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HomeMy WebLinkAbout1973-02-06 Correspondence•CITY<°COUNCIL`MEETINU - '' :; FEBRUARY 6, 1973 GENERAL Publication 90.00; �erican City Magazine Book 10. Do '°Attorney's'.Daybook` Printing Service 55:50:' Economy Advertising Membership Dues 250.00`.; National League of Cities Publication 75.00':`. Public Works Magazine Book 1.50' ` Palmer Publications - Parking Office 11415.00 .' Park -Kut Engineering -136.00 Equipment'Maintenance Pitney -Bowes office Equipment Maintenance 174,00 Dictaphone Printing Service 48.40 Goodfellow' Company Laundry Service 30.00"° Iowa City Clean Towel Publication 76.00. ' Times Democrat Publication 97.44 Cedar. Rapids Gazette Office Supplies 18.50 Pioneer Inc. Printing Service 2 092.84 .Traf-O-Teria" Equipment Repair 7,50 Woodburn sound 7,500.00 U.S. Post Office Postage Industrial Supplies 331.15 Churchill Chemical Film &Supplies 38`02 ' University'Camera;$ Sound Work Study Wages 114.56 ,.,.University_of Iowa Printing'Service 13.00 " Bradley Print Shop Office Supplies 304.96 Frohwein Supply Office Supplies 2.70 Lind, Art Supplies', Subscription .( 6.48Attorney's Electrical Constriction Fees 1,211.30 Jay Honohan328.55 Printing $ Office Supplies =; standard Blue Print Building Repair 62.60 ' Strub Welding Equipment.Maintenance 267.60 Burroughs,Corporation Building Repair 30.00. Kahler.Electric ,: Auditing Service 1,320:00 -: McGladrey;Hansen, Dunn 6'Company Subscription' municipal fFinance. officers Assoc. Banquet Tickets 9,00.; Chamber of Commerce Office Supplies 7.10, Columbia Ribbon i` Chemicals 2.40' Deady Chemical Data Processing 325.00 Elbert & Associates Equipment Repairs 37.25 Iowa City;7ypowrter Building Repair 81.79 Johnson Service;. Meals 25:00 -. ABWA33:87 Cleaning Service D`& J Laundry Office Supplies 303:16 -, IBM Office & Printing Supplies 338:41 Tri -City Blue Print. Publication 139.20 Daily ,IowanPhone Service 933:41 - N:W. Bell „ Post Cards 1,200':00 'U.S. Post Office 19,549.14 .TRAFFIC ENGINEERING MaintenanceSupplies 13.54 liawkeye Lumber Company 10.65 Iowa City Ready ,Mix Concrete Traffic,Signal Supplies 316.10 3 M Company Brand Manufacturing Cleaning Supplies 222:90 2:00 2Cwa-Illinois Gas B Electric Utilities t': i TRAFFIC 1NGINEERING Cont' d : • D f,,J Laundry Cleaning Service 56.0 ' -.Kens Miscellaneous Supplies 14.70 Northwestern Roll Phone Service 31.57,`; 667.46 C � POLICE AELE Subscription 27.00 Medical Associates Medical Services 15.00.:; 169.10:: 'Goodfellow Company Printing Service 7.17'`, Iowa City; Clean Towel Laundry Service 88.94 University Camera 8 Sound Lab Supplies 123.17; University of Iowa Work Study Wages 952.75!, David ,Epstein, Moving Expense 240.95 Certified Labs Sanitation Supplies 14.70: Entenmann-Rovin Miscellaneous Supplies Raymond Lehmer Technical Services` 82.25 BurroughsCorporation Equipment Maintenance 35.10' Identi-Kit' Miscellaneous Rental:' 162.00,'i D $'J Laundry Cleaning Service 32.30; IBM Office Supplies 4. 00 Kens Miscellaneous Supplies 10.74' Northwestern Bell Phone Service 668.46;_: 2,633.63 FIRE , Steindler. Orthopedic Clinic Medical Service - J. Fay 7.50.; ' Dudley; Noble M.D.'' Medical Service 20.00 ; 59.09 Iowa City, Clean Towel Laundry Service 28.791 .; Hawkeye Lumber Company Miscellaneous Supplies Iowa City Fire ':Department Food.' Allowance 450.00 10.00 ' Assoc. Bi -State Fire Officers Registration' 36:00 '. overhead Door Building Repair 23.81 Coyer 8 Akins Operating Supplies 23.75. l:American''Prosthetics Medical"Services, .; 39:do: ; Mercy Hospital Medical Services 340.84 ' Iowa -Illinois Gas &, Electric Utilities 10.90 Iowa City ,Fire 0epartment Food, Allowance 285:17 -;, ;Northwestern Bell' . Phone Service 1,333.90 SANITATION Consumers Co-op Fuel Oil 139.65 7:40 Iowa -Illinois Gas B Electric Utilities , 296.00 J Laundry D l; ; Cleaning Service 12.06 Kens Northwestern Bell Tools Phone Service 16.16 r 471.27 I CEMETERY ty • 'Boyd & R ummelhart Frohwein Supply Building ing Supplies rican Cemetery Office isupplies 6,16 lRteVens Sand &�Gravel Subscription S.06 owd 71llinois Gas 9 Electric 'Maintenance Supplies 7.29 & J Laundry Utilities, 84.13, Northw'esternB611 Cleaning Service 33. 10 Phone Service 1�1 30.43 TRANSIT 175 :30 New.Times Goodfellow Publication 'Ranger Rick's NatureClub Printing Service 1.00 consumers Co-op Subscription 6. 00 1T Iowa Glass Depot Diesel Fuel 913.50 LindS Art S 6pplies Building Repair 10:15 Larew,Company Office Supplies 6.75�' Iowa-IllinoisEquipment ' Gas & Electric Repairs 76.33' D .:& J Laundry Utilities 42&.5 8,:' Ottumwa Transit Cleaning Service 54'.51 '!Northwestern Bell Bus Rental 2,00b.w'; Phone ..Service, 7 � ! 69.:13'1' .:PARKS & RECREATION 3,736x35 All Craft Tool CoralVill& Saw -mill 'I '• Recreation Supplies 127.90,;: Kwik:Kieen. Building Supplies 48.06 Iowa"Park 6 Recreation Association TowelService 29.92, Nissen C orporation Membership 1 Dues Miscellaneous 30. 00, �;:j Paramount.C6'ramic Supplies FlagHOUSe Incorporated Recreational Supplies .9.65 ai 22.29­� Pitney Bowes�' 'Recreational Supplies ' •63.30 Harri!s-Custo,m Trophies Office Equipment,Ren,t 22.50 AxE.-Schmi t�;, ! d Recreation S' upplies Iowa City Clean Towel Recreation s' upplies 17. 00''.p . Iowa City,Pettyaundry ty Cash Service 9.37 17*.05 �Hawkeye Lumber Miscellaneous Expenses 21. 1 60 •'Boydl Rummelha'rt Building Supplies Leon Lyvers Tree Surgery Building Repair 93.12 22. 00 Nemecek, I Tree Care Service 60.00 Iowa L umber Company New Mower; 817.61":1; Hach. Brothers, Tools Churchill .-Chemical Company Cleaning Supplies 26. 78:,� 109.5 1 0 University Camera & Sound 'University Cleaning Supplies 64,65 of Iowa Recreation Supplies 2335'' Frohwein Supply Work:Study Wages 89.03" Metal Crafters Office Supplies & Furniture 269.83 Virgil irgil Michel Building Supplies Iowa City Scho'ol District Feed Animal 16. 00: . . . . . . 70 7Ti::� Lind's Art Supplies Damage Claim 8.00 d�,Plant Pathol -1 1 Pathology; Short Course Office Supplies 29:5 I-, rub Welding Registration, , 2.00;:; Equipment Repair 157.55 PARKS G RECREATION Cont 'd Supplies X 21 95 21 95 'I Orchard Tree Animal Feed 79.75:,`r Pleasant Valley Recreation Supplies 38.50 Gringer Feed Publishing printing Supplies 454.77 182.44 Akldringe atfield DuplicatingElectric Utilities Cleaning Service 7.20 Iowa -Illinois Gas Fi publication 132.20 ' J Laundry Miscellaneous supplies 249,76 Daily Iowan Phone Service' Kens Northwestern Bell 609.78:''. UTIL�= Utilities 609.78 Iowa- Illinois Gas Fi Electric 51.00 DEBTS Coupons 330=00 Iowa State Bank Coupons Coupons 66.00 447:00''. First National Bank -: Central .State Bank i 9,197:55 TRUSTS FICA 5,199:75 ;! Iowa Employment:Security Commission JanuaryPayment Retirement 903.08 2 071e51 IpERS Fire Police,Retirement .