HomeMy WebLinkAbout1982-11-30 Correspondencer
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WAIVER OF NOTICE AND CALL Op SPECIAL MUTING
THE UNUERSIGNIiO, Mayor and Councilpersons, being al
the members of the City Council of Iowa City, Iowa, and all
being present at a special meeting of the City Council held
at 1--00 oIclock, p hf. , on the 30th day of November lg 82
in the Council Chambers at the Civic Center in Iowa
City, Iowa, do hereby waive any and all requirements of the
calling of a special meeting, pursuant to the Ordinances
and Resolutions of the City of Iowa City, as to notice of time
and place of the meeting and do hereby consent to the holding
of said special meeting for the purpose of receiving bids for the
stele of r.2,700,0000 General Obligation Bonds, Directing the Sale of Bonds,
Authorizing and Providing for Issuance of Bonds and Levying a tax to pay
Bonds; and consideration of a resolution setting parking rates for
owa City Par ing 3YbLelll.
Dated this 30th day of November 19 82
C emens Erganl
Larry Lynch
Jbhn McDonal"d
M ry C. N ha\user
David Perret -----
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OFFICIAL NOTICE OF SALE
$2,700,000
CITY OF IOWA CITY, IOWA
General Obligation Bonds
Sealed bids will be received until 1:00 P.M., Local
Time, on the 30th day of November, 1982, at the
office of the City Clerk in the Civic Center, Iowa
City, Iowa, for the purchase of $2,700,000 General
Obligation Bonds of the City of Iowa City, Iowa.
Promptly thereafter open bids will be called for in
the Council Chambers at the meeting of the City
Council of said city to be then held in the Civic
Center in said City. If no open bids are then made,
such bidding will then be closed but if commenced,
will be concluded not later than 1:30 P.M. on the
date of sale. After the best open bid, if any, has
been determined, the sealed bids will be publicly
opened. All bids will then be referred to the City
Council of said City and the bonds will be sold to
the highest bidder for cash. Sealed bids will be
fully protected and will remain sealed until open
bidding has been concluded.
Said bonds will be payable at the office of the City
Treasurer and will be coupon bonds registrable as
to principal only, will be dated December 1, 1982,
be in the denomination of $5,000, bear interest
Payable June 1, 1983, and semi-annually thereafter
on the first day of June and December in each year,
and mature serially on June 1 of each of the
respective years as follows:
MATURITIES -June 1
$200,000. 1985
250,000 1985
250,000 1987
250,000 1988
250,000 1989
300,000 1990
300,000 . . . . 1991
300,000 . . . . 1992
300,000 . . . . 1993
300,000 . . . . 1994
None of said bonds are optional for redemption
prior to maturity. These bonds constitute general
obligations of the City payable from taxes levied
upon all the taxable property in the City without
limitation as to rate or amount.
Bidders shall specify the interest rate or rates
which the respective bonds shall bear, in multiples
of one-quarter or one-tenth of one percent (1/4 or
1/10 of M, provided that only one rate shall be
specified for a single maturity and not more than
four (4) rates may be named. Repeating a
/ previously mentioned interest rate will not
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constitute an additional interest rate. The
highest rate bid for the bonds shall not exceed the
lowest rate by more than one and one-half percent
(1 1/2%) per annum. Each installment of interest
will be represented by a single coupon on each bond
and no supplemental coupons will be permitted. A11
bids must be for all of the bonds, must be for not
less than 82,700,000 plus accrued interest from
December 1, 1982, to the date of delivery, must be
made upon the Official Did Form and delivered in a
sealed envelope marked "Bid for Bonds". The bonds
will be awarded to the best bidder determined upon
the basis of the lowest total interest cost at the
rate or rates designated in his bid from
December 1, 1982, to the respective maturity dates,
after deducting any premium.
The bonds will be delivered without expense to the
purchaser in Des Moines, Iowa, or Chicago,
Illinois, at any mutually agreeable bank or trust
company against full payment in immediately
available cash or federal funds. The bonds are
expected to be delivered within thrity day s after
the sale. Should delivery be delayed beyond sixty
days from date of sale for any reason without the
fault of the issuer, or except failure of
performance by the purchaser, the purchaser may
withdraw his check and thereafter his interest in
and liability for the bonds will cease. (When the
bonds are ready for delivery, the issuer will give
the successful bidder five working days notice of
the delivery date and the issuer will expect
payment in full on that date, otherwise reserving
the right as its option to determine that the
bidder has failed to comply with the offer of
purchase.)
Said bonds will be sold subject to the approving
opinion of Ahlers, Cooney, Dorweiler, Haynie &
Smith, Attorneys of Des Moines, Iowa, as to the
legality and their opinion will be furnished,
together with the printed bonds, without cost to
the purchaser and all bids will be so conditioned.
Except to the extent necessary to issue their
opinion with respect to the accuracy or com-
pleteness of documents, materials or state-
ments made or furnished in connection with the
sale, issuance or marketing of the bonds. The
opinion will be printed on the back of the bonds.
All bids shall be accompanied by a certified check
or cashier's check drawn upon a solvent bank doing
business in the United States, in favor of the
City, in the amount of $ 54,000. The proceeds of
said check will be forfeited as liquidated damages
in case the bidder to whom said bonds are awarded
should withdraw his bid or fail to complete his
purchase in accordance with the terms thereof.
Checks of unsuccessful bidders will be returned
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constitute an additional interest rate. The
highest rate bid for the bonds shall not exceed the
lowest rate by more than one and one-half percent
(1 1/2%) per annum. Each installment of interest
will be represented by a single coupon on each bond
and no supplemental coupons will be permitted. All
bids must be for all of the bonds, must be for not
less than $2,700,000 plus accrued interest from
December 1, 1982, to the date of delivery, must be
made upon the Official Bid Form and delivered in a
sealed envelope marked "Bid for Bonds". The bonds
will bawarded to the best bidder determined upon
the bass of the lowest total interest cost at the
rate or rates designated in his bid from
December u 1982, to the respective maturity dates,
after dedu ting any premium.
The bonds will be delivered without expense to the
purchaser i Des Moines\ae Iowa, or Chicago,
Illinois, atmutually agreeable bank or trust
company agaifull payment in immediately
available casr federal funds. The bonds are
expected to blivered within thrity day s after
the sale. Shdelivery be delayed beyond sixty
days from datsale for'any reason without the
fault of ti uer, �or except failure of
performance bhe pur�aser, the purchaser may
withdraw his k a d hereafterhis interest in
and liabilitythe ands will cease. (When the
bonds are rear ivery, the issuer will give
the successfudd r 've working days notice of
the delivery and the issuer will expect
payment in fun that ate, otherwise reserving
the right as option to determine that the
bidder has fd to com ly with the offer of
purchase.)
Said bonds 11 be sold subj ct to the approving
opinion of Ahlers, Cooney, rweiler\so
Haynie &
Smith, At rneys of Des Moines as to the
legality and their opinion wfurnished,
together with the printed bondut cost to
the Pur
haser and all bids will nditioned.
Except to the extent necessassue their
opini n as to the completenedocuments,
mate ials or statements madenished in
con ection with the sale, issuanrketing of
th bonds. The opinion will be on the back
o the bonds.
/All bids shall be accompanied by a certif\ak
d check
or cashier's check drawn upon a solvent bdoing
business in the United States, in favor of the
City, in the amount of $540,000. The proceeds of
said check will be forfeited as liquidated damages
in case the bidder to whom said bonds are awarded
should withdraw his bid or fail to complete his
Purchase in accordance with the terms thereof.
Checks of unsuccessful bidders will be returned
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promptly and no interest will be allowed on any
checks. The check of the successful bidder will
otherwise be returned or applied on the purchase
price at deliver at the option of the City.
The City Council reserves the right to waive
informalities in any bid, to reject any or all bids
and to determine in its sole discretion the best
bid.
The City Council has authorized the preparation of
an Official Statement containing pertinent
information relative to the City. For copies of
that Statement, the Official Notice of Sale and
Official Bid Form, or for any additional
information, any prospective purchaser is referred
to the Municipal Finance Consultants to the City,
Speer Financial, Inc., 55 East Monroe Street, Suite
4510, Chicago, Illinois 60603. Telephone: Area
312-346-3700.
By order of the City Council of the City of Iowa
City, Iowa.
ABBIE STOLFUS
CITY CLERK
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Neer Issue
Date of Sale: November 30, 1982
1:00 P.M., Local Time
Investment Rating:
Moody's Investors Service, Inc....Aaa
(Otnsmmling Bonds—Review Requested)
OF, STATEMENT
haerect Evenrlm, In Opinion (f Bond Counsel, Front All Present Federal Income Titres
Dated December I, 1982
Non -Callable Coupon Ban&
$2,700,OW
CITY OF IOWA CITY, IOWA
General Obligation Bonds
Registrable Ai TO Principal Only
Due .lune 1, 1985-1994
Denomination $5,00(1
Principal and semiannual interest (June I and December 1) payable at the office of the City Treasurer, Iowa City, Iowa. First
coupon due June I, 1983.
MATURITIES—June I
$200,000 ....................
