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Home My WebLink About1999-02-09 ResolutionRESOLUTION NO. 99-33 RESOLUTION TO ISSUE DANCING PERMIT BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, that a Dancing Permit as provided by law is hereby granted to the following named person and at the following described locations upon his filing an application, having endorsed thereon the certificates of the proper city officials as to having complied with all regulations and ordinances, and having a valid beer, liquor, or wine license/permit, to wit: The Fieldhouse - 1!1 E. Cillege Street It was moved by Thornberry and seconded by as read be adopted, and upon roll callthere were: O'Donnell that the Resolution AYES: NAYS: ABSENT: X X X X X X X Champion Kubby Lehman Norton O'Donnell Thornberry Vanderhoef Passed and approved this 9th day of February , 19 99 ATTEST: CiT~L~RK) ~. City Attorney's Office a\danceprrn .res Prepared by Marian K. Karr, City Clerk, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5041 RESOLUTION NO. 99-34 RESOLUTION TO ISSUE CIGARETTE PERMITS WHEREAS, the following firms and persons have made application and paid the mulct tax required by law for the sale of cigarettes, therefore BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, that the applications be granted and the City Clerk is hereby directed to issue a permit to the following named persons and firms to sell cigarettes: Quinton's - 13 S. Linn Street Passed and approved this 9th A'I'FEST:Ci,~~RK 7~- 2~ day of February ,19 99 MAYOR Approved by City Attorney's Office It was moved by Thornberry and seconded by adopted, and upon roll call there were: O'Donnell the Resolution be AYES: NAYS: ABSENT: Champion Kubby Lehman Norton O'Donnell Thornberry Vanderhoef clerkVes\cigperm.doc Council Member Thornberry then introduced the following proposed Resolution entitled "RESOLUTION DETERMINING THE NECESSITY AND SETTING DATES OF A CONSULTATION AND A PUBLIC HEARING ON A PROPOSED NORTHGATE CORPORATE PARK URBAN RENEWAL PLAN FOR A PROPOSED URBAN RENEWAL AREA IN THE CITY OF IOWA CITY", and moved that the same be adopted. Council Member 0' Donnel 1 seconded the motion to adopt. The roll was called and the vote was, AYES: Champion, Kubby, Lehman, Norton, O'Donnell Thornb~rry, Vanderhoef NAYS: None Whereupon, the Mayor declared the Resolution duly adopted as follows: RESOLUTION NO. 99-35 RESOLUTION DETERMINING THE NECESSITY AND SETTING DATES OF A CONSULTATION AND A PUBLIC HEARING ON A PROPOSED NORTHGATE CORPORATE PARK URBAN RENEWAL PLAN FOR A PROPOSED URBAN RENEWAL AREA IN THE CITY OF IOWA CITY, IOWA WHEREAS, it is hereby found and determined that one or more economic development areas, as defined in Chapter 403, Code of Iowa, exist within the City and the rehabilitation, conservation, redevelopment, development, or combination thereof, of the area is necessary in the interest of the public health, safety, or welfare of the residents of the City; and WHEREAS, this Council has reasonable cause to believe that the area described below satisfies the eligibility criteria for designation as an urban renewal area under Iowa law and has caused there to be prepared a proposed Noahgate Corporate Park Urban Renewal Plan for the area described therein, which proposed Plan is attached hereto as Exhibit A; and -2- WHEREAS, this proposed Urban Renewal Area includes and consists off [insert legal description of urban renewal area here] Lots 1-20, Highlander Development, First Addition, Iowa City, Iowa. WHEREAS, the Iowa statutes require the City Council to submit the proposed Noahgate Corporate Park Urban Renewal Plan to the Planning and Zoning Commission for review and recommendation as to its conformity with the General Plan for development of the City as a whole prior to City Council approval of such urban renewal plan, and further provides that the Planning and Zoning Commission shall submit its written recommendations thereon to this Council within thirty (30) days of its receipt of such proposed Northgate Corporate Park Urban Renewal Plan; and WHEREAS, the Iowa statutes further require the City Council to notify all affected taxing entities of the consideration being given to the proposed Northgate Corporate Park Urban Renewal Plan and to hold a consultation with such taxing entities with respect thereto, and further provides that the designated representative of each affected taxing entity may attend the consultation and make written recommendations for modifications to the proposed division of revenue included as a part thereof, to which the City shall submit written responses as provided in Section 403.5, as amended; and WHEREAS, the Iowa statutes further require the City Council to hold a public hearing on the proposed Northgate Corporate Park Urban Renewal Plan subsequent to notice thereof by publication in a newspaper having general circulation within the City, which notice shall describe the time, date, place and purpose of the hearing, shall generally identify the urban renewal area covered by the urban renewal plan and shall outline the general scope of the urban renewal project under consideration, with a copy of said notice also being mailed to each affected taxing entity. -3- NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA: Section 1. That the consultation on the proposed Northgate Corporate Park Urban Renewal Plan required by Section 403.5(2) of the Code of Iowa, as amended, shall be held on the 22 day Of February , 1999, in the c~.ty l~lanagers conference room Civic Center, Iowa City, Iowa at 10:00 o'clock ~__.M., and the Economj, c Development Coord~_nator iS hereby appointed to serve as the designated representative of the City for purposes of conducting said consultation, receiving any recommendations that may be made with respect thereto and responding to the same in accordance with Section 403.5(2). Section 2. That the City Clerk is authorized and directed to cause a notice of said consultation to be sent by regular mail to all affected taxing entities, as defined in Section 403.17(1A), along with a copy of the proposed Northgate Corporate Park Urban Renewal Plan, said notice to be in substantially the following form: NOTICE OF A CONSULTATION TO BE HELD BETWEEN THE CITY OF IOWA CITY, IOWA AND ALL AFFECTED TAXING ENTITIES CONCERNING THE PROPOSED NORTHGATE CORPORATE PARK URBAN RENEWAL PLAN FOR THE CITY OF IOWA CITY, IOWA The City of Iowa City, Iowa will hold a consultation with all affected taxing entities, as defined in Section 403.17(1A) of the Code of Iowa, as amended, commencing at 10:00 o'clock A.M. on February 22 , 1999, in the Cj..t,y,.lcmnagers Conference Civic Center, Iowa City, Iowa concerning a proposed Northgate Corporate Park Urban Renewal Plan, a copy of which is attached hereto. ROOIB Each affected taxing entity may appoint a representative to attend the consultation. The consultation may include a discussion of the estimated growth in valuation of taxable property included in the proposed Urban Renewal Area, the fiscal impact of the division of revenue on the affected taxing entities, the estimated impact on the provision of services by each of the affected taxing entities in the proposed Urban Renewal Area, and the duration of any bond issuance included in said Plan. The designated representative of any affected taxing entity may make written recommendations for modifications to the proposed division of revenue no later than seven days following the date of the consultation. The ~oco°~l~m~qcal:oD~vel°pment , as the designated representative of the City of Iowa City, shall submit a written response to the affected taxing entity, no later than seven days prior to the public hearing on the proposed Northgate Corporate Park Urban Renewal Plan, addressing any recommendations made by that entity for modification to the proposed division of revenue. This notice is given by order of the City Council of the City of Iowa City, Iowa, as provided by Section 403.5 of the Code of Iowa, as amended. Dated this 9th day of February ,1999. Ci~wa'd(City, IowT~a (END OF NOTICE) -5- Section 3. That a public hearing shall be held on the proposed Northgate Corporate Park Urban Renewal Plan before the City Council at its meeting which commences at 7: 00 o'clock L-M. on biarch 23 , 1999, in the Council Chambers, Civic Center, Iowa City, Iowa. Section 4. That the City Clerk is authorized and directed to publish notice of this public heating in the Press-Citizen, once on a date not less than four (4) nor more than twenty (20) days before the date of said public heating, and to mail a copy of said notice by ordinary mail to each affected taxing entity, such notice in each case to be in substantially the following form: -6- Prepared by: David Schoon, Economic Development Coordinator, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5236 NOTICE OF PUBLIC HEARING TO CONSIDER APPROVAL OF A PROPOSED NORTHGATE CORPORATE PARK URBAN RENEWAL PLAN FOR A PROPOSED URBAN RENEWAL AREA IN THE CITY OF IOWA CITY, IOWA The City Council of the City of Iowa City. IOwa. will hold a public hearing before itself at its meeting which commences at 7:00 p.m. on March 23. 