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HomeMy WebLinkAbout1982-11-30 ResolutionMcDonald introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF $2,700,000 GENERAL OBLIGATION BONDS," and moved its adoption. Dickson seconded the motion to adopt. The roll was called and the vote was, AYES: McDonald, Balmer, Dickson, Erdahl NAYS: None Whereupon, the temporary presiding officer declared the following Resolution duly adopted: RESOLUTION DIRECTING SALE OF $2,700,000 GENERAL OBLIGATION BONDS WHEREAS, pursuant to notice as required by law, bids have been received at public sale for the bonds described as follows and the best bid received is determined to be the following: $2,700,000 GENERAL OBLIGATION BONDS: Bidder: Continental Illinois National of Chicago Bank and Trust Company of Chicago and Associates the terms of said bid being: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA: Section 1. That the bid for the bonds as above set out is hereby determined to be the best and most favorable bid received and, said bonds are hereby awarded based on said bid. -3- AHLERS. GOONEY. DORWEILER. HAYNIE A SM ITN. LAWYERS. DES MOINCS. IOWA 01030 h _ MICROMMED BY 1 DORM MICR6LA13' CEDAR RAPIDS • DES 140INES I 71 IVA r ■_ 1;' Section 2. That the statement of information for bond bidders and the form of contract for the sale of said bonds are hereby approved and the Mayor and Clerk are authorized to execute the same on behalf of the City. Section 3. That the notices of the sale of the bonds heretofore given and all acts of the Clerk done in furtherance of the sale of said bonds are hereby ratified and approved. PASSED AND APPROVED, this 30th day of November 1982. /I Mayor ATTEST: Clerk I -4- AHLERS, COONEY. DORWEILER, HAYN IEA SMITH, LAWYERS, DES MOINES, IOWA i 111CROE IL4IE !I 1 " JORM MtC 1 CEDAR RAPIDS 01030 i LA B (I MOIYES I - 7 i 1 Speer Financial, Inc. MUNICIPAL FINANCE CONSULTANTS SINCE 1954 SUITE 4510. 55 EAST MONROE STREET . CHICAGO. ILLINOIS 60603 • (312) 346.3700 November 30, 1982 The Honorable Mayor and City Council Civic Center Iowa City, Iowa 52210 Gentlemen: PAUL D. SPEER ELWOOD BARCE .worn RICWD A. PAM Mn Bids were received today covering $2,700,000 City of Iowa City, Iowa, General Obligation Bonds. There were rhooral bids received. There were �fi e� sealed bids received. All bids are listed at the bottom of this letter in accordance with the attached signed bids. Uppon examination, it is our opinion that the bid of aQoJ1nen�c.I Iliono1s lya�loncl 15a.1k and RssOct;4rs is the best bid received, and it is further our opinion that it is favorable to the City and should be accepted. We therefore recommend that the bonds be so awarded at par plus a premium of $ 054 • plus accrued interest, being at a net interest rate of 8.18`SG9 4. Net Interest Account Managers Rate Continental Illinois National Bank and Trust Company of Chicago and Associates ....... S•I $L56fi S The First National Bank of Chicago and Dean Witter Reynolds, Inc. and Associates ....... ........ Nc AI Harris Trust and Savings Bank and Iowa -Des Moines National Bank and Associates ....................................:.............. 8•'33 83 S The Northern Trust Company and Merrill Lynch White Weld Capital Markets Group and E. F. Hutton S Company, Inc, and Goldman, Sachs h Co. and Associates ........................................... 8-'LEs3 71 S .................. S .................. $ Respectfully submitted, SPEER FINANCIAL, C. ��4. President RAP:mk 420 36 I41CRDn LMED BY JORM MIC ROLAB 1 ! CEDAR RAPIDS DES Id01YCS L� r Council MemberMcDonald roduced the following Resolution entitled "RESOLUTION AUTHint 'ORIIZING AND PROVIDING FOR THE ISSUANCE OF $2,700,000 GENERAL OBLIGATION BONDS AND LEVYING A TAX TO PAY SAID BONDS" and moved that it be adopted. Council Member Dickson se the motion to adopt, and the roll being called thereoncothed vote was as follows: AYES: Balmer, Dickson, Erdahl, Lynch__ McDonald NAYS: None Whereupon, the Presiding Officer declared said Resolution duly adopted as follows: RESOLUTION AUTHORIZIB NG AND PROVIDING FOR THE ISSUANCE OF $2,700,000 GENERAL OBLIGATION BONDS AND LEVYING A TAX TO PAY SAID BONDS WHEREAS, the City of Iowa City, in the County of Johnson, State of Iowa, sometimes hereinafter referred to as the "City,, or "Municipality", was duly incorporated, organized and exists under and by virtue of the laws and Constitution of the State Of Iowa; and WHEREAS, the City has designated the City