� _ 17,371.89 ,= City Treasurer City, Treasurer 110.00-. ROAD_ USE _T Equipment:Rent 14.49 ' Barkers Incorp orated - Building Supplies 108.00 1)995 00 =, Hawkeye Lumber' EquipmentiRent New Equipment 59.65:.,:: Wolf Construction Co any Method EquipmentmP Concrete 5,789.04 588 80 New Iowa City Ready Mix Salt Ice Control Chemicals 230-39 .: Cargill CleaningService "18.83 'S McKesson Chemical Sand 7.20 ` D Fi J Laundry Pub 11c ation 18.32,;; River Products Miscellaneous Supplies, "'43.56 Daily Iowan phone Service 8,983.28 Kens NorthwesternBell: 15.50 PARKIN. Building Supplies 132.28 Sales Tax 156.42 Hawkeye Lumber FICA 93.61 Iowa'State Treasurer mmission Security Co January Payment 190.44 `. Iowa 'Eioployment printing Service 6.76 WERs Advertising Tools Service 37.52 632.53 nkers phone Kens Northwestern Bell SEWER Water B Sewer,Service 5 37:' University'of Iowa Refund', Laundry Service 4.92'. 460.63`,`-: John Constantine owa City :Cl ean Towel Fuel 011 . Supplies 4.20 i '�Onsumers CO-OP Miscellaneous; Building Supplies 7.51'; 614.57' Hawkeye Lumber Boyd g Rummelhart FICA 333.92 i. Iowa Employment Security Commission January Payment 48,50 Building Repair 9.00 u IPERS PPG Industries Lab'Equipment 24:93 ' Fisher Scientific Company Refund1,396.44 Pollution Control Plant Impro. .; 447.18 .. Frank, Eicher Schupp ert,$ Koudelka Utilities 139.40 ic lowa-Illinois Gas '$ Electric Cleaning Service 23;127 14.38 D'& J Laundry Products Rock Miscellaneous Supplies 131713 River Phone Service 3,6 Kens Northwestern Bell WATERS Vehicle Repair 12.80 ' 72.86 " Solid State Sonics - Lab=Supplies 2,845:06 _; ,' Corporation Chemicals 1L 07 Needs Allied Chemical,Corporation Refund Laundry Service 39:98 416'' :00 John Constantine City Clean Towel Technical Service 1 90j.63 ` Iowa University of Iowa Sales Tax 979:14 Iowa State Treasurer Security Commission FICA January Payment 562.81 6,233 76 :IowalEmployment Meters $Repair Parts 93 20 t IPERS Neptune ,Meter Company Concrete, Supplies 373.45 11.68 Ready Mix Iowa City Y Maintenance lies Dfiscellaneous Supp 9.00'.: Clow Corporation Freight Charges' S. 24 Iowa:Bearing Truck Transport Reimbursement 51 36 George Knottnerus Refund lies Supp 291.08 ; 35.02 FrankEicherMaintenance ui ment Utility EQ P Maintenance Supplies 8.25 Stevens Sand 8 Gravel Clothing' 679 20 !' ` Lynn Exline _ Chemical Chemicals Equipment Maintenance 35-10 420 15 McKesson Burrough Corporation Chemicals Supplies 92.40 1,630.64 ' Linwood Stone -Electrical Chemicals Chemicals 1,093 92 . Eagle signal Hawkins Chemical Utilities 239 ZO ' Electric Iowa-lllinois',Gas $ Cleaning Service 45.65 D $ J Laundry, Sand & Rock Miscellaneous Supplies 1.90 206.50 River Products phone Service" 18,2 Kenn NorthwesternBell VL 4u1l�L. IIJJGJ.iMiin jJ •' � 1 •` ', Pleasant Valley Orchard,Building Supplies 245.00 ; 245:00 '! NSTRUCTION Hawkeyc Lumber Soil Testing Service Building Supplies 58,77 R.;'Jeter, L. Shay, M. Selzer Engineering Service 61.60 ' Shay Electric First Avenue Right of Way 58,880.00 o Construction Water Plant Improvements 200,430:00 Howard ward Green Company H Water Plant Improvements 22;062:51 River Products Engineering Service 1,839:41 '' Sand 211.34 ..; 283;543:63 �` PAYROLL Hawkeye State Bank PaY roll 2 32.00 ' Hawkeye, State Bank Hawkeye,'State Bank Payroll . 53,062.43 Hawkeye. State Bank Payroll 100,000.00 -' Hawkeye State Bank Payroll Payroll 739:70 122,615.21 276,649.34 s REVOLVING FUND Buckwalter,Motors Randy Allen Vehicle Repair Parts g, 86 Ruth Walsh` Refund 17.92, A1l`Wheel Drive Refund 17. X92 Oakite Products . Vehicle Repair Parts 253:17 L.L. Pel ling Cleaning Supplies 87.70.`' Iowa City. Clean Towel Ground Improvements 1 863.76 1.Sice Consumers Co-op Laundryery 22: Q ,,7, Pioneer Incorporated Fuel'bil Office Supplies 337.W':: 192.11° Hawkeye Lumber Michael Tood 6 Company Building Supplies .' 15.29 Power Equipment Vehicle, Repair Parts- 373.19 Hartwig Motors Equipment Maintenance 25:00 Iowa Employment Security Commission Vehicle Repair Parts FICA 12 0. 71 I t PERS January Payment 741.03'. 381.23 '- Lyle Seydel New 'Method Equipment Company Travel Expense 25.00 ,i ' Churchill.Chemical Company Vehicle Repair Parts' 709.54`, :': - Iowa Glass Depot Industrical'Su lies' PP 17.25x.; 'i Iowa City Ready: Mix Vehicle Repair 2.25' ;i PPG ',Industries Concrete 46.60 Frohwein Supply Vehicle Repair P0,78, Davenport Spring Office. Supplies 114.461 Billie Hauber Vehicle Repair Parts 351.20' Jim's Service Travel -Expense 110.00'%` _ Conoco Vehicle Repair 70 25' sr Dare! Forman Oil 68.42' Franklin Johnson Travel Expense 80.00!,x,' ' ,Lay Honohan Travel Expense Attorney's Fees 600.00'.!; 110.50!:} r REVOLVING FUND Cont'd 353 Oil .' Vehicle Repairs 79090 '! Sun Oil Equipment Maintenance 76.33';: Strub Welding Equipment' Repairs i68.48.': '' Burroughs Corp oration Minor'Equipment arew Company Vehicle Repaiu,plies 69.70`; I ynde-Ordway Duplicating Supplies 48,50.' Midwest Cycle Miscellaneous•Supplies 455.54`,,;. General Binding $ supply Equipment Rental 693.90; Iowa Book Utilities 118.601.,; Xerox; Corporation Electric Iowa-Illinois Gas & Cleaning Service Supplies 156.95 85.00 - Laundry Office • r Rental e 'a chin Y M S77.7,1.;; IBM :Crane. Wrecker 6 Duplicating Supplies '2,739.62,.: Midwest Addressograph Tire'Repairs Publication 7.20''. 2,266.51:; Goodyear Service Stores Tools 82.78 Daily Iowan Miscellaneous Supp lies 1 368.42,`' Globe Machinery Vehicle Repair Parts 263.07 -:Kens GMC Truck CBell ach Phone Service Travel Expenses 5000 16, Northwestern Dennis, Kraft ESCROW1 �— Printing Service 565:,0'; Economy Advertising Technical` Service Reimbursement 180:45 873.96': Northwestern'Bell Planning postage JohnsonCounty'Regional ,r URBAN RENEWAL_ Paint Sign 135 00 .; 171, 49 Media Association of Iowa Relocation Payment 48.'0Q-1 366.00, 366.00.' Brown's Cleaners 'Tr Rent Assistance` 152.50 Matt Wanning Relocation Payment 7 3. 00ti Susan`Parris Reimbursment 237 81', Nancy .McDonnell Leased Housing BuildingRepairs 4-Relocation Payment 785-00 2,291 52,'• Bill's Plumbing & Heating Rent Professional Services 90.00 17ancy;;Allen 8 Martinsons Appraisals 2,500.00' Peters Bailey' Relocation Payment 235.00,: Norman Relocation Payment 30 00=. Ewers+Footwear Cheryl Kilby Service Professional Service 948.12.1 47 50', Cannon is.Hauling Professional Service 305 00I. Hayek 8 Hayek 6 Martinsons Relocation Expense 366.WO' Peters Relocation Expense 18.96'' Katie Lutz: Miscellaneous Expenses 160.24', Susan Parris Building 'Repair 532.40 Petty Cash, Mulford Plumbing Sewer :Water Connections Relocation Payment 225 00': 781.25 James Anderson Jm Rent Assistance aoline:B,ruder Varoline Bruder ;_ . uary 19, 1973' t� uary 19, 1973' in, s I /dT POLICIES The basic policy under which the Parks and Recreation':Department operates is that user charges for certain functions are both, an integral and desirable part of the financial, program. In addition to the 'basic policy there are a number of other policies,which are necessary in order to cover all of the aspects of this operation. These policies cover all ',user charges levied by the department and apply torevery;individual and group irregardless of income level. 