Loading...
HomeMy WebLinkAbout1980-08-06 CorrespondenceI CERTIFICATE STATE OF IOWA ) SS COUNTY OF JOHNSON ) • ' " ' •'-':•tai I, the undersigned, City Clerk ofIowa Cit Iowa, do hereby certify that attached is a true an comp ete cony of the portion of the corporate records of. said Municipality showing proceedings of the Council, and the same is a true and complete copy of the action taken by said Council with respect to said matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily asccessible to the public and clearly designated for that purpose at the principal office of the Council (a copy of. the face sheet of said agenda being attached hereto) pursuant to the local rules of. the Council and the provisions of Chanter. 2PA, Code of Iowa, upon reasonable advance notice to the puhlic and meriia at least twenty-four hours prior to the commencement of the meeting as reouired by said law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective city offices as indicated therein, that. no council vacancy existed except as may be stated in said proceedings, and thaL no controversy or litigation is pending, prayed or thr.natened involving the incorporation, or.nanizati.on, existence or boundaries of the City or the ri5pht: of the. individuals named therein as officers to their respective positions. WITNESS my hand and the seal of sai.rl rInni.cioality hereto affi.xcrl this /„d4- day of !f/i 1() 80. Mrty .l c r l J oti Ey��`�irn a SEAT, AHLERS. COQP.EY. DORWLILE”. HAY"It n SMIIN. LAWYERS. DES MOI+FS. IOWA MICROFILMED BDMOINES JORM MICR CEDAR RAPIDS • DES ■ 0 (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Iowa City, Iowa. Date of Meeting: August 6, 1980 Time of Meeting: 1:00 p.M. Place of Meeting: Council Chambers, Civic Center, 410 E. Washington Street, Iowa City, Iowa. PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental body will meet at the datetime and place above set out. The tentative agenda for said, meeting is as follows: $2,570,000 General Obligation Bonds. - Resolution directing sale. Such additional matters as are set forth on the addi- tional (number�_ ) page(s) attached hereto. This notice is given at the direction of the Mayor pursuant to Chapter 20A, Code of Iowa, and the local rules of said governmental body. city Clerk, Iowa City, I(Vwa AHLERS. COONEY. DORWEILER. HAYNIE S SMITH. LAWYERS. DES MOINES, IOWA MICROFILMED BY JORM MICR+LAB CEDAR NAPIDS • DES MOINES I ,I i 0 (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Iowa City, Iowa. Date of Meeting: August 6, 1980 Time of Meeting: 1:00 p.M. Place of Meeting: Council Chambers, Civic Center, 410 E. Washington Street, Iowa City, Iowa. PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental body will meet at the datetime and place above set out. The tentative agenda for said, meeting is as follows: $2,570,000 General Obligation Bonds. - Resolution directing sale. Such additional matters as are set forth on the addi- tional (number�_ ) page(s) attached hereto. This notice is given at the direction of the Mayor pursuant to Chapter 20A, Code of Iowa, and the local rules of said governmental body. city Clerk, Iowa City, I(Vwa AHLERS. COONEY. DORWEILER. HAYNIE S SMITH. LAWYERS. DES MOINES, IOWA MICROFILMED BY JORM MICR+LAB CEDAR NAPIDS • DES MOINES ■ 0 (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Iowa City, Iowa. Date of Meeting: August 6, 1980 Time of Meeting: 1:00 p.M. Place of Meeting: Council Chambers, Civic Center, 410 E. Washington Street, Iowa City, Iowa. PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental body will meet at the datetime and place above set out. The tentative agenda for said, meeting is as follows: $2,570,000 General Obligation Bonds. - Resolution directing sale. Such additional matters as are set forth on the addi- tional (number�_ ) page(s) attached hereto. This notice is given at the direction of the Mayor pursuant to Chapter 20A, Code of Iowa, and the local rules of said governmental body. city Clerk, Iowa City, I(Vwa AHLERS. COONEY. DORWEILER. HAYNIE S SMITH. LAWYERS. DES MOINES, IOWA MICROFILMED BY JORM MICR+LAB CEDAR NAPIDS • DES MOINES I ,I i 0 (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Iowa City, Iowa. Date of Meeting: August 6, 1980 Time of Meeting: 1:00 p.M. Place of Meeting: Council Chambers, Civic Center, 410 E. Washington Street, Iowa City, Iowa. PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental body will meet at the datetime and place above set out. The tentative agenda for said, meeting is as follows: $2,570,000 General Obligation Bonds. - Resolution directing sale. Such additional matters as are set forth on the addi- tional (number�_ ) page(s) attached hereto. This notice is given at the direction of the Mayor pursuant to Chapter 20A, Code of Iowa, and the local rules of said governmental body. city Clerk, Iowa City, I(Vwa AHLERS. COONEY. DORWEILER. HAYNIE S SMITH. LAWYERS. DES MOINES, IOWA MICROFILMED BY JORM MICR+LAB CEDAR NAPIDS • DES MOINES I� Duff and P Phelps, S eer & Co. MUNICIPAL FINANCE CONSUTANTS SINCE WA SUITE 490.55 EAST MON ROE STREET • CKCAGOO. IWgCNOIS 60603.18121346-0358 A SUMDIARYOF Duff and phejps, Inc Investment Rating: Moody's Investors Service, Inc. ..... Aaa $2,570,000 CITY OF IOWA CITY, IOWA General Obligation Bonds Date of Sale:, August 6, 1980 Average Life: 8.1196 Years Continental Illinois National Bank and Trust 100.0135 1983 5 3/4$ 6.55617% Company of Chicago - Chicago and 1984-88 6.20 $ $1,368,110 i Bache Halsey Stuart Shields, Inc. -Chicago -Jt. Mgrs- 1989-90 6.60 % A. G. Becker, Inc. - Chicago 1991-92 6 3/4% LaSalle National Bank - Chicago The Chicago Corporation - Chicago Robert W. Baird E Co., Inc. - Milwaukee First Mid America, Inc. - Omaha The First National Bank of Chicago and 100.0009 1983 6 1/2$ Net Ri,dders Price Coupon Rates Interest The Northern Trust Company - Chicago and 100.0168 1983 6 1/2$ 6.49361% Merrill Lynch White Weld Capital Markets Group -NY -Jt. Mgrs. 1984-85 6.60 % $1,355,056 Goldman, Sachs E Co. - New York 1986-89 6.30 % SS,56 E. F. Hutton b Company, Inc. - New York AWARDED 1990 6 1/2$ 6.5861 9 Clayton Brown E Associates, Inc. - Chicago 1991-92 6 60 % $1,374,364 Central National Bank and Trust Company -Des Moines 1992 6.80 # First National Bank in St. Louis Merchants National Bank of Cedar Rapids Continental Illinois National Bank and Trust 100.0135 1983 5 3/4$ 6.55617% Company of Chicago - Chicago and 1984-88 6.20 $ $1,368,110 i Bache Halsey Stuart Shields, Inc. -Chicago -Jt. Mgrs- 1989-90 6.60 % A. G. Becker, Inc. - Chicago 1991-92 6 3/4% LaSalle National Bank - Chicago The Chicago Corporation - Chicago Robert W. Baird E Co., Inc. - Milwaukee First Mid America, Inc. - Omaha The First National Bank of Chicago and 100.0009 1983 6 1/2$ 6.57177$ Dean Witter Reynolds, Inc. - New York - Jt. 149rs. 1984-87 6.00 % $1,371,365 Blyth Eastman Paine Webber, Inc. - New York 1988-90 6 1/2$ Shearson Loeb Rhoades, Inc. - New York 1991-92 ,6.90 % Bacon, Whipple E Co. - Chicago United California Bank - Los Angeles and 100.0165 1983-90 6 1/2% 6.5861 9 Carleton D. Beh Co. - Des Moines - Joint Managers 1991 6.60 0 $1,374,364 Mercantile Trust Company, N.A. - St. Louis 1992 6.80 # Prescott, Ball G Turben - Cleveland Sears Bank and Trust Company - Chicago Harris Trust and Savings Bank - Chicago and 100.0243 1983-88 6 1/4$ 6.6093 A Iowa -Des Moines National Bank -Des Moines -Jt. Mgrs. 199892-91 6 38/04$ $1,379,195 Becker 6 Cownie, Inc. - Des Moines The First National Bank and Trust Co. -Oklahoma City American National Bank and Trust Co. of Chicago BancNorthwest - Chicago 100.0279 1983 1984 7.00 $ 6 3/4$ 6.80 $ $1,419,009 1985-08 6 1/2$ 1989-90 6 3/4$ 1991-92 7.00 8 MICROFILMED BY JORM MICR�LA 3 CEDAR RAPIDS • DES MOI MES L I I New Issue Date of Sale: August 6, 1980 1:00 P.M., Local Time Investment Rating: Moedy's Investors Service, lite..... Ann (Oulstandiny Roads-Reuiem leequested) OFFICIAL STATEMENT Interest Exempt, In Opinion of Rond Counsel, From :Ill Present Federal Income dares $2,570,000 CITY OF IOWA CITY, IOWA General Obligation Bonds Dated September 1, 1980 Non -Callable Coupon Bonds Due June I, 1983-1992 Denomination $5,000 Registrable As To Principal Only Principal and sentiaunmtl interest (June I and December 1) payable at the, Office of the City Treasurer, Iowa City, Iowa. First coupon due ,little I, 1951. MATURITIES—June I $170,000 ............... 1953 $200,000............... 1956 $40ID,000............... 1990 200,066 ............... 1981 266.066.............. mc7 u,n ani. ...-.. ,w,.. ............... ON 200,000 ............... 1985 200,000............... 19SS '100,000............... 1992 200,000 ............... 1959 PURPOSE, LEGALITY AND SECURITY Bonds proceeds will be used as follows: Sanitary Sewer System Improvements—$1,540,000 end Street Projects— $1,030,000. It is anticipated that debt service for the Sanitary Sewer System improvements will be abated from sewer revenues. Those bonds are general obligations of the City of Iowa City, Iowa, and in the opinion of bond counsel, Messrs. Ahlers, Cooney, Dorweiler, Haynie and Smith, Lawyers, Des Moines, Iowa, are payable, both principal and interest, front ad valorem taxes levied against all taxable property within the City of Iowa City, lown, exclusive of moneys and credits, without limitation as to rate or arnount. The City will furnish the unqualified approving opinion of said bond attorneys evidencing legality of the bonds and that the interest thereon is exempt from Federal Income Taxes under existing statutes and decisions. Statement of Indebtedness—Including This Issue As of June 1, 1980 City Gross Assessed (Actunl) Value, ,January 1, 1979 (Not Including Moneys and Credits).......... $501;196,205 Applicable Ratio Per Capita Total Percent Amount at Clly LUNO Pop, Actual Es1.51,6.62 Divert Dent (InelDebt This Issue)' ........................ $14,653,000 100.00% $14,083,000 Overlapping Debt: 2.47% $ 234.27 ,Johnson County ................................... $ 1,950,(100 51.45% 1,003,275 Iowa City Comm. Sch. Dist .16%n 1042 .......................... 4,114,000 69.51% 2,859,611 :18% 55.36 Total Direct and Overlapping Debt .. ................................... . ... $18,545,916 Per Capita Actual Value ...................... 