Treasurer to act as the financial officer of said City with respect to the registration and payment of its bonds and interest thereon; and WHEREAS, said City is in need of funds to pay costs of construction and reconstruction of bridges; construction, reconstruction and repair of street improvements, paving, resurfacing, sidewalks, railroad crossings, drainage and city utility relocation; acquisition and installation of traffic control devices; acquisition and construction of structures for constProtection f ructionOfimprovements to propertyrom flooding of pwithin the existing and airport, an essential corporate purpose, and it is deemed necessary and advisable that general obligation bonds in the amount of $2,700,000 be issued for said purpose; and -5- AHLERS. COONEY. DORWEILER. HAYNIE&SMITH. LAWYERS. DES MOINES. IOWA d03/ 1 MICROFILMED BY ' 1 JORM MICR16LAB CEDAR RAPIDS •DES MOINES J J 1 v WHEREAS, pursuant to notice published as required by Section 384.25 of said Code, this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of said bonds, and the Council is therefore now authorized to proceed with the issuance of said bonds; and WHEREAS, pursuant to the provisions of Chapter 75 of the Code of Iowa, the above mentioned bonds were heretofore sold at public sale and action should now be taken to issue said bonds conforming to the terms and conditions of the best bid received at the advertised public sale: NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF IOWA CITY, IOWA: Section 1. That for the purpose of providing funds to pay the principal and interest of the bonds hereinafter authorized to be issued, there is hereby levied for each future year the following direct annual tax on all of the taxable property in Iowa City, Iowa, to -wit: FISCAL YEAR (JULY 1 TO JUNE 30) AMOUNT YEAR OF COLLECTION: $324,900 1983/1984 $416,600 1984/1985 $451,600 1985/1986 $432,850 1986/1987 $414,100 1987/1988 $395,350 1988/1989 $426,600 1989/1990 $402,300 1990/1991 $378,000 1991/1992 $352,200 1992/1993 I( $ 326,400 1993/1994 (NOTE: For example the levy to be made and certified against the taxable valuations of January 1, 1982, will be collected during the fiscal year commencing July 1, 1983). Section 2. Said tax shall be collected each year at the same time and in the same manner as, and in addition to, all other taxes in and for said Municipality, and when collected they shall be converted into a special fund within the Debt Service Fund to be known as the "GENERAL OBLIGATION BOND FUND 1982 #1", which is hereby pledged for and shall be used only for the payment of the principal and interest of the bonds -6- A HLERS. COONEY. DORW CILEP. HAYNIE 6 SMITH. LAWYERS. DES MOINES. IOWA 9031 1 MICROFILMED BY 1 JORM MICROLAB p CEDAR RAPIDS DES'MO] i i J r I% Bond Interest Principal Maturity Numbers Rate Amount June 1st 1 - 40 7.50% $200,000 1985 41 - 90 7.50% $250,000 1986 91 - 140 7.50% $250,000 1987 141 - 190 7.50% $250,000 1988 191 - 240 7.50% $250,000 1989 241 - 300 8.10% $300,000 1990 301 - 360 8.10% $300,000 1991 361 - 420 8.60% $300,000 1992 421 - 480 8.60% $300,000 1993 481 - 540 8.80% $300,000 1994 Section 5. That upon presentation at the office of the City Treasurer of any of said bonds, same may be registered as to principal in the name of the owner, on the books in the office of said official, such registration to be noted on the reverse side of the bonds by said official, and thereafter the principal of such registered bonds shall be payable only to the registered holder, his legal representatives or assigns. Such registered bonds shall be transferable to another registered holder, or back to bearer, only upon presentation to said official with a legal assignment duly acknowledged or proved. Registration of any such bonds shall not affect the negotiability of the coupons thereto attached, but such coupons shall be transferable by delivery merely. Section 6. That said bonds and the coupons annexed thereto, shall be in form substantially as follows: -8- AHLERS. COONEY. OORWEILER. HAYNIE 6 SMITH. LAWYERS. DES MOINES. IOWA IdICROEIUIED BY I JORRA MIC RI LINB j � CEDAR RANDSDGS WINES f i a a03) hereinafter authorized to be issued; and also there shall be apportioned to said fund its proportion of taxes received by the City from railway, express, telephone and telegraph com- panies and other taxes assessed by the Iowa State Department of Revenue. Section 3. All moneys held in the Bond Fund, provided for by Section 2 