1. All facilities are constructed and developed at City expense without user charges -to defray the expense.' 2. User charges are to be levied only to help defray operational expenses. 3. Fees, should not be collected (regardless of the other 12 assumptions) where the cost of collection in 'relation to the amount collected make it economically and/or administratively unfeasible. 4. Certain high operational cost facilities should be subject to user charges. 5. Facilities and activities) to and in which the; general public can be admitted< or"engages without the monopolization of the said facility or activity, should, be provided free`of charge. - 6 Both youths. and adults,should pay. for specialized instruction2 and materials3 " r within,any program. Consunmable'materials 'are generally paid for by the partici pant. 7. Youths4-and senior citizens should pay for nothing except as indicated in numbers four:and six. 8. Adults should pay for, at, least part of the cost'of all programs5 in which they I.,. participate. 9. Trips or;'entertainment7 which, require extraordinary expense should be paid for by ,. the ;participant 10. An appropriate charge should be made to.groups°and/or individuals who have temporary exclusive use of.faci1ities And 'equipment excepting department organized programs, other recreation affiliated'groups, local school systems, .local governmental' units,,or..local non-profit organizations as described.in city council resolution numberd72-229. 11. Non-residents are subject to additional user charges because they do not pay. '< aYare residing. ... tY,,,tax to'the CitY of Iowa Cit Yon perty upon which _._ proper . ._ _ ._..: 12. Unforeseen circumstances and nein activities and facilities added to the system, as well. as alterations in present operational procedures, may be added and classified under the appropriate policy, at the discretion of<the Director of, Parks and Recreation. The Director shall further have the responsibility of, determining r. whether or nota fee shall -be evied fora new 'activity or program on a two year trial basis irregardless of policy in order to'assess 'the feasibility of said ,, activity or program. hrs Abbie Stolfus February 29, 1873. Clerk of Iowa City, 403 E. Washington St. Dear Nn^s Stolfus: Unfortunately we were not in Iowa City the first tiu:e the sewer project for William White Blvd. was, discussed at the Civic Center. We did find out fro", our neighbors aF,roxiu.ately'what our assessment would be. This can:e;as a shock. This -parcel of ground, an old railroad right-ol-way,.was `a problem when it was abandoned by the railroad. It apr,ears it still is a Lroblem. It was supposed to have been'a street at one time out this idea was dropped`. The Gas & Light peotle were granted an easement for theregasservice. During all :of this the neighbors kept it attractive and the young children used it as a play area free from the traffic. The word benefit in your notice does not apply in'our case. It would not increase the sale value of our Froperty at all. We can not attend the 4:00 O'clock ":meting scheduled for February o, but the undersigned are using this cethod to register a RO VOTE for any assessment against our Iroperty for the William White Blvd. sewer project. &espectfully, Vernal � 0 . Simon 15Cb College.Street._ Clara A. Shin.on 15CE E. College Street �r mss, D TO THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA The undersigned property owner whose property is abut- W ting and adjacent to William hite Boulevard in Iowa City, Iowa, hereby in h e City objects to the plat and schedule now on f totheassessmen Clerk of the ts therein City of Iowa against its property Iowa,erty located at Washington, proposed to be made againsplat thereof, Iowa City, Johnson County, Iowa, according to the recorded project on of for the cost of illiam Wructiohite ouleaard Storm1Seweraprojjectstorm SeAsrgrounds for known a ar property owner is informed and be- objection thereon the undersignedwith re- lieves and have of this Council in regard to said 'project; - lieves that there. are and have been errors and irregularities; spect to the prior proceedings with respect to the form, the method and the manner o; withvariationsgof e in connection with the hearings held c regard thereto; with respect to the plats and schedules and proposed variations in both the scope and specifications and materials used in completion of said project; prepared in connection with said project; with respect to the method and the costs cif-said'improvements; with respect to the manner of spreading project; from the proposed assessments; method ,and manner of the computation of the total costs of the p i with respect to inequalities resulting with respeon ct to the fact that the proposed as smentoflthe°underrsigned; to the special benefits conferred upon said property with respect to the fact that the proposed assessment exceeds twenty- to property five percent of the actual value'of the property of the undersigned subject e such assessment; and with respect to the amount of the pro- posed assessment against the property of the undersigned provisas a ions of the of the total cost of the project, all being contrary to the p 1971 Code of Iowa. RICHARD W BURGER and - SHIRLEY H BURGER, Husband and Vdife BY& M lien "Shulman,-Phe an, Tuc�V�y Bremer Building 52240 Iowa City; Iowa Attorneys for Property Owners FFEB 619_.3 ABBIE STOLFUS CITY CLERK Department of'Public.Works Division Engin Div- I' OFFI C E M E MOR A N DIU M Date: January 29 `1973 Ray S.. Wells,:City- Manager : To. N. Gorge R•BonnettActing'DeputyiDirector of Public Works :! From: Subject: Memorandum from City Manager to Director of Public Works rn;na r StreetLighting on 0 ive:Street > A review of the street light spacing; on Olive Street ,existing between Myrtle Avenue and the Rock Island tracks reveals that thestreet lights `are, 'spaced'approximately 450 feet 'apart. Gi The current %street lighting policy in,residential areas is to mount 7,000 lumen mercury'vapor.lightsat every intersection Wand if'the block is in-excess of 600 feet an-additional_ light 7. will 'be placed at ;the.mid=block +location. As, the ;street -light spacing. at the subject location is within the, 600 foot maximum, a change istnot recommended: : Y' I I. l I i f 1 I I II: WirwR I MWLn I w16.