1999 in the Council Chambers, Civic Center, Iowa City, Iowa to consider adoption of a proposed Northgate Corporate Park Urban Renewal Plan (the "Plan") conceming a proposed Urban Renewal Area in Iowa City, Iowa legally described as follows: Lots 1-20. Highlander Development, First Addition, Iowa City, Iowa which land is to be included as part of this proposed Urban Renewal Area. A copy of the Plan is on file for public inspection in the office of the City Clerk, Civic Center, Iowa City, Iowa. The City of Iowa City, Iowa is the local public agency-which, if such Plan is approved, shall undertake the .urban renewal activities described in such Plan. The general scope of the urban renewal activities under consideration in the Plan is to assist qualified industries and businesses in the Urban Renewal Area through various public purpose and special financing activities outlined in the Plan. The general scope of the urban renewal activities 'under consideration in the Plan is to encourage and cooperate in the development of an office and research development park, with a limited amount of acquisition, clearance, resale and improvement of land for vadous purposes specified in the Plan. To accomplish the objectives of the Plan, and to encourage the further development of the Urban Renewal Area, the Plan provides that such special financing activities may include, but not be limited to, the making of loans or grants of public funds to private entities under Chapter 15A of the Code of Iowa. The City also may install, construct and reconstruct streets, parking facilities. open space areas and other substantial public improvements. The Plan provides that the City may issue bonds or use available funds for such purposes and that tax increment reimbursement of such costs will be sought if and to the extent incurred by the City. The Plan initially proposes no specffic public infrastructure or site improvements to be undertaken by the City, but provides that the Plan may be amended from time to time to respond to development opportunities. Any person or organization desiring to be heard shall be afforded an opportunity to be heard at such headng. This notice is given by order of the City Council of Iowa City, Iowa, as provided by Section 403.5 of the City Code of Iowa. Dated this day of ,1999. City Clerk, Iowa City, Iowa Section 5. That the proposed Northgate Corporate Park Urban Renewal Plan, attached hereto as Exhibit A, for the proposed Urban Renewal Area described therein is hereby officially declared to be the proposed Northgate Corporate Park Urban Renewal Plan referred to in said notices for purposes of such consultation and hearing and that a copy of said Plan shall be placed on file in the office of the City Clerk. Section 6. That the proposed Northgate Corporate Park Urban Renewal Plan be submitted to the Planning and Zoning Commission for review and recommendation as to its conformity with the General Plan for the development of the City as a whole, with such recommendation to be submitted in writing to this Council within thirty (30) days of the date hereof. PASSED AND APPROVED this ATTEST: 9th day of February ,1999. Mayor PGOODRIC\ 171549\ 1 \ 10714055 orney~B~Y'~ -9- CIG-3 9/91 CERTIFICATE STATE OF IOWA ) ) SS COUNTY OF JOHNSON ) I, the undersigned City Clerk of Iowa City, Iowa, do hereby certify that attached is a true and complete copy 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 accessible 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 Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required 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 that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of said Municipality hereto affixed this 10 th day of February ,1999. SEAL PGOODRIC\ 171552\l \10714055 Northgate Corporate Park Urban Renewal Plan Table of Contents Section 1 - Introduction Section 2 - Urban Renewal Plan Objectives Section 3 - Description of Urban Renewal Area Section 4 - Proposed Urban Renewal Actions Section 5 - Land Use Section 6 - Relocation of Families Section 7 - Current Debt and Proposed Indebtedness Section 8 - Other Provisions Necessary to Meet State & Local Requirements Section 9 - Procedures for Changes in Approved Plan Addendum No. 1 - Legal Description Addendum No. 2 - Northgate Corporate Park Urban Renewal Project Area Map ecodev/ngurbrev.doc 2 Introduction The Iowa City Comprehensive Plan - 1997 provides a vision for the economic well- being for the residents of Iowa City and outlines the goals the commu.nity must strive to achieve in order to attain its economic well-being vision. The goals outlined in the Comprehensive Plan are: · Diversify and increase the property tax base by (1) encouraging the retention and expansion of existing industry and (2) attracting industries that have growth potential and are compatible with existing businesses; · Increase employment opportunities consistent with the available labor force; · Provide and protect areas suitable for future industrial and commercial development; · Cooperate with local and regional organizations to promote economic development within Iowa City; · Improve the environmental and economic health of the community through the efficient use of resources; and · Consider financial incentives and programs to facility achieving the above goals. In order to make development sites attractive to new and expanding firms, communities are more and more called upon to provide financial incentives and programs to make a development site and the area attractive to potential businesses. Other development sites in the area, which already cater to office, research, production, and assembly uses, make tax increment financing available to qualifying businesses that are looking at those development sites. The City has concluded it is in the interest of its citizens to encourage the developme. nt of an office and research development park in order to provide a competitive development site for office, research, production and/or assembly uses. To assist with ensuring that this type of development site is competitive, the City intends to make available the use of tax increment financing as a means to finance the construction of some of the necessary private and/or public infrastructure improvements within the Northgate Corporate Park Urban Renewal Plan Area, referred to hereafter in this Plan as the Urban Renewal Project Area. In addition, the City will make available the use of tax increment financing to provide direct grants, loans, or rebates for qualifying businesses planning to locate in the Urban Renewal Project Area. To achieve the primary objectives of this Plan, the City of Iowa City shall undertake the urban renewal actions as specified in this Urban Renewal Plan, pursuant to the powers granted to it under Chapter 403 of the 1997 Code of Iowa, as amended. ecodev/ngurbrev.doC 3 Urban Renewal Plan Objectives The overall goal of the Northgate Corporate Park Urban Renewal Plan is to formulate and execute a workable program using public and private resources to develop the Urban Renewal Project Area for office, research, production and/or assembly uses. The following objectives have been established for the proposed Urban Renewal Project Area: · To encourage and support development that will expand the taxable values of property within the Urban Renewal Project Area. · To encourage the development of start-up firms, the expansion of existing businesses, and the attraction of new industries. · To provide for the orderly physical and economic growth of the city. · To enhance the availability of sites to accommodate the construction of new office, research, production and/or assembly buildings; · To assist with the provision of infrastructure to enable competitive land prices and lease rates; · To make public improvements as deemed necessary by the City to support new office, research, production and/or assembly development; · To provide financial incentives and assistance to qualifying businesses. Description of Urban Renewal Area The legal description of this proposed Urban Renewal Project Area is included in the Plan as Addendum No. 1 - Legal Description. The location and general boundaries of the Northgate Corporate Park Urban Renewal Plan Area are shown on Addendum No. 2 - Location Map: Northgate Corporate Park Urban Renewal Project Area. This area is approximately 47.68 acres. Proposed Urban Renewal Actions Proposed urban renewal actions will consist of private site improvements, public infrastructure improvements, and financial incentives to encourage office, research, production and/or assembly uses development. Private Site Improvements Site improvements may include, but are not limited to, design and construction of buildings, grading for building construction and amenities; adequate paving and parking; adequate landscaping; and on-site utilities. Tax increment financing may be used by qualifying businesses to finance these private site improvements. Qualifying ecodeWngurorev.doc 4 businesses must meet the requirements of the Financial Incentives section in order to use tax increment financing for private site improvements. Public Infrastructure Improvements Public infrastructure improvements may include, but are not limited to, stormwater management facilities, public streets and sidewalks, sanitary sewers, storm sewers, and open space improvements. Tax increment financing may be available to finance the construction of these improvements, in whole or in part, at the City Council's discretion. Financial Incentives At the City Council's discretion, tax increment financing may be available for providing direct grants, loans, or rebates for those qualifying businesses engaged in office, research, production and/or assembly activities allowed in either the Office Commercial (CO-l) Zone or the Research Development Park (RDp) Zone. The funds from the direct grants, loans, or rebates may be used for, but are not limited to, financing the private site improvements listed above. Qualifying businesses shall be determined by the City Council. The Council's determination shall be based upon the financial assistance guidelines outlined in Addendum A of the "Economic Development Policies, Strategies, and Actions for the City of Iowa City". Conformance