1985 $250,000 .................... 1988
$300.000....................1992
250,000 ....................1986
250,000.................... 1989
300,000 .................... 1993
.. 250,000 ....................1987
300,000.................... 1990
300,000 .................... 1994
IV Capita
300,000 .................... 1991
,
PURPOSE, LEGALITY AND SECURITY
Pemnet or
Bond proceeds will housed io provide funds for improvement, replacement or reconstruction of s(reets, highways and bridges;
for flood control projects; and various other essential purpose projects. These bands are general obligations of the City of Iowa
City, Iowa, and in the opinion of bond counsel, Ahlers, Cooney, Dolweiler, Haynie and Smith, Attorneys, Des Moines, Iowa,
arc payable, both principal and interest, from ad valorem taxes levied against all taxable properly within die City of Iowa City,
Iowa, exclusive of moneys and credits, without limitation as to rate or amount. The City will famish the unqualified approving
opinion of said bond attorneys evidencing legality of the bonds and that the interest thereon is exempt from Federal Income Taxes
under existing statutes and decisions.
Statement of Indebledness—Including This Issue
Mendavl Statement %viulla)
As or Nm endser 1, 1982
IV Capita
percent
1982
of Taxabte
Pemnet or
Amount Population
As url
Actual
Applicable 5I,51Iw(3)
Valve
Value
Taxable Ass Nwd Value :w of honary I. 1981 .............................. satt.'XKt695 $13.374.75
100.00%
75.16%
Actual Va6¢ ax of jamlary I, 1981 (1) .................................... 916,633,335 17,795.95
133.04%
I(x).(X)%
Dim:l City Debt (2) .................................................... $ 14.7711.000 S 286.75
2.14%
1.61%
Ovcrlapping Ikbl....................................................... 1.837.263 35.67
0.27%
0.20%
Tical Diraml and Overlapping Ikht ................ ..............$ I6,(i)7.'_63 $ 322.42
2.41-
81 ^n
ASnat (I) Dur. uor include Ahmi(s omi Credirs 1111,41/1,19 $23,416,
(2) Of die Direct Ala. 11.107.9001., rnneidrrrAsrl/.wpjwning a3 anlrr nal herr rein urs nrr imo/ to nnnunlle nbnrr 16r rarer ther(fnr.
Eu'ludes $1.292,000 Ilater Reirnue Avuh, 51,070.0X3 Searr Rromw /IuruLs, and S5,207,(107 !'nrAfng Rrrrru(r llnnrh. Ado rrrludcr,
$11,116,129 huhatrimllknrinp+nent Ree -nue lkvvls, lairs ilvd and hurrem (fuwat are/v nnblrmrlrlrfmnn rrnnvoulerlra(es with huhrmries.
U) hpulmion figure f(+r 1932 ams rsntmmd 6y the City.
The information in this Statement has been compiled from sources believed to be reliable, but is not guaranteed. As far as
statements herein involve matters of opinion, whether or not so stated, they are intended as opinions and not as representations mf fact.
This Official Statement has been prepared under the authority of the City of Iowa City, Iowa. Additional copies as well as
copies of the Official Notice of Sale and Official Did Form may he secured from Rosemary Vitosh, Director, Department of Finance,
Civic Center, Iowa City. Iowa, or from the Financial Consultants to the City:
Established 1954
Speer I�Inancial, inc.
MUNICIPAL FINANCE CONSULTANTS
55 EAST MONROE STREET • CHICAGO, ILLINOIS 60603
November 15, 1982 Area 312346.3700
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CITY OF IOWA CITY
Johnson County, Iowa'
Mary C. Neubouser, Alavor
City Council
David Ferret Clemons Erdahl
John R. Balmer Kate Dickson
Larry Lynch John McDonald
City Officials
Neal G. Berlin, City Manager
Abbie Stolfus, Cin, Clerk Robert W. Jansen, Alfornev
Rosemary Vimsh, Director, Department of Finance Nancy Heaton, Treasurer
GENERAL INFORMATION
Iowa City, Iowa was founded in 1839 on the banks of the Iowa River and was the original state capital when Iowa was
granted statehood in 1846. Iowa City is located in southeastern Iowa approximately 115 miles east of Des Moines, 20 miles
south of Cedar Rapids and 55 miles west of Davenport. The City is the scat of Johnson County and the home of the State
University of Iowa which is the oldest and largest educational institution in Iowa.
Iowa City is the eighth largest city in the State and has experienced moderate population growth in the 1970's. The 1970
Census reponed 46,850, an increase of 40.1 % from the 1960 count of 33,443. The Census Bureau reported the 1980 Census
population to be 50,508, an increase of 7.8% which is the largest increase in population of the largest eight cities in Iowa.
State-wide population increased 3.1 % over the decade.
Government and Public Services
The City is governed by a seven member Council and each member serves a four year term. Elections are held every
two years allowing for continuation in office of at least three members at each biannual election. The Council members are
elected at large but three members are nominated from specific districts and the other four are nominated at large. The Mayor
is elected by the council from its own members. Since 1951, the Council has unified its administrative functions through
its City Manager who supervises 400 full time (and 60 part time) municipal employees including a police force of 50 sworn
personnel and a fire department of 50 fire fighters. The City owns and operates its water supply (Iowa River and wells)
and distribution system and sewage collection and treatment system (with secondary treatment provided). Due to the excellence
of the fire department and water supply system, the City maintains a class 4 fire insurance rating. Virtually the entire City
has separate storm and sanitary sewers. A municipal off-street and on -street parking system in the downtown area is operated
by the City. Since 1971, the City has been operating a transit system consisting of fourteen routes, sixteen hours per day,
six days per week at a subsidized fare of $0.35 during the week and $0.25 on Saturday. In fiscal year 1983, more than 2,500,000
riders are expcctcd to use the system.
Regional Significance of Iowa City
Easy access to Iowa City is provided by a diverse transportation network. The Cedar Rapids Airport, located about 20
miles from downtown Iowa City, is served by Ozark, United Airlines, Mississippi Valley Airlines, American Central Airlines,
and Midstalc Airlines with numerous daily flights available. Rail service is provided by the mainline of the Chicago, Rock
Island and Pacific Railroad and by a shortline connecting Iowa City and Cedar Rapids. This connects with mainlines of the
Milwaukee Road, the Illinois Central Gulf, and the Chicago and North Western. Inter -city truck and bus lines operate to
and through Iowa City, which lies immediately south of Interstate Route 80, the main cast -west interstate highway through
Iowa. There are five interchanges available to and from Iowa City. Chicago is less than four (tours away via Ilse Interstate
Highway System.
The residents of Iowa City enjoy the benefits of having a major institution of higher education located in their City.
The State University of Iowa sponsors many cultural events which, in addition to the University's athletic programs, furnish
Iowa City residents with year round activities and entertainment. The educational needs of the community are served by
the Iowa City Community School District (includes Iowa City, Coralville and adjacent rural areas) which consists of 15
elementary schools, thrcejunior high schools and two high schools. The tocol enrollment ofthe district is 8,259 as of September
1982 which is down from the 9,510 reported in September 1971. Enrollment is expecnd to decrease nominally over the
next several years and is estimated to be 8,205 in 1983 and 8,186 in 1984. There are two parochial schools in Iowa City
(Line elementary and one high school) with a combined enrollment of 577 students. Thcrc arc 42 churches in the City representing
all leading denominations. The public library contains 110,000 volumes with a circulation of 470,000. The City has 27 parks
(480 acres) containing I I supervised playgrounds and three public swimming pools. There are three public and two private
golf courses in the community.
Commerce and Industry
Business Figures for Iowa City continued to show it strong increase in commercial activity during the period 1972 to
1977 surpassing the performance of the 1967 to 1972 period. Retail sales increased 70% for the period 1972/77 as compared
/ to 49^% for the period 1967/72; and wholesale sales increased 113% for the period 1972/77 as compared to 69% for the
period 1967/72.
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1972 In
1967 1972 1977 1977
Retail Trade:
Number of Itoabllehm[n,
CII)' Of Iowa city' ................................ 313 432 444 2.77%
County of John, ............................... 476 618 59'1 (3.07%)
SWIG of Iowa .................................... 31.338 31,786 28.737 (8.14%)
Sales:
City of 101a City. S 87,322 S 125,920 S 215.305 70.98%
Cstunty of Johnwn ............................... 107,308 155.259 272,157 75.29%
State of Iowa .................................... 5,017,030 5,876,759 9,832,778 67.32%
Nmuber of Paid Iimplo)ms:
City of Iowa City ................................ 3.3101 3.830 4,801 25.35%
County of Johnson 4,056 4,878 5.857 20.07%
SWIG ofloxa.................................... 145,124 155.327 189.093 21.74%
Paym11 (140):
CII)' Of Iowa CII)' ................................ S 111,308 S 16,707 S 28,585 70.61%
'. County of Jolumon ............................... 12.393 20,405 35.084 71.94%
Slate of Iowa .................................... 508,711 665,770 1.107.386 66.33%
1171olmale Trade.