of this Resolution shall be invested in direct obligations of the United States Government or deposited in banks which are members of the Federal Deposit Insurance Corporation and the deposits in which are insured thereby and all such deposits exceeding the maximum amount insured from time to time by FDIC or its equivalent successor in any one bank shall be continuously secured by a valid pledge of direct obligations of the United States Government having an equiva- lent market value. All such interim investments shall mature before the date on which the moneys are required for payment of principal of or interest on the Bonds as herein provided. Section 4. That General Obligation Bonds of said City in the amount of $2,700,000 be issued pursuant to the provisions of Section 384.25 of the City Code of Iowa for the aforesaid purpose; that said bonds be designated "GENERAL OBLIGATION BOND", that they be 540 in number, dated December 1, 1982, and shall bear interest from the date thereof, until payment thereof, payable June 1, 1983 and semiannually thereafter on the 1st day of June and December in each year until maturity at the rates hereinafter provided. Said bonds shall be signed by the Mayor and attested by the Clerk, and the seal of said City affixed, and certificate of registration endorsed thereon; that interest on said bonds be evidenced by coupons thereto attached and maturing on the several days when such interest matures; such interest coupons may be executed with the original or facsimile signature of the Clerk; that principal and interest be payable at the office of the Treasurer in said City; that said bonds be num- bered from 1 to 540, both numbers inclusive, and be in the denomination of $5,000 each. Said bonds shall mature and bear interest as follows: -7- A HLERS, 7-AMLERS, GOONEY. DORWEILER. Ii AYNIE R SM ITH. LAWYERS. DES MOINES. IOWA a0 31 M ICROf ILIdCD BY J L` JORM MIC ROLAB � I CEDAR RAPIDS DES td0I4ES � i I a r (FORM OF BOND) UNITED STATES OF AMERICA STATE OF IOWA COUNTY OF JOHNSON CITY OF IOWA CITY GENERAL OBLIGATION BOND ESSENTIAL CORPORATE PURPOSE No. $5,000 The City of Iowa City, Iowa, herein referred to as the "City", for value received, promises to pay to bearer FIVE THOUSAND DOLLARS, lawful money of the United States of America, on the 1st day of June, 19 , with interest on said sum from the date hereof until paid at the rate of 8 per annum, payable on June 1, 1983, and semiannually thereafter on the 1st day of June and December in each year, on presentation and surrender of the interest coupons hereto attached, both principal and interest payable at the office of the Treasurer of Iowa City, Iowa. This bond is issued by the City of Iowa City, Iowa, pur- suant to the provisions of Section 384.25 of the City Code of Iowa, for the purpose of paying costs of construction and reconstruction of bridges; construction, reconstruction and repair of street improvements, paving, resurfacing, sidewalks, railroad crossings, drainage and city utility relocation; acquisition and installation of traffic control devices; acquisition and construction of structures for protection from flooding of property within the city; and construction of improvements to the existing municipal airport, an essential corporate purpose in conformity to a Resolution of the Council of said City duly passed and approved. This bond is fully negotiable but may be registered as to principal only in the name of the holder on the books of said City in the office of the Treasurer, such registration to be endorsed by notation on the back hereof by said official, after which no transfer shall be valid unless made on said books and similarly noted hereon, but it may be discharged from said registration by being transferred to bearer, after -9- AHLERS. COONEY. DORWEILER. HAYNIE R SMITH. LAWYERS. DES MOINES. IOWA IIICROEILMED BY JORM MIC R(SLAB CEDAR RAPIDS • DES MOINES I i i „ _ a aD31 J which it shall be transferable by delivery but it may again be registered as before. The registration of this bond as to principal shall not restrain the negotiability of the coupons by delivery merely. And it is hereby represented and certified that all acts, conditions and things requisite, according to the laws and constitution of the State of Iowa, to exist, to be had, to be done, or to be performed precedent to the lawful issue of this bond, have been existent, had, done and performed as required by law; that provision has been made