with Land Use Policy and Zoning Ordinance Comprehensive Plan The Urban Renewal Project Area is part of the area at the 1-80 interchange with Highway 1. The Iowa City Comprehensive Plan states that this area... .provides one of the few opportunities for office research park development in Iowa City. National Computer Systems (within the North Corridor Planning District) and American College Testing (south of 1-80 in the North Corridor Planning District) as successful examples of this type of development. With the tone set by these two companies and the advantages of interstate exposure, land around this interchange should continue to be preserved for office research park and research development park opportunities. The designation of the Urban Renewal Project Area for office, research, production and/or assembly uses is consistent with the Iowa City Comprehensive Plan. ecodev/ngurbrev.doc 5 Current Zoning The Project Area's present zoning designation of CO-1, Office Commercial Zone, and RDP, Research Development Park Zone, is consistent with this Urban Renewal Plan. Current and Proposed Land Uses Approximately 9.15 acres of the Project Area are presently used for office, research, production, and/or assembly purposes, while approximately 38.53 acres are vacant. The proposed land uses include office, research, production, and/or assembly purposes, which are consistent with the current zoning. Relocation of Families Given that the Urban Renewal Area does not contain within its boundaries any residential housing units, there is no need to relocate any families. ecodev/ngurbrev.doc 6 Current Debt and Proposed Indebtedness List of Current General Obligation Debt General Obligation Debt by Issue 6-30-98 Issue Original Final Principal Date Amount Interest Rates Maturity Outstanding Notes 1989 2,960,000 5.9%-6.1% 6/00 600,000 1990 2,300,000 5.7%-6.2% 6/01 675,000 (2) 1991 2,340,000 5.4%-5.6% 6/02 900,000 (3) 1992 4,870,000 4.45%-5.50% 6/02 1,775,000 (4) 1992 3,450,000 4.75%-5.20% 6/07 2,345,000 (5) 1994 7,370,000 4.6%-4.7% 6/04 4,375,000 (6) 1995 8,500,000 4.8%-5.125% 6/07 6,370,000 (7) 1996 6,100,000 3.6%-5.5% 6/15 5,725,000 1996 295,000 4.2%-5.0% 6/01 195,000 1997 5,200,000 4.5%-4.7% 6/07 4,675,000 1997 5,540,000 4.875%-5.0% 6/17 5,540,000 (9) 1998 8,500,000 4.35%-4.75% 6/13 8,500,000 Total $41,675,000 (1) 41% abated by sewer revenues. (2) 14.95% abated by water revenues and 38.44% abated by sewer revenues (3) 9.40% abated by sewer revenues. (4) 8.68% abated by special assessment revenue. 10.73% abated by water revenue. 2.94% abated by airport revenue. (5) 100 % abated by parking revenue. (6) 32.1% abated by sewer revenues and 20.5% abated by water revenues. (7) 23.88% abated by sewer revenues and 57.88% abated by water revenues. (8) 72.89% abated by water revenues. (9) 100% abated by water revenues. ecodev/ngurbrev.doc 7 Current Constitutional Debt Limit of the City of Iowa City The Constitution of the State of Iowa, Article XI, Section 3, provides as follows: "Indebtedness of political or municipal corporations. No county, or other political or municipal corporation shall be allowed to become indebted in any manner, or for any purpose, to an amount, in the aggregate, exceeding five per centurn on the value of taxable property within such county or corporation-to be ascertained by the last State and County tax lists, previous to the incurring of such indebtedness." Debt Limit Computation Total Assessed Actual Valuation Legal Debt Limit of 5% of 1998 Assessed Actual Value Debt Chargeable Against Limit Legal Debt Limit Available $2,371,395,259 $118,569,763 $41,675,000 $76,894,793 Proposed Amount of Indebtedness: Through the actions of this urban renewal plan, the City of Iowa City proposes to potentially incur indebtedness for public infrastructure improvements, private site improvements, and financial incentives to qualifying businesses. Given the uncertainty of the needs of future business development projects within the Urban Renewal Area, the proposed amount of indebtedness is difficult to determine at this time. Given recent development projects requesting assistance in some form of property tax assistance and assuming all future projects within the Urban Renewal Area would qualify for assistance under the Urban Renewal Plan, the proposed amount of indebtedness to be incurred, including loans, advances, indebtedness, or bonds which qualify could equal as much as $4.5 million over the 20 year period of the Urban Renewal Plan. ecodev/ngurbrev,doc ~ Other Provisions Necessary to Meet State and Local Requirements Chapter 403 of the 1997 Code of Iowa, as amended, authorizes cities to exercise urban renewal powers and certain other powers for the development of economic development areas. Certain provisions must be fulfilled to exercise these powers. These provisions and the method(s) by which the City of Iowa City proposes to fulfill these provisions (shown with an *) are detailed below. Provision: A Resolution of necessity finding that a slum, blighted, and/or an economic development area exists in the community and that designation of this area as a proposed Urban Renewal Project Area is appropriate. A Resolution of Necessity was adopted by the City Council on · 1999. This Resolution of Necessity declares the area encompassed by this Urban Renewal Plan is appropriate for development in conformance with the City's zoning and comprehensive plan; however, due to certain circumstances, appropriate economic development of office, research, production and/or assembly park uses has not occurred on the vacant and under-utilized property which exists in the proposed Urban Renewal Project Area. Provision: A Resolution of Necessity which determines that the proposed Urban Renewal Project Area is in need of economic development because certain conditions exist which effectively hinder development. A Resolution of Necessity designating the area as meeting the criteria detailed by Chapter 403, Code of Iowa (1997), was adopted by the City Council on ,1999 Provision: A general plan for the development of the municipality has been adopted. * The City of Iowa City adopted the Iowa City Comprehensive Plan - 1997 on December 1997 Provision: The Planning and Zoning Commission has made and forwarded its recommendation(s) to the City Council as to the conformity of this Urban Renewal Plan with the Iowa City Comprehensive Plan - 1997 * The Planning and Zoning Commission recommendation was forwarded to the City Council on ,1999 ecodev/ngurbrev,doc 9 Provision Provision A designated representative of the municipality shall hold a consultation with designated representatives of the affected taxing districts after notice is given by regular mail and prior to the public hearing on the plan. The consultation with representatives from the affected taxing districts was held on , 1999. The notice was mailed by regular mail on ,1999. Representatives of the affected taxing districts may make written recommendations for modification to the proposed division of revenue no later than seven days following the date of the consultation. The representative of the municipality shall, no later than seven days prior to the public hearing on the urban renewal plan, submit a written response to the affected taxing entity addressing the affected taxing districts' recommendations to the proposed division of revenue. Comments were (were not) received from the affected taxing districts by ,1999, which was seven days following the date of the consultation. Provision: Provision: On , 1999, at least seven days prior to the public hearing on the urban renewal plan, the representative of the municipality did (did not) submit a written response on to the affected taxing entity addressing the affected taxing districts' recommendations to the proposed division of revenue. A public hearing on the on the Urban Renewal Plan is held after official publication of the public notice. The public hearing on the Urban Renewal Plan document pursuant to state law was held on ,1999. The public notice was published , 1999, in the Press Citizen, a newspaper having a general circulation in Iowa City. Approval of the Urban Renewal Plan by the local public agency after finding that: (a) A feasible method exists for relocating families. (b) The Urban Renewal Plan conforms to the general plan known as ecodev/ngurbrev.doc 10 the Iowa City Comprehensive Plan - 1997. * The plan includes a feasible method for relocating families. On ,1999, the City Council of the City of Iowa City by resolution has found this Urban Renewal Plan to be in conformance with the Iowa City Comprehensive Plan - 1997, the adopted general plan for the municipality. Procedures for Changes in Approved Plan If the City of Iowa City desires to amend this Urban Renewal Plan, it may do so after providing public notice, holding a public hearing on the proposed change, and undertaking other required actions in conformance with applicable state and local laws. ecodev/ngurbrev.doc 11 Addendum No. 1 Legal Description of the Proposed Urban Renewal Project Area Consisting of a tract of land described as follows: Lots 1-20 Highlander Development, First Addition, Iowa City, Iowa ecodev\ngurbrev.pln ecodev/ngurorev.doc 12 CITY OF IO~A CITY CITY OF IOWA CITY CORPORATE LII~ITS ID-ORP ORP ,, / CH 1 RR 1 CO 1 ......... CH 1 ID-ORP RS 5 RR 1 ORP ID-ORP ADDENDUM 2 Location Map Northgate Corporate Park, Urban Renewal Project Area (One publication required) NOTICE OF PUBLIC HEARING TO CONSIDER APPROVAL OF A PROPOSED NORTHGATE CORPORATE PARK URBAN RENEWAL PLAN FOR A PROPOSED URBAN RENEWAL AREA IN THE CITY OF IOWA CITY, IOWA The ity Council of the City of Iowa City, Iowa, will hol a public hearing before