Number of r eiblislmleno:
City of Iowa City ................................ 39 54 62 14.81%
County of Johmson ............................... 60 88 91 3.41%
State of Iowa .................................... 5,824 8.207 7,646 (6.80%)
Sales:
City of Iowa City ................................ S 28,761 S 48,533 5 103.281 112.81%
County of Johnson ............................... 45,613 81,608 179.691 120.19%
sW4 of Iowa .................................... 5.965.836 9!69,239 20.078.789 101.41%
Number of 1 aid Employees:
City If Iowa City ................................ 410 450 659 46.44%
County of Johnson ............................... 533 675 885 31.11%
SWIC of Iowa .................................... 45,004 61.694 68,559 11.13%
' Payroll (000):
City of Iowa City ................................ S 2,207 S 3,864 S 8.251 113.54%
County of Johnson ............................... 2,954 5,722 11,015 92.50%
Stare of Iowa .................................... 267,239 491.445 825,097 67.89%
Selscted Servico:
Number of Establishments:
City of Iowa City ................................ 272 425 577 35.76%
County of Johnson ............................... 387 562 804 43.06%
SWIG of Iowa .................................... 19,581 23,744 27,340 15.14%
Sales:
City of Iowa City ................................ S 11,146 S 20,835 S 33.586 61.20%
County of Johnson ............................... 14,263 26,942 41,205 54.98% -
State of Iowa .................................... 512,283 925,255 1,560.446 68.65%
Number of Paid Pmployco:
City of Iowa City ................................ 990 972 1.447 48.87%
County of Johnson ............................... 1,232 1,305 1,736 33.03%
State of Iowa .................................... 37,122 49,102 60.198 20.60%
Payroll (000):
City of Iowa City ................................ 5 3,793 S 4,939 $ 9,855 99.53%
County of Johuun ............................... 4,448 6,362 11,501 80.78%
SWIG of Iowa .................................... 128,219 229,589 408,850 78,08% i
'Srmrcer. Cern¢ of Retnif Tmrle, Ceru a of 117mlemle Tnule and Crnrra of Senior Wiiurrles.
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Retail sales in die City have continued to increase based upon information published by the Iowa Department of Revenue.
The "taxable sales- shown below are based on the state tax receipts and are not comparable to Census of Business figures.
hiwal Yor• Number of Pemnl Tacable Pemnt
(Fading 6.30) liushioIm menus a Salo Incimew
1976 ................. 778 5160,123,751 -
1977 ................. 795 2.13% 182,138,511 13.75%
f 1978 ................. 898 12!13% 202,638,341 11.26%
1979 ................. 971 8.19% 217,614,686 7.39%
1980 ................. 1,004 3.40% 236.516.261 8.69%
1981 ................. 1.079 408% 247.005,934 4.44%
1982 ................. 1,056 0.67% 268,170,715 8.57%
'7he Rrnal 9drs wul Use 74r is rgxmed on a fiscal )<nr emling Mann 31.
The City's manufacturing base has increased it about the same rate as .the State as a whole, according to the Census of
Manufactures. Value Added by Manufacture increased by 990% over 1958-1977 in die City. For die most recent available information.
in 1977 Iowa City was ranked 4th highest among Iowa cities with a population exceeding 50,00D and which the information was
available.
lawn's lArgesl Cities
Value Added by Manufacture-Alillions of Whirs
(Comprium Ammng Cillo)
Cies' 19511 19(11 1967 1972 1977
(Desocnding Order by Amount Wink Amnunl Rank Amount Wink Amount Rank Amount Rank
1980 Porulation)
13cs Moines ............. S165.8 2 5182.8 3 $245.1 3 $319.7 4 5497.9 3
Cedar Rapids ............ 206.0 1 322.0 1 419.1 1 467.1 1 922.2 1
Davenrun............... 59.2 6 92.8 4 140.2 5 209.3 5 Withheld -
Sioux City ........ 65.4 5 74.8 6 92.4 6 143.1 6 222.9 5
Waterloo.......... 156.9 3 2164 2 284,7 2 408.9 2 WithhdJ
Dulmquc ................ 69.7 4 77.5 5 187.8 4 337.9 3 558.8 2
i� Csmncil Bluffs ........... 12.6 8 14.4 8 19.9 8 N.A. - 71.8 6
Iowa City' ............... 24.5 7 52,3 7 95,3 7 M.8 7 267.0 4
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Major improvements have been made to the downtown area of the City in the past several ),cars utilizing both public :aid
private investment sources. The City Phva, it 3116 block pedestrian mall. was contitNc(ed at a cost of $1.8 A1illion. The null bus
many shops and restaurants including an enclosed regional shopping center, die Old Capitol Center, containing 45 stores which
includes J.C. Penney and Younkers department stores. An 82,000 square foot two story. department store has been planned for
development at a cost of $6.3 Million. This new department store is anticipated to be built in coordination with a proposed new _
IAO room hotel. The City's Senior Center, a renovated U.S. Post Offhce, was completed in the summer of 1982 and Serves as
a multi-purpose center for the service and social needs of Johnson County's elderly population.
The City has assisted and encouraged industry and business to locate or expand in Iowa City by making available Industrial
Revenue Bond financing. There have been 15 issues aggregating $12,379,000 in the pact three years. There are currently two
applications for IRB's totalling $3,800,000 received by the City but not yet authorized. A Hospital Facility Bond for Mercy Hospital
was issued in 1982.
Economics
Iowa City and Johnson County have a history of low, unemployment rating when compared to both the State of Iowa and
the U.S. The following table shows unemployment figures for the pact several years.
•Unempl, w,,wm figurer for Septe,,Jur 1981 and 1982 are not teusaa,lly arljmled
5mrre: laaa lob Senire.
The University of Iowa with its 13,000 employees, including 5,510 employees at the University of Iowa Hospital, is the largest
employer in Iowa City. Other major employers include: Veterans' Administration Hospital, 978; Sheller -Globe Corp. (Urethane
Foam Products), 714; American College Testing, Inc., 697; Owens Brush Co. (Toothbrushes), 566; Proctor and Gamble (Toiletries),
424; Westinghouse Learning Corporation (Educational Testing Services), 400; Moore Business Forms, 269; Thomas & Betts Co.
(Plating), 106; Home Town Dairy, 91; Protein Blenders (Feed), 80; and Economy Advertising Co, with 80 employees. The 1980
Census breakdown of employment by job type in the following table shows the importance of the University, University Hospital,
and Veterans' Hospital in the City and County.
1980 Cea_uc Ireakdown of Employment by Job Type
Iowa
Johmmm
suite or
ullaW
Bluffs MAPA), the City's
City
Camay
Iowa
Statim
1977 .............
2.6%
2.3%
4.0%
7.1%
1978
2.7%
2.4%
4.0%
6.1%
.............
1979
3.0%
2.7%
4.1%
5.8%
.............
1980
4.0%
3.5%
5.7%
7.1%
.............
1981 .............
5.5%
4.8%
6.9%
7.6%
Sega. 1981• .......
5.2%
4.6%
5.9%
7.3%
Sept. 1982•.......
5.1%
4.5%
7.7%
9.7%
•Unempl, w,,wm figurer for Septe,,Jur 1981 and 1982 are not teusaa,lly arljmled
5mrre: laaa lob Senire.
The University of Iowa with its 13,000 employees, including 5,510 employees at the University of Iowa Hospital, is the largest
employer in Iowa City. Other major employers include: Veterans' Administration Hospital, 978; Sheller -Globe Corp. (Urethane
Foam Products), 714; American College Testing, Inc., 697; Owens Brush Co. (Toothbrushes), 566; Proctor and Gamble (Toiletries),
424; Westinghouse Learning Corporation (Educational Testing Services), 400; Moore Business Forms, 269; Thomas & Betts Co.
(Plating), 106; Home Town Dairy, 91; Protein Blenders (Feed), 80; and Economy Advertising Co, with 80 employees. The 1980
Census breakdown of employment by job type in the following table shows the importance of the University, University Hospital,
and Veterans' Hospital in the City and County.
1980 Cea_uc Ireakdown of Employment by Job Type
-Total of tvr. u 16 Jmrs soul olde, enydaynl.
Srn,rtr: 1980 Census figures as galtered and reported by Omaha-Caucil Bluffs AlelmryJimn Arra Planning Agenry (3fAPA)
Iowa City
Jute of lows
Johnson County
table indicates
Iowa City
Bluffs MAPA), the City's
Number
Percen a
Number
Percen 'e
Number
PeineentaW
Msropriat and Professional ...................
261,071
20.01%
13,766
31.25%
9,413
9,050
34.59%
33.26%
Tahnirnl, Sales and Administrative .............
348,932
26.75%
13.78%
13,374
7,247
30.36%
16.45%
4,586
16.86%
Service ....................................
Farming, Forestry, and Fishing .....:..........
179,787
125,763
9.67%
1,735
3.41%
295
1.08%
Precision, Prodmton, Craft and Repav .........
154,227
11.82%
3,570
8.10%
1,623
5.97%
8.24%
Operators, Fabricators, and Laborers ...........
234,858
18.00%
4,363
9.90%
2,243
191,003 9.8%
Tout Pcisom Employed• ...............
1.304.638
100.00%
44,055
100.00%
27,210
100.00%
-Total of tvr. u 16 Jmrs soul olde, enydaynl.
Srn,rtr: 1980 Census figures as galtered and reported by Omaha-Caucil Bluffs AlelmryJimn Arra Planning Agenry (3fAPA)
Iowa City
is the eighth largest city in population but is the leader in mean home value and college educated persons.
As die
table indicates
from 1980 Census Bureau statistics (as gathered and reported by the Omaha -Council
Bluffs MAPA), the City's
population also has the third highest median income in the State.
Iowa's LargLsi Cities
1980 Census Wealth and Education
Percent of
ferrel or
1'ersnms 25
Fani
and older
With Income
6rearl
1980 Census w14 yrs, of
Median
of at Lma
Home
Population Collep nr marc
Income
$20,000
Value
Doines....................................