%4WWRcar PNWMMUrL DATE February 5,`1973 Suu[cT ' Publications in Press -Citizen To Jay Honohan -Dn•r Foots Abbie Dp•7 The Press -Citizen called and informed me that they hadmislaid 4 publications'that had been mailed in, just -found -them today, which should, have been published on Feb. 2nd,and'3rd. ,They will have to be re -set by the Council. 1. Set public hearing on rezoning of Courtcrest property on Muscatine Avenue requested by jam es`Fisher, -on February 27th at'4PM. 2. Set public hearing on disposal of a portion of -Burlington' Street' to the University of Iowa', on February 27,_1973 at 4PP1. 3. Set,public.hearing on the amendment to the Zoning Ordinance c 'concerning bulk storage of inflamable liquids, on"Feb. '2V, 1973 at 4PM. :e 4.SeC public hearing on rezoning of `Capital Propane Gas, property "rs' in BDI•Industrial-Park from ML to, M2 Zone, Feb. 20, 1973 'at 4PM. I L i 1 %F fry. I I pis MICRO `'�FIFI LM 0 6A AT. START AND END, ., ,, t; IfS: .-DEPARWKWALCORRESPO. CE': pATr iFebruary,5, 1973(• c=T Publications`in Press -Citizen -_ 'Tay Honohan` a►'T -Abbie e DcWT Qy he Press"°�1CiG' 'called and informed me that they f ad tiislaid ,i+c ca ions t had been mailed in, just found hem today, ha�eyFb„een published on Feb.f2nd and arc. They will f I]t by ` he Council.' << n,,rezoning`of Cou_rtcrest priperty on 'Muscatine '4PM. y James Fisher,,on February,27ch atoi _. on4`disposal of a portion of It ir] Lngton Street n f Iowa, _February 27,'1973 it +PM. `r n tfie 'amendment to, the ionic s, (. rdinance U ge,of inflamable'liquids, c ]e6. 27,:1973 Fer Go: � ing'of Capital Propare las', Co. property lb X Ml:to M2 Zone, Feb. 20; 1973 at 4PM. x {h t . n Iti 3 ' J� i l L ot�Size tameM ti lowa: R-1`4 �.. ._ se ame i j Appraiser: A: Waters =BIIAR:Co. Date of Appraisal 1 3-73 11-7-72Ij ,. ,. ' d Total Value $ 20.300.00 $ 26.500.00 Land $3. 00:PSF20,250r00 $"4 -00 PSF.$ 27,000.00 1•, Improvements. 0 $ 50:00 Neg. $ 500..00 Total R. E. .Appraisal .; $20,300.00 $ 26,500 00 ti LeaseholdInterest $ $ Fixtures :i t. 3, $ ~ .i , z �I Total Lea sed F ee. 20 $ , 300:0 0 2 ; '$ 6,500.00 Total Leasehold Interest r$ $ �..777 INCOME i Actual Rent ` Estimated -Rent Expenses $ $. > Net'Income $ $ AP Cap: Rate Value Today $ N/A $ N/A MARKET DATA; A B Comps. -1. #55 ' @10.47PSF 1. #41=BSQQ�X >i 2. #61 @12.40PSF 2. #49-B $13,40DXSIX d: 3. #63 @ 6. 62PSF g, @ = PSP House- $ 9,500.00 Excess Land- 10;800.00 Average, $13,450.00 ` Value $20,300.00 $13,450 !' RovieL J Qj Date X30-73 N Parce 93-7 312 South.Madison February 1,:1973 To: File", From ;,;,Real Est ate. Coordinator Subject: Appraisal review setting Fair Market Value ` The two appraisals .are 30% apart and since both appraisals are, " mathematically and.proceedurally acceptable it becomes".neces- sary;to second guess both'appraiser.s. Appraiser A''sets the land Value at $3:00 persquare foot using; hree'comparable sales that were made 'in 1968, 1969 and " 1969 and based on these' comparables his estimate of $3.00 is not unreasonable, however, I;feel that due to the passage o£ time h' y t should`also.be noted is estimate ma be'`a little low.. I ( that the adjacent property,:to nosh, which was purchased I in •1966 and is now „a part'of."th:e Phillips 66'stat ion property,;, +Y was purchased at 7:'36 per ;square_foot.'"This.could""justify a "s -high price' for the subject property. Appraiser B used three comparables purchased in 1964", 1966 and ` 11969 and made pert,entage,adjustments.upward',for differences in location, time, depth, corner influence and topography. i One of these comparables was the"Phillips' 66 station property mentioned.,above.,'The comparable purchased in 1964, he states, is locateditcissacrossstheet' from the subject property.' In a street and one block north"and'is" now .owned the University and:is more valuable than, subject "by 'property. ;Since he made ';a 30$'upward adjustment on'this''subject '- property, I''suspect he hasappraised, it too high. It should be'noted `that we purchased, parcel 93-20 on January 25, 1973,=and parcel?93-21son August 31, 1972.. -These parcels are-- in .the same block as the subject property ;and are, contiguous „ to it across the alley• IBotI appraisers appraised parcels F at $2.50 per square foot: In essence, 'one appraiser is probably too high and the other c;3 '�robabl too low. Since 'these ,a sisals'are based oniopinion" "rather'than'`fact,;both appraisers'making 'adj'ustments'with, their, comparables, ,I am going to recommend an arbitrary Fair Market Value of . ..$23;400.00''on this property. Rod R. Parsons Real Estate Coordinator '1 Vii. 1 r + r 1 1 . , I^ Sl f + I I ' APPRAISALL REVIEW SUMMARY r I ion i 'Property Identificat•• L; 312,�S6uth,: adison Street ` f' Major t tenant:„Residential Owner - Etta M. Stimmel ` I int.' Appraisals � $ 00.00 ) Used in staff •' A, 20 3 re,com y ;.. _ B. .' $' 26'. 500:00 )' ” mendation'of' FMV, a ?I C r S ' 15 50 0. 0 0 `I i Limits of Offer '` Minimum Price $ '23 400:00 • Maximum Price $, snn.nn Recommendation ( 2-1-73 ) Staff recommends fair market value of n $ .23 400''00 y"k �1 °,.Owner.' Nowa xcly Lot :Size: amen. z . _. Use: same X i r INCOME Appraiser. A B • Date of Appraisal 3-9-71 — Total Value '! $ ` 15,000.00 ..' ,$ ' '18,900:00 Estimated Rent$'3,120.00 $3:00 PSF $ 6,000.$Land 4.`00 00' $.3;360:00 improvements $ 9,000.00 .� 10;900:00 '. $ 1,688.00 Total R E. Appraisal $ 15,000.00:,;, $ 18,900 00;, Leasehold Interest $ $ s $ �$ { $ 1,885.00 ;jlf Cap. Rate 9 10� : ur' s 1. Fixt e $ 2i Value Today, $15,900.00 $18,850.00 $ 18,900'.-w $ INCOME Actual Rent — $ Estimated Rent$'3,120.00 $.3;360:00 Expenses $ 1,688.00 $ 1,475.00 .. Net Income $ 1,432.00 $ 1,885.00 ;jlf Cap. Rate 9 10� Value Today, $15,900.00 $18,850.00 �s MARKET DATA A g Comps.' 1.,k50 @4.06 PSF 1. #40 @ 5.5 PSF 2. H56 @4.79 PSF 2. #42 @ 5.39 PSF 14 3. #60 @ 3.71PSF 3. #46-A @ 6.30PSFr • $PSF 4.79 5.75 Less Value 19,300.00 Value 1 n ur ishin = 700:00 Roviewe r�rt+�^!/(,�/f�,�-D'i8e' 600.00 , _ i . ' �'. ; "93 '"_! r , I •=••Block`:: Parcel I I r yt APPRAISAL REVIEW SUMMARY ; �' 'I 1•.1i� -YD Property • Identification "Y1 ` 1, r 326 South Madison Street ,{ Major tenant:';! Residential!` Owner. `Nathan B. f,>Clara B: Whiting Appraisals I I • �= _I A, $ 15,000.00 ) Used in staff recom' -, B. $ men dation of!.FMV 18.900.00 ) x r C. $ 9.500.00 Limits of:'Offer, Minimum Price $ 16:950.00' r_. Maximum Price $ 181.900nn k` ,•. Recommendation (1-31-73 r:I Staff recommends fair market value of $ 18.900.00 J% i '. .. ..." ... ,. '... I.F. I, I• Owner Nat ai�1 n B Whit'in¢� '- Iowa R=14 Lot; Size: ; SameX _i — use ame: X Ifi�—'', ' Appraiser: A Waters B IAR Ca: • Date of Appraisal-. 