itself at its me ting which commences at 7: 00 o'clock P . on March 23 , 1999 in the Cou cil Chambers, Civic Center, Iowa City, I~wa o consider adoption of a proposed Northga Corporate Park Urban Renewal Plan (th "Plan") concerning a / Lots 1-20, ' , Highlander nt which land is to be included as part First Addi~lon, Iowa City, Iowa / / proposed Urban Renewal Area. A copy of the Plan is on file for Civic Center, Iowa City, Iowa. inspection in the office of the City Clerk, The City of Iowa City, Iowa is the approved, shall undertake the urban renewal public agency which, if such Plan is described in such Plan. The general scope of the urban renewal to assist qualified industries and businesses in the public purpose and special financing activities the urban renewal activities under consideration in the in the development of an office and research under consideration in the Plan is Renewal Area through various in the Plan. The general scope of Jan is to encourage and cooperate 1: with a limited amount of acquisition, clearance, resale and improvement of land fo~ purposes specified in the Plan. To accomplish the objectives of the Plan, and to .ge the further development of the Urban Renewal Area, the Plan provides that such special financing activities may include, but not be limited to, the making of loans or grants of public funds -7- to private entities under Chapter 15A of the Code of Iowa. The City also may install, construct and reconstruct streets, parking facilities, open space areas and other, substantial public improvements. The Plan provides that the City may issue bonds or u:available funds for such purposes and that tax increment reimbursement of such be sought if and to the extent incurred by the City. The Plan initially propo~,no specific public infrastructure or site ' to be undertaken by the Cityprovides that the Plan may be amended to time to respond to ~ormnities. Any person or be heard at such hearing. desiring to be heard shall be an opportunity to This notice is given by of the City Council by Section 403.5 of the City Code c ,Iowa. Iowa, as provided Dated this day of ,1999. Iowa City, Iowa of Notice) -8- City of Iowa City MEMORANDUM Date: To: From: Re; February 4, 1999 City Council and City Manager ,//2 '~~ Kann Frankhn D~rector Planning and Community el Northgate Corporate Park Urban Renewal Plan Presented for Council action is a resolution determining the necessity and setting dates of a consultation and public hearing on a proposed Northgate Corporate Park Urban Renewal Plan. This is the first step in establishing the use of tax increment financing for the Northgate Corporate Park (attached is a proposed time schedule and steps for establishing a tax increment financing district). As you may recall, in 1992 the City Council established a Northgate Corporate Park Urban Renewal Area on four lots of Northgate Corporate Park for a specific business development project. That business development project did not come to fruition. Given that that plan was for a specific development project and could only be used for that project, the plan was later rescinded by the City Council. The Northgate Corporate Park Urban Renewal Plan before the Council would establish the ability to use tax increment financing for any qualifying projects in the urban renewal area. The Plan states that the City Council shall determine qualifying businesses based upon the City's economic development financial assistance guidelines. As with the Scott-Six Industrial Park Urban Renewal Plan, tax increment financing could be used for public infrastructure improvements, private site improvements, and financial incentives to qualifying businesses. The City's stated objectives for the urban renewal area are outlined in the urban renewal plan. The urban renewal plan also explains why it is in the City's interest to establish this urban renewal area. Communities are more and more called upon to make financial incentives and programs available to make a development site and the area attractive to potential new businesses and business expansions. Other development sites in the area, which also target office research park uses make tax increment financing available to businesses that are looking at those development sites. To assist with ensuring that this type of Iowa City development is competitive, the City would make tax increment financing available in the Northgate Corporate Park. Prior to the City Council's public hearing on the urban renewal plan, the Planning and Zoning Commission must provide its recommendation regarding the conformity of the urban renewal plan with the Iowa City Comprehensive Plan - 1997. In addition, a consultation must be held with the county, school district, and community college, in order to provide these taxing entities with the opportunity to comment on the use of the incremental tax revenues. After the public hearing, the City Council will consider concurrently adoption of the urban renewal plan, the TIF ordinance, and a developer's agreement. The TIF ordinance establishes the mechanics of separating the incremental tax revenues from the base tax revenues. The developer's agreement will outline more completely the City's obligations and the developer's obligations regarding development within the urban renewal area. David will be present at your February 8, 1999, work session to discuss any questions you may have. Cc: Harry Wolf Ken Haynie \prospect\ngate\ngate Time Schedule Northgate Corporate Park Urban Renewal Plan & Tax Increment Financing Ordinance Meeting Date Tuesday February 9 Action · City Council considers resolution of necessity and resolution setting a public hearing on the urban renewal plan for March 23 Thursday February 18 Prior to public hearing on plan, the Planning and Zoning Commission reviews and submits a written recommendation to City Council regarding the urban renewal plan (Commission has thirty days in which to make its recommendation). Monday, February 22 Monday, March 1 Consultation with affected taxing bodies (community college, county, school district). · Prior to public hearing on plan, a City representative holds a consultation with affected taxing bodies regarding the urban renewal plan Affected taxing bodies may make written recommendations for modification to the proposed division of revenue no later than seven days following the date of the consultation. Monday, March 16 The City shall, no later than seven days prior to the public hearing on the urban renewal plan, submit a written response to the affected taxing entity addressing the recommendations for modification to the proposed division of revenue. Tuesday March 23 · City Council holds public hearing on the urban renewal plan. Tuesday April 6 · City Council gives first consideration of TIF ordinance. · City Council sets public hearing on resolution entering into a developer's agreement for the project. Tuesday April 20 · City Council gives second consideration of TIF ordinance. · City Council holds a public hearing on a resolution entering into a developer's agreement for the project. Tuesday May 4 · City Council adopts resolution approving urban renewal plan. · City Council passes and adopts TIF ordinance. · City Council approves resolution entering into a developer's agreement for the project. Wednesday · Publication of ordinance. May 12 (Assumes schedule follows regular council meeting dates; city council could hold special council meetings and could combine and wave readings to expedite the process) \prospect\ngate\ngate SOUTHGATE DEVELOPMENT 755 Mormon Trek Blvd. P.O. Box 1907 Iowa City, IA 52244-1907 PH: (319) 337-4195 FAX: (319) 337-9823 February 1, 1999 Mayor Ernie Lehman City of Iowa City Civic Center 410 East Washington Street Iowa City, IA 52240 Re: Northgate Park Urban Renew~ Plan Dear Mayor Lehman, Please accept this letter as Southkz~tte Development's t~rmal request to designate Lots 1 through 20, Highlander Develop.-:~ent First Addition as an Urban Renewal area. We understand this designation will allow for the future consideration of tax increment financing for qualifying projects a; Northgate. Sincer ly, ;//t,~) Harry R. Wolf Vice President 02-09-99 4d(2) Prepared by: Denny Gannon, Asst. City Engineer, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5142 RESOLUTION NO. 99-36 RESOLUTION SETTING A PUBLIC HEARING ON PLANS, SPECIFICATIONS, FORM OF CONTRACT, AND ESTIMATE OF COST FOR THE CONSTRUCTION OF THE RIVER STREET/WOOLF AVENUE RECONSTRUCTION PROJECT, DIRECTING CITY CLERK TO PUBLISH NOTICE OF SAID HEARING, AND DIRECTING THE CITY ENGINEER TO PLACE SAID PLANS ON FILE FOR PUBLIC INSPECTION. BE IT RESOLVED BY THE COUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT: A public hearing on the plans, specifications, form of contract, and estimate of cost for the construction of the above-mentioned project is to be held on the 23'd day of February, 1999, at 7 p.m. in the Council Chambers, Civic Center, Iowa City, Iowa. The City Clerk is hereby authorized and directed to publish notice of the public hearing for the above-named proposal in a newspaper published at least once weekly and having a general circulation in the City, not less than four (4) nor more than twenty (20) days before said hearing. A copy of the plans, specifications, form of contract, and estimate of cost of the construction of the above-named project is hereby ordered placed on file by the City Engineer in the office of the City Clerk for public inspection. Passed and approved this 9th day of Feb~-uar'.y , 1999. Approved by City Attorney's Office pweng\res\rivewool ,doc Resolution No. 99-36 Page 2 It was moved by Thornberry and seconded by adopted, and upon roll call there were: 0'Donnel] the Resolution be AYES: NAYS: ABSENT: X X X X X X Champion Kubby Lehman Norton O'Donnell Thornberry Vanderhoef FT Prepared by: Don Yucuis, Finance Director, 410 E. Washington St., Iowa City IA 52240 (319)356-5052 RESOLUTION NO. 99-37 RESOLUTION SETTING A PUBLIC HEARING TO DISCUSS THE PROPOSED OPERATING BUDGET FOR THE FISCAL YEAR JULY 1, 1999, THROUGH JUNE 30, 2000, THE PROPOSED THREE-YEAR FINANCIAL PLAN, AND ALSO THE MULTI-YEAR CAPITAL IMPROVEMENTS PROGRAM THROUGH FISCAL YEAR 2003. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, that public hearings be held in the Civic Center at 7:00 p.m., February 23, 1999, to permit any taxpayer to be heard for or against the proposed FY2000 Operating Budget and the Proposed FY2000-FY2002 Financial Plan and also the multi-year Capital Improvements Program through Fiscal Year 2003. Passed and approved this 9th day of February ,1999. 'MAYOR ATTEST:Ci~LER,~K'9{'2. "~¢t_,~ -.) I City Attorney's Office It was moved by Thornberry and seconded by adopted, and upon roll call there were: AYES: X X X X X X X NAYS: 0 ' Donnel l the Resolution be ABSENT: Champion Kubby Lehman Norton O'Donnell Thornberry Vanderhoef ~nadm\budget\pubhrg.doc Prepared by James Brachtel, Sr. Engineer, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5149 RESOLUTION NO. RESOLUTION ACCEPTING THE WORK FOR THE SANITARY SEWER AND WATER MAIN PUBLIC IMPROVEMENTS FOR LOUIS CONDOMINIUMS, AND DECLARING PUBLIC IMPROVEMENTS OPEN FOR PUBLIC USE. WHEREAS, the Engineering Division has certified that the following improvements have been completed in accordance with the plans and specifications of the City of Iowa City, Sanitary sewer and water main improvements for Louis Condominiums as constructed by Yoder Excavating Co. of Wellman, Iowa. WHEREAS, maintenance bonds have been filed in the City Clerk's office; and WHEREAS, traffic control signs have been installed on the private streets within the development. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, THAT: Said public improvements are hereby accepted by the City of Iowa City, Iowa, and that all dedications and public improvements previously set aside as not being open for public use are hereby formally accepted and declared open for public use. Passed and approved this day of ,19 ATTEST: CITY CLERK It was moved by and upon roll call there were: AYES: MAYOR and seconded by NAYS: the Resolution be adopted, ABSENT: Champion Kubby Lehman Norton O'Donnell Thornberry Vanderhoef ENGINEER'S REPORT January 28, 1999 Honorable Mayor and City Council Iowa City, Iowa Re: Louis Condominiums Dear Honorable Mayor and Councilpersons: I hereby certify that the construction of the sanitary sewer and water main for Louis Condominiums has been completed in substantial accordance with the plans and specifications of the Engineering Division of the City of Iowa City. The required maintenance bonds are on file in the City Clerk's Office for the sanitary sewer and water main improvements constructed by Yoder Excavating Co. of Wellman, Iowa. I recommend that the above-referenced improvements be accepted by the City of Iowa City. ~ch~ P.E. Public Works Director 410 EAST WASHINGTON STREET * IOWA CITY, IOWA 52240-1826 * (319) 356-5000 * FAX (319) 356-5009 02-09-99 4e(2) Prepared by Denny Gannon, Asst. City Engineer, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5142 RESOLUTION NO. 99-38 RESOLUTION ACCEPTING THE WORK FOR THE SANITARY SEWER, STORM SEWER, TILE LINE, WATER MAIN, AND PAVING PUBLIC IMPROVEMENTS FOR LOTS 2-11 OF VILLAGE GREEN SOUTH - PART 3A, AND DECLARING PUBLIC IMPROVEMENTS OPEN FOR PUBLIC ACCESS AND USE. WHEREAS, the Engineering Division has certified that the following improvements have been completed in accordance with the plans and specifications of the City of Iowa City, Sanitary sewer, storm sewer, tile line, and water main improvements for Lots 2-11 of Village Green South - Part 3A, as constructed by Maxwell Construction, Inc. of Iowa City, Iowa. Paving improvements for Lots 2-11 of Village Green South - Part 3A, as constructed by Metro Pavers, Inc. of Iowa City, Iowa. WHEREAS, maintenance bonds have been filed in the City Clerk's office; and WHEREAS, traffic control signs have been installed. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, THAT: Said public improvements are hereby accepted by the City of Iowa City, Iowa, and that all dedications and public improvements previously set aside as not being open for public access are hereby formally accepted and declared open for public access and use. Passed and approved this 9th ATTEST:CI~LER4~K ~- day of February ,19 99 It was moved by Thornberry and seconded by 0' Donnel 1 and upon roll call there were: AYES: NAYS: ABSENT: X Champion X Kubby × Lehman X Norton X O'Donnell X Thornberry × Vanderhoef pweng/resNillgr3a.doc the Resolution be adopted, ENGINEER'S REPORT January 28,1999 Honorable Mayor and City Council Iowa City, Iowa Re: Lots 2-11 of Village Green South - Part 3A Dear Honorable Mayor and Councilpersons: I hereby certify that the construction of the sanitary sewer, storm sewer, tile line, water main, and paving improvements for Lots 2-11 of Village Green South - Part 3A has been completed in substantial accordance with the plans and specifications of the Engineering Division of the City of Iowa City. The required maintenance bonds are on file in the City Clerk's Office for the sanitary sewer, storm sewer, tile line, and water main improvements constructed by Maxwell Construction, Inc. of Iowa City, Iowa and for the paving improvements constructed by Metro Pavers, Inc. of Iowa City, Iowa. I recommend that the above-referenced improvements be accepted by the City of Iowa City. Sincerely, RiE~ Fosse, P.E. City Engineer 410 EAST WASHINGTON STREET * IOWA CITY, IOWA 52240-1826 * (319) 356-5000 · FAX (319) 356-5009 Prepared by: Liz Osborne, CD Division, 410 E. Washington St., Iowa City, IA 52240 (319)356-5246 RESOLUTION NO. 99-39 RESOLUTION AUTHORIZING THE MAYOR TO SIGN AND THE CITY CLERK TO ATTEST THE RELEASE OF A LIEN REGARDING A REHABILITATION AGREEMENT, A LOW INTEREST PROMISSORY NOTE, AND A MORTGAGE FOR THE PROPERTY LOCATED AT 1212 HIGHLAND AVENUE, IOWA CITY, IOWA WHEREAS, on October 2, 1990, the property owner of 1212 Highland Avenue, executed a Housing Rehabilitation Lien to secure a 5-year, low-interest Promissory Note for the amount of $4,200 through the City's Housing Rehabilitation Program; and WHEREAS, these documents created a lien against the property; and WHEREAS, the terms of the loan were satisfied on January 28, 1999; and WHEREAS, the lien needs to be released. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA THAT: The Mayor is authorized to sign and the City Clerk to attest the attached Release of Lien for recordation, whereby the City does release the property Iocal:ed at 1212 Highland Avenue, Iowa City, Iowa from the Housing Rehabilitation Lien recorded October 17, 1990 in Book 1177 Page 128 through 136 of the Johnson County Recorder's Office. Passed and approved this 9th day of February ,19 99 ppdrehab~res\1212high.doc MAYOR Approved by Prepared by: Liz Osborne, CD Division, 410 E. Washington St., Iowa City, IA 52240 (319)356-5246 RELEASE OF LIEN The City of Iowa City does hereby release the property at 1212 Highland Avenue, Iowa City, Iowa, and legally described as follows: Lot 57, in Kirkwood Place, Johnson County, Iowa, according to the Plat thereof recorded in Plat Book 3, Page 126, Plat Records of Johnson County, Iowa, from an obligation of the property owner, Jody L. Stucker, to the City of Iowa City in the total amount of $4,200 represented by a 5-year low interest Mortgage recorded on October 17, 1990 in Book 1177 Page 128 through Page 136 of the Johnson County Recorder's Office. These obligations have been satisfied and the property is hereby released from any liens or clouds upon title to the above property by reason of said prior recorded documents. ATTEST: C~ fir/. ~ ~ Approved by City Attorney's Office STATE OF IOWA ) ) SS: JOHNSON COUNTY ) On this 9 r~_ day of F-~r~_o ,~ , A.D. 19 9~ , before me, the under- signed, a Notary Public in and for said County, in said State, personally appeared Ernest W. Lehman and Marian K. Karr, to me personally known, who being by me duly sworn, did say that they are the Mayor and City Clerk, respectively, of said municipal corporation executing the within and foregoing instrument; that the seal affixed thereto is the seal of said corporation, and that the instrument was signed and sealed on behalf of the corporation by authority of its City Council, as contained in Resolution No. q~-37 , adopted by the City Council on the ~ ~L day o~: F~,,~ ,w119e g~e?d and that the said Ernest W. Lehman and Marian K. Karr as such officers ~ckno d the execution of said instrument to be the voluntary act and deed of said corporation, by it and by them voluntarily executed. ppdrehab\l 212high.doc 02-09-99 4e(4) Prepared by: Don Yucuis, Finance Director, 410 E. Washington St., Iowa City, IA 52240 (319)356-5052 RESOLUTION NO. 99-40 RESOLUTION NAMING DEPOSITORIES BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA that the City of Iowa City, in Johnson County, Iowa, approves the following list of financial institutions to be depositories of the City of Iowa City funds in conformance with applicable provisions of Iowa Code Chapter 12C.2. The City Treasurer is hereby authorized to deposit the City of Iowa City funds in amounts not to exceed the maximum approved for each respective financial institution as set out below. Maximum Balance Maximum Balance Depository in effect under in effect under Name Location of Home Office Local Location prior resolution this resolution Firstar Bank Iowa NA 520 Walnut 222 Second