Des M
191,003 9.8%
520,755
52.7%
$44,719
Cedar Rapids ..................................
110,243 10.3%
23,061
60.6%
49,108
Davenport .....................................
103,264 10.2%
22,257
57.8%
57,226
Sioux City .....................................
82,003 9.3%
19,597
48.6%
40,057
Waterloo ......................................
75.985 7.7%
21,682
56.1%
47,589
Dulxtque......................................
62,321 9.8%
22,455
59.3%
50,415
Council Bluffs ..................................
56,449 5.0%
19,203
47.3%
33,089
Iowa City .....................................
50,508 23.2%
22,325
57.09e
62,914
Soar of loon ..................................
2.913.804 8.1%
10,062
369%
44,031
Per capita
money income is also above the Iowa average as can be seen in the
following table.
Percent
Per Capita Money Income
lnrcrcrtw
1969 1972 1974
1979
19641979
Iowa City ......................... 53,028 $3,573 54,463
$7,247
139.33%
Johnson County .................... 3,007 3.574 4,508
7,627
153.61%
Slate of Iowa ...................... 2.884 3.510 3.510
7,156
148.13%
4
CAaa
MICRWILI4C0 Br
• JORM MICROLAB
t
CEDAR RAPIDS •DCS '4014CS
r
V
�l
L
Building Permits—City Records
As of July I, 1982, Iowa City's three banks reported total assets of $435,073,737 and the two savings and Iran associations
in the City reponed total assxts of $138,755,213 for aggregate assets of almost $600 Million.
City Capital Improvements Fragrant
The City maintains and regularly updates a five year capital improvements program. The five year program for fiscal years
ending June 30, 1983 through lune 30, 1987 anticipates construction of capital projects in the amount of $69.7 Million. For die
five year period (July I, 1982 -June 30, 1987) $53.9 Million is designated for improvements to the sewage and collection system.
The major sources of revenue for the five year progrmn are: (q State and Federal Aid including funds from the Housing and
Community Development Act and the Environmental protection Agency—$57.6 Million; (2) General Obligation Bonds—S5.9 Million;
(3) Revenue Bonds and Special Assessments—S4.7 Million; (4) Operating Revenue—$1.5 Million; (5) Private contributions—$22,500.
Annual general obligation financing of this $5,890,585 program is projected as follows:
1982433 1%XM WAS 1985-06 1986-87
51,777.085 5628,750 52,279,750 5997,000 5208.000
The balance of this program to be funded subsequent to this issue will be $3,813,500 of the original $5,890,585. This issue
is to provide funds for capital improvements in the current fiscal year (1982-83), for projected capital improvements in the next
fiscal year (1983-84), and to reimburse die Enterprise Funds for capital improvements paid for in the 1981-82 fiscal year. Reconciliation
of the amounts projected for capital improvements and the financing in this issue are as follows:
19814R 1992-083
1783481
Toed
1.,181
-93 .000
$2.700,000
RmidfnlWl
value of
347,085
No.
328,750
All
Ywr
Uairss
value
Ponies
1474 ...................
170
S 6,507:]07
$12.766.238
1975 ............. .....
232
111,337.587
14.4.14,118
1976 ...................
292
17.753.310
25,372.479
1977 ......... ..........
261
14.425,461
19,929,W)
1978 ...................
215
12.402.714
23,492 230
1979 ...................
152
11,713,815
28,959.587
1980 ...................
129
10.456.665
31.755,414
1981 ...................
92
9,867,(1X7
14,539 231
1982 (As of Sep. 30) .....
426
13,402,712
18,(1)0,527
As of July I, 1982, Iowa City's three banks reported total assets of $435,073,737 and the two savings and Iran associations
in the City reponed total assxts of $138,755,213 for aggregate assets of almost $600 Million.
City Capital Improvements Fragrant
The City maintains and regularly updates a five year capital improvements program. The five year program for fiscal years
ending June 30, 1983 through lune 30, 1987 anticipates construction of capital projects in the amount of $69.7 Million. For die
five year period (July I, 1982 -June 30, 1987) $53.9 Million is designated for improvements to the sewage and collection system.
The major sources of revenue for the five year progrmn are: (q State and Federal Aid including funds from the Housing and
Community Development Act and the Environmental protection Agency—$57.6 Million; (2) General Obligation Bonds—S5.9 Million;
(3) Revenue Bonds and Special Assessments—S4.7 Million; (4) Operating Revenue—$1.5 Million; (5) Private contributions—$22,500.
Annual general obligation financing of this $5,890,585 program is projected as follows:
1982433 1%XM WAS 1985-06 1986-87
51,777.085 5628,750 52,279,750 5997,000 5208.000
The balance of this program to be funded subsequent to this issue will be $3,813,500 of the original $5,890,585. This issue
is to provide funds for capital improvements in the current fiscal year (1982-83), for projected capital improvements in the next
fiscal year (1983-84), and to reimburse die Enterprise Funds for capital improvements paid for in the 1981-82 fiscal year. Reconciliation
of the amounts projected for capital improvements and the financing in this issue are as follows:
19814R 1992-083
1783481
Toed
This Bond Issue .......................... 5920,000 51,430,0(0
-93 .000
$2.700,000
Prior Bond Issues ........................ — 347.085
—
347,085
Costs to be Funded From Future Bond Issues.
328,750
328,750
$970,000 $1,777,085
5628.750
$3,375,835
Capital improvements programs are continually subject to change both as to projects and the sources of funding. This issue
is expected to be the only general obligation financing during the 1982-1983 fiscal year.
FINANCIAL INFORMATION
Iowa City retires is general obligation debt rapidly. More than one-half of the debt, including this issue, will be retired within
five years and the final maturity is due within twelve years. The Iowa State Code limits the City's debt margin to 5% of its actual
valuation. The stated policy of Iowa City is that general obligation bonds be issued only up to 4% of die actual value of propeny
as against the 5% legal limitation. The minimum differential of I% (currently some $9.2 Million) is maintained as a reserve to
meet possible emergencies. Another City policy regarding debt is that debt service charges payable from the general tax levy (General
Fund, Debt Service Fund, and Pension and Retirement Fund) shall not exceed 25% of such levy,
General Obligation Debt Retirement Schedule
(Including This Issue)
Total general obligation bond principal and intcresi payable during the fiscal years ending June 30, 1980 and 1981 were $1,480,454
and $1,576,953 respectively. Debt service payments during fiscal year 1982 were $2,010,937.
Detailed Statement of Bonded Indebtedness
(As or November 1, 1982)
Gess Assessed Value as of January 1. 1981 ................................................. 5688,906,05
Actual Value as of January I, 1981 ......................................................... 916,633.335
Dire Ectu (Including This Issue) ........................................ ................. 14,770.000
Applicable
An,nunt Percent Amount
Overtopping Wit:
Johnson Cwnty ........................................... SI 50,(00 50.61% S 633,400
Iowa City Community School Distda ......................... 1,734,000 69.45% 1.2(M,263
Total Overlapping DcM............................................................... $ 1.837.263
Total Direct and Overlapping I)&B...................................................... 516,107,263
Iowa City has maintained a very low direct debt in relation to actual value—under 2.50% for the past ten years (averaging
1,80%). Actual value per capita has kept pace with direct debt per capita and exceeded the small rate of increase in direct and
overlapping debt per capita.
5
fncgornl•¢D or
JORM MICROL AB
CEDAR RAPIDS • PCS MOINES
aoaq
J
v
y
i
our
pIng
AMS
Cumulative
pn ing
AMS
Cumulative
June 30
Amount
Amrmnt
Penin
Years
June 30
Amount
Amount
Percent
Vwm
1983....
S1,370,000
51,370.000
9.28%
1
1989....
S 1.575,(1(0
510.570,000
71.56%
7
1984....
1,300,000
2,670,000
18.08%
2
1990....
1,200,000
11.770,100
79.69%
8
1985....
1,600,000
4,270,400
28.91%
3
1991....
12otror(1
12,970,000
87.81%
9
1986....
1,575,000
5,845,000
39.57%
4
1992....
1,200,000
14,170,000
95.94%
10
1987....
1,575,000
7,420,100
50.24%
5
1993....
300,100
14,470,000
97,97%
II
1988....
1,575,000
8,995,000
60.90%
6
1994....
300,000
14,770,0(0
100.00%
12
514,770,000
Total general obligation bond principal and intcresi payable during the fiscal years ending June 30, 1980 and 1981 were $1,480,454
and $1,576,953 respectively. Debt service payments during fiscal year 1982 were $2,010,937.
Detailed Statement of Bonded Indebtedness
(As or November 1, 1982)
Gess Assessed Value as of January 1. 1981 ................................................. 5688,906,05
Actual Value as of January I, 1981 ......................................................... 916,633.335
Dire Ectu (Including This Issue) ........................................ ................. 14,770.000
Applicable
An,nunt Percent Amount
Overtopping Wit:
Johnson Cwnty ........................................... SI 50,(00 50.61% S 633,400
Iowa City Community School Distda ......................... 1,734,000 69.45% 1.2(M,263
Total Overlapping DcM............................................................... $ 1.837.263
Total Direct and Overlapping I)&B...................................................... 516,107,263
Iowa City has maintained a very low direct debt in relation to actual value—under 2.50% for the past ten years (averaging
1,80%). Actual value per capita has kept pace with direct debt per capita and exceeded the small rate of increase in direct and
overlapping debt per capita.