3.I I% $ 350.05 ...................................... I......... $11,509.65 'Of the Direct Debt, 82,120,650 is considerer! ,self -.supporting as nntrr and setter rerermes are used to annually abate the tares therefor. Excludes 81,749,000 {Yater Rerenue Bonds, $1,190,000 Seiner Recent Bonds, and M,200,000 Parking Revenue Bonds, Also excludes 8;,,100,000 Industrial Development Revenue Bonds, principal and interest of which are payable solely from rents under leases with industries. The information in this Statement has been compiled from sources believed to be reliable, bill. is not. guaranteed. As far as statements herein involve mutters of opinion, whether or not so stated, they are intended its opinions and not as representations of fact. This Official Statement has been prepared under the authority of the City of Lown City, Iowa. Additional copies as well as copies of the Official Notice of Stile and Official Bid Form may be secure(] from Rosemary Vitosh, Director, Department of Finance, Civic Center, Iowa City, Iowa, or from the Financial Consultants to the City: Established 1954 Doff and Fal-Ieips, Speer & Co. MUNICIPAL FINANCE CONSULTANTS 55 EAST MONROE STREET • CHICAGO, ILLINOIS 60603 July 21, 1980 Area 312-346.0656 ra�nur ur2u of JORM MICR+LAB CEDAR RAPIDS •DES MOINES CITY OF IOWA CITY Johnson County, Iowa John Balmer, Mayor City Council Robert Vevera Mary C. Neuhauser Clemens Erdahl David Petrel Larry Lynch Glenn E. Roberts City Officials Abbie Stolf us, City Clerk Neal G. Berlin, City Manager Rosemary Vitosh, Director, Department of Finance .holm W. Ilayek, Attorney Nancy Menton, Treasurer GENERAL INFORMATION - - - (Location, Population, Government, Commtunfy Life, Transportation) Iowa City is located in southeastern Iowa approximately 115 miles east of Des Aloines, 20 miles south of Cedar Rapids and 55 miles west of Davenport. The City is the sent of Johnson County and the home of the State University of Iowa which is the oldest and largest educational institution in Iowa. Ni.., At a Special Census in January, 1075, the City recorded a population of •17,747 and City officials estimate present population of 51,652. The 1070 Census population incr•asecd 41% over the 1060 Census and during the same period, the City's land area increased from eight square miles to 21 square miles. The large increase in population (luring the 1060's was primarily caused by the significant increase in enrollment at the Stale University of Iowa. Total enrollment, undergraduate, graduate and professional was 11,113 in 1060 and 20,322 in 1070. Enrollment increased at a slower rate during the 1070's and at the start of the 1070-10SO academie year, it was 23,340 with projected figures for 1030-1051 at 23,550. Thereafter, it is anticipated enrollment will decrease to 10,650 in 1030.1000. 'File City is governed by it seven member Council and each member serves n four year terra. 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 1051, the Council hos unified its administrative functions through its City Manager who supervises 388 full time (and •I4 part time) municipal employees including a police force of 40 sworn personnel and it Ore department of 51 firefighters. The City owns tend operates its water supply (Iowa River and wells) and distribution system and a 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 ratir:g. 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. In 1075, $5.2 Million of revenue bonds were sold to acquire and construct additions to this system including multi-level parking fneilitic•1. Since 1071, the City has been operating a transit system consisting of thirteen routes, thirteen hours per day, six days per week at it subsidized fare of 35c during the week and 250 on Saturday. In fiscal year 1081, more than 2,000,000 riders are expected to use the system. The residents of Iowa City enjoy tine benefits of hawing it major institution of higher education located in their City. 'rho State University of Iowa sponsors many cultural events which, in addition to the University's athletic programs, furnish Iowa City residents with your round activities and entertainment. The edueationnl needs of the community are served by the town City Community School District (includes Iowa City, Coralville and adjacent rural areas) which consists of 16 elementary schools, three junior high selmols and two high schools. The toted enrollment of the district is 5,374 which is flown from the 0,510 reported in September 1071. Enrollment is expected to decrease nominally over the next several years. The parochial elementary and secondary schools hove current enrollment of 467 and 181, respectively. There rare 42 churches in the City representing all heading denominations. The public library contains 110,000 volumes with n circulation of 470,000. The City has 27 parks (450 acres) containing I I supervised playgrounds and three public swimming pools. There are three public and two private golf courses in the community. Easy access to Iowa City is provided by a diverse transportation network. The Cedar Rapids Airport, located only about 20 miles from downtown Iowa City, is served by Ozark, United Airlines and Mississippi Valley Airlines with numerous daily Rights available. Rail service is provided by the mainline of the Chicago, Rnck Island and Pacific Railroad and by it shordine connecting Iowa City and Cellar Rapids. This connects with mainlines of the Milwaukee Road, the Illinois Central Gulf, and the Chicago and North Western. Intercity truck and has lines operate to and through Iowa City, which lies immediately south of Interstate Route 30, the main east -west interstate highway through Iowa. There are five interchanges available to and from town City. Chicago is less than four hours away vin the. completed Interstate Highway System. 2 JORM MICR+LAB CEDAR RAPIDS s DES MOINES Commerce and Industry Business figures for 1 1077 surpassing the per compared to 40% for the the period 1007/72; and s 10(17/72. • Retail Trade: City of lows City: Number o(Isn,Llisiunents.. Sales ((lea) ......... Number of Paid Employees . Payroll (000) .............. County of Johnson: Number of Establishments., Sales (000) ................ Number of Paid Ealployee, .. Payroll (000) ............... State of Iowa: Number of Imtablishmeau.. Sales (000) ................ Number of Paid Eutployees ., Payroll (ox)) ............... Wholesale Trade: City of town City: Number of Istablishmeuts... Stiles (000) ................. Number of Paid Employees ,. Payroll (000) ............... County of Johnson: Number of FNtablishments... Stiles (000) ................. Number of Paid Employees .. Payroll (000) ............... State of Iowa: Number of Establishments... Stiles (000) ................. Number of Paid Employees ., Payroll (0fl0) ............... Selected Services: City of Iowa City: Number of Establishments... Receipts lotto) ............... Number of Paid F.inployers .. Payroll (000) ................ County of Johnson: Number of Isathlixhmunts.... iteceipts (000) .............. Number of Paid Employees ... Payroll (000) ................ State of Iowa: Number of Kstublishrneuts..,. Receipts (000) .............. Number of Paid Employees ... Payroll (000) ............... 'Saurus: Census of IGloil Tnmlr, Retail sales in the Cit Revenue. The "taxable s1 Business figures. The City's mamifa( of Manufactures. Value V. Hayek, Attorney �y Heaton, Treasurer Iles south of Cedar State University of Ids estimate present Ile same period, the m during the 1960's Total enrollment, sed at a slower rate res for 1950.1981 at Elections arc held etion. The Council four are nominated cil has unified its unicipal employees as and operates its ment system (with system, the City ewers. A municipal Million of revenue ies. Since 1971, the clays per week at a riders are expected sated in their City. athletic programs, the community aro rural areas) which lent of the district is nominally over the I. of 467 and 181, lie library contains ervised playgrounds lrport, located only "alloy Airlines with Island and Pacific :s of the Milwaukee fines operate to and .to highway through hours away via the v Commerce and Industry Business figures for Iowa City continued to show a 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; wholesale sties increaser) 112% for the period 1972/77 as compared to 69% for the period 1967/72; and selected service receipts increased 61% for the period 1972/77 as compared to 87% for the period 1967/72. 3 x I CEDAR RAPIDS • DES MOINES I Selected Business Statistics' Change 1972 to 1967 1972 1977 1977 • Retail Trade: I City of lows City: r Number of livmhlishmeuls................................................................. 313 132 .111 2.777. Sulcs((00)............................................................................... ' Number of Paid Emplopws $ 81.3.82 $ 1'25;Y20 $ 215,305 70.9S% ................................................................ Payroll (000) 3,360 3,530 1,801 25.35% ............................................................................. S 10,368 $ 16.70.1 $ '04,58.5 7R6 IT. County of Johnson: Number of Establishments ................................................................. -176 615 599 (3.07%) sales (000) ............................................................................... $ 107,308 $ 155,^_59 $ 272.157 75.297. j Niimimr of Paid Empiuyees................................................................ 1,056 .1,875 5,857 20.077 Payroll (000) ............................................................................. $ 12,393 $ 20;105 $ M"Ml 71.91% State of Iowa: Number of Esmhlisbments................................................................. :11,338 31,250 28,737 (8.1.1%) Saks (000) ............................................................................... $5.017,930 $5876,759 $ 9,832,778 67.32% Number of Paid Employecs................................................................ 115,221 155,327 189,093 21.719. Payroll (000) ............................................................................. $ 5115.711 $ 065,770 $ 1,107,186 66.197. Wholesale Trade: City of Iowa City: lNumber ofl'sashlishmeut8................................................................. 39 51 62 11.817. Sales (000) ............................................................................... $ 28,761 $ 18,53;1 $ Im'281 112.81% Number of Paid Employces................................................................ 110 1.50 65910.111% Payroll (000) ............................................................................. $ 2,227 $ 3,S61 $ 8,251 113.51% County of Johnson: Numberof EstubhYbments................................................................. OO 99 91 3.11% Suits (000) ............................................................................... $ -1.5,613 $ 81,1108 $ 179,6191 120.197. Nurnlwr of Paid Employees................................................................ 5;13 675 885 31.11% t Payroll ((XN))............................................................................. $ 2,95.1 $ 5,722 $ 11,015 92.50% ' Stale of Iowa: Number of hvublishments................................................................. 5,821 8,201 7,616 (6.SV7.) Sales low)............................................................................... .55.96.5..4311 $9,0119;2:19 $20.07A,799 101:11% Number of Paid Employees................................................................ ' 15,001 61.691 1;8,559 11.13% Payroll (00n) ............................................................................. $ 267,239 $ .191,115 .$ 825,097 67.89% r Selected Services: City of lows City: ' Number oft:slnhlishtnenls................................................................. M 125 577 35.76% Receipts (000) ............................................................................ $ 11,116 $ 20,835 $ 33,586 6127. Number of Paid Employees................................................................ 990 972 1,111 18.9790 Payroll (000) .................................................................. $ 3,793 $ .1,930 $ 9,855 99.53% County of Johnson: N1111.6 -1 -'Of EstahlisInnents................................................................. 357 562 861 13.06% Receipt,(000)............................................................................ $ 11,263 5 26.912 $ 11.2m 51.98% Number of Paid Rmployees................................................................ 1,232 1,305 1,736 3303% r Payroll (000) ............................................................................. $ 1,118 $ 6,362 $ 11,501 sft787 State of Iowa: Number of Establishments................................................................. 19,rS1 23,761 27,810 15.1175 Receipts low) ............................................................................ $ 512,2S3 $ 925,255 $ 1,56A;I to MGM Number of Paid Ernployces................................................................ 