Ave. S.E. $25,000,000.00 $25,000,000.00 Mercantile Bank Midwest Iowa State Bank & Trust Co. Hills Bank & Trust Co. Union Planters Bank, N.A. Hawkeye State Bank Commercial Federal Bank Norwest Bank Iowa NA U of I Credit Union Brenton Bank P.O. Box 906 Cedar Rapids, IA Des Moines, IA 50304 52401-1214 Regency 6, Suite 301 204 E. Washington St. 4600 Westown Parkway Iowa City, IA 52244-1880 West Des Moines, IA 50266 102 S. Clinton St. Same Iowa City, IA 52244-1700 131 Main Street 132 E. Washington St. Hills, IA 52235 Iowa City, IA 52240 7130 Goodlett Farms Pkwy. 150 E. Court St. Cordova, TN 38018 Iowa City, IA 52240-4110 229 South Dubuque Same Iowa City, IA 52240 P.O. Box 73850 301 S. Clinton St. Cedar Rapids, IA Iowa City, IA 52240 52407-3850 666 Walnut St. 101 3rd Avenue SW Des Moines, IA 50309 Cedar Rapids, IA 52406 500 Iowa Avenue Same Iowa City, IA 52244-2240 400 Locust St. 150 First Avenue NE Suite 200 Cedar Rapids, IA 52407- Des M0ines, IA 50309 4708 ~20,000,000.00 818,000,000.00 815,000,000.00 ~35,000,000.00 ~15,000,000.00 ~10,000,000.00 850,000,000.00 $10,000,000.00 $5,000,000.00 $25,000,000.00 818,000,000.00 $15,000,000.00 835,000,000.00 820,000,000.00 ~10,000,000.00 ~50,000,000.00 810,000,000.00 ~6,000,000.00 Passed and approved this 9th ATTEST: :iT'~C~) CT ~ntreasVes~deposit.doc day o e ,~ <~,~~99 City Attorney's Office Resolution No. 99-40 Page 2 It was moved by Tho~'nbe~'r'y and seconded by adopted, and upon roll call there were: 0 ' Donnel I the Resolution be AYES: NAYS: ABSENT: Champion Kubby Lehman Norton O'Donnell Thornberry Vanderhoef Prepared by: Scott Kugler, Associate Planner, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5243 RESOLUTION NO. 99-41 RESOLUTION APPROVING FINAL PLAT OF BOYD'S FASHIONABLE ACRES, IOWA CITY, IOWA. WHEREAS, the owner, Frank Boyd, filed with the City Clerk the final plat of Boyd's Fashionable Acres, Iowa City, Iowa, Johnson County, Iowa; and WHEREAS, said subdivision is located on the following-described real estate in Iowa City, Johnson County, Iowa, to wit: A Portion of the South One Half of the Northwest Quarter of Section 12, Township 79 North, Range 6 West, of the Fifth Principal Meridian, Iowa City, Johnson County, Iowa, the boundaries of which are described as follows: Beginning at the Northwest Corner of Lot 148, of Washington Park Part VII, in accordance with the Plat thereof Recorded in Plat Book 11 at Page 19, of the Records of the Johnson County Recorder's Office; Thence S0306'35"W, along the Westerly Line of said Washington Park, Part VII, a distance of 159.95 feet; Thence S29°32'04"W, along said Westerly Line, 164.62 feet; Thence S52°OO'15"W, along said Westerly Line, 185.30 feet, to the Westerly most corner of Lot 142, of said Washington Park Part VII; Thence S48°03'46"E, along the Southwesterly Line of said Lot 142, a distance of 144.42 feet, to the Southerly most corner of said Lot 142, and a point of the Westerly Right-of-Way Line of Mount Vernon Drive; Thence Southwesterly, 50.04 feet; along said Westerly Right-of-Way Line on a 360.00 foot Radius Curve, concave Southeasterly, whose 50.00 foot chord bears S41°58'33"W; Thence N48°03'46"W, along a line parallel with and 50.00 feet normally distant Southwesterly, of the Southwesterly Line of said Lot 142, a distance of 144.90 feet, to a Point on the Westerly Line of said Washington Park, Part VII, and the Northeast Corner of Lot 131, of Washington Park Part VI, in accordance with the Plat thereof Recorded in Plat Book 10, at Page 2, of the Records of the Johnson County Recorder's Office; Thence 888°16'43"W, along the Northerly Line of Said Washington Park Part VI, a distance of 305.34 feet, to its intersection with the Easterly Line, of Part Two Tudor Park Addition, in accordance with the Plat thereof Recorded in Plat Book 8, at Page 66, of the Records of the Johnson County Recorder's Office; Thence N00°04'44"E, along said Easterly Line, 46.59 feet; Thence N00°27'59"W, along said Easterly Line, and the Northerly Projection thereof; 792.80 feet, to its intersection with the Southeasterly Right-of- Way Line of Rochester Avenue; Thence N48°28'08"E, along said Southeasterly Right-of-Way Line, 224.64 feet; Thence Northeasterly, 96.84 feet; along said Southeasterly Right-of-Way Line on a 356.34 foot Radius Curve, concave Southeasterly, whose 96.54 foot chord bears N56°15'14"E, to the Northwest Corner of the Parcel Conveyed by Warranty Deed, Recorded in Deed Book 1480, at Page 13, of the Records of the Johnson County Recorder's Office; Thence S02°02'17"E, along the West Line of said Conveyed Parcel, 169.78 feet, to the Resolution No. 99-41 Page 2 Southwest Corner thereof; Thence N89°37'02"E, along the South Line of Said Conveyed Parcel, 206.22 feet, to the Southeast Corner of said Conveyed Parcel, and the Southwest Corner of the Parcel Conveyed by Warranty Deed, Recorded in Deed Book 658, at Page 402 of the Records of the Johnson County Recorder's Office; Thence S59°49'51"E, along the Southerly Line of said Conveyed Parcel, 108.12 feet, to the Southeast Corner thereof, and the Northwest Corner of the Parcel Conveyed by Warranty Deed, recorded in Deed Book 603, at Page 408, of the Records of the Johnson County Recorder's Office; Thence S03°07'57"W, along the West Line of Said Conveyed Parcel, and the West Line of the Parcel Conveyed by Warranty Deed, Recorded in Deed Book 1300, at Page 238, of the Records of the Johnson County Recorder's Office, 238.56 feet, to the Southwest Corner thereof; Thence S86°48'41"E, along the South Line of said Conveyed Parcel, 141.39 feet, to the Southeast Corner thereof, and the Point of Beginning. Said Tract of land contains 11.51 acres, more or less, and is subject to easements and restrictions of record. WHEREAS, the Department of Planning and Community Development and the Public Works Department examined the proposed final plat and subdivision, and recommended approval; and WHEREAS, the Planning and Zoning Commission examined the final plat and subdivision and recommended that said final plat and subdivision be accepted and approved; and WHEREAS, a dedication has been made to the public, and the subdivision has been made with the free consent and in accordance with the desires of the owners and proprietors; and WHEREAS, said final plat and subdivision are found to conform with Chapter 354, Code of Iowa (1997) and all other state and local requirements. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT: The said final plat and subdivision located on the above-described real estate be and the same are hereby approved. The City accepts the dedication of the streets, easements and public open space as provided by law and specifically sets aside portions of the dedicated land, namely streets, as not being open for public access at the time of recording for public safety reasons. The Mayor and City Clerk of the City of Iowa City, Iowa, are hereby authorized and directed, upon approval by the City Attorney, to execute all legal documents relating to said subdivision, and to certify a copy of this resolution, which shall be affixed to the final plat after passage and approval by law. The City Clerk shall record the legal documents and the plat at the office of the County Recorder of Johnson County, Iowa at the expense of the owner/subdivider. Passed and approved this 9th day of February ,1999. ATTEST:Ci~ER-~K '~' ~ MAYOR Resolution No. 99-41 Page 3 It was moved by Thornberry adopted, and upon roll call there were: and seconded by Norton AYES: NAYS: ABSENT: X X X X X X X Champion Kubby Lehman Norton O'Donnell Thornberry Vanderhoef the Resolution be ppdadminVes~boydfash.doc Prepared by: Rob Winstead, Sr. Civil Engineer, Public Works, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5145 RESOLUTION NO. 99-42 RESOLUTION APPROVING PLANS, SPECIFICATIONS, FORM OF CON- TRACT, AND ESTIMATE OF COST FOR THE CONSTRUCTION OF IOWA CITY DOWNTOWN STREETSCAPE, PHASE II IMPROVEMENTS, ESTABLISHING AMOUNT OF BID SECURITY TO ACCOMPANY EACH BID, DIRECTING CITY CLERK TO PUBLISH ADVERTISEMENT FOR BIDS, AND FIXING TIME AND PLACE FOR RECEIPT OF BIDS. WHEREAS, notice of public hearing on the plans, specifications, form of contract and estimate of cost for the above-named project was published as required by law, and the hearing thereon held. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF IOWA CITY, IOWA THAT: The plans, specifications, form of contract and estimate of cost for the construction of the above-named project, which were placed on file by the City Engineer in the office of the City Clerk pursuant to Resolution No. 99-20, are hereby approved subject to the following: The plans and specifications shall be amended to allow the City of Iowa City the option of removing from this project the streetscape improvements associated with Clinton Street and/or Linn Street. The amount of bid security to accompany each bid for the construction of the above- named project shall be in the amount of 10% (ten percent) of bid payable to Treasurer, City of Iowa City, Iowa. The City Clerk is hereby authorized and directed to publish notice for the receipt of bids for the construction of the above-named project in a newspaper published at least once weekly and having a general circulation in the city. Bids for the above-named project are to be received by the City of Iowa City, Iowa, at the Office of the City Clerk, at the Civic Center, until 2:00 p.m. on the 1st day of March, 1999. Thereafter the bids will be opened by the City Engineer or his designee, and thereupon referred to the Council of the City of Iowa City, Iowa, for action upon said bids at its next meeting, to be held at the Council Chambers, Civic Center, Iowa City, Iowa, at 7:00 p.m. on the 2nd day of March, 1999, or at such later time and place as may then be fixed. Passed and approved this 9th day of ATTEST:Ci~'~ER~K2~- February ,19 99 MAYOR City Attorney's Office pwengVes~streetll.doc Resolution No. 99-42 Page 2 It was moved by Vanderhoef and seconded by adopted, and upon roll call there were: Norton AYES: NAYS: ABSENT: the Resolution be Champion Kubby Lehman Norton O'Donnell Thornberry Vanderhoef Prepared by: Rob Winstead, Sr. ngineer, Public Works, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5145 RESOLUTION NO. RESOLUTION PLANS, SPECIFICATIONS, FORM OF CON- TRACT, AND FOR THE CONSTRUCTION OF CITY DOWNTOWN PHASE II IMPROVEMENTS, ESTAB AMOUNT OF BID SECURITY ACCOMPANY EACH BID, CITY CLERK TO PUBLISH ;EMENT FOR BIDS, AND FIXING AND PLACE FOR RECEIPT OF BIDS. WHEREAS, notice of public hearing on the cost for the above-named project was ~ ns, specifications, form as required by law, ar and estimate of hearing thereon held. NOW, THEREFORE, BE IT RESOLVED BY IOWA THAT: COUNCIL THE CITY OF IOWA CITY, The plans, specifications, form of contract project are hereby approved. of cost for the above-named The amount of bid security to accompany named project shall be in the amount of City of Iowa City, Iowa. for the construction of the above- of bid payable to Treasurer, The City Clerk is hereby authorized the construction of the above-na weekly and having a general directed to project in a in the city. notice for the receipt of bids for ~paper published at least once Bids for the above-named ect are to be received by :ity of Iowa City, Iowa, at the Office of the City Clerk, at Civic Center, until 2:00 p.m. 1st day of March, 1999. Thereafter the bids will opened by the City Engineer or designee, and thereupon referred to the the City of Iowa City, Iowa, for action said bids at its next meeting, to be held the Council Chambers, Civic Center, Iowa, at 7:00 p.m. on the 2nd 1999, or at such later time and place as f then be fixed. Passed and a /- / / ,/ day of ,19 MAYOR A'I'FEST: CITY CLERK pweng'ces%streetll.doc Prepared by: Jeff McClure, Civil Engineer, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5138 RESOLUTION NO. 99-43 RESOLUTION APPROVING PLANS, SPECIFICATIONS, FORM OF CONTRACT, ESTIMATE OF COST FOR THE CONSTRUCTION OF THE 1999 CURB RAMP AND SIDEWALK PROJECT, ESTABLISHING AMOUNT OF BID SECURITY TO ACCOMPANY EACH BID, DIRECTING CITY CLERK TO PUBLISH ADVERTISEMENT FOR BIDS, AND FIXING TIME AND PLACE FOR RECEIPT OF BIDS. WHEREAS, notice of public hearing on the plans, specifications, form of contract and estimate of cost for the above-named project was published as required by law, and the hearing thereon held. NOW. THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY IOWA, THAT: 1. The plans, specifications, form of contract, and estimate of cost for the above-named project are hereby approved. 2. The amount of bid security to accompany each bid for the construction of the above named project shall be in the amount of 10% of bid payable to Treasurer, City of Iowa City, Iowa. The City Clerk is hereby authorized and directed to publish notice for the receipt of bids for the construction of the above-named project in a newspaper published at least once weekly and having a general circulation in the city. Bids for the above-named project are to be received by the City of Iowa City, Iowa, at the Office of the City Clerk, at the Civic Center, until 10:30 a.m. on the 9th day of March 1999. Thereafter the bids will be opened by the City Engineer or designee, and thereupon referred to the Council of the City of Iowa City, Iowa, for action upon said bids at its next meeting to be held at the Council Chambers, Civic Center, Iowa City, Iowa, at 7:00 p.m. on the 23rd day of March 1999 or at such later time and place as may then be fixed. Passed and approved this 9th ATTEST:CiTyT~'~-'~ ~ day of February ,1999. City Attorney's Office Resolution No. 99-43 Page 2 It was moved by Thornberr.y and seconded by adopted, and upon roll call there were: Kubby AYES: NAYS: ABSENT: X X X X X X X the Resolution be Champion Kubby Lehman Norton O'Donnell Thornberry Vanderhoef Prepared by: Karin Franklin, PCD Director, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5232 RESOLUTION NO. RESOLUTION TO ADOPT AMENDED BY-LAWS FOR THE PUBLIC ART ADVISORY COMMITTEE. WHEREAS, the Public Art Advisory Committee was established in 1997 and by-laws were adopted in July 1998 by Resolution No. 98-243; and WHEREAS, said by-laws contained a provision for one representative from the Design Review Committee to serve on the Public Art Advisory Committee; and WHEREAS, the Design Review Committee was discontinued as a citizen's committee by the City Council; and WHEREAS, the Public Art Advisory Committee has recommended that in lieu of a Design Review Committee representative, an additional appointment be made by the City Council; and WHEREAS, the Public Art Advisory Committee also recommends that the appointees to the Committee consist of three representatives of the art or design professions and two representatives from the general public. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT: 1. The amended by-laws for the Public Art Advisory Committee providing for five members of the committee to be appointed by the City Council with three of the appointees being art or design professionals and two being from the general public, attached hereto, be adopted. Passed and approved this day of ,19 ATTEST: CITY CLERK MAYOR City Attorney's Office ppddidres/paac,doc BY-LAWS Public Art Advisory Committee ARTICLE I. AUTHORITY The Public Art Advisory Committee shall have that authority as established by Resolution 97- 326 passed by the City Council of Iowa City, Iowa and through the adoption of these by-laws stated herein. ARTICLE II. PURPOSE The purpose of the by-laws stated herein is to provide for the administration of a public art program by establishing a Public Art Advisory Committee to develop the Iowa City Public Art Program and to administer said program. ARTICLE III. MEMBERSHIP Section 1. Qualifications. The Public Art Advisory Committee shall consist of seven (7) members, five (5) of whom shall be appointed by the City Council. Of the five appointees, three (3) shall be art or design professionals and two (2) shall be from the general public. The remaining two (2) members shall be ex-officio and shall be one (1) staff representative from each of the Departments of Public Works and Parks & Recreation. All appointed members of the Committee shall be qualified electors of the City of Iowa City, Iowa. Section 2. Comoensation. Members shall serve without compensation. Section 3. Orientation for New Members. Prior to the first regular meeting following their appointment, new members shall be given an orientation briefing by the City staff and the Committee as is deemed appropriate. Section 4. Absences. Three consecutive unexplained absences of a Committee member from regular meetings may result in a recommendation to the City Council from the Committee to discharge said member and appoint a new Committee member. Section 5. Vacancies. Any vacancy among the appointees on the Committee because of death, resignation, long-term illness, disqualification or removal shall be filled by the City Council after at least 30 days public notice of the vacancy. Any vacancy of an ex-officio member shall be filled by the appropriate agency within 30 days. Section 6. Terms. Appointed members shall be appointed for terms of three years, with terms expiring on January 1o No more than one-third of the terms may expire in any one year. If a position becomes vacant by reason of resignation or otherwise, and results in an unexpired term of six months or less, the City Council may choose to fill the unexpired term in such a manner that the appointee shall continue in the position not only through the unexpired term, but also through a subsequent regular term. Ex-officio members shall serve for a term of one year; such terms shall be renewable, at the discretion of the appropriate agency. Section 7. Resignation. Resignations shall be submitted in writing to the Mayor with a copy to the City Manager, Director of Planning and Community Development, and Chairperson of the Public Art Advisory Committee at least 60 days prior to the date of intended departure. ARTICLE IV. OFFICERS Section 1. Number. The officers of this Committee shall be a Chairperson and a Vice- Chairperson, each of whom shall be elected by a majority vote of all members of the Committee from those Committee members appointed by the City Council. Section 2. Election and Term of Office. Officers of the Committee shall be elected annually at the first regular meeting in February each year; if the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as is convenient. Section 3. Vacancies. A vacancy in any office because of death, resignation, removal, disqualification or other cause shall be filled by the Committee for the unexpired portion of the term, except as provided in Article III, Section 6, above. Section 4. Chairperson. The Chairperson shall, when present, preside at all meetings, appoint committees, call special meetings and in general perform all duties incident to the office of the Chairperson, and such other duties as may be prescribed by the members from time to time. Section 5. Vice-Chairperson. In the absence of the Chairperson, or in the event of death, inability or refusal to act, the Vice-Chairperson shall perform the duties of the Chairperson and when so acting, shall have all powers of and be subject to all the restrictions upon the Chairperson. ARTICLE V. MEETINGS Section 1. Regular Meetings. Regular meetings of this Committee shall be held monthly. Section 2. Special Meetings. Special meetings of the members may be called by the Chairperson and shall be called by the Chairperson or Vice-Chairperson at the request of three or more members of the Committee. Section 3. Place of Meetings. Regular meetings shall be in a place accessible to persons with disabilities. Section 4. Notice of Meetings. Notice of regular and special meetings shall be required; meetings may be called upon notice not less than twenty-four (24) hours before the meeting. Section 5. Quorum. A majority of all the members of the Committee shall constitute a quorum at any meeting. Section 6. Proxies. There shall be no vote by proxy. Section 7. Public Discussion. Time shall be made available during all regular meetings for open public discussion. Section 8. Motions. Motions may be made or seconded by any member of the Committee except the Chairperson. Section 9. Conflict of Interest. A member who believes they have a conflict of interest on a matter about to come before the Committee shall state the reason for the conflict of interest, leave the room before the discussion begins, and return after the vote. If there is a question of whether or not a conflict exists, the City Attorney or City Attorney's designee will decide. All questions should be referred to the City Attorney or designee. Decisions of the City Attorney or designee are binding. 