, this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of $5,200,000 Parking Facilities Revenue Bonds for the purpose of paying costs of additions to the municipal parking facilities system includ- ing multilevel facilities for the parking of motor vehicles and related or subordinate uses; and has considered the extent of objections received from residents or property owners as to said proposed issuance of bonds; and, accordingly the following action is now considered to be in the best interests of the Municipality and residents thereof: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA: Section 1. That this Council does hereby institute proceed- ings and takes additional action for the sale and issuance in the manner required by law of $5,200,000 Parking Facilities Revenue Bonds for the foregoing purpose. Section 2. That the sale of said bonds shall take place on November 21, 1978, at one o'clock P.M. pursuant to a resolution heretofore adopted. -2- AHLERS• COONEY. DORWEILER• HAYNIEA SMITH, LAWYERS, DES MOINES. IOWA 1 MICROFILMED BY .{ JORM MICR+LAB CEDAR RAPIDS • DES MOINES i I I I I i - i ,j i Plit,lNhiLNLU BY JURN 14ICROLAB Resolution No. 78-483 CEDAR RAPIDS AND DES Whereupon, Council Member Neuhauser introduced and delivered to the Clerk the Resolution herein- after set out entitled "RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF $5,200,000 PARKING FACILITIES REVENUE BONDS", and moved its adoption. Council Member Balmer seconded the motion to adopt. The roll was called and the vote was, AYES: Balmer, deProsse, Erdahl Perret Roberts Vevera NAYS: Whereupon, the Mayor declared said Resolution duly adopted as follows: RESOLUTION NO. 78-483 RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF $5,200,000 PARKING FACILITIES REVENUE BONDS WHEREAS, pursuant to notice published as required by law, this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of $5,200,000 Parking Facilities Revenue Bonds for the purpose of paying costs of additions to the municipal parking facilities system includ- ing multilevel facilities for the parking of motor vehicles and related or subordinate uses; and has considered the extent of objections received from residents or property owners as to said proposed issuance of bonds; and, accordingly the following action is now considered to be in the best interests of the Municipality and residents thereof: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA: Section 1. That this Council does hereby institute proceed- ings and takes additional action for the sale and issuance in the manner required by law of $5,200,000 Parking Facilities Revenue Bonds for the foregoing purpose. Section 2. That the sale of said bonds shall take place on November 21, 1978, at one o'clock P.M. pursuant to a resolution heretofore adopted. -2- AHLERS• COONEY. DORWEILER• HAYNIEA SMITH, LAWYERS, DES MOINES. IOWA 1 MICROFILMED BY .{ JORM MICR+LAB CEDAR RAPIDS • DES MOINES t•11LKOF ILME0 BY JOR14 141CROLAB • CEDAR RAPIDS AND DES !40 "IES, IOW ti i j i i -j Resolution No. 78-483 i I PASSED AND APPROVED, this 1978. ATTEST: Clerk 7th day of November Mayor AHLERS. COONEY. DORWEILER, MAYNIE 6 SMITH. LAWYERS, OES MOINES, IOWA MICROFILMED BY j6RM MICR+LAB I CEDAR RAPIDS • DES MOINES i , i i p _ 1 0 t j a 7 t J I 1 i { 1 0 j a I ( i J f-Il,kUhiLi4LU by JOR14 MICROLAB Resolution No. 78-484 • CEDAR RAPIDS AND DES !40 PIES, 10P Y sRobert A. Vevera jThe meeting was called to order by j wing Council Members were Mayor, and on roll call the follo j present: % 1 Balmer, deProsse, Erdahl, Neuhauser, Perret, i IRoberts, Vevera 1 Absent: None I Member Council Perret introduced the following Resolution entitled ION AUTHORIZING AND A RESOLUT PROVIDING FOR THE ISSUANCE AND SECURING THE PAYMENT OF TY CODE OF $5,200.000 PARKING FACILITIES REVENUE BONDS OF THE CITY OF Z014A CITY, IOWA, UNDER THE PROVISIONPAYMENTEOFISAID BONDS", IOWA, AND PROVIDING FOR A METHOD OF Balmer and moved its adoption. Council Member seconded the motion to adopt. The roll was called and the vote was: Balmer, deProsse, Erdahl, Neuhauser, Perret AYES: Roberts,Vevera _ NAYS: None Whereupon the Mayor declared the following Resolution duly adopted: j i ,I I -2- AHLERS, GOONEY. DORWEILER, HAYNIE S SMITH. LAWYERS. DEB MOINES. IOWA tdIEROPILMED BY 1 i JORM MICR+LAB i CEDAR RAPIDS • DES MOINES I hI�LHUr1Li•IGJ BY JORM bI1CROLAB CEDAR RAPIDS AND 'DES RESOLUTION NO. 78-484 0 A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE AND SECURING THE PAYMENT OF $5,200,000 PARKING FACILITIES REVENUE BONDS OF THE CITY OF IOWA CITY, IOWA, UNDER THE PROVISIONS OF THE CITY CODE OF IOWA, AND PROVIDING FOR A METHOD OF PAYMENT OF SAID BONDS WHEREAS, the City Council of the City of Iowa City, Iowa, sometimes hereinafter referred to as the "Issuer", has heretofore established charges, rates and rentals for services which are and will continue to be collected as system revenues of the Parking System, sometimes hereinafter referred to as the "System", and said revenues have not been pledged and are available for the payment of Revenue Bonds, subject to the following premises; and WHEREAS, issuer proposes to issue its Revenue Bonds to the, extent of $5,200,000 for the purpose of defraying the costs of the project as set forth in Section 3 of this Resolution; and WHEREAS, the notice of intention of Issuer to take action for the issuance of $5,200,000 Parking Facilities Revenue Bonds has heretofore been duly published and no objections to such proposed action have been filed: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IN THE COUNTY OF JOHNSON, STATE OF IOWA: Section 1. Definitions. The following terms shall have the following meaning in this Resolution unless the text expressly or by necessary implication requires otherwise: (a) "Issuer" and "City" shall mean the City of Iowa City, Iowa; (b) "Governing Body" shall mean the City Council of the City, or its successor in function with respect to the operation and control of the System; (c) "Clerk shall mean the City Clerk or such other officer of the successor governing body as shall be charged with substantially the same duties and responsibilities; (d) "Treasurer" shall mean the City Treasurer or such other officer as shall succeed to the same duties and responsibilities with respect to the recording and payment of the Bonds issued hereunder; -3- AHLERS• GOONEY. DORWEILER. HAYNIE& SMITH, LAWYERS, DES MOINES, IOWA MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES i hI�LHUr1Li•IGJ BY JORM bI1CROLAB CEDAR RAPIDS AND 'DES RESOLUTION NO. 78-484 0 A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE AND SECURING THE PAYMENT OF $5,200,000 PARKING FACILITIES REVENUE BONDS OF THE CITY OF IOWA CITY, IOWA, UNDER THE PROVISIONS OF THE CITY CODE OF IOWA, AND PROVIDING FOR A METHOD OF PAYMENT OF SAID BONDS WHEREAS, the City Council of the City of Iowa City, Iowa, sometimes hereinafter referred to as the "Issuer", has heretofore established charges, rates and rentals for services which are and will continue to be collected as system revenues of the Parking System, sometimes hereinafter referred to as the "System", and said revenues have not been pledged and are available for the payment of Revenue Bonds, subject to the following premises; and WHEREAS, issuer proposes to issue its Revenue Bonds to the, extent of $5,200,000 for the purpose of defraying the costs of the project as set forth in Section 3 of this Resolution; and WHEREAS, the notice of intention of Issuer to take action for the issuance of $5,200,000 Parking Facilities Revenue Bonds has heretofore been duly published and no objections to such proposed action have been filed: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IN THE COUNTY OF JOHNSON, STATE OF IOWA: Section 1. Definitions. The following terms shall have the following meaning in this Resolution unless the text expressly or by necessary implication requires otherwise: (a) "Issuer" and "City" shall mean the City of Iowa City, Iowa; (b) "Governing Body" shall mean the City Council of the City, or its successor in function with respect to the operation and control of the System; (c) "Clerk shall mean the City Clerk or such other officer of the successor governing body as shall be charged with substantially the same duties and responsibilities; (d) "Treasurer" shall mean the City Treasurer or such other officer as shall succeed to the same duties and responsibilities with respect to the recording and payment of the Bonds issued hereunder; -3- AHLERS• GOONEY. DORWEILER. HAYNIE& SMITH, LAWYERS, DES MOINES, IOWA MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES ..,L,, U ILMLU BY JURM MICROLAB CEDAR RAPIDS AND UES !10 'IES, !fid I I (e) "System" shall mean and is established and defined as the parking facilities system of the City including "off-street parking" as hereinafter described and "on -street parking" including parking meters located on and along the City's streets and all properties i acquired or to be acquired from the proceeds of the Bonds or from revenues of the system or made a part thereof by Council resolution. For purposes of this resolution,.the "system" is presently made up and comprised of the following: All of the on -street metered parking in the City and all off-street parking for which the City makes a charge, whether the same is owned or leased by the City. ' I It is contemplated that the system will acquire ; from proceeds of the bonds and other funds the additional properties following: - i Ramp "A" - A four and one-half tier parking structure of precast and prestressed concrete on the north side of Burlington Street between Clinton and Capital Streets with a capacity of approximately j 900 vehicles. Ramp "B" - A multi -tiered parking structure of precast and prestressed concrete on the north side of Burlington Street between Linn and Dubuque Streets with an initial capacity of approximately 450 vehicles and designed so as to permit future upward expansion. provided, however, that the City may from time to time j by resolution lend or lease to the parking system for temporary use additional lands or lots which may be ' available for temporary use as parking. Such temporary land or lots may be withdrawn from the system by Council resolution irrespective of the provisions of Section 16(f) of this resolution which provisions limit and restrict the manner of disposition of property comprising the system. -4- A HLERS. 