37,122 19,102 60,198 22.60. Payroll (001)) ...... * ................................................................ $ 128,219 $ 229,549 $ 108,8.'0 78.08% •'%urers: Cra.nos of Intal Trade, Census of 6'halnvdr Trade and Crnsus of ,4rrier huluorirs. Retail sales in the City have continued to increase bused upon information published by the Iowa Department of Revenue. The ,tnxnble sales,, shown below arc based on the state lax receipts and are not comparable to Census of Business figures. Fiscal Year Taxable (Ending 6301 Sales 1075 ..................................................... $119,860,21X; 19711 ..................................................... 160,123,751 1977 ..................................................... 182,I:A4,511 1978 ................................................ 202,634,3 1t 1179 ..................................................... 217,61i6Sr' The. City's ,manufacturing bnsn has increaser) nhout in line with that of the Stade as it whole, according to the Census of iVlanufi ctures. Value Added by Manufacture increased by 44% over 1967.1972 in the City and •16% in the state. U.S. Census of Manufactures Iowa Value Added Clly- Establishments by Manufacture 1967 ................................... 21 $ 95300,0(10 1072 ................................... :16 136'Roo,noo 3 x I CEDAR RAPIDS • DES MOINES I i Major improvements are presently under construction in the downtown area of the City. Progress is being made on a $2.3 Million pedestrian mall. The construction of it 200,000 square foot enclosed shopping mall began February, 1979. A new 140 roots hotel containing :30,000 square feet of ground floor retail space is being negotiated :is well as a new shopping mall. Economics The Iowa City labor market (.Johnson County) has a long history of minimum unemployment. The unemployment rate for Murch, 1980, wits '2.8 o (unadjusted) according to the Iowa Department of .lob Service, while the statewide figure wits 1.4%. In recent selected years, the Iowa City labor market average annual unemployment rates have been as follows: 1.8% in 1970; 2.3% in 1972; I.97r in 1971; 2.192 in 1976; and 2.7`%1. in 197S. Major employers in the City are the State University of Iowa (the largest employer) which includes the University Hospital, with 12,629 employees; Veteran's Administration hospital, 1,000; Owens Brush Co. (Toothbrushes), 570; Sheller Clobe Corp. (Urethane Foam Products), 650; Westinghouse Learning Corporation (Educational 'Testing Services), 500; Procter & Gamble ('Toiletries), 4:30; American College 'Testing, Inc., 450; Northwestern Bell 'Telephone, 26S; anti 1%loore Business Fortes with 276 employees. IL P. Smith and Company, a subsidiary of Phillips Petroleum Co., which operates a paper conversion process find 11..f. Heinz Co., which has it regional warehouse, have just recently been established in the City. In addition, American College Testing, Inc. has 30,000 square feet of office space under construction and Oscar Mayer has announced its plans to locate it plant in Iowa City in the near future. The City has recently issued Industrial Revenue Bonds in the amount of $1,500,000 for E.B. & A.C. Whiting Company to finance the construction and equipment costs for it facility to amuufncturc and prucess iimrutuplastic atuuufiltuucnls. Iowa City residents are well above average in terms of housing and income, Statistics from the 1970 Census indicate that median value of owner occupied homes in the City was the highest of the Ili cities in the state with if population of 25,000 or more. Median family income was at the midway point of the 16 city group but per capita money income was the third highest. Per capita money income in 1971 was up -17.5% over the 1969 amount reported in the 1970 Census, according to Census Bureau estimates. The Survey of Current Business published by the United States Department of Commerce reports that per capita personal incame. for Johnson County in 1977 was $6;129 and gives if statewide figure of $6,587 which represented increases over 1976 of t'J.S% and 13.0%, respectively. U.S. Census Figures Median Nledian ' Vahtcof Family Af Per eyr Capita flomes Income Income 1970 1969 1969 1972 1974 lawn Cityy....................... $28,119 $9,912 $3.025 $3;578 $1;1115 .Johnson County ................. 22,523 9,711 :1.107 8,571 1,505 State of town .................... 11,025 9,010 2,SS1 :1,510 4,628 Building Permits—City Records ItesidenlialTotal Value of No. All Year Units Value Persalts 1971 ....................................... 170 $ 6,50i W7 $12,766.238 1175 ....................................... 2:12 10,317,581 11; 181,1 I8 1976 ....................................... 292 17,753810 25.372,179 1977 ....................................... 261 II,125,161 19,929,669 1978 ....................................... 2I5 12;1112,711 23;192,230 1979 ....................................... 152 11,718,815 28,959,587 As of March 31, 1980, the three banks and two savings and Inan associations in the City reported total deposits of $2SO,577,195 and total assets of $3-12,7SU,156. Pensions City employees, except for police find fire personnel, fire covered under the lows Public Employees Retirement System (IPERS). The state annually sets contribution rates for municipal entities and for their employees. Currently, municipal employers must pay in 5.75% of gross salaries while covered employees contribute 3.7% of the first $20,000 carned each year. 'There is no allocation of unfunded liability to any municipality; employee retirement benefits are the sole responsibility of IPERS. 'The Iowa Legislature passed if formula to assign retirement. benefits nn the hnsis of 47%a of Um final average salary of Like high five yens out of like [list tell. The Police and Fire Retirement .uutI Pension Systems fire mandated by st.ntc Ino Prior l0 1070 the toad costs of Like retirement hemftts were the responsibility of the local municipality. In 1976, the stale law tens amended to improve the retirement benefits of these systems find at file sanw final the state agreed to fund the extra costs. The liability to be Pat(] for future contributions (roto the City as of June 30, 1979, to the Police Retirement. System is $2,537,678 find the liability to the Fire Retirement System is $:3?42,119. For the fiscal year ending .lune 30, 1950, the City's contribution rate'to Lhe Police Retirement System was 23.62% of salaries, and the Fire Retirement System was :10.27% of salaries. The employee's contributions are established between -1.91'%6 and 6.5% by the State Code, based on the individual's age at time of entrance into the system. The [own Legislature passed amendments to the Coale of Iowa effective July 1, 1979, reducing employee contribution for all employees to 1 2lTr which was subsequently changed to 2.21%r. The covering letter to the time 30, 1977, actuarial reportt on the Iowa City Police and Fire Pension Systems stated that fit the current level of contributions, the Police System will be fully funded by ,June 30, 1979, and the Fire System will be fully funded by .June 30, 1934. The Pension Systems no longer cover any active employees anti are being phased out and replaced by the. Retirement Systems. JORM MICR�LAB CEDAR RAPIDS s DES MOINES Year Ending June 30 1980 ......... 1981 ......... 1982 ......... 1983 ......... 1981 ......... 1985 ......... 1986 ......... Total was $1,111 Company [own Illinois Cas Procter k Garnf American Collet Owens Brush Co. 11..1. fleinz Ca.. westinghouso 1 Thomas k Betts Northwestern Ile Sevilla Apartinca Toast Oflwc ...... Alark IV Apnrtai .lames and Lorca Total I. is being made on i February, 1979. as well is a new The unemployment the statewide figure rales have been as odes the University rushes), 570; Sheller sting Services), 500; no, 265; and Moore Co., which operates been established in struction and Oscar ly issued Industrial c construction and 1970 Census indicate With a population of to money income was Iin the 1970 Census, States Department of a statewide figure of orted total deposits of utployces Retirement employees. Currently, % of the first .$20,000 mneut benefits are the on the basis of •17% of 076, the total costs of s amended to improve sts. The liability to be t is $2,537,678 and the he City's contribution vas 30.27% of salaries. the individual's age at effective duly 1, 1079, b 2.21%. The covering I(ed that at the current rm will be fully funded ed out and replaced by City Capital Improvements Program The City maintains and regularly updates it five year capital improvements program. For the fiscal year ending .lune :30, 1950, improvements included construction of $23.7 Million of capital projects. The five year program for fiscal years ending .lune 30, 1951 through dune 30, 19S5 anticipates construction of capital projects in the amount of .$67.2 Million. For the six year period (duly I, 1979 -dune 30, 1955) $59.9 Nfiffion is designated for improvements to the sewage and collection system. The major sources of revenue for the $90.9 Million six year program are: (1) State and Federal Aid including Revenue Sharing and funds from the Housing and Community Development Act and the Environmental Protection Agency—$51.3 Million; (2) General Obligation Bonds—$27.6 \lillion; (3) Revenue Bonds including Special Assessments—$3.7 Million; (4) Operating Revenue—$22 Million; and (5) Private contributions—$71,000. Annual gener- al Obligation financing of this $27,600,000 program is projected as follows: 197980' 1980-81" 1981-82 1982.83 1983.81 198-485 $l0,lfF,l 12 $IJ676NM .$6,007,01A) $1,720,MM) $3,9230M) $1,071,0110 Indwh, 81.990.000 of this n.auv and $7.74 i..Plof Prior mnvs. "lncholm,5.w0•0O0r,f this islur. The balance to be funded 1950/51 through 19S4/85 of this program will be $16,S26,153 of the original $27,600,000 scheduled for 1979/80 through 1981/85. Reconciliation of the amounts projected for capital improvements and the financing in this issue are as follows: . _ 197980 1980-81 This Bund Issue .................................................... ............... $ 1,990,000 $ &SOAX) friar Boni Issues .................................................................. 7,711;122 :to.(") Deterred Project................................................................... I:i I,(M) 520,153 Costa to he Funded From Future Bond Issues ......................................... — SS I'mo Costs to be Funded from Oo!ratmg Revenue ......................................... — 15,000 $I0,If4;122 $1,676,153 Capital improvement programs are continually subject to change both its to projects and the sources of funding. This issue is expected to be the only general obligation financing during the 1980.1931 fiscal year. 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 1°o of the value of taxable property as against the 5% legal limitation. The minimum differential of 1%n (currently some $5.9 Million) is maintained as a reserve to meet possible emergencies. Another City policy regarding debt is that debt service charges payable front the general tax levy (General Fund, Debt Service and Pension and Retirement Fund) shall not exceed 25%r of such levy. Of the $2,570,000 now being offered, $1,5.10,000 are expected to be paid frotn revenues of the sunitary sewer system and those taxes abated. FINANCIAL INFORMATION Actual Company Iowa City retires its general obligation debt rapidly. More than one-half of the debt, including this issue, will be r is being made on i February, 1979. as well is a new The unemployment the statewide figure rales have been as odes the University rushes), 570; Sheller sting Services), 500; no, 265; and Moore Co., which operates been established in struction and Oscar ly issued Industrial c construction and 1970 Census indicate With a population of to money income was Iin the 1970 Census, States Department of a statewide figure of orted total deposits of utployces Retirement employees. Currently, % of the first .