5
fncgornl•¢D or
JORM MICROL AB
CEDAR RAPIDS • PCS MOINES
aoaq
J
v
y
i
r
Historic Debt Statistics
Radia to Actrud Value ler Capila
Iebt Outstanding (gala) Dint and Actual
Dirrxt and Direct and
ndie Vinci Orrrlapping Dinit Overlapping UincN Ovrdupping value6,10
_ 5239 S 6,103
1973, December I ...S 5.142 SI I,U3 1.775. 3.91% $1(115 ''4.1 6.522
1974, July I ........ 5,542 11.735 1.77% 3.75% r 243 8,897
1976, July I ........ 4.599/ 9,828 1.07% '--'tl%• /5 718 74!153
1`)77, July I ........ 6,8111 I I,JUI 1.52% 2.55% 136 257 9,049
1978, Jul • I ........ 8._'16 13,37'_ 1.76% 85% 159
1979, April I....... 13,1'_2 17,551 141% 3'_2% 254 339 10.571
p 35'1 11.510
1982. lure s ber I ... 14,687 18,546 297% 3.11% ;87 317 17,795
1982, Mn'unMr I... 14.7711 IG,(07 1.61% LNI%
Nor: Per ayiiar figures ru ref h is 1, 1974, reiu l from !liar preiiuush rey tined due to o dainge in rile estimate of pyrulntiun.
General obligation debt of (he City is limited to 5% of the actual value of property by the Iowa State Cale. The debt limit
of Iowa City is drug $45,831,667 which leaves the City with additional debt capability of $31,061,667 after the issuance of the
bonds now being offered. The City has entered into two capitalized Lease Agreements which are not included as debt in this Official
Statement. One of the leases is for police radio equipment and had a June 1982 balance of $22,720 due in monthly installments
of $705, including interest, to December 1983. The other lease is for word processing equipment and had a June 1982 balance
of $4,397 due in monthly installments of $753, including interest, to December 1982.
Valuations
Johnson County, like all other counties in Iowa, assigns property valuations on the basis of 100% of true or market value
of property. This value is called the "Actual Value". Beginning with die 1978 levy year, the State of Iowa has required that counties
reduce the Actual Value by certain percentages for the purpose of extending taxes.
This reduced value is called the "Assessed- or "Taxable Value". For the 1981 levy year, a percentage rete of 95.7039%
was applied to the assessment of agricultural property, a rate of 64.7793'% for residential property, and a rete of 87.8423% on
commercial and railroad property. Utility property is assessed at 100 percent of Actual Value. The breakdown of valuations is
shown below for both the Assessed Valuation for Taxing Purposes for the 1975-$1 levy years, and the Actual Valuation for the
1979.1981 levy years.
,Leased Valuation for 'faxing Purposes
Valuation
For Tax.cu
Railroad Total llefore
and for Taxing Purlxrtls
as of
Collection
Real
Personal
Railroad
Total
%
Jan. I
Year
Property
Property
and Utility
Lei wwd
Change
1975
1'176-77
5379,504,175
$30,946,885
80.680,850
5431,131,910
-
...............
1976 ...............
1977-78
390,559,758
31,098,091
2-1,334,309
443,992,158
2.98%
1977
1978-79
409,690.264
31,668,916
24.907,900
466,467,080
5.06%
...............
1978
1979.80
483,948,173
31,127,990
28,861,094
543,937,257
16.61%
...............
1979
1980-81
530,283,704
31,127,884
33,084,617
594,496,205
9.29%
...............
1960 ...............
1981.82
570,675,676
31,123,102
34,149,547
635,948,325
6.97%
1981 ...............
1982-83
619.415,159
31,127,919
38,363,617
688,906,695
8.33%
1982 ...............
1983.84
Debt Service Ieneions All Other Total District
Not Available
leviox
Total
Actual Valuation
aea9
6
i
MICROFILMED 01'
JORM MICRE)L AB
CEDAR unDlos • DES Mor.4Ls
7
Railroad Total llefore
As of
Coll. Real Personal and Utility S1onlos and
Munirx and
Tend
%
Jan, I
Year Property. Properly Property Credits
Credits--
Actual Value
Clunge
1979
1980741 $559,523,8..30 $31,127,903 $33.084,617 $623,736,350
88,416
5623,764,7(6
-
................
191N) ................
1981.82 767,086,636 31,127,990 34.146,308 832,360,645
28.416
832,389,261
33.45%
1981 ................
1982.83 847,141,799 31,127,919 38.863,617 916,633,335
28.416
916,061,751
10.12%
1982 ................
1983481 Not Available
'Rrrd pnyrrtv is less milirnr• exe•mptirmr.
"In 1971, the starr goverrunent began rating hanky rayl supphing the taring ngenries oitd a replaremera of lite monies mal credits tar. The value ofthe nurnies
neat credits
fin those butilurinnr um exrhu8d fain the anal m/ue toed.
Tai Nates -$1,000 Assessed Valuation
Tux
Ionv City
Ann
Collection
City of Ionv Cit' School
Johnson
Schad
Year
Debt Service Ieneions All Other Total District
Count)
leviox
Total
1976-77 ...............
$1.72036 51.52800 57.70221 $10.95057 51492734
S4.38165
$0.48258
530.74114
1977.78 ...............
1.73165 0.82629 8.53874 11.09568 15.13891
4.47137
0.406(6
31.14162
1978-79 ...............
2.47245 1.05920 8.54707 12.07872 14.85019
4.71708
0.41615
3234214
1979.80 ...............
1.75167 1.09626 8.58405 11.43198 13.45526
5.19783
0.41649
30.49756
198081 ...............
2.53243 1.69505 8.28655 12.51403 13.50830
5.2'X131
DAMON
31.71972
1981-82 ..............
2.22243 1.51199 8.50712 12.24154 13.6(137
6.18.505
0.41419
32.50515
1982.83 ...............
2.(0245 1.56974 8,468(.4 12.61079 13.65732
5.52518
0.46607
32.28936
1983.84 ...............
Not Available
Taxes Extended and Collected
(City Pu poxes Only)
7'm
Collection
Total Tux C'umnt % Cumin
'toad 'fax
% Into]
Year
FNandel Cn11Med Cu11ecIM
Cullerinl
Collnleti
1976.77 ..............
51,712,465 54110,071 )9.95% 54,742,154
1(10.63%
1977-78 ..............
4,955,262 4,969,801 100.29%
5,014.624
101.20%
1978-79 ..............
5676,40) 5,(07,321 98.789.
5,635,5.50
9930%
1979.80 ..............
6,267,0(1 6.233,220 71.46%
6,270.913
100116%
198081 ..............
7,463.391 7.322.177 98.11%
7,369,520
99.74%
198682 ..............
7.912 216 7,782.739 71.75%
7,867,686
100.84%
198383 ..............
8,677,415 In Collection
aea9
6
i
MICROFILMED 01'
JORM MICRE)L AB
CEDAR unDlos • DES Mor.4Ls
7
Largest Taxparcrs* Jan. 1. w8l
Gamy, Asx xd
Prlxlud/Ilminsv _ Value
lura Ill& G Gia A I:Inlnc Cu (3:e and lilttms lhdily ..... ...... $ :h.J1N,Ixd
PrimeO'ca.r B Gl Cit. .......allufa... Cu .... I'oilcuie" .... 9,079,016
Oxeri amsh Cu . .... ....... Dr. west llsahhnnlms .. ...... 8.106306
Anarican College Tesl I'mgmuu .... 'reeling hrrgrmu ..
8,076,011.5
l.m6es and l.arelW Clerk .... \rynnknts .... .. 6!125.185
Educational I -stale
lntgServo s 6.437.110
OW Capiwl Cnncr Paearn.nnen . ......... .. Testing ..... ... _.. _.. 6,437.119
Nunllweetem ke Telephone Cn....... .... ............ ... Rut halals Utility
wnl ..... 6.(189.254
11.1. Reim Co... .... Regimutk U61n) .. ..... .. ... ..... .
Seville Apanuients, Inc........ ... Re•iotiv warchuice... ._.. ...... .... 5.1)5,567
D.Jt... ... . _ Arym Equi ....... ...... ..... ...... 4.488, 014
I.. .. ... Orar laryipnaia..... ....... .................. 4.0316.701
MarkI e Apamnentt ... .. .... .... .. Apmmenls .. .... ................... ............ ......... 4,00,714
Mark IV Apamnenl Asuaiation ......... ..... .......... ...... Apannunu 3,1B2,415
Pusl Office .. ... ..... U.S. Gmcmnx.nl Kned nldh
3.772.924
Toed largnl Tytryycn .. .. .... ..... .... ... ..... $108.677.910
finrnt of TWA City A w.,wd Valuation 068N,'x1r,695).. - 15.785
•Alou large au/xn'en luire inaaer xu /xlr(ei, 6 f real pra/xeny, mut it is In'smble to nmu wme wh ..ti .... ai tell ar ..✓mr r f rhe larcrxl aalhiwri.
Pension and Retirement Funds
The City of Iowa City participates in three benefit pension plans.