4-AHLERS• COONEY. DORW EILER. HAYNIE & SMITH. LAWYERS, DES MOINES, IOW A i' 141CROFILMED BY 1 DORM MICR+LAB CEDAR RAPIDS • DES MOINES MLL.KW LP1u1 by JORM MICROLAB CEDAR RAPIDS AIME 'DES AHLERS. GOONEY, DORWEILER. HAYNIE h SMITH. LAWYERS. DES MOINES, IOWA MICROFILMED BY 1 1 JORM MICR+LAB I CEDAR RAPIDS • DES MOINES ,. (f) "Net revenues" shall mean gross earnings including investment earnings, rentals of any portion of the system or the properties comprising it, lease payments, parking fees, and parking charges of any kind of the system, including by validation, overtime charges f or payments received in any manner, after deduction of p;. system expenses; "System expenses" shall mean and (1) for all off-street parking facilities the k: include reasonable and necessary cost of operating, maintaining, 4. repairing and insuring such facilities, salaries, ff wages, costs and materials and supplies; (2) for all t on -street parking meters, the repair and replacement of parking meters, salaries and wages of meter repair and depreciation, and r collection personnel. Capital costs, interest or principal payments are not system expenses. (g) "Fiscal Year" shall mean the twelve months' period beginning on July l of each year and ending on the last day of June of the following year, or any other consecutive twelve month period adopted by the governing body or by law as the official accounting period of the System; (h) "Original Purchaser" shall mean the purchaser of the Bonds from Issuer at the time of their original issuance; (i) "Bonds" shall mean $5,200,000 Parking Facility Revenue Bonds, authorized to be issued by this Resolution; (j) "Parity Bonds" shall mean Parking Facility Revenue Bonds payable solely from the net revenues of the System on an equal basis with the Bonds.herein authorized to be issued; i (k) "Corporate Seal" shall mean the official seal $$ of Issuer adopted by the governing body; and E(1) "Independent Auditor" shall mean an independent u firm of Certified Public Accountants or the Auditor of State. Section 2. Authority. The Bonds authorized by this Resolution shall be issued pursuant to Division V, Chapter all 384; of the City Code of Iowa, and in compliance with the applicable provisions of the Constitution and laws of t i State of Iowa. -5- AHLERS. GOONEY, DORWEILER. HAYNIE h SMITH. LAWYERS. DES MOINES, IOWA MICROFILMED BY 1 1 JORM MICR+LAB I CEDAR RAPIDS • DES MOINES ,. N4L,iWtILMILU BY JORM MICROLAB CEDAR RAPIDS AND UES Section 3. Authorization and Purpose. There are hereby authorized to be issued, negotiable, serial, coupon Revenue Bonds of Iowa City, in the County of Johnson, State of Iowa, Series 1978, each to be designated as "Parking System Revenue Bond", in the aggregate amount of $5,200,000 for the purpose of paying a part of the costs of the acquisition and construction of additions to the municipal parking facilities system, including multi-level facilities for the parking of motor vehicles and related or subordinate uses. Section 4. Source of Payment. The Bonds herein author- ized and Parity Bonds and the interest thereon shall be payable solely and only out of the net earnings of the System and shall be a first lien on the future net revenues of the System. The Bonds shall not be general obligations of the Issuer nor shall they be payable in any manner by taxation and the issuer shall be in no manner liable by reason of the failure of the said net revenues to be sufficient for the payment of the Bonds. Section 5. Term of Bonds. The Bonds shall be designated "Series 1978", shall be dated December 1, 1978, shall be in the denomination of $5,000 each; shall be numbered from 1 to 1,040, both inclusive, shall bear interest from their date until payment; payable July 1, 1979, and semiannually thereafter; shall be payable as to both principal and interest at the office of the Treasurer, in any coin or currency which, on the respective dates of payment, is legal tender for the payment of public and private debts, and shall mature serially in numerical order in the amounts and in each year and bear interest at the rate of 7.50% per annum or such lower rates as may be established at the sale of the bonds: t S i; 3 s f i -6- AHLERS, COONEY. DORWEILER. HAYNIE S SMITH. LAWYERS. DES MOINES. IOWA � 41CROFILMED BY i DORM MICR+LAB CEDAR RAPIDS • DES MOINES i I i N4L,iWtILMILU BY JORM MICROLAB CEDAR RAPIDS AND UES Section 3. Authorization and Purpose. There are hereby authorized to be issued, negotiable, serial, coupon Revenue Bonds of Iowa City, in the County of Johnson, State of Iowa, Series 1978, each to be designated as "Parking System Revenue Bond", in the aggregate amount of $5,200,000 for the purpose of paying a part of the costs of the acquisition and construction of additions to the municipal parking facilities system, including multi-level facilities for the parking of motor vehicles and related or subordinate uses. Section 4. Source of Payment. The Bonds herein author- ized and Parity Bonds and the interest thereon shall be payable solely and only out of the net earnings of the System and shall be a first lien on the future net revenues of the System. The Bonds shall not be general obligations of the Issuer nor shall they be payable in any manner by taxation and the issuer shall be in no manner liable by reason of the failure of the said net revenues to be sufficient for the payment of the Bonds. Section 5. Term of Bonds. The Bonds shall be designated "Series 1978", shall be dated December 1, 1978, shall be in the denomination of $5,000 each; shall be numbered from 1 to 1,040, both inclusive, shall bear interest from their date until payment; payable July 1, 1979, and semiannually thereafter; shall be payable as to both principal and interest at the office of the Treasurer, in any coin or currency which, on the respective dates of payment, is legal tender for the payment of public and private debts, and shall mature serially in numerical order in the amounts and in each year and bear interest at the rate of 7.50% per annum or such lower rates as may be established at the sale of the bonds: t S i; 3 s f i -6- AHLERS, COONEY. DORWEILER. HAYNIE S SMITH. LAWYERS. DES MOINES. IOWA � 41CROFILMED BY i DORM MICR+LAB CEDAR RAPIDS • DES MOINES hili,kUt iLHLD BY JORM MICROLAB Bond Numbers CEDAR RAPIDS AND DES Principal Maturity Amount July lst 1 - 21 $105,000 1982 22 - 44 $115,000 i 45 - 68 $120,000 1984 69 - 94 $130,000 hili,kUt iLHLD BY JORM MICROLAB Bond Numbers CEDAR RAPIDS AND DES Principal Maturity Amount July lst 1 - 21 $105,000 1982 22 - 44 $115,000 1983 45 - 68 $120,000 1984 69 - 94 $130,000 1985 95 - 122 $140,000 1986 123 - 152 $150,000 1987 153 - 184 $160,000 1988 185 - 218 $170,000 1989 219 - 254 $180,000 1990 255 - 293 $195,000 1991 294 - 335 $210,000 1992 336 - 380 $225,000 1993 381 - 428 $240,000 1994 429 — 479 $255,000 1995 480 - 534 $275,000 1996 535 - 592 $290,000 1997 593 - 654 $310,000 1998 655 - 721 $335,000 1999 722 - 793 $360,000 2000 794 - 870 $385,000 2001 871 - 952 $410,000 2002 953 - 1,040 $440,000 2003 Section 6. Redemption Prior to Maturity. Bonds numbered 255 to 1,040, both inclusive, in the principal amount of $3,930,000 may be called for redemption by Issuer at its sole option and paid before maturity, in whole or from time to time in part, on July 1, 1990, and on any interest payment date thereafter, at a price of par, premium of five percent, such premium reducing by 1/2 of 18 each full year thereafter, and accrued interest to call date, by giving notice by publication in a legal newspaper printed wholly in the English language, of general circulation in the State of Iowa, said notice to be published once at least thirty days prior to the date of call in a financial journal published in the City of New York, New York. If less than all of the bonds are called at any time they shall be called in inverse order of maturity and if less than a whole maturity is called at any time, the numbers of the bonds to be paid shall be drawn by lot in any reasonable manner. In the case of registered Bonds, notice may be given by certified mail to the registered owner at the address shown on the books of the Treasurer and shall be deemed complete upon mailing. -7- AHLERS, COONEY, DORWEILER. HAYNIE 6 SMITH. LAWYERS. DES MOINES, IOWA Y MICROFILMED BY JORM MICR+LAB L CEDAR RAPIDS • DES MOINES Y t91LKUi IU'ILU BY JORM I.1ICROLAB CEDAR RAPIDS AND DES Section 7. Execution of Bonds. The Bonds shall be executed by the Mayor and Clerk and sealed with the corporate seal. Interest on the Bonds to maturity shall be evidenced by coupons thereto attached, such coupons to be executed by the facsimile signature of the Clerk who shall by the execution of the Bonds, adopt said facsimile signature appearing upon the coupons as an official signature. In case any officer of the Issuer who shall have signed or sealed any Bond or coupon shall cease to be such officer before the Bond so signed or sealed shall have actually been delivered or issued, such Bond may be delivered and issued with the same effect as though the person who had signed and sealed such Bond had not ceased to be an officer of the Issuer. Section 8. Registration. Upon presentation at the office of the Treasurer of any of said Bonds, same may be registered as to principal in the name of the owner, on the books in his office, such registration to be noted on the reverse side of the Bonds by said official and thereafter the principal of such registered Bonds shall be payable only to the registered holder, his legal representatives or assigns. Such registered Bonds shall be transferable to another registered holder, or back to bearer, only upon presentation to said official with a legal assignment duly acknowledged or proved. Registration of any such Bonds shall not affect the negotiability of the coupons thereto attached, but such coupons shall be transferable by delivery merely. Section 9. Lost, Destroyed or Mutilated Bonds. In case any Bond or coupon shall become mutilated, lost, stolen, or destroyed, the appropriate officers of the Issuer, in their discretion, may issue a new Bond (with coupons corres- ponding to the coupons, if any, appertaining to the mutilated, lost, stolen, or destroyed Bond) or coupon,of like tenor, amount, maturity and date, and bearing the same or a different number, in exchange and substitution for, and upon the cancellation of the mutilated Bond or coupon, or in lieu of and substitution for such lost, stolen or destroyed Bond or coupon; or if any such Bond or coupon shall have matured or shall be about to mature, instead of issuing a substituted bond or coupon, said officers may pay such Bond or coupon without surrender thereof. In any case the applicant shall furnish evidence satisfactory to the officers of the destruction, theft or loss of the Bond or coupon, and indemnity satisfactory to said officers; and said officers shall charge for the issue of such new Bond or coupon, an amount sufficient to reimburse the Issuer for the expense incurred by it in the issue thereof. -8- AHLERS. COON EY. DORWEILER. HAYNIE A SMITH, LAWYERS. DES MOINES. IOWA Y IIICROFILMED BY I JORM MICR+LAB CEDAR RAPIDS • DES MOTIVES i t91LKUi IU'ILU BY JORM I.1ICROLAB CEDAR RAPIDS AND DES Section 7. Execution of Bonds. The Bonds shall be executed by the Mayor and Clerk and sealed with the corporate seal. Interest on the Bonds to maturity shall be evidenced by coupons thereto attached, such coupons to be executed by the facsimile signature of the Clerk who shall by the execution of the Bonds, adopt said facsimile signature appearing upon the coupons as an official signature. In case any officer of the Issuer who shall have signed or sealed any Bond or coupon shall cease to be such officer before the Bond so signed or sealed shall have actually been delivered or issued, such