$20,000 mneut benefits are the on the basis of •17% of 076, the total costs of s amended to improve sts. The liability to be t is $2,537,678 and the he City's contribution vas 30.27% of salaries. the individual's age at effective duly 1, 1079, b 2.21%. The covering I(ed that at the current rm will be fully funded ed out and replaced by City Capital Improvements Program The City maintains and regularly updates it five year capital improvements program. For the fiscal year ending .lune :30, 1950, improvements included construction of $23.7 Million of capital projects. The five year program for fiscal years ending .lune 30, 1951 through dune 30, 19S5 anticipates construction of capital projects in the amount of .$67.2 Million. For the six year period (duly I, 1979 -dune 30, 1955) $59.9 Nfiffion is designated for improvements to the sewage and collection system. The major sources of revenue for the $90.9 Million six year program are: (1) State and Federal Aid including Revenue Sharing and funds from the Housing and Community Development Act and the Environmental Protection Agency—$51.3 Million; (2) General Obligation Bonds—$27.6 \lillion; (3) Revenue Bonds including Special Assessments—$3.7 Million; (4) Operating Revenue—$22 Million; and (5) Private contributions—$71,000. Annual gener- al Obligation financing of this $27,600,000 program is projected as follows: 197980' 1980-81" 1981-82 1982.83 1983.81 198-485 $l0,lfF,l 12 $IJ676NM .$6,007,01A) $1,720,MM) $3,9230M) $1,071,0110 Indwh, 81.990.000 of this n.auv and $7.74 i..Plof Prior mnvs. "lncholm,5.w0•0O0r,f this islur. The balance to be funded 1950/51 through 19S4/85 of this program will be $16,S26,153 of the original $27,600,000 scheduled for 1979/80 through 1981/85. Reconciliation of the amounts projected for capital improvements and the financing in this issue are as follows: . _ 197980 1980-81 This Bund Issue .................................................... ............... $ 1,990,000 $ &SOAX) friar Boni Issues .................................................................. 7,711;122 :to.(") Deterred Project................................................................... I:i I,(M) 520,153 Costa to he Funded From Future Bond Issues ......................................... — SS I'mo Costs to be Funded from Oo!ratmg Revenue ......................................... — 15,000 $I0,If4;122 $1,676,153 Capital improvement programs are continually subject to change both its to projects and the sources of funding. This issue is expected to be the only general obligation financing during the 1980.1931 fiscal year. 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 1°o of the value of taxable property as against the 5% legal limitation. The minimum differential of 1%n (currently some $5.9 Million) is maintained as a reserve to meet possible emergencies. Another City policy regarding debt is that debt service charges payable front the general tax levy (General Fund, Debt Service and Pension and Retirement Fund) shall not exceed 25%r of such levy. Of the $2,570,000 now being offered, $1,5.10,000 are expected to be paid frotn revenues of the sunitary sewer system and those taxes abated. Largest Taxpayers Jan. 1,1979 FINANCIAL INFORMATION Actual Company Iowa City retires its general obligation debt rapidly. More than one-half of the debt, including this issue, will be retired within seven years and the final maturity is due within thirteen years. 1'rorter k GambleMal"Ihlcutring Cu ........................... Toiletries .................................................. 9;111,655 General Obligation Debt Retirement Schedule Tv.,flug I'rogrutns................ ...... ..................... 7,081,161 Owens Bnlsh 0v ............................................. ($000) 7 _10.200 11..1. Heinz (1,01 ............................................... Yearlk•e Ending Annual Year Cumulative Ending Annual Cumulative q June30 Amount Amount Percent Years June 30 Amount Amount Percent Years Ioso$ 911 $ 011 G_% 1 1057............ $ 1,325 $ 9,927 a1J115 8 ............... lost oil 1,848 12.17, 2 IHSS ............ 1,325 11,252 73.77. 0 '... ............... 1982 I'mil 3.'207 2014, 3 IHs9 ............ 1,325 1$.577 82.3% 10 ............... 1983 1,370 1,577 29Jn I M90............ Via 13;177 83.e. 11 .. ............... 1981 1,8W 5,877 38.0, 5 IMI I ..... ....... 1100 11,977 91.1% 12 ............... 1985 ............... I; loo 71277 17.0^e ri IMI2......... — 900 1.5,277 100.1170 13 19S6 ............... 1,325 s,r/r2 56.11{, 7 $15;277 Total general obligation bond principal and interest payable during the fiscal years ending dune 30, 1978 and 1970 was $1,116,351 and $1,328,766, respectively. Debt service payments during fiscal year 1950 were $1,247,509. Largest Taxpayers Jan. 1,1979 5 I CEDAR RAPIDS • DES MOINES Actual Company ProducVtluslness Value lown !Monis (tae R 1•:IrcI rir Cu ................................. Cnsand I.Iertdc Ulilily..................................... $27,11.5,370 1'rorter k GambleMal"Ihlcutring Cu ........................... Toiletries .................................................. 9;111,655 American College Test l'rogtuns ............................... Tv.,flug I'rogrutns................ ...... ..................... 7,081,161 Owens Bnlsh 0v ............................................. Dr. west•I'milibrushe„...................................... 7 _10.200 11..1. Heinz (1,01 ............................................... Regional warehouse ....,................................... 7,12.5,811 Westinghouse IA.nn,ing C,ap................................... I•Allrationul Taming services....................... ....... 5,8:54,210 T'hotnas R lints Corp ................. I... I................... Electric Congs.ornls >Iauufacnlrer........................... 5,511,729 Northwestern Beu Telepbrme Cm ................................ Telephone Ulilay........................................... 5,1110,715 Seville Apartna•ntn,Ire........................................ Apartment Ruibhags....................................... . 5,181,913 Post Office ................................................... U.S. Govenunent Leusrd Building .........••......•....••.... 1,171,057 Mark IV Apartment Association ............................... Apartment Buildings........................................ 1,1.10,101 James and Lorena Clark ...................... I............... Apartments ................................................ 1.071,9811 Total Largest TaNpayers........................................................................................... $93,068,020 Percent of Total City Actual ........................................................................................ 15.057. 5 I CEDAR RAPIDS • DES MOINES Valuations Valuation For Tax Assessed for Taxing Purposes eceipts: Jan. Jnn. 1 . Collection Year Real Personal Railroad Total Actual Value for Debt Property and General Taxes ...................... Inlergovennneat Revenue: YearSchool Property Properly and Utility Assessed Limit(1) 1975(/) ................................ 1976 107111-7 $:179,8!11,175 $30M 16,1SCS .$20,ISO,850 21:11.1:114111 $h{I,Ia1,010 ................................... 1977 1977-78 :39:4,667,651 31,12:3,115!1 00.. __,.109,901 117,167,9 t1 .1�17,1(N1,911 ""••'•••-�•^�•••��•��........... 1979 1978-719 -Ill'J,890,21)1 al Jilts Dlli ?-I !(11,000 hili; 1!11,0811 166;167,080 "'•'^•'-. 1979 ........ ....................... 1919-80 1&13118,113 31,1'!1,0!X1 ",S,SIiLWI r s' -a.- .�-I3,JJ,,-au 9•-2-- S�I:S,JJr,_m '•••••• - ••-•• 1950-81 Nate-': (1) dssesud ralue rhanyedfrom 27% ,f 5;30;283,701 31,127,&91 3:1,081,617 5!11; 196,205 :591;1911,2115 (P) Licht linal 57; ^! ,drat claol In IWei ofuaeal. $ SW;10! Taxes Extended and Collected $ 7,81S.532 $ 7S6,505 $ 1,183,1155 Tax Rates -$1,000 Assessed Valuation Tax Ending Fiscal Years Ending June 30 eceipts: 75 Audited Collection Au li c I City of Iowa City Iowa Cil >' B 19 0 Arca Property and General Taxes ...................... Inlergovennneat Revenue: YearSchool Debt Service Pensions All Other Total District Johnson County School Levies $ 1,95G;IA1 10711-77 ..................... 1977-78 $1.720:30 $1.528 .S7.70221 $10.9:5057 $11.02731 $I:is(N;5 40:I S25S � Total 30.7 1111 531.6110? ..................... 1978-79 ..................... 1.73105 2:17245 .82Q9 8.5:187.1 11.09668 1.5.1&SBI 1.19937 ,IlNififi -0- 1979-80 ..................... 1.75167 1.0.50?(1 8..5IiU7 1'!.07181? 1.09626 L1.85010 .L90ilLS .11615 •> ,. .C.dlLll 1080-81 ..................... 8.534115 11:13108 13:155211 5.103$, .11619 30.1!17511 $ 021,910 $ 11.513,85.5 Nat Available $ 1,027,051 Licenses and Permits • • • • ............... ? 1'df 1,590 $ SW;10! Taxes Extended and Collected $ 7,81S.532 $ 7S6,505 $ 1,183,1155 ...................................... ' Fines and Forfeitures ?03,339 -)9:1.9m (City Purposes Only) 1M. 139 213,305 205,313 22 --6,035 Tax ........ '1'rnnsfers In ... • • - • • ...... _ 237,711 289, 7'!S 305;17(1 250,955 Collection 215;100 .................. ............................ - Use of Money and Property ................................ 225,639 235,507 .116,375 913,7911 1,783482 1,907,038 Year 2,51,38;121 Total Tax Current 7 Current Total Tax % Total 49'sol 73,330 Extended Collected Collected Collected Collected 1971970 -77 ......................................................... 7 -78 ......................................................... 97,002 $.1,712,10.5 51,710,073 99.9:1r $1,7.12,151 IW.63So 1978 -7U ......................................................... $1,111-I,b ifi 4,955,262 1,969,501 100.297o 5,014,621 10120 e 1070 -811' ........................................................ S1,154,571 5,676,160 5.607,3'21 08.787e 5,635,550 99.31 7. ......................................................... 1;!57,782 6,267,0111 1,777,028 76.22',i 4,812.:1:10 76.79%1980.81 As of April m, 1,730. Sanitation .................. 7,463,39:1 721,386 fn Collection 0113,111 ' 911,031 Accounting Policy The City's accounts are maintained and the statements of fulld Operations the presented on It cash basis, relleeting only cash received and disbursed. General Fund Summary Cash Receipts and Disbursements IR Months -.� Ending Fiscal Years Ending June 30 eceipts: 75 Audited Au 11 cd Au li c I Au 171181 Audited B 19 0 R81 Budget Property and General Taxes ...................... Inlergovennneat Revenue: ........ $8,9642:45 $3,019,116 53,:118,510 38,8!1I,72:i $I,OIS,AI2 $1,71 i,&41 $ 1,95G;IA1 State ................ ... - _ Federal ................................................ $1;192,576 $ 6.51,31X1 ' 54t,:ill $ !',(10,523 $ 556,355 $ 8!12,125 S 1,027,961 Olhcr................................................. .13.1,518 .571,351 -(1- 18;117 -0- -0. -0- _' Subinlnl 121,166 -0- -0- -0- -0- ........................................... Charges for Services .............. - , • • $2,I11921X1 • • • 5 9115 5fr! SI,?28 f69 $ 551,311 $ 021,910 $ 11.513,85.5 $ 8^2,125 $ 1,027,051 Licenses and Permits • • • • ............... ? 1'df 1,590 $ SW;10! t 759,017 $ 7,81S.532 $ 7S6,505 $ 1,183,1155 ...................................... ' Fines and Forfeitures ?03,339 -)9:1.9m 19'_938 1M. 139 213,305 205,313 22 --6,035 m _30,0$0 ........ '1'rnnsfers In ... • • - • • ...... _ 237,711 289, 7'!S 305;17(1 250,955 171,000 215;100 .................. ............................ - Use of Money and Property ................................ 225,639 235,507 .116,375 913,7911 1,783482 1,907,038 2,230,121 2,51,38;121 2,302,022 All Other ................................................ soplo 49'sol 73,330 57,550 79,70 • i Total Receipts 217,901 102,793 92,595 97,002 111,862 '!01,6!8 l21,`�10 ................ .,j. Disbursements: I....................$Y,li!E5,31i1i $5,50!1,!121 $1,111-I,b ifi $7,.418;!!1!1 �.• ,8,!15(1;_&i ,!1,737,818 >, >- $10,230,27 9 Administralime........................................... Police Protection $I 656,515 S1,154,571 $I,I99,A50 $1,727,111 $2,201,078 $1,879,799 $ 2,09.831 ......................................... Fire Protection ........................................... 1;!57,782 961,11? 1,013,51.5 I,IMIA; 110 1,!171010 1,17Q9t1 1;120,210 Sanitation .................. 917,8!11 721,386 751,9113 0113,111 ' 911,031 uo• e ,1_3506 1,017,331 ' Systemrtntio • • • . • • • ......... 700 156 52'1551 -18'1,382 13,217 7,1519 40,13'1 -0- -0- ............ ................................ Mass Mass 'I'rmiepnrtntion 1!50.:159 6111;!511 MON.) $8,]150 ! ne 108,_s0 1,17a,ff6 1,185,;100 .. .................................. Parks and lhv:reation 715071; , ,,, 692667,M9 7 751,351 493,los 98_,(192 1,271,651 ..................................... Library ............................................. 800,0E 6801162 867,760 ,39,0_1 8_7,.SO3 863,516 - - All Other.........ment ..... 1^_7,281 1155,167 :195,452 13'2;133 .156;2.12 n s_I,m9 n G9n,r,9_ ................................. Total Dishurcrtnent.a Ijxn,!N15 811,38'! 1;132;16!1 8!15,2111 1,132,8:1'! 1,891,565 1,.511,9!18 ................................ ! Fund Balance at June 30 ............. $8,9S5,2 10 81,216,124 j(i,;111,fN1a 57,10'!,1.8,1' ;i; 128,:915 $8;178,11811 Sp; 118,fiH $ 9,^99,881 $ 83I,ILS S 800,131 51,196,067 $1,0118,203 51,:192,567 $ 1,110;IG5 Note Types of dishor,,le,ts and .wane types of receipts ms shorn alm,re hale been prepared by the City (Arretor of h'inancr audit. Total receipts, total disbursements and June J0 fund balances are in accord and differ from those shorn in the provided by the Director of Finance. with the audits Thur to accounting change, certain arenaes formerly budgeted figures for 1050 "Intergovernmental and 1,981 lore also bre, Transfers Ll." The decrease in "Sinitatiol" dishaesrernbs in ID77-1078 reflens the inehulyd as Rnynur" are nom included as niterprise fund. eslnhlishmrnt .,f refasr collection and hand fill operations as an it Significant ca`j table, but reported $555,000 in 1078, a. Audited: Balance December 31, Reecip4s ............. ! Disbursements ....... Balance .title 30, 1975. Receipts ............. Disbursements ....... Balance -little 30, 1970. Receipts ............. Disbursements ....... Balance June 30, 1977. Receipts ............. Disbursements ....... Balance.lnna 30, 1978. Receipts ............. Disbursements ....... Balance .lune 30, 1979. Unaudited: Receipts (7-1.79/4-30811 Disbursements (7-1-79/1 Balance :April 30, 1980 . For Comparison Purp Balance April 30, 1979 . Audited: Balance December 31, 1! Receipts .............. Diabursements......... Balance June 30, 1075 ,. Receipts .............. Disbursements........ . Balance June 30, 1976 .. Receipts .............. Disbursements......... Balance lune 30, ID77 .. Receipts .............. Disbursements...,..... Balance Junc 00, 1978 .. Receipts .............. Disbursements........, Balance Juno 3o, 1979 .. Unaudited: Receipts (7-1-79/1-3080). Disbursements (7.1.79/1-: Balance April 30, 1980... For Comparison Purpd Balance April 30, ID79.. Nate:: Thrataresumalary, ii I CEDAR RAPIDS • DES MOINES and Tax 'ollected 7 Total Collected -'1,712,15.1 100.63% 5,061,021 Actual Value tat for Debt ssed Limitf2/ 31,910 $131,131,910 W,911 117,160,911 117,080 IGG,11;7,080 37,257 513,937,257 911,205 591;196,205 Area Enterprise School Assessment Levies Total 50:18258 $30.7.1111 .0606 31.11162 .11615 32.31211 .11619 30.10756 and Tax 'ollected 7 Total Collected -'1,712,15.1 100.63% 5,061,021 101.20% 5,635,550 99,30 1,812,339 76,79`7 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 expenditures of $24,171 in fiscal 1975, $436;129 in 1976, $6S3,197 in 1077, $555,000 in 1973, and $373,599 in 1979. Unaudited: Summary Statement of All Fund Transactions $1,717,881 $ 1,956;181 $ 892,125 Receipts (7-1-79/.1-30-80) .......................... %7,GSS,60S BUDGETED FUNDS $4,150,282 Disbursements (7 -1 -79/1 -30 -SO) ..................... 11,992,921 Debt Capital :1,655,821 Pension Special 11,350 General Service Projects Enterprise and Assessment and 1981 haat also been Fund Fund Fund Funds Retirement Wrkg. Cap. Audited: 0;122,396 618,099 9,637,116 21;175,672 276,1198 0,310,656 Balance December:ll, 1973 ........................ $1,545,99,4 $ 15,9.S9 $ '17.1,631 11:613;281 $ -11;127 S100,S72 1 Iteceipls......................................... ' Disbursemcnlx S,695,366 1,090,170 1,211,999 3,377,303 1101,931 1328,939 ................................... Balancc.lune30, 1975 8;)85,211) 5111,538 IJS1,;NI 3,3SI,SS3 0;41,807 151,901 ............................. 1,216,121 298,521 23.5,219 1,515,7131 11,5.51 571,900 Receipts ......................................... Disbursements 5,5'99,014 690,5'21 I,&18,60 1 ^_ ,701,191 7S7.221 53,687 ................................... Balance.lune39,I97ti 11,:51I,on. 913,IS2 1,8.57,772 2,651,539 518;169 18,817 ............................. 5:41,115 16,560 296,079 1,910,356 250,367 609,779 Rucuifna............................. Disbursements • • • • • • � � .... . 7,1615I1i a r JL1,5L �I a 1,985,375 3,281,0M 779,815 31,556 ................................... Balance.fune 30, 1977 7,19'1,557 987,3M 2,959,1(41 '?,5:12,.512 725,770 7,103 ............................. 51111,1:11 I,oin (767,510) 2,968,927 301;13? 637;167 Receipts ......................................... 7.818,299 1,025,791 5,205;177 .1,393,276 412,711 39,057 Disbursements ................................... 7;123,366 1,116,351 1,869,713 3,777,719 100,277 201,657 Balance.lune :a), 1978 ............................. 1,196,067 (86,513) 2,568,251 2,981;15:4 253,900 •171,866 Receipts ......................................... 8,350,282 1;111,211 114,708,115 5,391,215 693,787 57,317 Disbursements ................................... 8;178,646 1291,755 4,495,537 3,780,053 703,091 529,183 Ralance.lune 30,1979 ............................. 1,068,263 32,976 11,780,832 1,595,Gd5 111,593 -0- Unaudited: 1981 Budget $1,717,881 $ 1,956;181 $ 892,125 Receipts (7-1-79/.1-30-80) .......................... %7,GSS,60S $ 9'12,156 $ 1;113,8.58 $4,150,282 Disbursements (7 -1 -79/1 -30 -SO) ..................... 11,992,921 969,812 19909,633 :1,655,821 basis, reflecting Balance April:10, IUSO ............................ 1,763,950 11,350 5_$5,057 5,099,103 For Comparison Purposes: 79,870 261,608 121,510 and 1981 haat also been Balance April30, 1979 ............................ $ &40,25.1 $ 310,1119 .$ 6,51.5,756 $.1,510,333 1080 Budget 1981 Budget $1,717,881 $ 1,956;181 $ 892,125 $ 1,027,9111 -0- -0- -0- -0- $ 892,125 $ 1,027,961 S 786,505 $ I,OS3,055 226,635 236,9SO 174,000 215;100 • 2,588;121 2,302,022 57,550 79,870 261,608 121,510 $9,737,818 $10,1123;279 $1,879,789 $ 2,OS9,831 1,170,9.11 1;120,210 921,506 1,017,931 40,133 -0- 1,173,666 1,185,309 9S2,W2 1,271,051 827,50:1 863,516 521,019 609,502 11891,565 1,511,998 $9;10,511 $ 9,999,181 $1,392,567 $ 1;116;105 it from Itime Amon in the and 1981 haat also been arm" are nous inrlwGd as larva fill operation, ns an Audited: Balance December 3l, 1973.................................................................... Receipts..................................................................................... Disbursements................................................................................ Balance .lune 30, 1975 ......................................................................... Receipts..................................................................................... Disbursements................................................................................ Balance June :10.1971)......................................................................... Receipts..................................................................................... Disbursoments................................................................................ BalanceJuan .20, 1977 ......................................................................... Receipts.............................................t ....................................... Disbursenarnts.............................................................. .................. Balance .lune 30. 1978 ......................................................................... Receipts..................................................................................... Diahursmnents................................................................................ BalanceJium :10,1970......................................................................... Unaudited: Reccipu (7-1.79/130,9u)....................................................................... Disbursements(7•I-79/.1=q1:e0)................................................................. Balance April 30, 01.911......................................................................... For Comparison Purposes: Balance April 30, 1979 ...................................................... I.................. 'total $ 3,695,101 15,611,711 15;1:1,7&1 :1,912,061 12,005,&16 12,330,021 3,567,586 1.1,100;167 11;127,557 3,350;196 18,921,671 11,887,1.13 7,388,027 29,601.990 19,367,708 17,622,300 $ 536,151 S 7,938 $14,718,023 789,881 6601 20,312,737 (109,137) 7,272 12,057,695 $ :165,587 $219,5132 $12,892,081 Police and Fire Pension Total and All Funds Retirement All Other (Memo Only) $1,515,922 $ 1,017,999 $ 6,258,925 1;1'1,651 15,518,026 31,801,391 257,097 16,059,371 31.711,225 1,903,379 506,651 6,322,091 05,251 11,510;167 27,011,201 175,709 11;135,229 26,910,959 ?,222,921 611,.989 0;122,396 618,099 9,637,116 21;175,672 276,1198 0,310,656 21,053,911 2,.591,312 899,319 6,811,157 706,.925 7,7136,221 27,397,723 251,1192 8,315,1211 23;153,661 8,0.50,016 350,147 10,788,220 812,261 0,5231286 36,967,510 0_71,966 5,860,65'1 25,000,328 3,620,311 1,512,770 22,755;132 $ 731,020 $16,090,963 $31,570,000 735,119 161,723,1126 :17,771;172 3,617,155 890, I1 ti IQ.551,800 $3.111,7711 $ 1(298,516 $17,605,373 Anlr: Thr nfwrr aura nary afntnrunl of fond bnnmefiana hay Tern prepared by the City Director of Finance from audita except as notal. 