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Home My WebLink About1976-07-15 Special Meeting��F 1 i M PRESENT X IdePROSSE X X r^ } UUL1 LJj 17/U- -( 3:00 P.M. The cost of publishing the following proceedings, claims is $ - Cumulative cost to date<dd calendar ye or said publication is $ The Iowa City City Council met in`an�'Adjourned'`s on the 15th day of July, 1976, at 3100:' p pi. '_in the`rCo Chambers at the Civic Center._ ;Present: ,j1'almer, deer Selzer, Vevera Absent Foster; Neuhause:r, Perret.. pro tem-deProsse presiding. Pat:Strabala,-F.inance;Di' and Paul Speer, the City's Bonding Agent,;,,al'so attend The purpose of, the meeting,was to.receive bids`j ,of $285,000 essential corporate purpose bn.nds for_Iow IA. :Six unopened seal ed'bids were received.'- Mayor pro tem deProsse called for'oriil bids :from present, and there were none. Paul Speer�proceeded,t review; the sealed bids. They were as ;fol lows Account Managers Net Inter Carleton D. Beh Co. 4.236 Dain, Kalman & Quail, Inc., & Shaw, McDermott & Co. 4.475 IA -Des Moines Nat'l Bank & Becker & Cownie, Inc. 4`.429 5 f Office of,, Cleilc ' -City Civic Cciiter m ol ir h� • ' - z �i A 1 ' I J �K CITY OF IOWA!, 1[TY� Office of,, Cleilc ' -City Civic Cciiter ol ir h� • C A 1 ' I J �K 4 A{ J�.. I, Item No. 3 - Adjournment AGENDA ADJOURNED COUNCIL MEETING JULY 15, 1976' 3:00 PM Item No. 1 - Meeting to Order PV�Te", Roll Call— A6aan"j Pu�A�, Fo ,(ail /�✓Fv�1A yQ Lt- ;; Pk0i Sf ry - Item No. 2 - Open the meeting for the purpose of receipt of bids.for of $285,000 essential corporate;: purpose bonds. a. Receive sealed bids which are not yet opened _b. Call for oral bids from those present. c. -0 2eil and review thealgd:bids� received. Consider a resolution directing the sale of $285,000 ess corporate purpose bonds. Actions GS. J�.. I, Item No. 3 - Adjournment t • t 2� • '. _,. L" 1 •: .. _ T.4 SY .. AHLtas. c, OONK. DONWl7L[R. HAYMIt a SMITH LAIVY Db MOINts.4IOWA Whereupon, the Mayor declared the following 'Resolution duly adopted: AXL[Rt. C'OONtY. DORW[ILtR. HAYNIt S SNITX LA WY Ott MOIMQt IOWA v V1. July 15, 197 OFFICIAL STATIME Interest Exempt, In Opinion. ot Bond Counsel, From Al $28530010, City of IOW6 C city3"', Essential Corporate purpose Dated August 1, 1976 Non -Callable C oupon Bonds Registrable As To Principal o Principal and semiannual interest (June I andber- ecein Iowa City, laim First coupon due December 1, 197 3. MAT IES --June I ...... ............. 1977 001 '50000 ............. ....... 1978 50, 55. ................. ... 1979 ruRposF, LEGALrff AND SE Proceeds of these bonds will be used for construction ofs treet i and installation of traffic control devices and storm sewers. These boi Iowa City, Iowa and in the opinion of bond counsel; Messrs. Ahlers; 1 Lawyers,- Des Moines, Iowa are payable, both principal and interest,' taxable property within the City of Iowa City, Iowa, exclusive of mond or amount L The City will furnish the printed bonds and the approvin with a certifled scrip tran * t of all zroceedings bad In connection: with certificate. -Interest on these bon in the opinion of bond counse1,-js:i --existing statutes and decisions. Statement of Indelitedness, AsotJul741976 City Actual Value, 1976 ......... ............. I .......... App Total Percent:- Direct Debt Oncl. This Issue). ...... ...... $4599.000_ 100.00% Overiaming Debt. joluixon County .........785,000 49.17% Iowa City Comm. SCIL Dist. .............. 0,914,000 70.04% Total Direct and OverUpping rJebt ................ I .................. Pei Capita Actual Yalue ........... 