Bond may be delivered and issued with the same effect as though the person who had signed and sealed such Bond had not ceased to be an officer of the Issuer. Section 8. Registration. Upon presentation at the office of the Treasurer of any of said Bonds, same may be registered as to principal in the name of the owner, on the books in his office, such registration to be noted on the reverse side of the Bonds by said official and thereafter the principal of such registered Bonds shall be payable only to the registered holder, his legal representatives or assigns. Such registered Bonds shall be transferable to another registered holder, or back to bearer, only upon presentation to said official with a legal assignment duly acknowledged or proved. Registration of any such Bonds shall not affect the negotiability of the coupons thereto attached, but such coupons shall be transferable by delivery merely. Section 9. Lost, Destroyed or Mutilated Bonds. In case any Bond or coupon shall become mutilated, lost, stolen, or destroyed, the appropriate officers of the Issuer, in their discretion, may issue a new Bond (with coupons corres- ponding to the coupons, if any, appertaining to the mutilated, lost, stolen, or destroyed Bond) or coupon,of like tenor, amount, maturity and date, and bearing the same or a different number, in exchange and substitution for, and upon the cancellation of the mutilated Bond or coupon, or in lieu of and substitution for such lost, stolen or destroyed Bond or coupon; or if any such Bond or coupon shall have matured or shall be about to mature, instead of issuing a substituted bond or coupon, said officers may pay such Bond or coupon without surrender thereof. In any case the applicant shall furnish evidence satisfactory to the officers of the destruction, theft or loss of the Bond or coupon, and indemnity satisfactory to said officers; and said officers shall charge for the issue of such new Bond or coupon, an amount sufficient to reimburse the Issuer for the expense incurred by it in the issue thereof. -8- AHLERS. COON EY. DORWEILER. HAYNIE A SMITH, LAWYERS. DES MOINES. IOWA Y IIICROFILMED BY I JORM MICR+LAB CEDAR RAPIDS • DES MOTIVES Fiiu<UFiLAcU BY JORM 1.1ICROLAB CEDAR RAPIDS AND 'DES Section 10. Form of Bond and Coupon. That said Bonds and the coupons annexed thereto shall be in form substantially as follows: (FORM OF BOND) UNITED STATES OF AMERICA STATE OF IOWA COUNTY OF JOHNSON CITY OF IOWA CITY PARKING FACILITIES REVENUE BOND SERIES 1978 No. $5,000 KNOW ALL MEN BY THESE PRESENTS: That the City of Iowa City, in the County of Johnson, State of Iowa, for value received, hereby promises to pay to bearer hereof, on the 1st day of July, 19_, out of the net revenues hereinafter described, the principal amount of FIVE THOUSAND DOLLARS, together with interest on said amount from the date hereof, until paid at the rate of 8 per annum, payable on July 1, 1979, and semiannually thereafter on presentation and surrender of the interest coupons hereto attached as they severally become due. Both principal of and interest on this Bond are payable at the office of the City Treasurer, in any coin or currency which, on the respective dates of payment of said principal and interest, is legal tender for the payment of public and private debts. This Bond is issued by the City pursuant to and in strict compliance with Division V, Chapter 384, of the City Code of Iowa, and in compliance with all applicable provisions of the Constitution and laws of the State of Iowa, and in conformity with a Resolution of the City Council of said City duly passed and approved, entitled "A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE AND SECURING THE PAYMENT OF $5,200,000 PARKING FACILITIES REVENUE BONDS OF THE CITY OF IOWA CITY, IOWA, UNDER THE PROVISIONS OF THE CITY CODE OF IOWA, AND PROVIDING FOR A METHOD OF PAYMENT OF SAID BONDS." For a more complete statement of the basis upon which this Revenue Bond has been issued and additional Revenue Bonds ranking on a parity therewith may be issued, a description of the source of payment of all such Bonds and a statement of the rights and duties of the Issuer, the rights of thP., holders of Revenue Bonds and the modification thereof, reference is made to said Resolution. This Bond and the series of which it is a part are issued for the purpose of so AHLERS. GOONEY. DORWEILER. HAYNIE 6 SMITH, LAWYERS. DES MOINES. IOWA Y- ?may 14]CROFILMED BY JoRM MICR+LAB , CEDAR RAPIDS • DES MOINES Y P.' Fiiu<UFiLAcU BY JORM 1.1ICROLAB CEDAR RAPIDS AND 'DES Section 10. Form of Bond and Coupon. That said Bonds and the coupons annexed thereto shall be in form substantially as follows: (FORM OF BOND) UNITED STATES OF AMERICA STATE OF IOWA COUNTY OF JOHNSON CITY OF IOWA CITY PARKING FACILITIES REVENUE BOND SERIES 1978 No. $5,000 KNOW ALL MEN BY THESE PRESENTS: That the City of Iowa City, in the County of Johnson, State of Iowa, for value received, hereby promises to pay to bearer hereof, on the 1st day of July, 19_, out of the net revenues hereinafter described, the principal amount of FIVE THOUSAND DOLLARS, together with interest on said amount from the date hereof, until paid at the rate of 8 per annum, payable on July 1, 1979, and semiannually thereafter on presentation and surrender of the interest coupons hereto attached as they severally become due. Both principal of and interest on this Bond are payable at the office of the City Treasurer, in any coin or currency which, on the respective dates of payment of said principal and interest, is legal tender for the payment of public and private debts. This Bond is issued by the City pursuant to and in strict compliance with Division V, Chapter 384, of the City Code of Iowa, and in compliance with all applicable provisions of the Constitution and laws of the State of Iowa, and in conformity with a Resolution of the City Council of said City duly passed and approved, entitled "A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE AND SECURING THE PAYMENT OF $5,200,000 PARKING FACILITIES REVENUE BONDS OF THE CITY OF IOWA CITY, IOWA, UNDER THE PROVISIONS OF THE CITY CODE OF IOWA, AND PROVIDING FOR A METHOD OF PAYMENT OF SAID BONDS." For a more complete statement of the basis upon which this Revenue Bond has been issued and additional Revenue Bonds ranking on a parity therewith may be issued, a description of the source of payment of all such Bonds and a statement of the rights and duties of the Issuer, the rights of thP., holders of Revenue Bonds and the modification thereof, reference is made to said Resolution. This Bond and the series of which it is a part are issued for the purpose of so AHLERS. GOONEY. DORWEILER. HAYNIE 6 SMITH, LAWYERS. DES MOINES. IOWA Y- ?may 14]CROFILMED BY JoRM MICR+LAB , CEDAR RAPIDS • DES MOINES Y flip,j(Ui iLi4cU BY JURM I41CROLAB CEDAR RAPIDS AND -10- AHLERS. COONEY. DORWEILER. HAYNICA SMITH. LAWYERS. DES MOINES. IOWA MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES paying a part of the costs of the acquisition and construction of additions to the municipal parking facilities system and of refunding the existing bonds of the City outstanding and payable from the revenues of the municipal parking facilities 1 system. Bonds numbered 255 to 1,040, both inclusive, may be called for redemption by Issuer at its sole option and paid from any funds regardless of source before maturity, in whole or from time to time in part, on July 1, 1990, and on any interest payment date thereafter, at a price of par, premium of five percent initially and reducing by one-half of one per cent (1%) each full year thereafter, and accrued interest to call date, by giving notice by publication in a legal newspaper printed wholly in the English language, of general circulation in the State of Iowa, said notice to be published once at least thirty days prior to date of call in a financial journal published in the City of New York, New York. If less than all of the bonds are called at any time "7 they shall be called in inverse order of maturity and if j less than a whole maturity is called at any time, the numbers I of the bonds to be paid shall be drawn by lot in any reasonable I manner. In the case of registered Bonds, notice may be given by certified mail to the address shown on the books of the Treasurer. This Bond is fully negotiable but may be registered as to principal only in the name of the holders on the books of the Treasurer, such registration to be endorsed by notation p 4 on the back hereof by the said Officer, after which no r transfer shall be valid unless made on said books and similarly noted hereon, but it may be discharged from said registration r by being transferred to bearer, after which it shall be - { transferable by delivery but it may again be registered as i t before. The registration of this Bond as to principal shall not restrain the negotiability of the coupons by delivery merely. A II 1 ?• This Bond and the series of which it forms a part, I a other bonds ranking on a parity therewith, and any additional bonds which may be hereafter issued and outstanding from ;. time to time on a parity with said Bonds, as provided in the Bond Resolution of which notice is hereby given and is i; hereby made a part hereof, are payable from and secured by a pledge of the net revenues of the Parking Facilities System, (the "System"), as defined and provided in said Resolution. 4 There has heretofore been established and the City hereby covenants and agrees that it will maintain just and equitable t f rates or charges for the use of and service rendered by said -10- AHLERS. COONEY. DORWEILER. HAYNICA SMITH. LAWYERS. DES MOINES. IOWA MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES MjLIi0i iLi9Lu by JORM MICROLA6 CEDAR RAPIDS AMD DES System in each year for the payment of the proper and reason- able expenses of operation and maintenance of said System and for the establishment of a sufficient sinking fund to meet the principal of and interest on this series of Bonds, and other bonds ranking on a parity therewith, as the same become due. This Bond is not payable in any manner by taxation and under no circumstances shall the City be in any manner liable by reason of the failure of said net earnings to be sufficient for the payment hereof. IN TESTIMONY WHEREOF, said City by its City Council has caused this Bond to be signed by its Mayor and attested by its City Clerk with the corporate seal affixed and the coupons hereto attached to be executed with the facsimile signature of said Clerk, which official, by the execution of this Bond does adopt the facsimile signature appearing on said coupons, all this lst day of December, 1978. Mayor ATTEST: 1 City Clerk f i (FORM OF COUPON) IOWA CITY, IOWA No. $ 7 v The Treasurer of the City of Iowa City, in the County of Johnson, State of Iowa, at his office in Iowa City, Iowa, i will pay out of the net revenues of its Municipal Parking Facilities System to bearer $ on the 1st day of 19 in any coin or currency which, on the date of payment is legal tender for the payment of public and private debts, being months' 4 interest