7 ICEDAR RAPIDS a DES MOINES I Nrdr: Pr mpiln fig."', 'm of July 1, IDLE, mw,d f ....i lha..r prrrinuel y rrpnrhd rtur to a rhnnyr in Uv r.Cimnlr of pgndnlinn. General obligation debt of the City is limited to 5% of the value of taxable property by the Iowa Constitution. The debt limit of Iowa City is thus $29,721,310 which leaves the City with additional debt capability of $15,011,810 after the issuance of the bonds now being offered. Not included as debt in this Official Statement is it capitalized lease with a June, 1030 balance of $20,022 due in monthly installments of $966, including interest, to .lune, 1052. A IIIfIORIGAllO1V AOVL l;Glt]IP Il1A IMV The foregoing Official Statement has been prepared for the City of Iowa City, Iowa, by Duff and Phelps, Speer & Co., Municipal Finance Consultants, and is authorized for distribution to prospective underwriters and purchasers of these bonds. All statements, information and statistics herein are believed to be correct but are not guaranteed by the consultants or by the City and all expressions of opinion, whether or not so stated, are intended only as such. We IIIIVC CXAinined the attached Official Statement daLed July 21, 1950, for the $2,570,000 General Obligation Bonds, believe it to be true find correct and will, if requested, provide to the purchaser of the bonds at the time of delivery n 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 hid 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 tiny untrue statement of it 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/ ROMMAuv Vrrosn Uireclor of Finance July 21, 1980 /S/ NF.AL G. BERLIN Cita/ Ilfanager S MICROFILMED BY JORM MICR+LA13 CEDAR RAPIDS • DES MOINES I r i Nrdr: Pr mpiln fig."', 'm of July 1, IDLE, mw,d f ....i lha..r prrrinuel y rrpnrhd rtur to a rhnnyr in Uv r.Cimnlr of pgndnlinn. General obligation debt of the City is limited to 5% of the value of taxable property by the Iowa Constitution. The debt limit of Iowa City is thus $29,721,310 which leaves the City with additional debt capability of $15,011,810 after the issuance of the bonds now being offered. Not included as debt in this Official Statement is it capitalized lease with a June, 1030 balance of $20,022 due in monthly installments of $966, including interest, to .lune, 1052. A IIIfIORIGAllO1V AOVL l;Glt]IP Il1A IMV The foregoing Official Statement has been prepared for the City of Iowa City, Iowa, by Duff and Phelps, Speer & Co., Municipal Finance Consultants, and is authorized for distribution to prospective underwriters and purchasers of these bonds. All statements, information and statistics herein are believed to be correct but are not guaranteed by the consultants or by the City and all expressions of opinion, whether or not so stated, are intended only as such. We IIIIVC CXAinined the attached Official Statement daLed July 21, 1950, for the $2,570,000 General Obligation Bonds, believe it to be true find correct and will, if requested, provide to the purchaser of the bonds at the time of delivery n 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 hid 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 tiny untrue statement of it 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/ ROMMAuv Vrrosn Uireclor of Finance July 21, 1980 /S/ NF.AL G. BERLIN Cita/ Ilfanager S MICROFILMED BY JORM MICR+LA13 CEDAR RAPIDS • DES MOINES I r Iowa City has nuinnined it very low direct debt in relation to actual value—under 2.50/v for the past seven Nrdr: Pr mpiln fig."', 'm of July 1, IDLE, mw,d f ....i lha..r prrrinuel y rrpnrhd rtur to a rhnnyr in Uv r.Cimnlr of pgndnlinn. General obligation debt of the City is limited to 5% of the value of taxable property by the Iowa Constitution. The debt limit of Iowa City is thus $29,721,310 which leaves the City with additional debt capability of $15,011,810 after the issuance of the bonds now being offered. Not included as debt in this Official Statement is it capitalized lease with a June, 1030 balance of $20,022 due in monthly installments of $966, including interest, to .lune, 1052. A IIIfIORIGAllO1V AOVL l;Glt]IP Il1A IMV The foregoing Official Statement has been prepared for the City of Iowa City, Iowa, by Duff and Phelps, Speer & Co., Municipal Finance Consultants, and is authorized for distribution to prospective underwriters and purchasers of these bonds. All statements, information and statistics herein are believed to be correct but are not guaranteed by the consultants or by the City and all expressions of opinion, whether or not so stated, are intended only as such. We IIIIVC CXAinined the attached Official Statement daLed July 21, 1950, for the $2,570,000 General Obligation Bonds, believe it to be true find correct and will, if requested, provide to the purchaser of the bonds at the time of delivery n 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 hid 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 tiny untrue statement of it 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/ ROMMAuv Vrrosn Uireclor of Finance July 21, 1980 /S/ NF.AL G. BERLIN Cita/ Ilfanager S MICROFILMED BY JORM MICR+LA13 CEDAR RAPIDS • DES MOINES r Iowa City has nuinnined it very low direct debt in relation to actual value—under 2.50/v for the past seven years (averaging 1.8%). 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. Historic Debt Statistics Debt outstanding (000) Isatin to Actual Value Per Capita Direct and Direct and Direct and Actual Date Direct Overlapping Direct Overlapping Direct Overlapping Value 197:{, Ucrcrn bar t ......................... $ 5,111 511.:013 LTi`: Vile; 1973,dal)•I.............................. .5,5.1'1 11,7115 17M 11.75':. 115 211 6,522 "..! 1976, .fitly l .............................. .1:2CI !I,SYS Illi"; __S'^. 95 ^203 8,597 t^' 1977, dull' I .............................. l;sla 11,101 1 5T 2.55x; 1:31; 228 8,953 197S,.1dy I .............................. S,2 16 13;172 1.711"; 2 S:5'i 159 2:57 0,619 1979, April I ............................. 1:1,122 17;551 ^_.II , 3.'__", 251 880 10,531 1980, duac l .............................. I I,GS3 18,516 2.17"1, :it Ili 2S1 359 11,510 Nrdr: Pr mpiln fig."', 'm of July 1, IDLE, mw,d f ....i lha..r prrrinuel y rrpnrhd rtur to a rhnnyr in Uv r.Cimnlr of pgndnlinn. General obligation debt of the City is limited to 5% of the value of taxable property by the Iowa Constitution. The debt limit of Iowa City is thus $29,721,310 which leaves the City with additional debt capability of $15,011,810 after the issuance of the bonds now being offered. Not included as debt in this Official Statement is it capitalized lease with a June, 1030 balance of $20,022 due in monthly installments of $966, including interest, to .lune, 1052. A IIIfIORIGAllO1V AOVL l;Glt]IP Il1A IMV The foregoing Official Statement has been prepared for the City of Iowa City, Iowa, by Duff and Phelps, Speer & Co., Municipal Finance Consultants, and is authorized for distribution to prospective underwriters and purchasers of these bonds. All statements, information and statistics herein are believed to be correct but are not guaranteed by the consultants or by the City and all expressions of opinion, whether or not so stated, are intended only as such. We IIIIVC CXAinined the attached Official Statement daLed July 21, 1950, for the $2,570,000 General Obligation Bonds, believe it to be true find correct and will, if requested, provide to the purchaser of the bonds at the time of delivery n 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 hid 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 tiny untrue statement of it 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/ ROMMAuv Vrrosn Uireclor of Finance July 21, 1980 /S/ NF.AL G. BERLIN Cita/ Ilfanager S MICROFILMED BY JORM MICR+LA13 CEDAR RAPIDS • DES MOINES i OFFICIAL PUBLICATION OFFICIAL PACE OF SALE 53.570,000 'City OF IOWA Cin. IRA_,., ' 'Cenral Obllaatlon Aoms.. Sealed bids will be received until 1:00 P.M., Local If.. on the 6th dry of Auoat,'1980, at the Office of la Clly Clnk In the Plot. Center, Iwo City. low far M purche. of /2,570,000 General Obligation•Bonds of IN City of Iwo City, two. Promptly b .... fte, open bid, fit W Called for In the council Clusters at the meeting of M City Council Of said City b be Mn held In the Civic Center In said City. If n Corn bids an ben coca, eachblddfq will than be closed but If commenced, wit W wKluded Mt later than 1:30 P.M. On M dao of Nle AfterlW best Alen bid, If any, has been dawrelMd..M reeled bide will N wbllchv fully protected AM will evealn sealed until open bidding has, Wan Concluded:- j Said hams .l 11 be payable At M of; Ice of the Clty Ireuurer add 111 he Cm o. Cards reglslraCle as b DrlMlgl only., will be awd Septnher 1,-1980: w An the demnlMtlon of -. WOW, bear, interest payable 'Jure 1, 1981, add ' seal•annuelly thereafter W the Tint ays'of Juse add Oecomber to each year,'am meters ser tally on Jun 1 of each of M respective year as follows: MATURITIES `Jun 1 S170,000.... :.. 1981 260,006 :.0 :..::::....::. 1986'... ..•. 200,W0 ..:,.:....c..b6. 1985 . 200, 000'::.......7.: d.:�. 1986 . '.. 200.000 .................. 1987. 200.000 .................. 1569 200.000 .................. IM 't . •.. ''...400.000 ..................'1990 ,:.. .100.000 ...............L:. 1991 .. . 100.000 .................. 1992 - - Mane o1.Nidb .. r,l . ed ms arc optional. }or redepgan ,, ). prlar'tp meluntyYlbfm'. Wms constitute gMnl oWlgetl ons of.M City. Mable fru taro levied.,. upon all the asable,proba ty,In M CITY without " .11mitatlan of b face or, ameatr , _r Bltlari lMllJsgclfY' M wturest rate or 1 rates which M. nspective bonre'shell. Wee,. Cit''" evceeding.911.%In r,ltIpwaraPdM•aarler or Orl, WO Oflace. Percent (1/4 or 1/10 of 13), gOVldes' Ml Only ore, rate shall be specified far a single maturity add Wa mCi team three (2). raise may W -. ;'I "ames0:; Aepeating a Previously mentioned tntenst r1 ?'raw will WC-onatllute an additional • Interest'^' raw.',TM higZt.rmte bld. for,M bags shell Cit' ncaed-the,low.tirale. by more tan-onparcenl'•.i, UID per amme:l', EsLA Installment of Interest will i . be.npnsa,te0,by a single caapal an ath'ham add: : ?' M supplreental cowoo wi1L.W�gnitlM:g All F bmf must N far )I of the at W far set -fall Mn':12.S70;W0 plus. acts Nd � inmmst:frau ... Smetegr'l,'19W to' L2 au'af Eell"ro. rri'W „- 'mea ipors'the Offlclal.8ld Forit and aliverH: in e! "naLd sends merked 'Old far wMf..,.lhe Egmf - 'will be awfad to the beat Clore, deafened ewe '. the Web af.tM )"at tatal.Intense cost At M. [' ' race or rates' aitpnated'• in I' Ill,- bid " from September 1, 1980,, to the_ nspCctln maturity Cuws, a/Nr Etducting any pgalhe I the grcluan ig{ We Ibins,: Joel, Or Chicaga,. IIIIMtti; At any metuillY Ipprmea�lr, Wnt der-trust,{j1 comwny against;. full 947 sent In.: IeaMla4ly. . aysllaCie' Cash' Or federal- fume. the. WMs'ut.. r expected to W- dellvered.wlthln.thlrty, days After.: IN "I... Should delivery, W. delayed beyond btaty days from IM Cuts of ale for ray meson .Ilhmt "M'fast t Iof -; the'-Ia or,; armexcept,/dWave :of F'grIOMMeV b/,lhe�puRMNr; :: theVVYKna vltmrew'hbet .eMam Mndten hli'Inwnst In :1 am 110111ty for M come will Leel@. t(WNn the b:^.df, inn arny%_Ivrhllrefy;vthe.lis,xr vltl 91,, the successful ,bidder flue working days mtict of Mraunrr.aW em-tM;'.ir.....Cil- a J'alm P. Meant us full an teat ate; Otherwise nwrving " M right at Ion' Philo. ' w determine that the " P Plater hes fallen to comply wlth•tM offer of %. .',. Seld. band.:, will be-.old'subject -b'IN `. �appnVlnp OVfMon'Of Ahlersi1 CONY, WMnari. j ,eaYnw 8 Lith;' Attorneys, of Ws Haines, Iwo, at b dW' legality : am•.Mlf opinl.'.III be f lurnlMd, together with the printed hams without -, ,a., -to thio.'. will W .P• . comltlosed. Evapt,to the metentneeessary b Issue .Mir' epinlon',00 tot ',hgallty :ref, the'."' -I ' WMsy,the atter os,will'Cit seem re Or nvfw ar "espnis any Opinion with nlget le'{hi i[euniy or 1 comewtenu Of decwnb,'meterlyl Or stet 1 %na'.Pr.jfuenIsisd. in eOnMetlon Nth. the Balis IssueMe is 0, urwtlnp of, the Not, IM opinion will Oe prigtmd on lb batt of the 1AWS' All bids shall be Lambert" by a certified ChKA Or a.Mer'. check 114M upon . Solvent Wnt .. sill➢. Wt1M11" In t'.'MllM StaleW in favor Of'.