01 the Direct Debt, s1,37s000 are considered sell-mpporting at water anal r taws thereon.:_Excludes 02,549,000 Water Revenue Bondi, 01,3.9s,000 Sem, Industrial Deo--Wmmt Revenue Bondr, PfinciPal and interest of which are the Phillips Petroleum Co. The information !n this Statement* has been compiled from sources' teed. As far as any statements herein involve matters of opinion, whet opinions and not as representations of fact This Official Statement has been prepared under authority -of the l', as Well as Pcipies. of the Official Notice of Sale and Official *Bid Forrn'- Director o . f . Finance, Civic Center, Iowa City, Iowa, or from the Finaa.ric PAUL M.UNICIl?AL FINANCE CONSULTt 9&ays Metre VZ AreatQartocs 60E June 30,1978 . Area 312 an Fincial "83a .4, Reveritie CITY OF IOWA CITY": Johnson county, 10wo. Mary C. Neuhauser, Mqyor:,.', City Council L. P. Foster Max Selzer John Balmer City Officials Neal C. Berlin, MAfanaer!Y 9 Abbie Stolfus, City Clark patri& J. Strabala, Director of Finance GENERAL INFORMATION low aY1139 Iowa City is located in the middle -east section of - the Stat,I ' L It is approximately equidistant from Chicagi miles west of Davenpor' th iepwi City,becai�e.lhe'Tenitorial Capital in1839, one year after.. a_ s 1. a late, CaPU Visconsiri Territory. From IMS to 1857, Iowa City to D 'at Iowa City w a, Des Moines, has continued to'grow oldest and largest 0 t!61 -ersiti of Iowa, the the State UnN a median value of owner occupied homes. At the 19M Census, th Statewide statistic. At the 1970 Census, the City's medianvalue of $Zi median value of.$14P00. oo Bet%veen the 1960 and 1970 Censuses, the City's population grerv. area, increased from 8 square miles to 21 square miles. A Special-Cen population.of 41,744 and the City estimates its'June 1976 populatiij 19Ws was the substantial increase intb� .increase in the 'd ;'population students were Included in boff the 1960 and 1970 Censuses. Base up University as submitted by the Board of., Rcgent nary 1, 1976 for the Unir 1:6 enrollment the will have been virtually no change in: now; re, -- , i 21,150 as compared to Fall Dia enro enrollment in IM projected at —University of lov�, Enrollment J Undergmduate ....... 7791 Fall 1960 -Fall 1970 ...... ............. 13,596 Increase ............................. 78%' Fan 19-05 ....... ..... :14,902 – ........... 3,M ran 1985 Fitimate 1 12,839 employees (including staff),"the'Un With approximately The 10 year building program referred to Above calls. for a toial,cxpi f value��VIU Million). The University's total an expenditures- 0 ces cess of.$163 Million. In addition to the usual areas of instruction center, and a medical.center which includes the I bed.Univers] o Regents that has Cot f the'dwee controlled by the State Board of Re University library has M' excess of 1.8 million volumes: Fee normcs The economy of the, area is stabilized by the State supported.1 -time employees is. the largest. A talwith� I,= beds and 2,2A9 full 4i tli e, sb Iowa, the Veterans Administration Hospital (virtually across beds (782 employees) is the largest short-termveteransbospit.id in.d rees) provide with.the second'.: Hospital'. � 557. employ avi a Iowa City n has 285 more beds) any,cltyi(Des tMoines with 200,587 population - -The cost of: new educations strong support for the local economy. 1970 has totaled,$25 Million-afid the-Hospiltal, has recently, cc since d ue in the City (excluding theJini, Total buildin permit val i. Z - residential the S prosp educational ccup ad $77.5 Million of which $49.0 Million was represented by 2- r aiture b Jhe yea As the largest City In Johnson County, -it is not surpnsini County., plus several surrounding counties. The 1972 Business Ce 49.3010 to $125.9 Million compared to the Statewide increase of:1 At the sane 1972 Census, the CiWs Annual Receipts from S pared to a Statewide increase of 510/o and Wholesale Trade tot wide increase of 55%. Of growing importance is the enlarging manufacturing ba which the Census Bureau regards as the best measure of the"ri areas, Iowa City's $130.8 Million (up 43.8% from the 1967 Cen ranked the City 7th in the State. The table below records the number of establishments ani the last three Business/ \'lanufactures Censuses. Selected Statistiq-Busiaess/Aiem ' No. Establishments: Retail .....:..