for the levy of a suf- ficient continuing annual tax on all the taxable property within said City for the payment of the principal and interest of this bond as the same will respectively become due; that the faith, credit, revenues and resources and all the real and personal property of said City are irrevocably pledged for the prompt payment hereof, both principal and interest; and the total indebtedness of said City including this bond, does not exceed the constitutional or statutory limitations. IN TESTIMONY WHEREOF, said City by its Council, has caused this bond to be signed by its Mayor and attested by its Clerk, with the seal of said City affixed, and the coupons hereto attached to be executed with the facsimile signature of said Clerk, which official, by the execution of this bond, does adopt said facsimile signature appearing on said coupons, all as of this date of December 1, 1982. ATTEST: Clerk Mayor (FORM OF COUPON) On the lst day of , 19 , the City of Iowa City, Iowa, will pay to bearer $ at the office of the Treasurer, Iowa City, Iowa, for months' interest on its General Obligation Bond, dated December 1, 1982, No. City Clerk -10- AHLERS. COONEY. DOHW EILEH. H AYH IEA SMITH. LA WYEHs. OEs MOINES. IOWA QO31 141CROEILMED BY - JORM MICR6LAB I CEDAR RAPIDS • DES MOINES I V i I And on the back of each bond there shall be endorsed a certificate of the City Treasurer in the following form: (FORM OF CITY TREASURER'S CERTIFICATE) This bond has been duly and properly registered in my office as of this date of December 1, 1982. City Treasurer of Iowa City, Iowa There shall also be printed on the back of the bonds the following form of registration: REGISTRATION OF OWNERSHIP Date of Signature of Registration In Whose Name Registered City Treasurer Section 7. That principal and interest coming due at any- time when the proceeds of said tax on hand shall be insuf- ficient to pay the same shall be promptly paid when due from current funds of said City available for that purpose and reimbursement shall be made from such special fund in the amounts thus advanced. Section 8. That this Resolution constitutes a contract between said City and the purchaser of the bonds; that when said bonds have been executed as aforesaid, they shall be delivered to the Treasurer of said City, who shall register the same in a book provided for that purpose and shall thereupon deliver said bonds to the purchaser thereof, as directed by the Council. Section 9. That a certified copy of this Resolution be filed with the County Auditor of Johnson County, Iowa, and that said Auditor be and is hereby instructed in and for each of the years as provided, to levy and assess the tax hereby authorized in Section 1 of this Resolution, in like manner as other taxes are levied and assessed, and that such taxes so -11- AMLERS. COONEY. DORWEILER. HAYNIE b SMITH. LAWYERS• DES MOINES• IOWA ao3i j i, IdILRDFILIdED D1' JORM MIC ROIL AB CEDAR RANDS •DES MOIYES I a r levied in and for each of the years aforesaid be collected in like manner as other taxes of said Municipality are collected, and when collected be used for the purpose of paying principal and interest on said bonds issued in anticipation of said tax, and for no other purpose whatsoever. Section 10. That there be printed on the back of each bond herein authorized to be issued, a copy of the legal opi- nion of Ahlers, Cooney, Dorweiler, Haynie s Smith, Attorneys, of Des Moines, Iowa, under the certificate of the City Clerk certifying the same as being a true copy thereof, said cer- tificate to bear the facsimile signature of said Clerk. Section 11. The City, as issuer, covenants that it will proceed with due diligence to expend the proceeds of the bonds for the purpose of issuance as recited herein and that no use will be made of the proceeds from the issuance and sale of the bonds issued hereunder which will cause any of the bonds to be classified as arbitrage bonds within the meaning of Section 103(c)(2) of the Internal Revenue Code of the United States and that throughout the term of said bonds it will comply with the requirements of said statute and regulations issued thereunder. Pursuant to said statute and regulations, it is hereby certified that the issuer reasonably expects that: (a) The issuer has incurred substantial binding obliga- tions to commence or acquire the project to be financed hereby. (b) The original proceeds of the bonds issued hereunder will not exceed the