on its Parking Facilities Revenue Bond, dated December 1, 1978, No. i City Clerk of Iowa City, Iowa w i i -11- 11-ANLERS. A HLERS.COONEY. DORWEILER. HAYNIE SSMITN. LAWYERS. DES MOINES. IOWA 1 JORM MICR+LAB "I ' CEDAR RAPIDS • DES MOINES b11 W4U1-iLMLU BY JORM MICROLAB CEDAR RAPIDS ACID All coupons maturing after July 1, 1990 on Bonds numbered 255 to 1,040, both inclusive, shall have added thereto the following: I "unless said Bond shall have been sooner called for payment." And on the back of each Bond there shall be printed a certificate of the Treasurer in the following form: (FORM OF TREASURER'S CERTIFICATE) 5 1. in my office as of the 1st day of December, 1978. (FACSIMILE SIGNATURE) Treasurer of the City of Iowa City, Iowa n following form of registration: REGISTRATION OF OWNERSHIP Date of Signature Registration In Whose Name Registered of Treasurer Section 11.Legal Opinion. There shall be printed on the back of each Bond herein authorized to be issued, a copy it of the legal opinion of Ahlers, Cooney, Dorweiler, Haynie & pp Smith, Attorneys, of Des Moines, Iowa, under the certificate 5 of the Clerk certifying the same as being a true copy thereof, said certificate to bear the facsimile signature of said Clerk. Section 12. Equality of Lien. The timely payment of i principal of and interest on the Bonds and Paritv Bonds I p System without priority by reason of number or time of sale or delivery; and the revenues of the System are hereby �- irrevocably pledged to the timely payment of both principal and interest as the same become due. ' i 1 i t I b11 W4U1-iLMLU BY JORM MICROLAB CEDAR RAPIDS ACID All coupons maturing after July 1, 1990 on Bonds numbered 255 to 1,040, both inclusive, shall have added thereto the following: I "unless said Bond shall have been sooner called for payment." And on the back of each Bond there shall be printed a certificate of the Treasurer in the following form: (FORM OF TREASURER'S CERTIFICATE) This Bond has been duly and properly registered in my office as of the 1st day of December, 1978. (FACSIMILE SIGNATURE) Treasurer of the City of Iowa City, Iowa There shall also be printed on the back of the Bonds the following form of registration: REGISTRATION OF OWNERSHIP Date of Signature Registration In Whose Name Registered of Treasurer Section 11.Legal Opinion. There shall be printed on the back of each Bond herein authorized to be issued, a copy of the legal opinion of Ahlers, Cooney, Dorweiler, Haynie & pp Smith, Attorneys, of Des Moines, Iowa, under the certificate 5 of the Clerk certifying the same as being a true copy thereof, said certificate to bear the facsimile signature of said Clerk. Section 12. Equality of Lien. The timely payment of i principal of and interest on the Bonds and Paritv Bonds shall be secured equally and ratably by the revenues of the p System without priority by reason of number or time of sale or delivery; and the revenues of the System are hereby �- irrevocably pledged to the timely payment of both principal and interest as the same become due. -12- AHLERS• COONEY, DORWEILER. HAYNIE 6 SMITH. LAWYERS. DES MOINES. IOWA 141CROFIL14ED BY '} 1' DORM MICR+LAB CEDAR RAPIDS • DES MOINES MluNriLMLii by JORM 141CROLAB CEDAR RAPIDS AND Section 13. Application of Bond Proceeds. After the execution of the Bonds, said Bonds shall be delivered to the Treasurer and shall be by him duly and properly registered in his office, and he shall thereupon deliver the same to the purchaser as determined by the governing body. Proceeds of the Bonds other than an amount equal to the maximum year's debt service which shall be paid into the Reserve Fund and fifteen months capitalized interest which with the accrued interest shall be paid into the Sinking Fund except as may be provided below shall be credited to the Construction Fund Account (the "Project Fund") and expended therefrom for the purposes of issuance. Any amounts on hand in the Project Fund shall be available for the payment of the principal of or interest on the Bonds at any time that other funds of the System shall be insufficient to the purpose, in which event such funds shall be repaid to the Project Fund at the earliest opportunity. Any balance on hand in the Project Fund and not immediately required for its purposes may be invested not inconsistent with limitations provided by law or this Resolution. Accrued interest, if any, shall be deposited in the Sinking Fund. Any excess proceeds remaining on hand after completion of the project, shall be paid into the Improvement Fund. Section 14. User Rates. There has heretofore been established and published as required by law, just and equitable rates or charges for the use of the service rendered by the System. So long as the Bonds are outstanding and unpaid the rates or charges to consumers of services of the System shall be sufficient in each year for the payment of the proper and reasonable expenses of operation and maintenance of the System and leave a balance of not less than 1358 of principal and interest on the Bonds and Parity Bonds as the same fall due, and to provide for the creation of reserves as hereinafter provided. In the event the Issuer or any department, agency or instrumentality thereof in any way uses or is served by the System, the rates or charges provided for shall be paid by the Issuer from its Corporate Fund, or by such department, agency or instrumentality thereof. Any revenues so collected by the Issuer shall be used and accounted for in the same manner as any other revenues derived from the operations of the System. Section 15. Application of Revenues. From and after the delivery of any Bonds, and as long as any of the Bonds or Parity Bonds shall be outstanding and unpaid either as -to principal or as to interest, or until all of the Bonds and Parity Bonds then outstanding shall have been discharged and -13- AHLERS. GOONEY. DORWEILER. HAYNIE b SMITH. LAWYERS. DES MOINES. IOWA 41CROFILMED BY '. JORM MICR+LAB CEDAR RAPIDS • DES MOINES Ie 1 ,a z 5 x If MluNriLMLii by JORM 141CROLAB CEDAR RAPIDS AND Section 13. Application of Bond Proceeds. After the execution of the Bonds, said Bonds shall be delivered to the Treasurer and shall be by him duly and properly registered in his office, and he shall thereupon deliver the same to the purchaser as determined by the governing body. Proceeds of the Bonds other than an amount equal to the maximum year's debt service which shall be paid into the Reserve Fund and fifteen months capitalized interest which with the accrued interest shall be paid into the Sinking Fund except as may be provided below shall be credited to the Construction Fund Account (the "Project Fund") and expended therefrom for the purposes of issuance. Any amounts on hand in the Project Fund shall be available for the payment of the principal of or interest on the Bonds at any time that other funds of the System shall be insufficient to the purpose, in which event such funds shall be repaid to the Project Fund at the earliest opportunity. Any balance on hand in the Project Fund and not immediately required for its purposes may be invested not inconsistent with limitations provided by law or this Resolution. Accrued interest, if any, shall be deposited in the Sinking Fund. Any excess proceeds remaining on hand after completion of the project, shall be paid into the Improvement Fund. Section 14. User Rates. There has heretofore been established and published as required by law, just and equitable rates or charges for the use of the service rendered by the System. So long as the Bonds are outstanding and unpaid the rates or charges to consumers of services of the System shall be sufficient in each year for the payment of the proper and reasonable expenses of operation and maintenance of the System and leave a balance of not less than 1358 of principal and interest on the Bonds and Parity Bonds as the same fall due, and to provide for the creation of reserves as hereinafter provided. In the event the Issuer or any department, agency or instrumentality thereof in any way uses or is served by the System, the rates or charges provided for shall be paid by the Issuer from its Corporate Fund, or by such department, agency or instrumentality thereof. Any revenues so collected by the Issuer shall be used and accounted for in the same manner as any other revenues derived from the operations of the System. Section 15. Application of Revenues. From and after the delivery of any Bonds, and as long as any of the Bonds or Parity Bonds shall be outstanding and unpaid either as -to principal or as to interest, or until all of the Bonds and Parity Bonds then outstanding shall have been discharged and -13- AHLERS. GOONEY. DORWEILER. HAYNIE b SMITH. LAWYERS. DES MOINES. IOWA 41CROFILMED BY '. JORM MICR+LAB CEDAR RAPIDS • DES MOINES Ie 4iwKW. ,Li4LU by jom DIICROLAb CEDAR RAPIDS AND DE satisfied in the manner provided in this Resolution, the entire income and revenues of the System shall be deposited as collected in a fund to be known as the Parking System Revenue Fund (the "Revenue Fund"), and shall be held as trust funds for the benefit of holders of the bonds and parity bonds and shall be disbursed only as follows: (a) Operation and Maintenance Fund. Money in the Revenue Fund shall first be disbursed to make deposits on the first day of each month into a separate and special fund to pay current expenses. The fund shall be known as the Parking System Operation and Maintenance Account (the "Operation and Maintenance Fund"). There shall be deposited in the Operation and Maintenance Fund each month an amount sufficient to meet the current expenses of the month plus an amount equal to 1/12th of expenses payable on an annual basis such as insurance. After the first day of the month, further deposits may be made to this account from the Revenue Fund to the extent necessary to pay current expenses accrued and payable to the extent that funds are not available in the Surplus Fund. (b) Sinking Fund. Money in the Revenue Fund shall next be disbursed to make deposits into a separate and special fund to pay principal of and interest on the Bonds and Parity Bonds. The fund shall be known as the Parking System Revenue Bond and, Interest Sinking Fund Account (the "Sinking Fund"). The amount to be deposited in the Sinking Fund in any month beginning January 1, 1980, shall be an amount equal to 1/5th of the installment of interest coming due on the next interest payment date on the then outstanding Bonds and Parity Bonds plus 1/10th of the installment of principal coming due on such Bonds on the next succeeding principal payment date until the full amount of such installment is on hand. Money in the Sinking Fund shall be used solely for the purpose of paying principal of and interest on the Bonds and Parity Bonds as the same shall become due and payable. (c) Reserve Fund. Money in the Revenue Fund shall next be disbursed to maintain a debt service reserve in an amount equal to at least the maximum amount of principal and interest coming due on the Bonds and Parity Bonds in any succeeding fiscal year. Such fund shall