--. ......:'. Wholesale:.........:. .....1::. ....:-. Selected Services ...... ..... . . . . ... Yd _.Manufacturing ....... .......... ..... : Nm Emplo),ees: ; Retail ... - Wholesale; .......... : ................ , ............... Selected Services ................ :. _ Manufncturtng The major industrial employers currently include -,Sheller V (Urethane Foam Products); Owens Brush Co. wi Learning Corporation with 539 employees (College Testing 1 (Toiletries); -Moore Business Forms with 275 employees; Nm American College Testing; Inc. with 250. The most recent net pany, a subsidiary of Phillips Petroleum Co. which operates: .__house for H:: J. Heinz Co. The unemployment, rate for Johnsr by the University, The average annual unemployment. rate fo lows: 1970-1.8%;-1971-2.2%; 1972-2.3%; 1973-48%a ,19 i Iowa City's prosperity is further enbanced by: the modecr The Cedar Rapids Airport; located only about 20 miles from; United Airlines with numerous daily flights available Rall si :Rock Island and Pacific Railroad and by a shortline'connecti mainlinesof the. Milwaukee Road, the Illinois Central Gulf; -t Intercity truck and bus lines. operate to and throtigh;Io' Iioui '80 the main east -west. interstate highway. through Io ':Iowa City. In addition, a new north -south superhighway s. past Cedar Rapids, through Iowa City and continue on soutl completed Interstate Highway Systemq. . As of May 31, 1970; the three banks and two savings ar of $194,416,084 and total assets of $230,539,727. Government and Services . Four councilmembers are known; as "councilmembers al basis. The other three are known as "district'councdmeailr triets and elected by the voters at large. T1te. govemmg an cihnembers. The Mayor is elected by the, Council from its r its administrative functions through its City Manager -who; supervises the performance of the 376, full-time (and 217 pa police force and a 53 man fire department The Cityown! '-.wells) and distribution system and a sewage collection, at vided): Virtually. the entire City has separate storm and.sa! street and on -street parking system in the downtownarea, transit syAcrn (buses) in and around the City which curre tc days per week with a subsidized fare of.250 It is exile 1977; Thisstrong citizen supported system provides free'el the highest per capita ridership in a four state area inclut 3 ,:r the 278 37 :190 27 t1 ini A' The City has a history of conservative financial management Over 81", its g five years with the final maturity due in eight and one-half years - Botb: the' water excellentfinancial condition. The City. annually up -dates its five`year;capttal a farmnl fiscal policy that debt service charges shall not exceed 25% of the general they were 9.63tro of the total levy). >= Pemions Avith the exception of the police and fire personnel, the,City's employees are` Employees' Retirement System (IPERS).' All municipal entides'wi' the State'an tax rate to be levied sufficient to meet the requirements of the City's contnbutien'— 6 employees are required to contribute amounts to the fund as well as the°emo plyed: allocation of unfunded liability to any municipal entity, and,upon the, mtirm eent of for his benefits are solely those of IPERS::The City has no responsibilities to meet: past several years, the State bad increased the benefits of theplan basically by ratsuig which participants are assessed