3-9-71 11-27-72 Total Value' $ x.000.00 f :11,T0000 Land $3.00'PSF $ 6;000.00.; $4.00 PSF.$"8;000 00,-;'_. Improve ments $ 3,000.00 $ 3,100.00 Total R.E. Appraisal.. $ 9,000.00•: $11,160.00 Leasehold.Interest' $ $ 777777 $ -$ r Fixtures . Total Leased Fee $,9,000.00 '.` ' <. Total'' Lease Hold Interest• INCOME. Actual Rent $ $ Estimated Rent $ 90.00 $ Expenses NetIncome Cap. j Rate x 100;`% cf a >I �p Value Today J 9!, 00L': 00 - — $ MARKET Dti�h"` ' A _ B Comps. 1.: #62 @ 9.84 PSF 1.41-B-10�- --"T6-820 RRR 2. #63 @6:62 PSF 2.49-B - 60% $6540 XXR 3. #65 @10.49PSF 3.32-C - 30% $3750 RXR • : $PSF 13.00 Value $8,600.00 $11,100.00 Roviewe CLJ(kpN-Date 2.1 _7"'j Lot Size: ame_X •, i Iowa; se.Same X' D1 Appraiser: A Waters" B, IAR Co. Date. of Appraisal 3-8-71 11-24-72 Total Value $ 20,500.00 1A 27,500.00 Land'. $3.00 PSF $21,000.00 $4.00 PSF $28,'000.00 improvements" $ (500,00) $ (500.00) 'i Total R.EJ Appraisal $20,500.00 $27,1500.00 , Leasehold.Interest $ $ $ $ s: $ a j1 Fixtures 2 $iq Total Leased Fee '" $20,500.00 $.27;500.00"I Total Leasehold interest $ $ INCOME Actual Rent --� $ Estimated'IRent $' $ a Expenses- $ $ Set Income $ $' E ,�. Cap. Rate b . � Value Today, $ ,r. '.I MARKET DATA A B B - — Comps. 1. N16 ,. @:2.67 PSF 1. #10 @7:'36 PSF 2.' #19 @ 2.79 PSF 2. #29 @2,179 _PSF 3.. #21 @ 2.01 PSF 3. k10 -A @PSF 3.32 $PSF 3.00 4.00 -Value $21,000.00 i' $28,000.00 Revi— ew( I rr( " �GcLrrn,. Date 2-2-73 i -7 P Ai c e 74— APPRAISAL REVIEW SUMMARY Property Identification 2o:�West ,.Court MajorResidential �,tenan,t:, Owner: Grace V.K..Hard, en Appraisals. :,Used, in staff ;recom-, A-x',20,500.00 :' ff. B. $ ..... 17.500-00 mendation of FMV C.$ 17.000.00 Limits of Offer ' Price $ 24 000.40 Minimum Price $ 12� 7 50 -Maximum Recommendati6fi 2=2-73 d fair market va lue .,Of Staff recommends $ 24,000.00 WO departure"nt of • ',.". ,,. urban renewaZ - r MEMORANDUM. date: February 1, 1973 to: Ray, S. Wells, City Manager ger Fair Market Value of Parcel 8476 ` As instructed by..the City'Counci , I have attempted to straighten . out ;the .'appraisal `on' the::>subject parcel. The' situation -i's one in which the 'cost 'of a major improvement (the compiete'rebuilding of..the'east,wall of, the. building) was .deducted from the appriased £ °:ualue sof, the. %:property. r .. In rthe., appraisal, done by :Iowa Appraisal Research Corporation, the "appraiser concluded his, report with a "Special"note to theLPA.,' A:copy 'iof that;note ,,is .attached hereto. ;, It was the :feeling; of the', appraiser that,he„was not qualified to give even .a, ball park figure for the''extensive repairs'necessary. Ile,. did; however, : as; is proper, ;:.point'. out that we ,;should get a professional to give us an'estimate,an3 deduct the amount of >; the repairs from the. value of the lessors interest`. °=Also attached to this memorandum is,.a copy,of the letter:from Mr. Larry Waters which is rather self- exp lanatory.= Mr. Waters'` letter does bring .up the ;point,of whose responsibility (the City's or bins. Dykes') it is to'`repair the :wall. We maintain that it is Mrs. Dykes' responsibility and therefore feel,justi- fled in ,deducting ,the amount of the repairs ;from the total value of the; property: r' Without going into a lengthy dissertation on appraisal theory, we -maintain that the procedures used by the Department,o,f.Urban . Renewal were, proper.We, do not attempt to 'lsecond`guess" the , appraisers, but,it'is ourdecision and ultimately, the Council's. " and not the appraisers ;to determine 'what constitutes the fair ! market value'. What the :appraisers' final estimate of value constitutes. is a price which, under normal circumstances :m _ be the selling price for 'a particular piece:of property.'; It is our responsibility to determine what the 'actual offering Price will be. It is our recommendation at 'this point that the Council authorize us to seek HUD concurrence in the price for- " • merly recommended.' JBK:pw Attachments' DIVISION OP LEASE INTERCSTS AS OF JULY -1, 1972 - Lessor -.Alice Dykes $211,000. 3 Lessee - Henry' s' Leasing Corp. 23,000. Lessee -'Glenn '&' Cele -'Rob erts Sublessee - Stasi, Inc. -0- Total _ :$243,000. %i Special Note to the LPA ei The'remodeling in :the restaurant was made by Alice Dykes and leased to llenry's,Leasing Corpora This ;real estate appraisal estimated the -y market value;of.the'proper,ty, at, economic rent which included any ,con tr,ibution value made: by'the°.remodeling. Therefore; when',you correlate this'appraisal with he immovableJ, ixtures',appraisal, you=should deduct '' from the immovable fixture appraisal all items that were included in the''originai remodeling; cost. I'was advised by Mr". John Stasi that the Divi ion oflCoverage made by Dixl`is not correct. iIf you -have"any;:fur- ther',questions on this,'please' contact the appraiser. The cast wall is structurally deficient and in need of immediate repair. The'extent'of repair,s''necessary is"not known at this time. Whent'a cos '. estimate is received; this: estimate should be deducted from the value of: the lessor's,;interest since -it is the responsibility of the lessor to'. maintain thebuilding. 1. M1 01\1,7A' APPRAISAL AND RESEARCH CR P 0 R T, . WIMP I am submitting this letter as an Upon your: request ..of, how 1: handl lexp anation lem with''%the ii� ed':th,e;prob Eastwall of the subject,,property Mrs. Dykes stated tome that :the repair of, this wall Was the responsibility or:thd City. Or Iowa City. T. cons ide're d thistohe rcasonablo.,'i, The: City h;,,id, been :the iparty involved in removal of the next door build� ng. . They had painted on the wall the words, "Park. and 0 per, hour""Two` hour limit"'evidence ..I .thought . of'owneTs ip. t : I have reinspected the property, as of January, 31 1973. ,in; thewall I have found some additional, deteriation,: ' over 't h'e past two years.; Misal , '.did�not consider�,th� expense of repairing y appra e the wall. if this 'expense is !to' bccharged - to the DYROS propertythe cost to repair the It"ll 1should be ilrJntjl'.eJ from, 110 11111) i-ali-,o vO 6c -T r -i I ri, k. t tho ivttillola I -o' Cho MY rnt! F r this' illiprovoilloilt sl ould o'giveii. th on coll.�.