be known as the Parking System Revenue Bond Reserve Fund Account (the "Reserve Fund"). In each month beginning July 1, 1980, there shall be deposited in the Reserve Fund an amount equal to $5,000.00, provided, however, that when the -14- AHLERS• COONEY. DORWCILER. HAYNIE & SMITH. LAWYERS. DES MOINES. IOWA i MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES s 1411.KUi iU-ILU BY JURM 141CROLAB CEDAR RAPIDS AND D amount on deposit in the Reserve Fund shall be not less than the minimum required above, no further deposits need be made into the Reserve Fund except to maintain said fund at such level. Money in the Reserve Fund shall be used solely for the purpose of paying principal at maturity of or interest on the Bonds and Parity Bonds for the payment of which insufficient money shall be available in the Sinking Fund. Whenever it shall become necessary to so use money in the Reserve Fund, the payments required above shall be continued or resumed until it shall have been restored to the required minimum amount. (d) Improvement Fund. Money in the Revenue Fund shall next be disbursed to maintain a fund to be known as the Parking System Renewal and Improvement Fund - Account (the "Improvement Fund"). The minimum amount to be deposited in the Improvement Fund each month - beginning July 1, 1980, shall be $5,000.00. Money in the Improvement Fund not otherwise specially limited by other provisions of this resolution shall be used solely for the purpose of paying principal of or interest on the Bonds or Parity Bonds when there shall be insuf- ficient money in the Sinking Fund and the Reserve Fund; and to the extent not required for the foregoing, to pay the cost of extraordinary maintenance expenses or repairs, renewals and replacements not included is tent annual budget of revenues and current d as a pexpenses, art of System of rentals on any property or payments due for any property purchased as a part of the System, and for capital improvements to the System. (e) Surplus Revenue. All money thereafter remaining in the Revenue Fund at the close of each month shall be deposited in the surplus Account and shall be used if necessary to remedy any deficiency in any of the funds created by this Resolution, to pay for extraordinary repairs or replacements to the System, or may be used to pay or redeem the Bonds or parity bonds any of them, or for any lawful purpose. Money in the Surplus Account may next be used to pay principal of and interest on (including reasonable reserves therefor) any other obligations which by their terms shall be payable from the revenues of the System, but subordinate to the Bonds and Parity Bonds, and which have been issued for the purposes of extensions and improvements to the System. -15- AHLERS. COONEY. DORWEILER. HAYNIE S SMITH. LAWYERS. DES MOINES. IOWA MICROFILMED BY JORM MICR#LAB CEDAR RAPIDS • DES MOINES JiI,,Wl iL;'ILu by JURM 141CROLAB CEDAR RAPIDS AND D Money in the Revenue Fund shall be allotted and paid into the various funds and accounts hereinbefore referred to in the order in which said funds are listed, on a cumulative basis on the 1st day of each month, or on the next succeeding business day when the 1st shall not be a business day; and if in any month the money in the Revenue Fund shall be insufficient to deposit or transfer the required amount in any of said funds or accounts, the deficiency shall be made up in the following month or months after payments into all funds and accounts enjoying a prior claim to the revenues shall have been met in full. Moneys on hand in the Project Fund and all of the funds provided by this Section except the Operation and Maintenance Fund may be invested only in direct obligations of the United States Government or deposited in banks which are members of the Federal Deposit Insurance Corporation and the deposits in which are insured thereby and all such deposits exceeding the maximum amount insured from time to time by FDIC or its equivalent successor in any one bank shall be continuously secured by a valid pledge of direct obligations of the United States Government having an equivalent market value. All such interim investments shall mature not less than 5 days before the date on which the moneys are required for the purposes for which said fund was created or otherwise as herein provided but in no event maturing in more than three years in the case of the Reserve Fund. The provisions of this Section shall not be construed to require the Issuer to maintain separate bank accounts for the funds created by this Section; except the Sinking Fund and the Reserve Fund shall be maintained in a separate account but may be invested in conjunction with other funds of the City but designated as a trust fund on the books and records of the City. All income derived from such investments shall be deposited in the Revenue Fund and shall be regarded as revenues of the System. Such investments shall at any time necessary be liquidated and the proceeds thereof applied to the purpose for which the respective fund was created. Section 16. Covenants Regarding the Operation of the System. The Issuer hereby covenants and agrees with each and every holder of the Bonds and Parity Bonds: (a) "Operation of the System". Issuer hereby covenants and agrees with the holder or holders of the bonds herein authorized to be issued, or any of them, that it will faithfully and punctually perform all duties with reference to said public motor vehicle -16- AHLERS• COONEY. DORWEILER. HAYNIE & SMITH. LAWYERS. DES MOINES, IOWA MICROFILMED BY JORM MICR+LAB , CEDAR RAPIDS • DES MOINES i i i JiI,,Wl iL;'ILu by JURM 141CROLAB CEDAR RAPIDS AND D Money in the Revenue Fund shall be allotted and paid into the various funds and accounts hereinbefore referred to in the order in which said funds are listed, on a cumulative basis on the 1st day of each month, or on the next succeeding business day when the 1st shall not be a business day; and if in any month the money in the Revenue Fund shall be insufficient to deposit or transfer the required amount in any of said funds or accounts, the deficiency shall be made up in the following month or months after payments into all funds and accounts enjoying a prior claim to the revenues shall have been met in full. Moneys on hand in the Project Fund and all of the funds provided by this Section except the Operation and Maintenance Fund may be invested only in direct obligations of the United States Government or deposited in banks which are members of the Federal Deposit Insurance Corporation and the deposits in which are insured thereby and all such deposits exceeding the maximum amount insured from time to time by FDIC or its equivalent successor in any one bank shall be continuously secured by a valid pledge of direct obligations of the United States Government having an equivalent market value. All such interim investments shall mature not less than 5 days before the date on which the moneys are required for the purposes for which said fund was created or otherwise as herein provided but in no event maturing in more than three years in the case of the Reserve Fund. The provisions of this Section shall not be construed to require the Issuer to maintain separate bank accounts for the funds created by this Section; except the Sinking Fund and the Reserve Fund shall be maintained in a separate account but may be invested in conjunction with other funds of the City but designated as a trust fund on the books and records of the City. All income derived from such investments shall be deposited in the Revenue Fund and shall be regarded as revenues of the System. Such investments shall at any time necessary be liquidated and the proceeds thereof applied to the purpose for which the respective fund was created. Section 16. Covenants Regarding the Operation of the System. The Issuer hereby covenants and agrees with each and every holder of the Bonds and Parity Bonds: (a) "Operation of the System". Issuer hereby covenants and agrees with the holder or holders of the bonds herein authorized to be issued, or any of them, that it will faithfully and punctually perform all duties with reference to said public motor vehicle -16- AHLERS• COONEY. DORWEILER. HAYNIE & SMITH. LAWYERS. DES MOINES, IOWA MICROFILMED BY JORM MICR+LAB , CEDAR RAPIDS • DES MOINES I (Ji LiWh ILMLU GY �URM 11ICRULAB I Ce DAR RAPIDS AND DE parking facilities system required by the Constitution and laws of the State of Iowa, and this resolution, including the making and collecting of reasonable and sufficient rates or services afforded thereby, and will segregate the revenues and make application thereof into the respective funds, as provided by this resolution. Issuer further covenants and agrees with the holders of said bonds to maintain in good condition and continuously and efficiently operate said facilities and meters comprising the System. Issuer further covenants and agrees that, except as hereinafter otherwise provided, so long as any of the bonds authorized to be issued under the terms of this Resolution or bonds ranking on a parity therewith are outstanding it will not sell, lease, loan, mortgage or in any manner dispose of or encumber public motor vehicle parking facilities comprising the System until all of said bonds have been paid in full as to both principal and interest or unless and until full and sufficient provision shall have been made for the payment thereof. However, the right is reserved to the City to dispose of any property constituting a part of the System as provided in Section 16(f). Nothing contained in this Resolution shall be construed to prevent the City from leasing to others or contracting with others for the operation of any of the facilities constituting a part of the System to the extent permitted by law when deemed expedient and for the benefit of the system nor shall anything contained in this Resolution be construed to prevent the City from disposing by lease, sale, or'as may be permitted by law,.of the air rights (and reasonable access rights) above any of the off-street parking facilities constituting a part of the System or of other portions thereof not useful or intended for the parking of vehicles, provided that the revenues from any such lease shall be treated as a part of the income and revenues of the System and shall be used and applied as provided in this Resolution, but no such contract or lease may result in a reduction of the aggregate net revenues of the System below the amounts necessary to be paid into the Funds as in Section 15 provided. Proceeds of a sale of air rights shall be applied in accordance with Section 16(f). While the bonds authorized hereunder, or any of them, remain outstanding and unpaid no free service — shall be afforded by said parking facilities, provided, that the City Council may, by resolution, authorize the -17- AHLERS, GOONEY, DORWEILEA. HAYN IES SMITH, LAWYERS, DES MOINES, IOWA t,. • �, x� 141CROFIL14ED DY DORM MICR+LAEI ! CEDAR RAPIDS • DES MOINES h!ILa%Ur iL;'Iui by JURM MiCROLAB t I CEDAR RAPIDS AND DES use of a designated portion of the parking