from $10,800 to $20,000, and by, increasing the.City 0.1 the indhddual's salary and maintaining the individual's contribution' rate at'3.50, The Police and Fire Pension Systems are mandated by State,, law, but are sols local municipality. The liability to be paid for futurecontr-butions$om the City as actuarial. review. scheduled for June 30; 1978), to.the_Police System is System is $1,500,618. For the fiscal year ending June'.30, 1976; the Cih/s-contributi ment System was 24,01% of salaries; and the Fire Retirement; System was 28 95% contributions` are established between 4.91% and 0.5% by the Stete,Code, based'or of entrance into the system. Community Life and Schook A continuing program of cultural events is sponsored by the;1.University This;` program affords not only Iowa City residents but those of eastern Imva wjth a year. Local residents also enjoy 480 acres in 26pa&.;with ten supervised playgrounds pools. Three public and two private golf courses are located in the"community.: Tbi represent all leading denominations. The City's public library houses: 110,000 volim 480,000. Iowa City Community School District includes all of Iowa,City, theCrty of.0 areas., The district administers 10 elementary schools, .three. junior high; achools,`an combined total' enrollment of,9,122. One parochial elementary and one -high schi At the 1970 Census, parochial/private school enrollment totaled 5.7%, of the to eni the Statewide average of 10.07o. FINANCIAL INFORMATION Cumulative General Obligation Debt Retirement Schedule i . (Including These Bons) - From July 1; 1976 -November 1,1984 b ileal - Cumulative 'Fiscal Year End Annual Year End Mnaa June 30 Amount Amount Pareent ': :: June 30 Amoun 19T1 :. , -.:.. S 803,000 $ 804,000 17.5%, 1082 -.1978 .:. ,..r:.. 844,000 1,648,000 35.8%, ' "1983 =: •250,07 - 1979 .,-..`..,...894,000 -.2,542,000 55.390. 984 .....:.: ..100,0 . -1980 :......:. 634,000 .3.186,000 09.390 `. 1985 -1981 .: ....... 644,000 -...3,830,000 83.3% 7.-$4.569.01- : Valuation - Assessed for Taxing Purposes j- Personal Property Lest' Coll. Bear Loc 11 - State �'- Ro7road Year Year - Property Tne<IReimbursed ;and Utr1q 1971 1972 - $ 64,803,191 $ 5,785576 $ 1,502,229 $ 1975.- .:. 1973 68,388,048 .:6,159,233 1,814,747 4,546,290 1973 u- 1874/5 71,261,091 ;. 8,308 138 , • C- 2,087,908 :4 855 441 r .9 - 1975 1970/8 82,223,198, 5,974,673: 2,410,167:: i 5,002,820 h } 1978' ........... 1976/7 379,501,175 16,391,099 -.12,505,788: 20,680,850 i� Nota: Asseurd value changed from 27% to 100% o/ actual Value. OJ the $76796,140 (229e) 1 1975 physical re-eoahmtfo 1873 and 1976, 7790 k a direct result of the n performed bl John } of the addition o/ nem propertg. 4 } 3 ` 17r d a{ OFFICIAL'NOTICE DYSAI $285,000 City of Iowa City,, Essential Corporate.,Ptrrpose Bo Sealed bids will be recehed until 3:00 P.M., on the. 15th day of Jul; Finance in,the Civic Center, Iowa City, Iowa, for the purchase of:$2891 of the ,City of Iowa City, Iowa, at which time such bids vvill.be'referred meeting to be then held at the Council Chambers in the Civic Center. in' eluded not later than 3:30 o'clock P.Nf.; and, after the best open :bid hasbi publicly opened and the bonds.will be sold to the'bighest bidder -for-' Bonds will be dated August 1, 1976 in the denomination of $5,000 eael hfATiJii1TIES—June 1 $35,000 1977 50,000 $50000 50.E.. 1978 '. 