*Ldo 61i C) Sine ll LhTrY6. Waters • member of mu I t i p I e s t i n'g service AILS , A BILL :,TOR,, U AN ACT relating to"the financing of. '0o, industrial development projects, including pollution control facilities, by' cities and :,towns . BE;IT ENACTED BY THE.GENERAL ASSEMBLY OF_THE STATE OF IOWA: , o Section 1. Section four hundred nineteen point one (1119.1), subsection two (2), Code 1973, is amended to read as follows: 2."Project"!.means:;all or:any:t of`, or any -interest Dart , , (a) any land, buildings 'or improvements, whether`or not'in existence JI at the time of"issuance,'of the bonds issued under authority. of this:' chapter, which shall be suitable for the use of any private college, or ` university", whether for the establishment or maintenance of such ,. Y college Y,lle e or,universit , or of an industry'or industries for "the manufacturing;, processing,or'`assembling of any .agricultural or manufactured products,'even though such Processed Products; may ' require further treatment before delivery 'tothe''ultimate consumer,- `." or any commercial enterprise engaged in storing,;warehousing",!idistrib utin6 or :'selling products of!agriculture. .3 mining ,or industry or,(b) pollution`cont•rol facilities which >shall'`be suitable for use ' by any industry, commercial enterprise or 'utility. "Pollution z control facilities" means any land, buildings, structures, equip- �ment, pipes, pumps, dams, reservoirs, improvements, or other facilities' useful for the purpose of reducing, preventing, or eliminating Pollution of the water or air by reason of the operations of any industry, commercial enterprise or utility. "Improve", "improving" and "improvements" shall embrace any real property, personal property ' W. or mixed property oany and every kind that can be used or Ghat �:. will +be.useful in a private college'or university enterprise 'or an industrial enterprise or as pollution control facilities for any industry,"commercial enterprise or'utility including, without limiting the generality'of the foregoing, rights of way, roads, street's, sidings, foundations, tanks structures pipes, P. - . , Pipe lines, reservoirs, utilities, materials, equipment, fixtures; machinery, furniture, furnishings, improvements, instrumentalities' and other real, personal or mixed property of every, kind, whether - above or below ground: level77�. -- Sec. 2, 'S four hundred nineteen'point one (419 1),. G subsection'six (6), Code 1973; is!amended to read as follows: 4 r 6. ii_esseell includes (i) a single person, firm or corporation :`. or, (ii) any two or morelpersons, firms .or corporations 'which :shall', 7w...... LL.. �_. m_. ����� �•,= Nrojeci; ' aS tununbs-in-comon s -sae-entire-preLeeo'.or — otherwise, and eae§-e£ which shall.severally,: ,i undertake rental payments and 'other monetary obligations under the pease of the project sufficient;-teoethep-witn_obe 1i}eQ_H14�en a}�RoE ";' e^-the=e ker-eae>3-oesat�o-eeamep; in the aggregate to satisfy ,. the rental and other monetary obligations required by thischapter to be!, undertaken by, the lesseeof a project. `+ �r Sec. 3.' Section four hundred nineteen point one(1119.1), Code ,1973, is amended by adding the following new subsections: 7. "Lease"'includes'(i)'a lease containing an ont on to — - ;purchase the oroiect for a nominal'sum upon payment in ifull, or pro' I vision therefor,`of all bonds issued in connection with the project =; and all interest thereon and all other expenses'incurred in connection -2- _ •S frith'the pro,ieet,' and '(ii) a lease containing"an option to purchase the:nrniect at anv time'' as,nrnviddrl therein_ un'nn navmPnt of the purchase price which shall be sufficient to na.v all bonds issued in connection with the project and all interestthereon and all other expenses incurred in connection with Lhe`oro.ject, but which payment may be made in the form of 'one or more notes, debentures, bonds :or .other secured orrunsecured debt obligations of the 'lessee providing for "'timely • ', payments,sufficient for such ournoses' and delivered to the'municipalitY. A single lease may contain both of the' fore-, noir i ontions . " ., sale of c "Sale Contract "':means%,alp:< or more nro.iects to.one or one :or more installments.. If'. the sal lore t of the oro,iect to pass to the other contracting party or parties pralor to_nayment''in full of'"the-entire purchase price ! it shall' also provide for the 'other contracting party or parties to deliver to ,the municipality one or more notes, debentures, bonds,or other secured or unsecured:debt obligations of'such:contracting party or i parties for the balance of the purchase price at or prior to the passage of'such title.';; 9. "Loan Agreement" means an agreement providing for, a ` municipality to loan the proceeds': derived' from the issuance of bonds pursuanttothis chapter to one or more contracting; parties to be used to pay the 'cost of one or more projects and providing; for the repayment of such loan by: 'the other contracting nart.y or parties, and which may provide for such loans to be secured by one or more notes, I. debentures, bonds or other secured or unsecured debt obligations of the contracting partyorparties. II n' rtyn 10. ContlW° other ting party 'or- coactng oa means any-narty. to a sale contract or loan agreement except the municipality. - — i ll. "Revenues" of`a project or derived from a project, includes payments under a lease or.salecontract and repayments under a loan agreement. 12. "Bonds" of a municipality includes,.bonds, notes'or other securities. .I Sec. 4. Section four hundred nineteen point two (419.2),', Code 1973; is amended to read as follows:! ' i `In addition to any other`nowers which it may 'now have., in ! the event that local capital is not''available for the development , { of industrial projects, pollution.control projects, or'private jt coiiege or, university projects BBCii IItLL111 1p a, y -U-1111 1 a the followin g powers: , , 1. To acquire, whether by construction, purchase,'gift.or 7 lease, and to improve and equip, one or more projects. `!Such projects j shall be 'located withinthis state, may be located within or 'near the municipality, but shall not be located more than eight miles outside the corporate 'limits of themunicipality.•, provided that ancillar Y 'r� improvements necessar a y or useful in connection with the main project -� maybe located more than eight miles outside the: corporate limits j of the municipality. ` 2. To lease to others or more projects ,.or such rentals andtpon such terms and conditions as the- hegoverning governingbody may deem advisable buo-=n=�e-ease-shall-bhe-rea;ass 2 }i2 ai183�c.U8 _ P.Ao8�-886v=r2-8?7 B=Ht?•@3'-i=aeilitiie8-irs'v!i=P.-�i}?e-eeTu.p L.'+;'v 4B-e9!?F,iEr0 -a -area- in accordance with the provisions of this chapter. -4_ or, more ProM is for such,�nay other —�- the overning body may tconditions as ments' and upon •s ich terms and the—pLth no.v-isions_ of—this_chai ter. _ ` deem -advisable in-accordance—w., agreements with others with. respect 1}. To enter into loan payments and upon such terms and to one or more projects for such by ma.'