facilities without charge, when: (1) the Council has first affirmatively determined that such use will not cause the aggregate net revenues then to be derived from the balance of the system to be less than 1358 of the amounts required to be paid into the Funds in Section 15 provided during the then next succeeding fiscal year, and (2) if the facilities to be operated without charge produced over 158 of the gross revenues of the entire system in the then last preceding fiscal year, the finding by the City Council must be predicated upon and supported by a certificate executed by a nationally recognized parking facilities consultant employed for the purpose of examining the books and records pertinent to the system and of certifying to the amount of revenues which will be derived from the balance of the system. Any of the off-street parking facilities may be withdrawn from use at any time for the purpose of erecting multiple level parking structures, garages or other parking facilities thereon which are to be incorporated in and made a part of the system of the City, but no such facilities may be .so withdrawn unless the City Council affirmatively finds that the net revenues to be derived from the operation of the remainder of the System, together with capitalized interest during the construction of the additional structure, will be no less than those required to be paid into the Funds in Section 15 provided during the period of construction. ` The City agrees that it will take no action in I relation to its parking System which would unfavorably affect the security of the bonds herein authorized or bonds ranking on a parity therewith or the prompt payment of the principal thereof and interest thereon, but nothing in this Resolution contained shall be construed to prohibit appropriate changes in the t location of on -street parking meters made necessary by € street widening, alterations or closings, nor prohibit } substitution or changes in the location of on -street parking meters in order to provide essential and neces- sary traffic regulation and control. (b) Rates. That on or before the beginning of each fiscal year the governing body will adopt or continue in effect rates for all services rendered by F' the System sufficient to produce net revenues for the } next succeeding fiscal year sufficient to meet the requirements of the several funds as provided in this Resolution, including 1358 of the amounts required annually for principal and interest on the bonds and -18- AHLERS, LOONEY. DORWEILER. HAYNIE 6 SMITH. LAWYERS. DES MOINES. IOWA Id]LROF ILIdEO BY JORM MICR4LAB i CEDAR RAPIDS • DES MOINES hiwtUhILMLU BY JORM MICROLAB CEDAR RAPIDS AND IDES parity bonds. For purposes of the last clause of the next preceding sentence "net revenues" shall be those for the next succeeding fiscal year as determined from the budget for such year as required herein. (c) Insurance. That the Issuer shall maintain insurance for the benefit of the bondholders on the insurable portions of the System of a kind and in an amount which normally would be carried by private companies engaged in a similar kind of business. The proceeds of any insurance, except public liability insurance, shall be used to repair or replace the part or parts of the System damaged or destroyed, or if not so used shall be placed in the Improvement Fund. Unless it determines that such insurance is unavailable or uneconomic, the Issuer will maintain use and occupancy insurance on its off-street multi-level facilities equal to the historic revenues of said facilities but subject to a reasonable deductible provision. (d) Accountin and Audits. That the Issuer will cause to be kept proper books and accounts adapted to the System and in accordance with generally accepted accounting practices, and will cause the books and accounts to be audited annually in accordance with generally accepted municipal auditing standards not later caye anindependent dauditor ays eand hwill dfile ecopies ach soflthear by audit report with the Original Purchaser and will make generally available to the holders of any of the Bonds and Parity Bonds, the balance sheet and the operating statement of the System as certified by such auditor. The Original Purchaser and holders of any of the Bonds and Parity Bonds shall have at all reasonable times the right to inspect the System and the records, accounts and data of the Issuer relating thereto. It is further agreed that if the Issuer shall fail to provide the audits and reports required by this Subsection, the Original Purchaser or the holder or holders of 25% of the outstanding Bonds and Parity Bonds may cause such audits and reports to be prepared at the expense of the Issuer. The audit reports required by this Section shall include, but not be limited to, the following information: (i) An evaluation of the manner in which --the Issuer has complied with the covenants of this Resolution, including particularly the rate covenants included herein; -19- AHLERS. COONEY, DORWEILER, HAYNIEa SMITH, LAWYERS, DES MOINES, IOWA 7 MICROFILMED BY 1 JORM MICR+LAB ! t CEDAR RAPIDS • DES MOINES i hiwtUhILMLU BY JORM MICROLAB CEDAR RAPIDS AND IDES parity bonds. For purposes of the last clause of the next preceding sentence "net revenues" shall be those for the next succeeding fiscal year as determined from the budget for such year as required herein. (c) Insurance. That the Issuer shall maintain insurance for the benefit of the bondholders on the insurable portions of the System of a kind and in an amount which normally would be carried by private companies engaged in a similar kind of business. The proceeds of any insurance, except public liability insurance, shall be used to repair or replace the part or parts of the System damaged or destroyed, or if not so used shall be placed in the Improvement Fund. Unless it determines that such insurance is unavailable or uneconomic, the Issuer will maintain use and occupancy insurance on its off-street multi-level facilities equal to the historic revenues of said facilities but subject to a reasonable deductible provision. (d) Accountin and Audits. That the Issuer will cause to be kept proper books and accounts adapted to the System and in accordance with generally accepted accounting practices, and will cause the books and accounts to be audited annually in accordance with generally accepted municipal auditing standards not later caye anindependent dauditor ays eand hwill dfile ecopies ach soflthear by audit report with the Original Purchaser and will make generally available to the holders of any of the Bonds and Parity Bonds, the balance sheet and the operating statement of the System as certified by such auditor. The Original Purchaser and holders of any of the Bonds and Parity Bonds shall have at all reasonable times the right to inspect the System and the records, accounts and data of the Issuer relating thereto. It is further agreed that if the Issuer shall fail to provide the audits and reports required by this Subsection, the Original Purchaser or the holder or holders of 25% of the outstanding Bonds and Parity Bonds may cause such audits and reports to be prepared at the expense of the Issuer. The audit reports required by this Section shall include, but not be limited to, the following information: (i) An evaluation of the manner in which --the Issuer has complied with the covenants of this Resolution, including particularly the rate covenants included herein; -19- AHLERS. COONEY, DORWEILER, HAYNIEa SMITH, LAWYERS, DES MOINES, IOWA 7 MICROFILMED BY 1 JORM MICR+LAB ! t CEDAR RAPIDS • DES MOINES I•IiLIWi iLi•ILU by JURM 141CROLA6 CEDAR RAPIDS AND DES (ii) Statements of net revenues and income, including: a) a statement presenting "gross revenues" and "net revenues" as these terms are defined in Section 1(f) of this resolution; b) a statement of income prepared in conformity with generally accepted accounting principles for enterprise activities operated by governmental entities; provided, if such statement is on the accrual basis, an additional statement shall be provided on the cash basis. (iii) Analyses of each fund and account created hereunder, including deposits, withdrawals and beginning and ending balances; (iv) A balance sheet; (.v) The rates in effect at the end of the fiscal year, changes during the period, and the number of revenue producing parking spaces of each general class of the System at the beginning and end of the period; (vi) A schedule of insurance policies and fidelity bonds in force at the end of the fiscal year, showing with respect to each policy and bond the nature of the risks covered, the limits of i! liability, the name of the insurer, and the expiration date; (vii) The names and titles of the principal i officers of the Issuer; (viii) The number of parking violation notices or summons issued and the amount of money collected in connection with such violations, and whether or not the same is included in the Revenue Fund; and (ix) Any other information required to provide full disclosure so the financial statements are presented in conformity with generally accepted accounting principles for enterprise activities operated by governmental entities; In the event the audit provided for in this Section is prepared by the State Auditor the governing body will cause to be prepared a certified supplemental report containing the information required by this Section. -20- AHLERS. GOONEY. DORWEILER. HAYNIE S SMITH. LAWYERS. DES MOINES. IOWA Y MICROFIL14ED BY DORM MIGR+LAB i CEDAR RAPIDS • DES MOINES M,�IwrIuIw BY JUkM h1ICRULAB CEDAR RAPIDS AND DES (e) State Laws. That the Issuer will faithfully and punctually perform all duties with reference to the System required by the Constitution and laws of the State of Iowa, including the making and collecting of reasonable and sufficient rates for services rendered by the System as above provided, and will segregate the revenues of the System and apply said revenues to the funds specified in this Resolution. (f) Property. That the Issuer will not sell, lease, mortgage, or in any manner dispose of the System, or any capital part thereof, including any and all extensions and additions that may be made thereto, until satisfaction and discharge of all of the Bonds and Parity Bonds shall have been provided for in the manner provided in this Resolution. Provided, however, this covenant shall not be construed to prevent the disposal by the Issuer of a portion of one parking lot (the Iowa Avenue Lot located at Iowa and Gilbert)to be the site of an elderly housing project and three existing lots (the Municipal Lot located at Burlington and Linn; Washington Lot located at Washington and Clinton; and Moose Hall Lot located at College and Clinton) to be eliminated as a result of downtown redevelopment and parking facilities construction, or property which in the judgment of its governing body, predicated upon and supported by a certified statement executed by a nationally recognized parking facilities consultant, has become inexpedient or unprofitable to use in connection with the System, or if it