- mautn'llanaiw� els' to Or. coil to complete Mf pu"Nf.'in -accordance Ite; the Legs'. then,!.' Cheeks Eldon 'will unsuccessful Eldo' 9111 ' be returned'' Promptly and no;, Interest .111 be allowed an Any K Ch16, IN check;,ol : the successful bldder,wi ll' Otherwise -W llf-IMI'or eppllM!on _ 1ve purcMN price At delivery At the option of IM Clty.l rn,. . The City CouK11 rgenn the fight b win Infanalltt., In Ary, bid. to rejectany der all bid. Aad to Weralm, In its sola 411141 on the best baa..' ,. The _ niS' CUM 11 .: has wtlalilsd "sae. preP&Istlon: of vee 01110 l'.Stateeent conwining ("r it MAC I061met Ion 'TJ tat In to IN 'C i Iy...: for Cola of that Statement, the official. Moslem of ' Sala am D/IICIa1 Bid Fara,., lar any additional It it any proipective purchaser It referred to the Municipal JIM". COnsultanti"ld the City,', staplers: Area 212.396.6656. By Order of the Ity COY.dll:ef aha Clty ef. IN' Cliy. iwa. - /1/ 9811 Sldlrus City Clerk July IG INN ICEDAR RAPIDS m DES MOINES I ,N Printers fee $7—__ CERTIFICATE OF PUBLICATION STATE OF IOWA, Johnson County, as: THE IOWA CITY PRESS -CITIZEN f, Vicky J. Curtis, being duly sworn say that f am the cashier of the IOWA CITY PRESS - CITIZEN, a newspaper, published to said County, and that a notice, a printed copy of which is hfreto� attached, was published in said paper • times, on the following 1// Cashier Subscribed and sworn to before me this..?- day of A•D.1B9 e)• Notary Public No, 5 80 ay tiNARON S7UOB3 I .ALARM MICRqFLAB CEDAR RAPIDS a DES MOINES OFF)'—AL PUBLICATION 0 . NOTICE OF SALE $2,94000 . [nY Of LOVA CITY, INA Gmerml obligation Wns Sealed blas will of received until 1:00P. hat .tical IIAe, on the Fill day Of August, 1900, 4 If 1If. of the city Cleft In the civil Center, Iwo :i LY. Iowa for the Purchase of 32,90,040 6n.1a1 'Mignon lands Of the City Of Iowa City. Iwo. ire qtly therx.livr Open bids rill M ..lbd 101 In the Council CnaMers LL the irellna dl INA CITY Connell In hid CITYslid - to be a if as open bids .1. 1". Md.n mid in to. L Centsuch of dd l NOT r111 than ba Al W but If toeeeM.d. will An concluded hot later then 1:10 P.M. on LM date of wle. After Of p0sto l4 nwllh 11 ba -"-publhas y be.n determined, the ear,W All bid, will then 0e referred t0 Of City count to the nllynefttold bidderYfor Sthe Cash forCash1 be bide will tie fully ,a "c and .III r.1. sealed until Aden AIdd11y has nen concluded. Said bends will M "Fact* at the office of the City I...tutor and .111 be aupdn bonds SrpamecleI A, to law,An principal they E.nnlf.o..-111 if nt.1 $ 5,000. Deer interaft Payable June 1, last. and feel•an...fly ......Iter oa the first daYf of Jun June01 at *nth of the refpealue Years as lolly on MATURITIES - June 1 $170,00a .................. 200.000 ............... I ...adi '00.000 ............ lads no DONS .................. 198/ .00.400 .................. 200,pa0 .................. 19Pd 20o,000 .................. 1990 400,000 ................ me coo ......a........... 1991 100,000 .......:.......... 1992 Nano of said bonds Ve -00-1 101 redowiltiM prior to futurity. These bonds Constitute ge.r,l bbl 194,, Ions of the City payable Ira te... torted limitation a O rel* o uouni. I' the City "tont Bidders twit Ile"Ify the Interest rate dr ,Ole. MILh the respective bOnt .hall n", mi exceeding n. In MILITIA, of one-quarter ba.. .nth of ane percent (1/4 or 1/10 of 1%). provided that only on race shall be tpnlf I.d far A single mturity and net eon than threat (1) rate, W On cal , t nonmeYrtiull interest .11AcsHteana01l Interest rate. Ihe highest rete bid for the Wndt'Mt 1 nc Lee, the leftist rate by Bore than — penMt (11) per .,.. Each Inttallnnt Of Intent will be repr..enud by A single COupm oa Aach bond and of fopplewnul edwdns vlll he pereltlAd. All bids Not be for all of the bands. cult to for not int than 12,510,000 plus .CLrud Internet Irn S., lmnr 1. IM. td the use of dellnry. Mot by ude,d. the Official ld Fare am &11141" IN A edd Nv.lA" .,IM Bald fm BAMll.- I" bonds vi FT ba .warded To Of Ent bidder atanlnd upon Lha bath of the ),It Total Intarasl tett at the rate Or rate. ndgnated In 64. bid true "tol�iter &dur 11 ctllq any Drslspto thit eGtl, ,mturity Ica Thad, rIll The delivered without *Atlanta W the purl"... At In OtO411y at table bent or tmst Illinois, 4[ cry o, Y gre Lhoany .casht fun, l NINE,- In bv0ately Available was re ..petted to Abe albmd .101. thirty day. After the use. Should delivery la delayed beyond .illy ,,, Irn the ate of tab ler ., nom wltnut the ION{ of the b.nr, or rapt Itllyra of perfnn.nce by the twalhoa, the IfOrLwsn my vitmn. his chalk And Thereafter his Interest 10 and liability for the Mndt will Looe. (Ifwn the bonds sucnuiuls bidder live vvllad hap -111 at,. ei On delivery data AM the 111-1selretaning pa,wnnt In lull on that ate,, to right at it. Nation To Warning that the bidder No ailed To coldly with the Offer Of purous..) Sold Whoa rill be sold lubjtl0arin IN ."%i,y opinion of Ana". IIyy tale the y,alitlrtteenytthal OAshoini0n ILII ba funaMd, ToaemAr with the printed "A%, OIL a 1M purchas r all all bids will be to coMltl Armed. E...11 to the axllnt necessary to Issue .Mir opinion 4. to the 1.9.1ity of the Whet, the attorney. rill Not units Or rerlw or npr... any opinion with respect te'tne allu"ry or Orbits."" or aeueenb, hierlaa er stetewna Ya, or funithed IN m-nec Uan with the ssb. Ill Inc. Or mbUiy dl the Wndb IM opinion .ill be printed On the lack OI the "nds. All bids 10911 M ACCeni by 4 ...Mind chick 6r OeMler't LMn W..n We A 1011enl bank dopy bullhss in the United States. In favor of LM Cit,, in the .nuns AI 151,100.- lot PrOC*Ms 01 ..leIncncIideftfrnlla.* afevebdronow�odWU. should withdraw his TI, or ail to Covalete his Mrchat# In according. with the teal tMndf. Chet, of unwce... ful bidders will n ,turned PI.,tlr am an I.W.It Ill be a11o.M An any .ecu, the Check 01 the SOCLA,saI blade, will aLMrwbe Te returned or applied oa in' Purchase Price at at bevy... the option 01 Ine City. IN, City Council reterves the right to wall. I.F.rralllla In W bid, to "fns Why or al bids ked to off enIN. In It, u, dill, ties the bol Old. Re city CAuncll has authe"'M Liv Preparation at in Official Satnent containing Certinrnt Inforfalfon reative to the City. For L aPf" AI that StAt otnt, the official Notice of fele an Offlel.J Old Ion• or ler .hay additional Into,wltun, any Vrmpcl Iva 1,00111.1 If voter'" to the Mon ICIPal Haan'. Consultant$ to the City. Paul 0. Sp,r A Msnlales. Inc.. SS [al wn10e lelrpndne Suit. sin. Chicago. 1111.1,6060J. 8, "or, 01 the City Council of lM City of 1014 City. Iwo. At Malt STOIFU5 CltY Clerk , Printers fee 5�j CERTIFICATE OF PUBLICATION STATE OF IOWA, Johnson County, ss: THE IOWA CITY PRESS -CITIZEN I, Vicky J. Curtis, being duly sworn say that I am the cashier of the IOWA CITY PRESS - CITIZEN, a newspaper, published in said County, and that a notice, a printed copy of which issh veto attached, was published in said paper .rt-Lfl-17 times, on the following datQs: "/O A Cashier Subscribed and sworn ✓to before me this s day of %A.D.1D_p=. IQutary Public No. �f S%80 . y SNARON S7U883 I CEDAR RAPIDS • DES MOIRES I -- OF Fi= LpUBLIOITICJN 0 L NOTICE 01 5ALt 52,510.000 CITY 01 INA CITY. INA 0aere1 Obligation BOM+ 5eei.d bids .111 M 1.1.1110 until 1:00 P.N., Local IIs, on 11. 6th day of AW ft, Im. at the orrice Of the City Clerk In tM I. Center, Iowa City. Iowa for the purchase of $2,510,000 General to I I"tion Bona, of the City of Iwo City. Iwo. ,cMtly there. it., open bids vin M called for In LM COYdCO Chaears at the waiting al 0. City Council Of ,aid City M M than Mid In the till. Center in said City. If Mown bid, .1. then ado, suchbIddIN will then be ticked but if CaeeMed, N11 M Cdralu0ea rat lots tun 1:10 P.N. on the dao of +ale. After Ne best Open bid, 11 any. Ns Man daterelnad, the sealed bU, will M publicly opened. All bid. will than M r.f.rrod to LM City Council of said City and the bonds will M sold to the highest bidder The cash. 5e11ed bids rill be fully protected end will .in tea led until open biddil has been C-hll.drd. Said bands will M payable It the office of the City Ir..wrer and rill be coupon baas registrable as to principal Only, will to dated September I, 1980. be In the dewnlmtlon -.1 $5,000, boar Int ..ast payable June 1, IMT.. am sol -annually thereafter on the first days of June nerd Dec..,-, In each y..r, and atore $er l al lY on June I of exn of the 101117 ire 11111 a fOl lws: MATURITIES - June I SI10.00o .................. 1981 200.000 .................. 19M . 200.000 .................. 19(5 200.000 .................. 1986 200.000 .................. 1981 200,OOo .................. 1988 200.000 .................. 1989 400.000 .................. 1990 400,000 .................. 1991 400,000 .................. 1992 Mone al Bald bonds .'- optioml for redeem loo prior to maturity. Inn. bonds constitute 91-1-1 Obligations or the City payable from tales Felled hood..IF the taxable pmp.rty In the City wlteout Iimltatlen as M rate or .»unt. Bladen $roll specify the Intanft rand or Xte. which Ana ,oe,tA,, Who, swill Mar, rot rdi., 9C, In multiple+ al .1cwrter or aa - tenth of am percent (1/4 or 1/10 01 1%). pfwiMd that only o1. r.0 shall be Specified fol 1 AInglic maturity AM let .o1. than throw (1) .We ray M need.Pep.atle, . pr.11ously snllored Interest rate NII It constitute an aoditloMl Interest race. 1no hl,Mst race bid for the bonds shall cot aaad IM lowest rate by rare than a1. percent (It) per Aa.. Each Imlellownt of Interest will be 1.p'-..nled by a ,Ingle coupon on tach MM am no iMpleanld coupons .111 M "related. All bids aunt be for all of IN bonds, est M for cot I.. tun $215201000 pl u. acuW. interest Ion Septeeeer 1, 1980, to the date of dellwry, -It M ode upon t1. Official Bid fen And delIrered In . r ' r ,un ww,.al id f., auv' ._ 'd. W.A. .111 MawarMO to t1. Net bldd.r deta1.11ed who t1. Mile Of IM loan local Intent amt at the rate or rata deflgn.ced In his bid Ion Se,,xM, 1, 1980, l0 the '-speetla Mlurlty data, After deducting any preaiu. The bona, .111 be M11r.nd without apem. to the pumhaser In Ms Nolha$, Awa, or Chicago. Illinois, at .n, ats.11, A9nable bent Or trust Concato Against full payunt In I..dl.UIY Avallable cash or federal funds. Ina bond, or. esprclfd to be Gllrra0 Ithi. thirty days after the sale. Sauld delivery M delayed beyond slaty Odys flow AM "To Of sale for any ,,lon without the fault of the las., Or ..Cot 11114'- of perfo aau by the purchaser, the purchuo ay wit, raw his [back end cereals., his Interest In am liability for IN MM, will Mut. (Amen the Moms .r. May for del h.ry. IM Ill., m111 Ola la ,ulct+sful bidder fin working day, notice Of e1.0.111.1 date and the is,Mr viii expect MYM,t In lull On tort data, otherwise eeserving too right at Its option to decerelne that the DIM., nu failed M colply with the dffee of pur4ha... ) Said Wide will M .sold abj9C1 t0 ler approving opinion of Anders, CaeMyy, Ooewall.r, NnYnb 6 Filth, Attorneys Of Ms was lona, u to she Ie9Al iter am IMIr Opinldn will M furnished, together with the printed Moms, without ,.It U the purcwiter And all bids will be 10 conditioned. Except to the extent Mcaury to Issue tbalr opinion as to the 11911114 of the bond,, the attorney, will Mt esslM or review or ..prfa any "Ill.. with aspect t.,IM accuracy or corpletwu of dauentf, at.rlei+ ar tAtwnL, Md* or' furnished In conMCIAOn with tno sale. Issuance Or arketi, of the MMB IN Opinion .III be printed on the back of the bands. All bid ,hall M Baaipmled by A terglled Chet. be ushisr's Check or,.. upon A abet bank doing business In the united Stakes, In favor of kilo Ll is, In AM assunt of $51,400. IM proceed, of .old chat viii be forfeited as liquidated 4.9.1 In.tes. the bid&, to when ala bonds as Awacded should withdraw his bid or ran to stellate his purchase In .,scro a NM the lens Ih.rfof. CMU, of u..Mca.1.1 bidders .III to 1.tuored prOintiy and no Interest will be .11.4 on any ,halt,. Int check of the successful bidder will Otherwise Or returned der applied on the purtbalq price at dell,ery .t the options( the City. the City Council rafrva,the light to ..I,. Inforallllis Is .n/ bid, to '.t say or all bids ad to d.taninr In 1U ,ala Iserrtl0n the Ont old. Ine city COUMII his 4utarised the .......l l0, of 4n Official Stalnunt cOntNning Prrl hent Inldno,ti.n nbllr. to t1. City. For copies of that Statement, the official utla of tale aryl Official Bid for,, nor los any .EditlnMl I.Iorea Llan, any presp.Ctlra pvrch.