.deem advisable in accordance od conditions 'as the'rovernin� with the provisions of this cha_ P_ t� : bonds for the purpose of defraying To issue revenue 3- 5• . any project and to the. cos of esti===no;-iFi9''e''=ng-2xi�es-Be-�� provided in this chapter.ir secure payment of such bonds as,. for roads, streets, water mains To,_grant easements telephone lines, all pipelines,. and and pipes, sewers', poorer •lines r, to all utilities. hundred nineteen point three;.(1119.3), Sec. 5.` Section four 1973, is amended to read as follows: ' subsection°one (`1), Code by amu,icipality, under the authority All bonds issued limited obligations of the municipality. The ofr this chanter- shall be su ch bonds sha7.1 be 'payable solely out of principal of andlinterest on the project to be financed he revenues derived from oke=iea5in=-e- the Provisions of this chapter, or debt by the bonds so issued under contracting party obtained from or in 4 obligations of the lessee or a project'. Bonds and interest , conriettion.with the financing"of O this chapter shall never crnstitute coupons issued under authority within the meaning of any state an, indebtedness of the municipality; tutory limitation, and shall not sta' constitutional provision or liability of the munici- constitute nor give rise to a pecuniary its general credit or taxing powers. pality or a charge against be ly stated on the face of each such Such limitation shall plain bond. Sec.,6. Section four hundred nineteen point three, (419.3), _ subsection four (-1(-),-Code 1973,—is-amended tv read -as "follovis: 4. Any bonds, issued under the author ity of this chapter, maybe sold at'public sale in such manner,'at such price and at', such time or, times as may be determined by the governing body to be most advantageous. The municipality may pay all expenses, premiums and commissions which the governing body may,deem, necessary or advantageous in connection with the authorization, sale and issuance thereof. i Sec. 7. Section four hundred nineteen point four (419:4), subsection one (1),•code 1973, ip amended.to read as.folloiis: .: 1. The principal of and interest on any bonds; issued und'er,authority.of this chapter, shall b'e secured by 'a pledge of.; the revenues out of which such bonds shall be made payable.,,:.They may, be secured by a mortgage covering all or:any part of the . project from which the revenues so pledged may be derived or byo " afpledge of the lease; sale contract or loan"agreement vrith resoect to e8 such project or by a oledge.of one or more notes, debentures, bonds'or'other 'secured or unsecured debt obligations "of the' lessee .or contracting oa"rty. Sec. 8. Section four hundred nineteen point four (419.4), subsection two (2) Code 1973, is amended to read as foliovis: . !cr 2. The proceedings under which the bonds are authorized to be issued under the provisions of this chapter, and any mortgage given to secure the same, may contain any agreements and provisions customarily contained in instruments securing'' bonds, including, but riot .limited to: -6- .... .. Provisions respecting cusiody�ofrthe proccedsfiom the-sa-le, -of,it-hei-bonds- ding­thei-r-i . rive-stmerrt-al wdreinvestment l . I until used to:defray.the cost,, of the"project. b.i Provisions respecting the fixing and collection J0. of ,rents,: or payments, with respect -to _ :C . an 9_= i ly projectrcovered by PI such procieedingisor mort ag e g c.i:,"The terms to o e incorporated in the lease sale contract or loan agreement with �respect to ef such c pro ec The maintenance and 'insurance of such .project; tion main" e. The,Lcrea tenance cust 'dy, JnvjE�stment V_4 17 ��I q and reinvestment, and use of. s z)ecial funds .,fribmwithle:revenues'of such roject, and f The 'rights.and remedies lavailableiin caseof';, , defa the bond holders or to any trustee to, under ll,the ,lease' e, contract,!.[, loan agreementor' moit gage,l A municipality . I shall have the power to Provide, that proceeds from the sale of bonds and spe'cial funds from the revenues of the, project shall be invested and reinvested in such securities and 6th'er'investments as shall b6'provided in the proceedings under which the!bo.nds,are authorized to be issued i 'ncludiniii obligations issuedor guaranteed by the United' States; (2) obligations issued or 'guaranteed by'any person controlled or supervised by and acting as an instrumentality of the United States pursuantto, authority, granted by the congress 7 of the United States- -7- (3) obligations'''issued'or guaranteed by any state' I, --. amu.. a�iv�w v V u V V , va i V LL.+ ✓i V Yi il. li. V 1 V V1411t414' Vl Ully 11V11 Y11U1 :: ' e,.-(I[: I S ubdivision of 'any such state or District; >° (4) prime commercial paper; (5) prime finance company paper; i (6) banker's acceptances drawn on and accepted by banks organized; under; the"laws of any state of `the United States;' " (7) repurchase, agreements fully secured by obligations. I issued or guaranteed by the United States or by any;person' controlled or supervised byjand acting as an instrumentality of, he '.United States -pursuant to authority granted by"the congress of!the United States; and (8) `certificates'of deposit issued;by,banks organized.;) " under" the laws of any ;'state;or, of, .the United States; ,whether. or not such investment or reinvestmentis autborized'under'any other law of this state. The munici alioshall also have the provide p ,� power, to that such proceeds or funds or"investments.and the amountseos payable under the lease; sale contract or loan agreement 'shall be received.1held and disbursed by one or more banks or trust: r� companies located in or out of the state. of Iowa. A municipality, ^' ,. shall also have thepowerto provide that the project and improvements shall be constructed by the municipality., lessee., e er'the lessee's designee; the contracting party, or the contracting party's designee, or any one or -more of them on"real estate owned by, the municipality.' the lessee, 9= the lessee's designee, 'the 1 "cting contra party, or".the contracting party's designee as the case maybe, that, the bond proceeds shall be disbursed by.a he :trustee,bank.or banks, trust company or trust companies ,.during construction upon the estimate, order or certificate of the lessees ep the" 'lessee Is designee the contracting, part or the contracting paity�s designee. 