Iowa Public Employees Retirement System
The Iowa Public Employees Retirement System (IPERS) provides pension coverage for all City employees except p)lice and
fire personnel. Currendy, municipal employers must pay 5.75% of gross salaries while covered employees contribute 3.70% on
the first $20,000 earned each year. The Iowa Legislature at its 1982 session (69d1 General Assembly) passed legislation which
will increase maximum salary coverage to $21,000 per year effective January I, 1984 and then from $21,000 per year to $22,000
per year effective January 1, 1986. The State is required by the Code of Iowa to determine du contribution rates which arc based
upon an annual actuarial valuation to fully fund all benefits and retirement allowance currently earned and to amortize in level
installments by July I, 1998, the unfunded liability for service prior to July 4, 1953. The employer's contribution paid by the
City for the year ended June 30, 1982 totaled $307,083.
Retirement benefits are assigned on the basis of 50'70 of the fired average salary of the highest five years of municipal employment
(these years need not be consecutive). There is no allocation of unfunded liability to any municipality; employee retirement benefits
are the sole responsibility of IPERS.
Police and Firemen's Pension Funds
The Police and Fire Retirement and Pension Systems are mandated by state law. Prior to 1976, the total costs of the retirement
benefits were the responsibility of the local municipality. In 1976, the state law was amended to improve the retirement benefits
of these systems and at the same time the state agreed to fund the extra coals. The liability paid for future contributions from the
City as of June 30, 1982, to the Police Retirement System was $3,059,019 and the liability to the Fire Retirement System was
$3,884,764. For the fiscal year ending June 30, 1982, the city's contribution rate to the Police Retirement System was 23.986%
of salaries, and the Fire Retirement System was 31.320% of salaries. The employee's contributions have been established at 3.10%
since July I, 1982 by the Code of Iowa. The Penvion Systems no longer cover any active employees and are being phased out
and replaced by the Retirement Systems. The Police Pension System will be fully funded by June 30, 1983. The City's future
liability to the Fire Pension Systems is $80,153, which is being funded by an annual contribution of $15,000 from the City.
FINANCIAL STATEMENTS
The financial statements are audited annually by certified public accountants. Iowa City has reported the general governmental
operations funds, which include die General Special Revenue, Debt Service Capital Projects, and Special Assessments Funds on
the modified accrual basis of accounting since fiscal 1980. Prior to fiscal 1980, these fund types were reported on the cash basis
of accounting. The City maintains its day -today accounting records on a cash basis. For comparison purposes, the City has provided
summary statements of All Funds Cash Transactions, and general fund cash receipts and disbursements for fiscal 1980-1982. The
three month summary statement of all funds cash transactions ending September 30, 1982 was provided by the City. The following
reports are summaries and do not purport to be complete audits, copies of which are available upon request.
General Fund Summary
Cash Receipts and DLsbursenienls(l)
Audited
Audited
Receipts:
Accrual
Pnryicdy and Crancrd Taxes .............
S3,961,723
Intergovematent Revenue:
5 5,391,50)
Smlc ..............................
S 606,523
rallied ............................
18.417
06cr.................. ..... I.... 1
-0'
Subnaal........................
S 624.940
Charges for Services ...................
5 759,017
Licemcs and Permit .......... I .......
213,305
Fines and Forfeitures ..................
V)5,470
Trendcis In (2) .......................
1 !X17,038
Uu of Moncy and Pmpcny ............
49,801
All Other ............................
97,012
TnWI Receipts ...................
$7,818,2291)
Dkhursemcnts;
S 932.257
Administmlion ................ ........
$1.727,141
Police Pniecti(in ... ........
1,008.440
Fire I'mnrtion......
814.204
S:miWlim (1) ...................... ...
11,247
Street Sysicnr Mainlcmmce........... ...
X.550
781,351
Ma%s Trams Iranian (4) ............
1.3511
Parks and ecrcxtinn .............
432,433
Lit,ry ............................
All t)OMr
892L_'N
............................
Trial Drhlrsetoenls .............
S7.428.365
pmxl Balance at Jtux .10 ............ ..
51.1'X,(67
,Novi: (q (ipry rrfrliJrunrnu•nti n,ul evipe, rifrec
in the moth. Pilaf ...... ria tocol
d6lnmrruee
21 Dur itr nrrnunring (Iuuller, errairr
revenues j
(.rl - smilari"'i dial rirrnrnt., decrrnvvl
a, Jar
641 Thr CM raddiahrvl the "Atau
Ira ... p4aria
Audited
Actual
Actual
Accrual
Budget
$4.015.812
$1,675,416
5 5,391,50)
S $,844,981
S 6,411.457
S 656.355
S 0.541185
$ 953.101
S 704,761
5 713,270
-0-
1).
-0.
3,291
27.501
4)
11.820
51,635
57,899
83,129
S 656,355
S 8($,0)5
S 1,(04.739
S 761950
5 923,89'1
S 788.532
S 932.257
S 1.435,811
S 848,131
5 981,161
208,313
228,145
200.232
236.810
245.825
'_59,955
244!961
211.575
262.3(1(1
246,620
1.136.124
2,333,062
2,250,13 1 H
1,551.362
1,833,613
73.3.10
113.918
151,105
151,656
133.730
111,862
149,M2
195,656
103.837
98,035
$8,350.283
S9,542,816
510,811,466
5 9.795.057
510.774,363
52,2(4.078
5r -,(4.846S
2.382980
S 2.571,386
S '_,408.161
1.071,046
1.252,455
1:177289
1.503,794
1.(67,519
911,031
1)62.142
1,011.434
1.168,093
1381.857
7.459
41,
4).
4)
4)
963259
')9.302
1.101•335
1.274.141
1,424.781
'Y)3.10R
1.055,557
1.461.567
-0.
0.
739,011
697,035
913,619
953.530
1.085.762
456,252
536,251
61, 115
7'19,582
93.1,707
1,132,83
1,339,(A6
1,621 440
I !xx),449
2,159.222
58,478.086
58,851.134
$10.((9,779
510.170,'X8
51 1,04,012
S1,068,263
51.759,975
S 1!131.662
S 1.555.751
5 12(9.1(12
r nr aline lune lx•rn pvlxvrd he
the Cin' birrrba rf
/7nnn(r oral Ji/li•r/mm
thM1rr }lialall
.vhrnnl
vol lune 10 fiord Allunrr, are ,, arrrml
m1h t(r uudiu,
vdv inrludrd ai " harrgarrnunrmal Rrir•nur" are nmv in(hulyd ai "'I'wufi n A.
"
r riaddi.thed the rrfirrc mllrninn arul Iarul fill a/4'M1aim1r m
an rntrgmsr and.
aprrnrinrai m nn r1irr061i.ie
fiuul ire fral 1982.
7
141CROf ILMEO BY
JORM MIC ROL AB
CEDAR RAPIDS s DCS VINES
aoa 9
ff
v
r
L
Significant capital outlay expenditures have been made in the General Fund. Not shown separately in the preceding table, but reported
in the audits, were capital extxnditures of $436,429 in 1976, $683,197 in 1977, $555,000 in 1978, 5373,59) ill 1979, $115,827 in 1980,
$327,849 in 1981, and $744.6347 in 1982.
Summary Statement of All Fund Cash I'rnnsactions
Note. 71e abate sulunkuy.aatemenr of fiuul rad& rr evardmur lou Leen prepumd by tem Chy Director (f Fnvmw from audits amps as noted
GENERAL FUND
Statement of Revenues, Expenditures and Changes in Fund Balances
(AL6d)fned Accrual Basis)
Year Ceding June 30
1980
1981
$5,306,644
BUDGEIgD FUNDS
238,864
200,159
Police and
752,480
1.305,873
1.550,259
_loud
Ikbt
Capita
193,939
i'atsinn
51*x'W
T"nd
Kim 1'eruion
Capital Many................................................................................................
All Funds
327.849
General
Service
I njlcei
1.
all and
Assc muent
Budgeted
Funds
and
Retirement
All (hher
(Mena Only)
Fund
Fund
Fund
Funds
Retirement
Wrkg. Cup.
(129,480)
51,828,749
$ 1,672,359
Audited:9
lialarre 6/30/76.5
R.34,145
S 46.869
S 2%.679
51,6$7,356
$'_50,367
5609.779
S 3.Sft7.586
3
2 n2 .)-I
5 611,1489
5 6,,322,39
Rmcipts........
7,167,546
944.542
1.985,575
3,281.083
779,835
31.886
14,190,467
648,089
27608
9,637,116
2,349,656
24,475,672
24,053,911
Oishurscnrnts...
7.192,557
987,356
2959.164
2,552.512
728.770
7,198
14,427.557
2,593.312
899,349
6,844,157
Balance 6Mr77 .
806,134
4J46
(767.510)
2,368927
301,432
637,467
3,391,4'X%
Raaipts........
7,818 29'1
1,025,791
5,205,477
4.393 276
442,744
39,087
18.9'-4.674
706,825
251,6)2
7,766,224
8,315,426
27,397.723
23,453,661
Dishursenoem...
7,428,366
1,116,351
1,869,713
3.777,749
490,277
204,687
14.887,143
7,388,017
3,050.046
350,147
10,788,220
Balance 6130/78.
1,196,067
(86,513)
2,56H,254
2,984,453
253,900
471.866
Rmipts........
8,350.282
1.411 244
13.708.115
5,391 _45
683,787
57,317
29.601,990
842,264
6,523 286
5,360,654
36!967.540
25,000.328
Disbunrnrrob...