is to the advantage of the System that other property of equal or higher value to the system be substituted therefor, and provided further that the proceeds of the disposition of such property shall be placed in a Revolving Fund to be used in preference to other sources for capital improvements to the System. (g) Fidelity Bond. That each officer of the Issuer having custody of funds of the System shall be under fidelity bond at all times in an amount not less than the amount of the funds in his custody. (h) Regulations. That the Issuer will maintain and enforce laws and regulations governing the use and operation of the system. (i) Budget. That the governing body of the Issuer will adopt a system budget of revenues and current expenses on or before the end of each fiscal - year for the ensuing fiscal year, and will file copies of such budgets, and any amendments thereto, with the Original Purchaser and any bondholder requesting the -21- AHLERS, COONEY, DORW EILER, HAYN IE 6 SMITH, LAWYERS, DES MOINES. IOWA MICROFILMED BY JORM MIC R+LAB 1 CEDAR RAPIDS • DES MOINES bL �I<Ur,GiLU by JORP1 HICROLAB CEDAR RAFIJ; AND JE, same. Such budget shall take into account revenues and current expenses during the current and last preceding fiscal years. The Issuer will incur no current expense not included in such budget, and will not permit total current expenses to exceed the budget, unless the governing body shall first have adopted a Resolution declaring the necessity of such expenses. Copies of such budget and approvals of expenditures in excess of the budget shall be mailed to the Original Purchaser and to the bondholders upon request. (j) "Consultant Review". The City hereby covenants and agrees as long as any bonds hereby authorized are outstanding to regularly retain from time to time and at least once every four (A) years, the service of some engineer or firm of .engineers of specialized reputation in the management and operation of motor vehicle parking facilities sometimes referred to in this resolution as the "Consulting Engineer", for the purpose of consultation and cooperation in connection with the operation and maintenance of its parking System facilities system and the establishment as well as any revision of the schedule of charges for the service and facilities to be thereby afforded. Such report shall be promptly forwarded to the original purchaser of the bonds. Section 17. Remedies of Bondholders. Except as herein expressly limited the holder or holders of the Bonds and Parity Bonds shall have and possess all the rights of action and remedies afforded by the common law, the Constitution and statutes of the State of Iowa and of the United States of America for the enforcement of payment of their Bonds and coupons, and of the pledge of the revenues made hereunder, and of all covenants of the Issuer hereunder. Section 18. Prior Lien and Parity Bonds. The Issuer will issue no other Bonds or obligations of any kind or nature payable from or enjoying a lien or claim on the property or revenues of the System having priority over the Bonds or Parity Bonds except as herein provided. Additional Bonds may be issued on a parity and equality of rank with the Bonds with respect to the lien and claim of such additional Bonds to the revenues of the System and the money on deposit in the funds adopted by this Resolution, for the following purposes and under the following conditions, but not otherwise: (a) For the purpose of refunding any of the Bonds or Parity Bonds which shall have matured or which shall mature not later than three months after the date of delivery of such refunding Bonds and for the payment of which there shall be insufficient money in the Sinking Fund and the Reserve Fund; -22- AHLERS• COONEY. DORWEILER, HAYNIE 6 SMITH, LAWYERS, DEB MOINES, IOWA Y- ,+f� MICROFILM BY JORM MICR+LAB J CEDAR RAPIDS • DES MOINES hL w<UiiG•1Lu Bf JURM MICROLAB CEDAR RAPIDS AMD 'DES (b) For the purpose of otherwise refunding any Bonds or Parity Bonds outstanding, or making extensions, additions, improvements or replacements to the System, if the following conditions shall have been met: (i) That no bonds or interest thereon are in default of payment. (ii) Either: (a) before any such Bonds ranking on a Parity are issued, there will have been procured and filed with the Clerk, a statement of an independent auditor not a regular employee of the Issuer, reciting the opinion based upon necessary investigations that the net revenues of the System for the preceding fiscal year (with adjustments as hereinafter provided) were equal to at least 150% of the maximum amount that will be required in any fiscal year prior to the longest maturity of any of the then outstanding Bonds for both principal of and interest on all Bonds then outstanding which are payable from the net earnings of the System and the Bonds then proposed to be issued; or (b) the net revenues or the adjusted net revenues for the immediately preceding fiscal year must have been equal to at least 1008 of the maximum year's debt service on all bonds then outstanding and on the bonds then proposed to be issued during the life of such outstanding bonds and the estimated net revenue during the second full fiscal year of operation of the improvement being financed shall be equal to at least 1508 of the maximum year's debt service on all bonds then outstanding and on the bonds then proposed to be issued during the life of such outstanding bonds. Net revenues for the immediately preceding fiscal year shall be those evidenced by certificate of the certified public accountants who made the audit. Adjusted net revenues shall reflect changes in rates from those existing during the previous fiscal year and to the extent not reported as a portion of the prior fiscal year's revenues, any monies which may be pledged and prior to the sale -of the parity bonds are legally pledged for the period when any of the outstanding bonds mature, then such amount shall be included in the adjusted net revenue. Estimated net -23- AHLERS. COONEY. DORW EILER, HAYNIE a SMITH. LAWYERS, DES MOINES, IOWA 141CROFIL14ED BY ,I,) JORM MICR+LAB CEDAR RAPIDS • DES MOINES Mil,AU1 ILALU by JORM MICROLAB CEDAR RAPIDS AND DES "IFS, revenues shall include the operations of facilities being financed and any other monies legally available that have been pledged for payment into the parking system. The adjusted net revenues and estimated net revenues shall be evidenced by a certificate of a qualified consulting engineer not employed by the City on a regular salary basis. For the purposes of this Section, payments of principal and interest falling due on July 1st shall be deemed a requirement of the preceding fiscal year, provided that such year ends on June 30th. (iii) The additional Bonds must be payable as to principal and as to interest on the same month and day as the Bonds herein authorized. Section 19. Disposition of Bond Proceeds• Arbitrage Not Permitted. The Issuer reasonably expects and covenants that no use will be made of the proceeds from the issuance and sale of the Bonds issued hereunder which will cause any of the Bonds to be classified as arbitrage Bonds within the meaning of Section 103(c)(2) of the Internal Revenue Code of the United States and that throughout the term of said Bonds it will comply with the requirements of said statute and regulations issued thereunder. To the best knowledge and belief of the Issuer, there are no facts or circumstances that would materially change the foregoing statements or the conclusion that it is not expected that the proceeds of the Bonds will be used in a manner that would cause the Bonds to be arbitrage Bonds. The Treasurer is hereby directed to deliver a certificate at issuance of the Bonds to certify as to the reasonable expectation of the Issuer at that date. The Issuer covenants that it will treat as restricted yield investments the funds following: (1) Any amounts in the Sinking Fund in excess of 13/12ths of the total of annual principal and interest requirements. (2) Any amount on hand in the Reserve Fund in excess of fifteen percent of the original principal amount of the outstanding bonds and parity bonds. (3) Any amount on hand in the Revolving Fund to the extent that it has been held for a period greater than three years. _P4_ AHLERS, COONEY. DORWEILER, HAYNIE S SMITH. LAWYERS, DES MOINES, IOWA 141CROFILIIED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES r• ILIWI ii -ALU by JORM LIICROLAB CEDAR RAPIDS AND DES "Restricted yield investments" are funds or investments which the Issuer covenants not to invest at a yield materially higher than the yield on the bonds as defined in the regulations issued under authority of Section 103(c) of the Internal Revenue Code of the United States. If any investments are held with respect to the bonds and parity bonds, the Issuer shall treat the same for the purpose of restricted yield as held in proportion to the original principal amounts of each issue. The Issuer covenants that it will exceed any investment yield restriction provided in this resolution only in the event that it shall first obtain an opinion of recognized bond counsel that the proposed investment action will not cause the bonds to be classed as arbitrage bonds under Section 103(c) of the Internal Revenue Code or regulations issued thereunder. The Issuer further covenants that it will proceed with due diligence to spend the proceeds of the bonds for the purpose set forth in Section 3 and will make no use of the proceeds available for the construction of facilities or change in the use by persons other than the Issuer or the general public of any portion of the facilities constructed therefrom, unless it has obtained an opinion of bond counsel or a revenue ruling that the proposed project or use will not be of such character as to cause interest on any of the Bonds not to be exempt from federal income taxes in the hands of holders other than substantial users of the project, under the provisions of Section 103(b) of the Internal Revenue Code of the United States, related statutes and regulations. Section 20. Discharge and Satisfaction of Bonds. The covenants, liens and pledges entered intZp created or imposed pursuant to this Resolution may be fully discharged and satisfied with respect to the Bonds and Parity Bonds, or any of them, in any one or more of the following ways: (a) By paying the Bonds or Parity Bonds when the same shall become due and payable; and (b) By depositing in trust with the Treasurer, or with a corporate trustee designated by the governing body, for the payment of said obligations and irrevocably appropriated exclusively to that purpose an amount in cash or direct obligations of the United States the — maturities and income of which shall be sufficient to retire at maturity, or by redemption prior to maturity on the next succeeding date upon which said obligations -25- AM LERS• COONEY. DORWEILER, HAYN IE 6 SMITH, LAWYERS. DES MOINES, IOWA I4ICROFILRED BY JORMMICR+LAB CEDAR RAPIDS • DES MOINES Y 111i0WI ILi4i.LJ by JOR14 141CROLAB CEDAR RAPIDS AND 'DES may be