$tr Is referred to ill .unlClpal FlMhl. Consultant{ to the City, Paul D. Spoor 6 Asmllete., Inc., 55 fast u11o0 Strv.t. Suit, 4510, Ohio". Illinois 60601. lelrphanr: Al., 112446.0658. By order Of the CITY cc ... I1 of the city 01 low, City. low'. MBR SIOLIOS city a.rt JORM MICROLAB ■mmvm■ MICROFILMING DATA/INDEX PAGE CLIENT FIRM e � Y Etc- CATAGORY 1111911f,"211- �OCEED//V�i S - CAMERA R/R MODE FORMAT DOCS/FRAME / FRAMEsg 3 SiHGGra' OAU/li FOOTAGE © JORM MICROLAB, 1978 RN��1"/T IS IS TO CERTIFY that the microphotographs appearing on this Film -File, as indicated by e index herein, are accurate and complete reproductions of the records of the herein med client firm, as delivered in the regular course of business for photographing. DECLARATION OF INTENT AND PURPOSE I, the below named employee of JORM MICROLAB, do hereby declare that the records microfilmed herein are actual records of the client firm herein named, created during it's normal course of business and that: It is the express intent and purpose of JORM MICROLAB to destroy or otherwise dispose of the original reLords microphotographed herein, and that: The destruction or disposition of the records In on this microform is only to be accomplished after inspection of the microfilm to assure completeness of coverage and that It is the policy of JORM MICROLAB to microfilm and dispose of original records in accordance with customer authorization or as part of the planned organizational operating procedure. DATE PRODUCED ix�,--5,5� `BY_L} r onth D Year(Signature) J0RM CROLAB TITLE�sr[o'101 1830-34 J AVENUE WE • CEDAR RAPIDS, IOWA 52402 [:11459 KEO WAY • DES MOINES, IOWA 50314 MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES max, J 5�ta k.. ;a y :.l r 1 JORM MICROLAB ■mmvm■ MICROFILMING DATA/INDEX PAGE CLIENT FIRM e � Y Etc- CATAGORY 1111911f,"211- �OCEED//V�i S - CAMERA R/R MODE FORMAT DOCS/FRAME / FRAMEsg 3 SiHGGra' OAU/li FOOTAGE © JORM MICROLAB, 1978 RN��1"/T IS IS TO CERTIFY that the microphotographs appearing on this Film -File, as indicated by e index herein, are accurate and complete reproductions of the records of the herein med client firm, as delivered in the regular course of business for photographing. DECLARATION OF INTENT AND PURPOSE I, the below named employee of JORM MICROLAB, do hereby declare that the records microfilmed herein are actual records of the client firm herein named, created during it's normal course of business and that: It is the express intent and purpose of JORM MICROLAB to destroy or otherwise dispose of the original reLords microphotographed herein, and that: The destruction or disposition of the records In on this microform is only to be accomplished after inspection of the microfilm to assure completeness of coverage and that It is the policy of JORM MICROLAB to microfilm and dispose of original records in accordance with customer authorization or as part of the planned organizational operating procedure. DATE PRODUCED ix�,--5,5� `BY_L} r onth D Year(Signature) J0RM CROLAB TITLE�sr[o'101 1830-34 J AVENUE WE • CEDAR RAPIDS, IOWA 52402 [:11459 KEO WAY • DES MOINES, IOWA 50314 MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES ?ra ;a r 1 JORM MICROLAB ■mmvm■ MICROFILMING DATA/INDEX PAGE CLIENT FIRM e � Y Etc- CATAGORY 1111911f,"211- �OCEED//V�i S - CAMERA R/R MODE FORMAT DOCS/FRAME / FRAMEsg 3 SiHGGra' OAU/li FOOTAGE © JORM MICROLAB, 1978 RN��1"/T IS IS TO CERTIFY that the microphotographs appearing on this Film -File, as indicated by e index herein, are accurate and complete reproductions of the records of the herein med client firm, as delivered in the regular course of business for photographing. DECLARATION OF INTENT AND PURPOSE I, the below named employee of JORM MICROLAB, do hereby declare that the records microfilmed herein are actual records of the client firm herein named, created during it's normal course of business and that: It is the express intent and purpose of JORM MICROLAB to destroy or otherwise dispose of the original reLords microphotographed herein, and that: The destruction or disposition of the records In on this microform is only to be accomplished after inspection of the microfilm to assure completeness of coverage and that It is the policy of JORM MICROLAB to microfilm and dispose of original records in accordance with customer authorization or as part of the planned organizational operating procedure. DATE PRODUCED ix�,--5,5� `BY_L} r onth D Year(Signature) J0RM CROLAB TITLE�sr[o'101 1830-34 J AVENUE WE • CEDAR RAPIDS, IOWA 52402 [:11459 KEO WAY • DES MOINES, IOWA 50314 MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES Iv1[d:i�lAe1: 11irlTu�bl(A71i1_\1•flllad�iii617i1I:1:7 ROLAB JORM MICROLAB JORM M MICROLAB JORM MICROLAB ROLAB JORM MlCROLAB JORM M MICROLAB JORM MICROLAB ROLAB JORM MICROLAB JORM JORM MICROLAB JORM MICRO MICROLAB JORM MICROLAB J JORM MICROLAB JORM MICRO MICROLAB DORM MICROLAB J JORM MICROLAB JORM MICRO MICROLAB JORM MICROLAB J JORM MICROLAB JORM MICRO MICROLAB JORM MICROLAB J JORM MICROLAB JORM MICRO MICROLAB JORM MICROLAB J JORM MICROLAB JORM MICRO MICROLAB JORM MICROLAB J JORM MICROLAB JORM MICRO MICROLAB JORM MICROLAB J JORM MICROLAB JORM MICRO ,.MICROLAB JORM MICROLAB J JORM MICROLAB JORM MICRO MICROLAB JORM MICROLAB J DORM MICROLAB JORM MICRO MICROLAB JORM MICROLAB J JORM MICROLAB JORM MICRO MICROLAB JORM MICROLAB J •`DORM MICROLAB JORM MICRO YMICROLAB JORM MICROLAB J ',JQRM MICROLAB JORM MICRO <MICROLAB JORM MICROLAB J 'DORM MICROLAB JORM MICRO -MICROLAB JORM MICROLAB J JORM MICROLAB JORM MICRO MICROLAB JORM MICROLAB J M MICROLAB JORM MICROLAB ROLAB JORM MICROLAB JORM M MICROLAB JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM I4ICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB JORM MICROLA MICROLAB JOR JORM MICROLA MICROLAB JOR JORM MICROLA MICROLAB JOR JORM MICROLA MICROLAB JOR JORM MICROLA MICROLAB JOR JORM MICROLA MICROLAB JOR JORM MICROLA MICROLAB JOR JORM MICROLA MICROLAB JOR JORM MICROLA MICROLAB JOR JORM MICROLA MICROLAB JOR JORM MICROLA MICROLAB JOR JORM MICROLA MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB RM MICROLAB MICROLAB JORM MICROLAB JORM MICRULAU J JORM MICROLAB JORM MICROLAB JORM MICRO MICROLAB JORM MICROLAB JORM MICROLAB J JORM MICROLAB JORM MICROLAB JORM MICRO RM MICROLAB JORM MICROLAB J JORM MICROLAB JORM MICROLAB MICROLAB JORM MICROLAB JORM JORM MICROLAB JORM MICROLAB MICROLAB DORM MICROLAB DORM JORM MICROLAB JORM MICROLAB MICROLAB JORM MICROLAB JORM JORM MICROLAB JORM MICROLAB 41CROLAB JORM MICROLAB JORM JORM MICROLAB JORM MICROLAB MICROLAB JORM MICROLAB JORM JORM MICROLAB JORM MICROLAB MICROLAB JORM MICROLAB JORM JORM MICROLAB JORM MICROLAB 41CROLAB JORM MICROLAB JORM JORM MICROLAB JORM MICROLAB MICROLAB JORM MICROLAB JORM JORM MICROLAB JORM MICROLAB 4ICROLAB JORM MICROLAB JORM JORM MICROLAB JORM MICROLAB 4ICROLAB JORM MICROLAB JORM DORM MICROLAB JORM MICROLAB 4ICROLAB JORM MICROLAB JORM ]ORM MICROLAB JORM MICROLAB 4ICROLAB JORM MICROLAB JORM DORM MICROLAB DORM MICROLAB 41CROI.AB JORM MICROLAB JORM JORM MICROLAB JORM MICROLAB 4ICROLAB JORM,MICROLAB JORM JORM MICROLAB JORM MICROLAB 4ICROLAB JORM MICROLAB JORM JORM MICROLAB JORM MICROLAB JORM MICRO MICROLAB JORM MICROLAB JORM MICROLAB J JORM MICROLAB JORM MICROLAB JORM MICRO MICROLAB JORM MICROLAB JORM MICROLAB J JORM MICROLAB MICROLAB JORM JORM MICROLAB MILKU_LAU JUKM MILKULAO JUKM JORM MICROLAB MICROLAB JORM JORM MICROLAB ICROLAB JORM ORM MICROLAB ICROLAB JORM ORM MICROLAB ICROLAB JORM ORM MICROLAB ICROLAB JORM ORM MICROLAB ICROLAB JORM ORM MICROLAB ICROLAB JORM ORM MICROLAB ICROLAB JORM ORM MICROLAB ICROLAB JORM ORM MICROLAB ICROLAB JORM ORM MICROLAB ICROLAB JORM ORM MICROLAB ICROLAB JORM ORM MICROLAB ICROLAB JORM ORM MICROLAB ICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM JORM MICROLAB MICROLAB JORM 1.0 U® 102.05 e �Jjj-0 i IIIA 1.0 U® 102.05 e �Jjj-0 e2 IIIA � o W ;1 " c `..o 111112.0 � le Illll� :11111 i• 111111.8 e %111111.25 o o Uri III 1.4 VIII 1.6 IIII II 1.25 1.4 VIII 1.6; w 1.25111 1.4 VIII'.6 111111.4 IIII JORM MICR�LAB CEDAR RAPIDS, IOWA 52402 EM■NEEME MICROGRAPHICS DIVISION 1_1 0En fII iII I .VIII 1 ® 12.5-r ®i, e �Jjj-0 .0 3,2 VIII � o W ;1 " L am U U � le Illll� :11111 i i e . o o Uri In LZU e IIII II 1.25 1.4 VIII 1.6; w 1.25111 1.4 VIII'.6 111111.4 IIII Z n 1❑ TEST TARGET O O O TOP 93TCP .5-1 I i Ilow i I inches 0 10 20 30 40 50 60 70 80 90 100 m -am m.5... -41mm E �.^ �,6 IIII ® 1® Camera: N 1111-1-0�32 e0�p 2.20 o Station: 3 `L e �Jjj-0 o Q � � o W ;1 " C am U U (D Z � ®a X2.5 h :11111 Q LZ e LO o o Uri In LZU e IIII II1.25 IIIII� ;; w 1.25111 1.4 VIII'.6 111111.4 IIII Z Q Im 1.©❑® > O 5 C 1.0 0 111111 I"0 ' j2.8 125, em VIII® G 177 111112.0 VIII1.8 111111.25 11,4 111111.6 DENSITY CHECK © JORM MICROLAB, 1978 MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS - DES MOINES Reduction Ratio r: Q.I./ e" std: mm Resolution: lino/mm Density: `L e �Jjj-0 4 ;1 " o 10 '- e_2s ®a X2.5 h :11111 VIII I=8 e 1 1. e IIII II1.25 IIIII� ;; 1.25111 1.4 VIII'.6 111111.4 IIII 6 e 1.©❑® ,.22m 5 1.0 0 DENSITY CHECK © JORM MICROLAB, 1978 MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS - DES MOINES Reduction Ratio r: Q.I./ e" std: mm Resolution: lino/mm Density: `L 1 4 ;1 " 10 '- e_2s ®a X2.5 h :11111 VIIIA 1 1. IIID IIII I=I IIIII� ;; 1.25111 1.4 VIII'.6 EMD OF ROLL VD OF LOLL MICROFILMED BY JORM MICR6LAB CEDAR RAPIDS • DES MOINES DORM MICROLAB TARGET SERIES ROLL N0. Iowa City, Iowa, July 15 , 1980. The City Council of Iowa City, Iowa, met on the above date in the Council Chambers, Civic Center, in Iowa City, Iowa, at 7:30 o'clock P.M., in open regular session, pursuant to law and the rules of said Council. The meeting was called to order by John Balmer, Mayor, presiding, and on roll call the following Council Members were present: Balmer, Erdahl, Neuhauser, Perret, IIS R.harta_ vevara Absent: Lynch r �3g7S I Matters were discussed relative to the request from Towers Hotel Associates, a joint venture, regarding the issuance of not to exceed $7,500,000 in aggregate principal amount of the City's Industrial Development Revenue Interim Bonds (Towers Hotel Associates Project) and not to exceed $7,500,000 in aggregate principal amount of the City's Industrial Development Revenue Bonds (Towers Hotel Associates Project). Following an explanation of the proposed Project by representatives of said Company and a discussion of the proposal, Council Member - Neuhauser introduced the following Resolution in written form and moved its adoption. Council Member Perret seconded the motion to adopt. After due consideration of said motion, the roll was called and the Resolution was adopted by the following vote: AYES: Balmer, Erdahl, Neuhauser Perret. Vevera ABSENT: NAYS: Roberts The Resolution was thereupon signed by the Mayor and in evidence of his approval, was attested by the City Clerk, and was declared to be effective. The Resolution is as follows: -2-