8.478,086
1.291.755
4,495,537
3,780,053
793,6)4
529,183
19,367.708
271,966
3.620,344
1,512,779
22,755,432
Balance Wong .
1.068.263
32976
11,780,832
4,595,645
144,593
.0.
17,622,309
Receipts........
9.542,846
1,395,291
3,022,407
4.990,328
675,161
79,368
19,705,401
853,109
6,998,485
8,244,802
27,556,995
34,614,246
DisburscnrnJx...
8,851,134
1,480.454
9.838.270
4,554,105
823,205
78,950
25.626,118
773.326
3,700,127
266,458
15,668,177
Balance 6/30/80.
1,759,975
(52,187)
4:9&1,969
5,031,868
(3,451)
418
11.701,592
Receipts........
HUA1,466
1,872.195
10,116.379
5.145,402
625,717
69,930
28,641.089
936,808
8,818.757
8,135,630
38,396,654
40.475,524
Dishurscnrnls...
10,669,779
1.576.954
12.117,995
7.042,803
570,217
70,348
32.048.166
8,294,515
291,728
4,345 207
949,585
13,589,307
Balance 6/30/81 .
1,931,662
213.054
2,963,353
3,134,467
51,979
.0-
Unaudited:
Rescipts........
9.795,057
1,959.631
2.434.953
8.194.148
720,247
169,263
D 173,299
1,188,377
7,181,444
31,643,120
Disbursements...
10,170,968
2.182.987
5,338,603
7,417,922
636,618
164,915
25,912.013
320,180
6,945,836
33,178,029
Balance 6/30/82 .
1.555,751
(10,30'_)
59,703
3.910,693
135,608
4,348
5.655,801
5,213,404
1.185.193
12.051,398
Rcccipts........
1.354,860
77,914
637.545
2,029978
23,699
1,357
4.123.253
485,595
2.035,748
6,6 6.596
Disbummenu...
2,694,987
7,738
434,626
1.833,078
123,315
40-
5,093,744
56,961
1.903,42-1
7,057,127
Balance 9/30/82 .
215,624
59.874
262,622
4,107.593
35,992
5,605
4,687,310
5,642,038
1,317,519
11,676,867
Note. 71e abate sulunkuy.aatemenr of fiuul rad& rr evardmur lou Leen prepumd by tem Chy Director (f Fnvmw from audits amps as noted
GENERAL FUND
Statement of Revenues, Expenditures and Changes in Fund Balances
(AL6d)fned Accrual Basis)
Year Ceding June 30
1980
1981
$5,306,644
S 5,958,463
238,864
200,159
822,610
752,480
1.305,873
1.550,259
246,222
205,172
187,490
193,939
281,832
226,492
S8,389,015
S 9,086,9(A
F.\PI'-N7)rrURF9
Current:
Community pvAcclon.......................................................................................
52,920,174
S 3,302,206
' Human dcvelopncnt........................................................................................
1,479,641
1,646,984
I3mme and community cnvimnmcnt............................................................................
3,009,593
3,682,417
Policy and administralinn....................................................................................
1,802.925
1,872,371
Capital Many................................................................................................
115.827
327.849
S9,328.160
510,831,827
Revenue, unJcr cxpcnlitums.................................................................................
S (939,145)
S(1,744,963)
OIIIF.R FINANCING SOURCUS (USIA
Operating transfers:
From odwr funk(I)........................................................................................
$2,009.889
$ 1.801.839
IT,,) other funds R1.........................................................................................
(181.140)
(129,480)
51,828,749
$ 1,672,359
Revenue and ober 6narcing snunrs urcr (under) ex[mitu cs and oder fmacing uws................................
S 889,6(14
S (72,500)
FUND BALANCFti (ffiFICrI), BEGINNING....................................................................
1,882.062
2,701,806
Fun) equity uanden (to) oder funis(3).........................................................................
(69,860)
-a-
FUN) BALANCFS (DEFICID, ENDING........................................................................
52,701.806
$ 2,629,302
Marrs: (1) Dprnaing rem fen fmm other final, fr,r fval 19W mul 1981 are rmrufers ref nein use tate., vul fidrnd ren -aur
sharing nundes.
21 Dl,rmring rnmxfrrt In rnhrr finvlc frrr fiend I9R0 anA I9Rl me rmn.cfrrt of fiuvl, In rhe $rmilnrimr oral Airpna rmrprnrc firmlc.
(3) Fuml epi0• rumxfer in the L]luipmera Amin.
8
1
aoa9
t•IICROF ILIdCD BY
-J
JORM MICR40LAB
CEDAR RAPIDS • DES MOINES
IN
GENERAL FUND BALANCE SIIEEI'
1.\s
or June AO
A.SSLI's 1'/80 19%1
Cash ................................. .
....... .............. S 27,uy7 S 1.103
....................................
Invesmxnts ............................................. ........... ...... .................... 1,091,708 3.767.679
.......
Receivables:
Pnlxny Taxes .............. 157,420 1'X1,8141
.......................................
Att'wnu and unhilhd usage......... ..... .............. ..... 43,367 28,386
...................................... ..
Interest........................................................................ .................... 59,200 +1.74
Due from other funds ................................................. 927.393 407.262
Due from other govemnxms.................................(06.006 339,110
Prepaid cxjxns�w......................................... 124,685 106,837
.....................................................................................
Restricted assets:
Inmunents........................................................................................ 394.345 —
Due from other fords............................................................................... 29.769 —
Total Assets.................................................................................... S3,461.592 56.893.981
LIABILITIES AND MUNICIPAL. EQUITY
1 Liabilities:
Accounts payable................................................................................... S 83.429 S 148.952
Wamanispayable................................................................................... — 1.317.535
Claims payable................................................................. .................... 128.840 29.926
Accrued liabilitia............................................................... .................... 214.753 162.824
Due to cher funk.................................................................................. 123.863 383.746
Dueto other govemmrnu............................................................................ 897 —
Defemxl rcvenuc................................................................................... 9.188 6.500
Deposits........................................................................................... 198.816 215.196
Total Liabilities ................................................................................. S 759.786 $2,264,679
Municipal equity:
Fund balance:
Reserve for:
Eneumbran.................................................................................. S 71.741 5 69.380
Employee retirement ouraromhents................................................................. — 51.979
Gifts for restricted purr n s....................................................................... — 46.583
Legalescrow................................................................................... 201.0D0 —
Prepaidexpenses................................................................................ 124,685 106.877
Endowments................................................................................... 21.298 —
Tort liability le 205,031 —
Unreserved:
Designated for future improvements................................................................ 337,611 398,406
Urdmigntted................................................................................... 1.741.410 1.956.107
Total municipal equity....................................................................... 52.701.806 52.629.302
Total liabilities and munici Pd c uit 53,461,592 $7.893,981
9 Y................................................................
AUTHORIZATION AND CERTIFICATION
The foregoing Official Statement has been prepared for the City of Iowa City, Iowa, by Speer Financial, Inc., Municipal
Finance Consultants, and is authorized for distribution to prospective underwriters and purchasers of these bonds. All statements,
infonnadon and statistics herein are believed to be correct but are not guaranteed by die consultants or by the City and all expressions
of opinion, whether or not so stated, are intended only as such.
We have examined the attached Official Statement dated November 15, 1982, for the $2,700,000 General Obligation Bonds,
believe it to be true and corral and will, if requested, provide to the purchaser of the bonds at the time of delivery a certificate
confirming to the purchaser that to the best of our knowledge and belief information in the Official Statement was at the time
of acceptance of the bid for the bonds, and, including any addenda thereto, was at the time of delivery true and correct in all
material respects and does not include any untrue statement of a material fact, nor does it omit the statement of any material fact
required to be stated therein, or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading. The issuer has supplied certain information and material to the rating service shown on the cover page as
part of its application for an investment rating on these bonds. Ratings, if assigned, are subject to revision, suspension or withdrawal
at any time by the rating agencies. An explanation of the significance of investment ratings may be obtained from the rating agency.
/s/ ROSEMARY VITOSH /s/ NEAL G. BERLIN
Director of Finance City Manager
November 15, 1982
9
aoay
1
MICROFILMED Bl'
t J
JORM MICR6LA13
L t
i CEDAR RAPIDS • DES g01AES
I i
i
IJ
r
NOTES
W
MICROFILMED DY
JORM MICR6LA
CEDAR RAPIDS • DES MOI41
i
I
f.
I
NOTES
W
MICROFILMED DY
JORM MICR6LA
CEDAR RAPIDS • DES MOI41
i
I
r
III
E2
City of Iowa City
Civic Center
Iowa City, Iowa
OFFICIAL BID FORM
November 30, 1982
Gentlemen:
For $2,700,000 City of Iowa City, Iowa, General Obligation Bonds, described in die annexed Official Notice of Sale which
is expressly made a part hereof, we will pay the par value thereof plus a premium of $ , plus accrued interest from
December 1, 1982, to the date of delivery for bonds bearing interest as follows (each a multiple of 1/4 or 1/10 of M.
MATURITIES - June I
$200,000 ............ 1985% $250,000 ............ 1988_70 $300,000 ............ 1992%
250,000 ............ 1986_% 250,000 ............ 1989% 300,000 ............ 1993_70
250,000 ............ 1987_70 300,000 ............ 1990_70 300,000 ............ 1994_70
300,000 ............ 1991%
Said bonds are to be executed and delivered to us in accordance with the terms of this bid accompanied by the approving
legal opinion of Ahlers, Cooney, Dorweiler, Haynie & Smith, Attorneys, Des Moines, Iowa. You are to pay for the legal opinion
and for printing the bonds. Unless we notify you to the contrary within 24 hours, CUSIP numbers are to be printed on the bonds
at our expense and we agree to accept the bonds at delivery with the CUSIP numbers as printed.