redeemed, all of such obligations outstanding at the time, together with the interest thereon to maturity or to the designated redemption date, premiums thereon, if any that may be payable on the redemption of the same; provided that proper notice of redemption of all such obligations to be redeemed shall have been previously published or provisions shall have been made for such publication. Upon such payment or deposit of money or securities, or both, in the amount and manner provided by this Section, all liability of the Issuer with respect to the Bonds or Parity Bonds shall cease, determine and be completely discharged, and the holders thereof shall be entitled only to payment out of the money or securities so deposited. Section 21. Resolution a Contract. The provisions of this Resolution shall constitute a contract between the Issuer.and the holder or holders of the Bonds and Parity Bonds, and after the issuance of any of the Bonds no change, variation or alteration of any kind in the provisions of this Resolution shall be made in any manner, except as provided in the next succeeding Section, until such time as all of the Bonds and Parity Bonds, and interest due thereon, shall have been satisfied and discharged as provided in this Resolution. Section 22. Modification of Resolution. This Resolu- tion may be amended from time to time if such amendment shall have been consented to by holders of not less than two-thirds in principal amount of the Bonds and Parity Bonds at any time outstanding (not including in any case any Bonds which may then be held or owned by or for the account of the Issuer, but including such Refunding Bonds as may have been issued for the purpose of refunding any of such Bonds if such Refunding Bonds shall not then be owned by the Issuer); but this Resolution may not be so amended in such manner as to: (a) Make any change in the maturity or interest rate of the Bonds, or modify the terms of payment of principal of or interest on the Bonds or any of them or impose any conditions with respect to such payment; (b) Materially affect the rights of the holders of less than all of the Bonds and Parity Bonds then outstanding; and (c) Reduce the percentage of the principal amount of Bonds, the consent of the holders of which is required to effect a further amendment. -26- AN I.Eng. 26-AHLERS, COONEY, DORWEILER, HAYN IE& SMITH. LAWYERS, DES MOINES, IOWA �.. kY MICROFILMED BY JORM MICR+LAB i i CEDAR RANDS • DES MOINES Y I'ILL (Ui 1Li'ILU by JURM MICROLAb CEDAR RAPIDS AND UES Whenever the Issuer shall propose to amend this Resolution under the provisions of this Section, it shall cause notice of the proposed amendment to be filed with the Original Purchaser and to be published one time in a newspaper having general circulation in the State of Iowa or a financial newspaper or journal published in Chicago, Illinois. Such notice shall briefly set forth the nature of the proposed amendment and shall state that a copy of the proposed amend - j atory Resolution is on file in the office of the Clerk. p Whenever at any time within one year from the date of the publication of said notice there shall be filed with the Clerk an instrument or instruments executed by the holders p of at least two-thirds in aggregate principal amount of the Bonds then outstanding as in this Section defined, which instrument or instruments shall refer to the proposed amend- atory Resolution described in said notice and shall specifically consent to and approve the adoption thereof, thereupon, but not otherwise, the governing body of the Issuer may adopt such amendatory Resolution and such Resolution shall become effective and binding upon the holders of all of the Bonds and Parity Bonds. Any consent given by the holder of a Bond pursuant to the provisions of this Section shall be irrevocable for a period of six months from the date of the instrument evidencing such consent and shall be conclusive and binding upon all future holders of the same Bond during such period. Such i, consent may be revoked at any time after six months from the date of such instrument by the holder who gave such consent or by a successor in title by filing notice of such revocation I with the Clerk. The fact and date of the execution of any instrument under the provisions of this Section may be proved by the t certificate of any officer in any jurisdiction who by the i laws thereof is authorized to take acknowledgments of deeds within such jurisdiction that the person signing such instrument 7 acknowledged before hint the execution thereof, or may be proved by an affidavit of a witness to such execution sworn r to before such officer. i The amount and numbers of the Bonds held by any person executing such instrument and the date of his holding the same may be proved by an affidavit by such person or by a certificate executed by an officer of a bank or trust company showing that on the date therein mentioned such person had on deposit with such bank or trust company the Bonds described in such certificate. -27- AHLERS. GOONEY. DORWEILER. HAYNIE & SMITH, LAWYERS. DES MOINES. IOWA EILMED DY I F'j DORM MICR¢LAB i CEDAR RAPIDS • DES MOINES I;tiu<W iLiIED By JORM 11ICROLAB (17 CEDAR RAPIDS AND Section 23. Severability. If any section, paragraph, or provision of this Resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforce- ability of such section, paragraph or provision shall not affect any of the remaining provisions. Section 24. Repeal of Conflicting Ordinances or Resolutions and Effective Date. All other ordinances, resolutions and orders, or parts thereof, in conflict with the provisions of this Resolution are, to the extent of such conflict, hereby repealed; and this Resolution shall be in effect from and after its adoption. Adopted and approved this 7th day of November 1978. Mayor .Attest: t'"RUFILMED BY JORM MICROLAB EDWIN ,D. DARPENTCR RETIRED PAUL r. AHLERS JAMES EVANS COONEY PHILIP J. DORWCILCR KENNETH H. HAYNIE M. RICHARD SMITH JAMES L. KRAMBECK JOHN F. MCKINNEY. JR. L. W. ROSEOROOK RICHARD O. BANTI TERRY L. MONSON ELI J. WIRTZ LANCE A. COPPOCK DAVID H. LUOINBILL MARK W. BEERMAN COWARD W. REMSOURO CEDAR RAPIDS AND DES Y .....�.....� ............. ...:........ AREA CODE 515717 31]•'1611 Nov o s �s�a AHLERS, GOONEY, DORWEILER, HAYNIE & SMITH LAWYERS 920 LIBERTY BUILDING SIXTH AND GRAND DES MOINES, IOWA 50309 Ms. Rosemary Vitosh, Finance Director City of Iowa City „I Civic Center 410 East Washington Street " G11 i;j Iowa City, Iowa 52240 Dear Rosemary: 1� MICROFILMED BY JORM MICR+L A B CEDAR RAPIDS • DES MOINES talLlwrIL14Lu BY JURM MICROLAB Resolution No. 78-484 CEDAR RAPIDS AND I (e) "System" shall mean and is established and defined as the parking facilities system of the City including "off-street parking" as hereinafter described and "on -street parking" including parking meters located on and along the City's streets and all properties acquired or to be acquired from the proceeds of the Bonds or from revenues of the system or made a part thereof by Council resolution. For purposes of this resolution, the "system" is presently made up and comprised of the following: The Parking Systems is comprised of on -street metered parking of 991 spaces and 11 surface lots with 1,168 spaces of which 687 are metered, 107 are permit, and 374 are attendant controlled. In addition, the Parking Systems owns a property which is under lease. Three lots will be eliminated as a result of downtown redevelopment and parking facilities construction. A portion of another lot, the size of which is currently undetermined, will be conveyed and used for parking for a federally -subsidized elderly housing project. It is contemplated that the system will acquire from proceeds of the bonds and other funds the additional properties following: Ramp "A" - A four and one-half tier parking structure of precast and prestressed concrete on the north side of Burlington Street between Clinton and Capital Streets with a capacity of approximately 900 vehicles. Ramp "B" - A multi -tiered parking structure of precast and prestressed concrete on the north side of Burlington Street between Linn and Dubuque Streets with an initial capacity of approximately 450 vehicles and designed so as to permit future upward expansion. provided, however, that the City may from time to time by resolution lend or lease to the parking system for temporary use additional lands or lots which may be available for temporary use as parking. Such temporary land or lots may be withdrawn from the system by Council resolution irrespective of the provisions of Section 6 16(f) of this resolution which provisions limit and restrict the manner of disposition of property comprising the system. -4- AHLERS. COONEY. DORWEILER. HAYNIE & SMITH. LAWYERS, DES MOINES. IOWA 141CROFILMED BY JORM MICR+LAB i CEDAR RAPIDS • DES MOINES 'i i talLlwrIL14Lu BY JURM MICROLAB Resolution No. 78-484 CEDAR RAPIDS AND I (e) "System" shall mean and is established and defined as the parking facilities system of the City including "off-street parking" as hereinafter described and "on -street parking" including parking meters located on and along the City's streets and all properties acquired or to be acquired from the proceeds of the Bonds or from revenues of the system or made a part thereof by Council resolution. For purposes of this resolution, the "system" is presently made up and comprised of the following: The Parking Systems is comprised of on -street metered parking of 991 spaces and 11 surface lots with 1,168 spaces of which 687 are metered, 107 are permit, and 374 are attendant controlled. In addition, the Parking Systems owns a property which is under lease. Three lots will be eliminated as a result of downtown redevelopment and parking facilities construction. A portion of another lot, the size of which is currently undetermined, will be conveyed and used for parking for a federally -subsidized elderly housing project. It is contemplated that the system will acquire from proceeds of the bonds and other funds the additional properties following: Ramp "A" - A four and one-half tier parking structure of precast and prestressed concrete on the north side of Burlington Street between Clinton and Capital Streets with a capacity of approximately 900 vehicles. Ramp "B" - A multi -tiered parking structure of precast and prestressed concrete on the north side of Burlington Street between Linn and Dubuque Streets with an initial capacity of approximately 450 vehicles and designed so as to permit future upward expansion. provided, however, that the City may from time to time by resolution lend or lease to the parking system for temporary use additional lands or lots which may be available for temporary use as parking. Such temporary land or lots may be withdrawn from the system by Council resolution irrespective of the provisions of Section 6 16(f) of this resolution which provisions limit and restrict the manner of disposition of property comprising the system. -4- AHLERS. COONEY. DORWEILER. HAYNIE & SMITH. LAWYERS, DES MOINES. IOWA 141CROFILMED BY JORM MICR+LAB i CEDAR RAPIDS • DES MOINES