50,000 . -1979 50,000 Said bonds will he Interest payable December, 1, IM and as to principal only. semiarm None of said bonds will be optional for redemption prior, to mntunl payable at tite o(8ce of the CityTreasurer, Iowa City; `Iowa ,Each, bid mu terms of not.less than par and accrued interest and ahall specify the fnte multiple OE One quarter or one-tenth of one percent provfded:,that only:on maturity and not more than three (3) rates may be named. Bepeating'. a constitute an additional interest rate. The difference`;behveenthe highest; notexceed lrfi% per annum and the maximum rate of Interest which may installment: of interest will be represented by a single, coupon; on _each boni _.best bidder determined upon the, basis of the lowest, total interest cost at t] from August 11978 to the respective f nal mnturity dates after dednchag i -These bonds constitute general obligations -f- in the Crty payable from to ertyin the City without limitation as to rate or amount Said bonds areae (30) days after the sale at any mutually agreeable bank or.,trust company,c Moines, Iowa, without expense to the purchaser. Should delivery-be,delayi of sale for any reason with the fault of the Ctty, or excepEfailure.of-per, chaser may withdraw_ his check aud'thereafter his interest in.and liab0ity bonds are ready for delivery, the City will give the snecessfulan 'a iliv. and the City.;will expect payment in full in`immediately available`funds 1 right at its option to determine that the bidder has failed to comply;withih famish the printed bonds and thePProving opinion of r Messrs 'Ahlets, Coo Lawyers, •Des'Moines, Iowa, together with: the. trnnscnpt and usualil. cloy certificate. Said opinion will be; printed on the bonds and will recite that ba interest on said bonds is exempt from present federal income taxes :Each b or eashle�s check drawn on a solvent state or national bank or, trust compar $7,700 payable the order of the City treasurer of said Crty'as `u guarana retained pending full performance by the successful bidder nnd'tO be`forfeii damages upon failure of the purchaser to take up and pay for the bonds -Ac which must be reduced to writing on the Official Bid Form, The City Council reserves the right to %varve informalities in. any, mine in its sole:discretion the best bid. The City Council has authorized the preparation of an Official Stateme relative to the City. For copies of that Statement and the Oificial1Brd Forrii; any Prospective purchaser is refeired to Patrick J. Strabala; Director of Fina or the Municipal Finance Consultants to the City, Paul; D Speer lc Associa Chicago, Illinois 60606. Telephone: Area 312348.0858:; By order of the City Council of the City of Iowa City, Iowa: June 30, 1976 r _ V' iII .,....rvtwrt WUPFUSE BWDs. , It is requested that the Council take action'at t meeting af.July 15, 1976,-3t00 p. m., ;in the='Count; of the Civic Center,,to sell $285,OOO.in`'essentia: Purpose bonds.. At this meeting, itwill be`neces: Mayor to do thefolloringt a), Open the meeting for the purposelof rete! for the sale of $285,000 essential corpoi bonds. 1. Receive sealed bids which are not, yet 2. Call for oral bids from;thosepresent 3. Open and review the -sealed'. bida recei b) Adopt; the Resolution.directing the sale7o, essential corporate purpose_.bonds The; attached resolution.provides for the aale'of ti to the beat bid received, oral`or sealed, andrautlic Mayor and City.Clerk'toexecute the .,The `on behall municipality. The Council, if it wishes, may undertake at the spe any other_businese that it deems appropriate'if%sUc noted on the agenda in addition_to thfl:consderatio of the above noted general obligation'bonda.._lIf_'p questions regarding the )above :information, please` Ext. 221,:or Abbie at Ext. 214. _ _ _i The Council of Iowa City, Iowa date, in adjourned seas and, the rules of said Council and ii terms of a Notice of Meeting, a cop; on eachmemberof the Council and..ai each member thereof, said Notice oft NOTICE :,Balmer 1 dePra Finance 7 ase of'r� itial co: ,are not ING `'SALE , ---_v-o�tvvu.uu Essential -corporate Purpoi and'the.best bid received is.that'-of of