As evidence of our good faith, we enclose herewith a check in the sum of $54,000 in accordance with your Official Notice
of Sale. A list of the members of our account on whose behalf this bid is made is appended hereto.
Description of Check:
Amount: $54,000
Name of Bank
City State
Certified (Cashier's) Check No.
Dated
(For Use By City Only)
The above check was returned and received for the above
named Account Manager
By
Respectfully submitted,
Name
Account Manager
By
Address
1
Ciry State
l
NOT A PART OF BID
Our calculation of net interest rate from above is:
Total Interest .......................
Less Premium ..................... $
Net Interest Cost ................... $
Net Interest Rate .................. %
J
The foregoing bid was accepted and bonds sold November 30, 1982, and receipt is hereby acknowledged of the good faith
check which is being held in accordance with die terms of the Official Notice of Sale.
CITY OF IOWA CITY, IOWA
Fittattce Director
TABLE OF BOND YEARS
F'mm Deeemler 1, 1982
(For Compmkvian NrMse Only. Not a Pan of !&lJ
Ihk INnW Ywrs tom Bond Ywrs
June 1 Amuum Annual Cumulative June I Anaalnt Annul Cumulative
I9R5 $200,000 500 500 1990 5 300,000 2,250 7.750
1986 250,IXp 875 1.375 1991 300,000 2,550 10.300
1987 250,000 1,125 2,500 1992 3(1(),(107 2,850 13,150
1988 250.000 1.37,5 3,875 1993 3(10,100 3.15(1 16,300
1989 250,IX10 1,025 5.500 19994 300.000 3_4.50 19,750
52300.107 19,750
/ Average Lifc: 7.3148 yeah
II
f
I 1
aoa9
111CROrILMED BY
CRM MIC Rli110 AB
C 1
I CEDAR RAPIDS DES G101NES
7
r
2,00,q
L
OFFICIAL NOTICE OF SALE
$2,700,000
CITY OF IOWA CITY, IOWA
General Obligation Bonds
Soled bids will be received until 1:00 p.lvt., local Time, on the 3(hh day o(Noveniber. 1982, it the ()free of the City Clerk
in the Civic Center, Iowa City, Iowa, for the purchase of S2.700.000 General Obligation Bonds of rhe City of Iowa City. Iowa.
Promptly thereafter open bids will be called for in die Council Chambers in the meeting of the City Council of said City to bt
then held in the Civic Center in said City. If no open bids are then made, such bidding will then be closed but if commenced.
will be concluded not later than 1:30 P.M. on die date of sale. Aller die best open bid, if any, has been determined, the scaled
bids will be publicly opened. All bids will then be referred to the City Council of said City and die bhmds will )x: sold to the
highest bidder for cash. Sealed bids will be fully protected and will remain sealed until open bidding has been concluded.
Said bonds will be payable at the office of die City 'treasurer and will be coupon bonds registrable as to principal only, will
be dated December I, 1982, be in the denomination of $5,000, bear interest payable lune 1, 1983. and semi annually thereafter
on the first day of June and December in each year, and mature serially on June I of eaclh of the respective years as follows:
$200,000 ....................1985
250,000 ....................1986
250,000 ....................1987
MATURITI S - .lune 1
S250.000 ....................
1988
250,000 ....................
1989
300,000 ....................1990
300.000 ....................1991
$300.000 .................... 1992
1993
300.000 ....................
300,000 ....................1994
None of said bonds are optional for redemption prior to maturity. These bonds constitme general obligations of the City payable
from uaxes levied upon all the taxable property in the City without limitation as to rate or anhount.
Bidders shall specify the interest rate or rates which the respective bonds shall bear, in multiples of one-quarter or one-tenth
of one percent (1/4 or I/10 of I r%), provided that only one rate shall be specified for a single maturity and not more than four
(4) rates may be named. Repeating a previously mentioned interest rate will not constitute an additional interest rale. The highest
rate bid for the bonds shall not exceed the lowest rate by more than one and one half percent (1 1/2%) per annum. Each installment
of interest will be represented by a single coupon on each bond and no supplemental coupons will be permitted. All bids must
be for all of the bonds, must be for not less than $2,700,000 plus accrued interest from December I, 1982, to the date of delivery,
must be made upon the Official Bid Form and delivered in a scaled envelope marked "Bid for Bonds". The bonds will be awarded
to the best bidder detemhined upon the basis of the lowest led interest cost at the rate or rates designated in his bid from December
1, 1982, to the respective maturity dates, after deducting any premium.
The bonds will be delivered without expense to the purchaser in Des Moines, Iowa, or Chicago, Illinois, at any mutually
agreeable bank or trust company against full payment in immediately available cash or federal funds. The bonds are expected to
be delivered within thirty days after the mle. Should delivery be delayed beyond sixty days from date of sale for any reason without
the fault of the issuer, or except failure of performance by the purchaser, the purchaser may withdraw his check and thereafter
his interest in and liability for the bonds will cease. (When the bonds are ready for delivery, the issuer will give die successful
bidder five working days notice of the delivery date and the issuer will expect payment in full on that date, otherwise reserving
the right as its option to determine that die bidder has failed to comply with the offer of purchase.)
Said bonds will be sold subject to the approving opinion of Alders, Cooney, Dorw•ciler, Haynie &Smith, Atwmcys, Des
Moines, Iowa, as to the legality and their opinion will be furnished, together with the printed bonds, without cost to the purchaser
and all bids will be so conditional, except to the extent necessary to issue their opinion with respect to die accuracy or die completeness
of documents, materials or statements'nhade or fumished in connection with the sale, issuance or marketing of tie bonds. The
opinion will be printed on die back of the bonds.
All bids shall Ile accompanied by a certified check or cashier's check drawn upon a solvent bank doing business in the United
States, in favor of the City, in the amount of $54,000. The proceeds of said check will be forfeited as liquidated damages in case
the bidder to whom said bonds are awarded should withdraw his bid or fail to complete his purchase in accordance with the temps
thereof. Checks of unsuccessful bidders will be returned promptly and no interest will be allowed on any checks. The check of
the successful bidder will otherwise be returned or applied on the purchase price at delivery at the option of the City.
The City Council reserves the right to waive informalities in any bid, to reject any or all bids and to determine in its sole
discretion the best bid.
The City Council has authorized die preparation of an Official Statement containing pertinent information relative to the City.
For copies of that Statement. the Official Notice of Sale and Official Bid Form. or for any additional information. any prospective
purchaser is referred to the Municipal Finance Consultants ui the City. Speer Financial. Inc.. 55 Nest Mourne Street, Suite 4510,
Chicago, Illinois 60(413. Telephone: Area 312-346-371)0.
By order of the City Council of die City of Iowa City, 10%%'41-
November 15. 1982
/s/ ABBIE STOLFUS
Civ Clerk
12
111CROEIUdED 81
JORM MICROLAB
CEDAR RAPIDS • DES 1014ES
1
J
�i
r
■_ •:
T
November 30 , 1982
The City Council of Iowa City, Iowa, met in Special
session, in the Council Chambers, Civic Center, Iowa City,
Iowa, at 1:00 o'clock p .M., on the above date. There were
present Beouty City Clerk Karr in the chair, and the following
named Council Members:
Balmer Dickson Erdahl Lynch McDonald
Absent: Neuhauser, Perret
It was moved by Council Member Lynch and
seconded by Council Member Erdahl that
Balmer be -designated to serve as temporary pre—
siding officer for the meeting. The roll was called and the
vote was:
C AYES: Dickson Erdahl Lynch McDonald, Balmer
i
NAYES: None
I
—I—
A NLERS. COONEY. DORWEILER. HAYNIE nSM I TN. LAWYEn S. DES MOINES. IOWA
MICROFILI4E0 BY
"JORM MICR#LAB
CEDAR RAPIDS • DES MOINES
I �
I
J
i
■_ '.
This being the time and place for the opening of bids for
the sale of $2,700,000 General Obligation Bonds,
was thrown open for the receipt of bids the meeting
for said bonds. The
following sealed bids were received and not opened:
Name & Address of Bidders:
Continental Illinois National Bank and Trust Company of Chicago
and Associates
Harris Trust and Savings Bank and Iowa -Des Moines National Bank
and Associates
The Northern Trust Company and Merrill Lynch White Weld Capital
Markets Group and E. F. Hutton & Company, Inc. and Goldman,
Sachs & Co. and Associates
Open bids were then called for and the best open bid
received was as follows:
I
Name & Address of Bidder:
Net Interest Rate:
Net Interest Cost:
Whereupon, the sealed bids were opened and the best. sealed
bid was as follows:
r Name & Address of Bidder: Continental Illinois National Bank and
o icago an ociates
Net interest Rate: 8.186569 rus ompany
Net Interest Cost: $1,616,847.45
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AHLERS, COONEY, DORWEILER, HAYNIE h SMITH. LAWYERS, DES MOINES. IOWA
1'
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MICROFILMED BY
CORM MIC REIL ABS
CEDAR RAPIDS • DES 140I8E5
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