costs of said project by more than five percent. (c) At least 858 of the spendable proceeds of the bonds, including investment proceeds, will be expended to pay the cost of the project within three years following the date of the bonds. (d) Work on the project has been commenced and is expected to proceed with due diligence to completion. (e) The project has not been and is not expected to be sold or otherwise disposed of in whole or in part prior to the maturity of the bonds. (f) Accrued interest received upon the sale of the bonds will be applied to the first interest due thereon. -12- AHURS. COONEY, DORWEILER. HAYNIE! SMITH. LAWYERS. DEB MOINES. IOWA Q031 MICROFILMED BY �c I JORM MICR(SLAB I ? I CEDAR RAPIDS • DES MOINES i r (g) Any temporary notes issued in anticipation of the bonds will be retired coincidently with the date of issue th the bonds and at all events within three months thereof. To the best knowledge and belief of the issuer, there are no facts or circumstances that would materially change the foregoing statements or the conclusion that it is not expected that the proceeds of the bonds will be used in a manner that. would cause the bonds to be arbitrage bonds. The Treasurer is hereby directed to deliver a certificate at issuance of the bonds to certify as to the reasonable expect issuer at that date. ation of the niSection 12. If any section, paragraph, clause or provi- on of this Resolution be held invalid, such invalidity shall ot affect any of the remaining provisions hereof, and this Resolution shall become effective immediately upon its passage and approval. Section 13. That all ordinances and resolutions and parts of ordinances and resolutions in conflict herewith are hereby repealed. PASSED AND APPROVED this 1982. 30th day of November ATTEST: L� p Clerk -13- AHLERS, COONEY. DORWEILER, HAYNIE 6 SMITH, LAWYERS, DEB MOINES, IOWA MICROFILMED BY i i JORM MIC R�LAB - I CEDAR RAPIDS DES MOIRES I i ao3/ 1 J ■ r L, (This Notice to be �O may 41 posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Iowa City, Iowa. Date of Meeting: November 30, 1982 Time of Meeting: 1:00 P,M, Place of Meeting: Council Chambers, Civic Center, Iowa City, Iowa. PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental body will meet at the date, time and place above set out. The tentative agenda for said meeting is as follows: $2,700,000 General Obligation Bonds. - Resolution directing sale. - Resolution authorizing the issuance. Such additional matters as are set forth on the addi- tional 1 (number) page(s) attached hereto. This notice is given.at the direction of the Mayor Pursuant to Chapter 28A, Code of Iowa, and the local rules of said governmental body. City Clerk, Iowa C y, Iowa AHuns, GOONEY. DORWEILER, HAYNIE A SMITH. LAWYER I, DEB IAOINEI, IOWA ao3/ 7 141CROEILIdED BY J JORM MIGROLA13 CEDAR RAPIDS • DES n10I.ES I i 1 r 14 RESOLUTION NO. RESOLUTION SETTING PARKING RATES FOR THE IOWA CITY PARKING SYSTEM WHEREAS, Chapter 23, Article VIII, Division 3, Code of Iowa City, establishes provisions for parking meter zones and parking lots, and WHEREAS, two multi-level parking facilities known as the Capitol Street Ramp and the Dubuque Street Ramp, have been constructed with the proceeds from a Parking Revenue Bond Issue, and WHEREAS, 523-277(a) provides that the City Council may by resolution designate the fees and the times that such fees cover for the privilege of parking in city lots. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, THAT: Effective November 29, 1982, the parking rates for both parking ramps will be as follows: 7:30 a.m.-10:00 p.m., seven days a week: 254 per hour; 10:00 p.m. -7:30 a.m. on the following morning, seven days a week: 504 flat fee for any length of time during those hours; i except on the following days when no fees shall be charged: A. The first day of January (New Year's Day); B. The last Monday in May (Memorial Day); C. The fourth day of July (Independence Day); D. The first Monday of September (Labor Day); E. The fourth Thursday of November (Thanksgiving Day); F. The twenty-fifth day of December (Christmas Day). It was moved by Lynch and seconded by Dickson the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: X Balmer x Dickson x Erdahl x Lynch x McDonald x_ Neuhauser _x_ Perret Passed and approved this day of ATTEST: CITY CLERK , 1982. (iccP1ved & Appro•rod By The Legal Depa.tniont It IZ3167, MICROFILMED BY i JORM MICR6LAS CEDAR RAPIDS DES 4101.'1[5 I X33 J