3-and-akad-tike_ p - r rejeet;-ir _ aad=to-tie pjek5exit-eepst tieder-ex seal-as"ate-ped-urged-by--eke-manse#pal#ay .' shall-be-eepveyed-be=dke-qui}e} alit p y-pet-lake-bkap-$ts=ee pledtep� In making such agreements or provisions,a>municipality shall not have;:the power to'obligate itself, except fritts respect " to the project and the application of the revenues therefrom, z. " and shall not have the pore' to incur;a pecuniary liability or, .a.chargeupon its general credit or against its taxing pourers. Sec..9.' Section four hundred nineteen point four (41g., subsection three (3), Code 1973, is amended -to ;s: 3.' The proceedings authorizing any bonds under the provisions of :this chapter, or any mortgage securing such bonds, may provide that if there is a default in the payment of the princival of or; the interest on such bonds 'or in the.performance of'any agreement contained in such proceedingsor mortgage, the ' payment and performance may be enforced by mandamus or by the „k appointment of a receiver in equity with pourer to charge and collect rents and encs and to PAYm apply the revenues -from the project in accordance with such proceedings or the provisions of such mortgage. " Sec. 10. Scction four hundred nineteen point five (419.5)3 Codc 1973, is ;amended to read as follows- -9- proper insurance with respect thereto, the estimatedlcost. oz r maintaining the ro ect in " pod repair and kee in it b p J g p. P. g' Properly insured.4 ' 2. The 'determination' and'finds of the governing body, required.to be made by subsection one of this ;section, shall be r set forth in the proceedings under vhich the"proposed bonds are to be issued; provided, h8wever, thatthe foregoing amounts need -. not be expressed in dollars and cents in the lease, sale contract 'a on loan reement or in the as 8 proceedings under which the bonds G` r are authorized rto be :issued; but may be set forth in the. ,form of ' a`formula or 'formulas. Prior to the issuance of the bonds. " authorized by this chapter the .municipality 'shall enter into a lease,'sale-contract or ,loan agreement with respect to 'lease the project which shall require the lessee or 'contracting party to complete ae-a-lessee-t�ac�e�-ap-agreea�et�t-eexdleler�ed-xpe -10- eemaletiei3-e£�the project and which shall provide providing for payment to the municipality..of.such rentals or payments as, noon the`basis'of "such determiriations and findings, ;will be, sufficient to pay the principal of and interest on the bonds issued to finance the project; to build up and maintain"any reservesdeemed advisable by the governing body, in''connection therewith and unless the agreemeyr-er lease, sale contract or loan. agreement obligates the lessee or. contracting party to pay. i' the maintenane and insurance on the project, to.`pay the for c costs Of`maintaining the project in good„repair and keeping it properly: insured. 'nineteen r•; "hundred Sec. 11. Section four point seven (419 7), — — Code. 1973, is amended to read as,follows.: The proceeds from,the sale of any bonds, issued under , authority of this chapter, shall be'applied only, for the purpose i for which the bonds were issued and if, .for any reason, any,portion of'such proceeds shall not be needed for the purpose for which the bonds were issued, such unneeded portion of said proceeds shall be applied to the payment of the principal or the interest' on.said, bonds. The cost of aegxirixig.any project shall be deemed ,•. to include the':actual cost of acquiring a site'or the cost of the , construction of any part of a project which may be constructed including architects''and engineers' fees, the purchase price of It any part of a project that may be acquired by purchase, all expenses in connection with the authorization, sale and issuance of the bonds to finance such acquisition and the interest on such bonds for-. a reasonable time prior to construction, during construction -l1- • i is i and lfor-not exceeding six months after completion of =I =I e determined by the municipal governing body to no longer be necessary for`miinicipal.purposes,'for, the construction thereon of'a project or,., any:. part thereof: Theentire;cost.ofiaequiring any project must be paid out of the proceeds from the sale of bonds issued.,under the t authority,,of this chapter; but this i provision shall not, be construed to prevent a municipality acce tin donations of :property to,be: used as a part fromp g of any project.orJmoney to be used for defraying any, part of ahe cost ofany project, j Sec. 13. 'Chapter four hundred ninet-een,point eleven (1119.11), Code 1973,'"is•amended to read as follows: "T`t Any municipality acquiring, purchasing;,constructing; recon. structing, improving or extending,any industrialbuildings or pollution I control facilities, as provided in this chater,`shall;annually pay out of the revenue from such industrial buildings or pollution con- trol facilities to the state of Iowa and to the city, town', school taxesa sum equal to the amount'of tax, determined by applying the millag6 rate of the taxing district to the; assessed"value.of:the „ property, which the. state; .county, 'city,,town, school district -or _., ; other To, tical' `subdiv16lion irould receive if the property were otianed by any private person or corporation, any other statute to the con-_ teary not4iithstanding. For purposes of arriving at subh tax equivalent; the property shall and assessed by the.'assessor •be.valued i -,whose jurisdiction, the propertycis located, in accordance.with G chapter 441, but the municipality, the .lessee on behalf, of.the municipality, and such other persons as are authorized by chafer 441 ; shall be entitled to protest any -assessment and take appeals in the; same manner as any taxpayer. Such valuations shall be 'included in any summation of.fvaluations in the •taxing district for; all purposes.; r„ known to .the lair: Income from this source, shall. be, considered under r` the provis"ion of section 24.3,,"subsection 1. If and to the extent the proceedings under i:h!.chthe bonds authorized to be issued under the provisions of this chapter so provide, the municipality may agree to co-operate with the lessee of`A project in connection with any admin- istrat•ive or judicial proceedings for determining the validity or amount of any such payments and may agree to appoint or designate and 'reserve the right in and for such lessee to',take all action'w,hich the municipality may lawfully take in respect of such payments and., " all; matters relating:thereto, provided,- however, that such lessee shall ' bear and ,pay all costs' and expenses of the municipality thereby '« incurred at the request of such ,lessee or by reason ofi any such action taken by such lessee in behalf of the municipality. Any'lessee of a project which has paid, as rentals additional to those required to be paid pursuant to section 419.5, the amounts required by the first sen- tence of this section to be 'paid by the municipality shall not be required.to pay any such tares to.the state or to anysuch county, city, -13-