3 Section 10. Voting. A majority (but not less than three) of votes cast at any meeting at which a quorum is present shall be decisive of any motion or election. Upon request of any Committee member, voting will be by roll call and will be recorded by "ayes" and "nays". Every member of the Committee, including the Chairperson, is required to cast a vote upon each motion. A member who abstains shall state the reason for abstention. Section 11. Roberrs Rules of Order. Except as otherwise provided herein, Roberrs Rules of Order as amended shall be used where applicable. ARTICLE VI. POWERS AND DUTIES The Public Art Advisory Committee possesses the following powers, all being subject to final approval by the City Council: Section 1. To develop by-laws and procedures for the Iowa City Public Art Program. Section 2. To determine the placement of public art and the type of art to be used in a specific project. Section 3. To commission artists or to purchase art works, as appropriate. Section 4. To accept or reject gifts and loans of art. Section 5. To develop policies and procedures for the maintenance and disposition of public art. Section 6. To determine and oversee expenditures of the Public Art Program budget. Section 7. To develop a Public Art Plan for the City of Iowa City. Section 8. To develop and maintain an inventory of public art. ARTICLE VII. CONDUCT OF COMMITTEE BUSINESS Section 1. Agenda. The Chairperson, or a designated representative, together with the staff assistant, shall prepare an agenda for all regular Committee meetings. Agendas are to be 4 posted at least 24 hours before the meeting and shall be sent to Committee members and the media prior to regular meetings. Copies will be available to the public at the meeting. Section 2. Minutes. Minutes of all meetings are to be prepared, reviewed by the Chairperson, and distributed to the Committee and City Council Members. Specific recommendations requiring Council action are to be set off from the main body of the minutes and appropriately identified. Section 3. Review Policy. The Committee shall review all policies and programs of the City, relating to the Committee's duties as stated herein, and makes such recommendations to the City Council as are deemed appropriate. Section 4. Annual Report. An annual report detailing the activities of the Committee shall be prepared by the Chairperson, approved by the Committee and submitted to the City Council at the end of each calendar year. ARTICLE VIII. SUBCOMMITTEES The subcommittees of this Committee including composition, duties, and terms shall be designated by the Chairperson. ARTICLE IX. AMENDMENTS These by-laws may be altered, amended or repealed, and new by-laws adopted by an affirmative vote of not less than four members of the Committee at any regular meeting or at any special meeting called for that purpose. Amendments shall be approved by the City Council to become effective. / plxldir'~yfawad.doc 02-09-99 18 Prepared by: Dennis Gannon, Asst. Civil Engineer, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5142 RESOLUTION NO. 99-44 RESOLUTION AUTHORIZING THE ACQUISITION OF PROPERTY RIGHTS FOR THE CONSTRUCTION OF THE RIVER STREET/WOOLF AVENUE RECONSTRUCTION PROJECT. WHEREAS, the City of Iowa City desires to construct the River StreefJWoolf Avenue Reconstruction Project ("Project") which includes the reconstruction of the River Street pavement between N. Riverside Drive and Woolf Avenue, the reconstruction of the WooIf Avenue pavement from Rider Street to approximately 300' north of River Street, and the installation of water main, sanitary sewer, and storm sewer facilities; and WHEREAS, the City Council has been advised and has determined that the acquisition of certain property rights is necessary for construction of the improvements included in the Project; and WHEREAS, the City consultant, NNW, Inc., of Iowa City, has determined the location of the necessary property rights; and WHEREAS, City staff should be authorized to acquire said property rights at the best overall price and cost to the City. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT: It is in the public interest to acquire property rights by warranty deed, quit-claim deed or easement for the construction of the improvements included in the Project. The City Council further finds that acquisition of said property rights is necessary to carry out the functions of the Project, and that such Project constitutes a valid public purpose under State and Federal law. The City Manager or his designee is hereby authorized and directed to negotiate the purchase of property rights by warranty deed, quit claim deed and/or easement for the construction, operation and maintenance of the Project. The City Manager or designee is authorized to sign purchase agreements for the purchase of property and/or easements, and offers to purchase property and/or easements· In the event negotiation is successful, the Mayor and City Clerk are hereby authorized to execute and attest easement agreements and agreements in lieu of condemnation. The City Attorney is hereby directed to take all necessary actions to complete said transactions, as required by law. In the event the necessary property rights for the Project cannot be acquired by negotiation, the City Attorney is hereby authorized and directed to initiate condemnation proceedings for the acquisition of any and all property rights necessary to fulfill the- functions of the Project, as provided by law. Resolution No. 99-44 Page 2 Passed and approved this 9th ATTEST:Ci~E~ ~- ITY day of February ,1999. City Attorneys Office It was moved by Norton and seconded by adopted, and upon roll call there were: Kubby AYES: NAYS: ABSENT: the Resolution be Champion Kubby Lehman Norton O'Donnell Thornberry Vanderhoef AYES: Thornberry, Vanderhoef, Champion, Lehman, 02-09-99 21 Norton, O'Donnell NAYS: K,,hby Whereupon the Mayor declared the following Resolution duly adopted: Resolution No. 99-45 A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE AND SECURING THE PAYMENT OF $7,000,000 SEWER REVENUE BONDS, SERIES 1999, OF THE CITY OF IOWA CITY, IOWA, UNDER THE PROVISIONS OF THE CITY CODE OF IOWA, AND PROVIDING FOR A METHOD OF PAYMENT OF SAID BONDS WHEREAS, the City Council of the City of Iowa City, Iowa, sometimes hereinafter referred to as the "Issuer", has heretofore established charges, rates and rentals for services which are and will continue to be collected as system revenues of the Municipal Sanitary Sewer Utility, sometimes hereinafter referred to as the "System", and said revenues have not been pledged and are available for the payment of Revenue Bonds, subject to the following premises; and WHEREAS, Issuer proposes to issue its Revenue Bonds to the extent of $7,000,000 for the purpose of defraying the costs of the project as set forth in Section 3 of this Resolution; and WHEREAS, there have been heretofore issued Sewer Revenue Bonds, part of which remain outstanding and are a lien on the Net Revenues of the System. In the Resolutions authorizing the issuance of the outstanding bonds it is provided that additional Revenue Bonds may be issued on a parity with the outstanding bonds, for the costs of future improvements and extensions to the System, provided that there has been procured and placed on file with the Clerk, a statement complying with the conditions and limitations therein imposed upon the issuance of said parity bonds; and WHEREAS, a statement of Evensen-Dodge, Inc., an independent financial advisor not in the regular employ of Issuer, shall be placed on file in the office of the Clerk, showing the conditions and limitations of said Resolutions, dated January 19, 1993, April 9, 1996 and June 3, 1997, authorizing the issuance of the Outstanding Bonds, with regard to the sufficiency of the revenues of the System to permit the issuance of -3- additional Revenue Bonds ranking on a parity with the outstanding bonds to have been met and satisfied as required; and WHEREAS, the notice of intention of Issuer to take action for the issuance of $8,000,000 Sewer Revenue Bonds has heretofore been duly published and no objections to such proposed action have been filed, and the City proposes to proceed with the sale of $7,000,000 Sewer Revenue Bonds: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IN THE COUNTY OF JOHNSON, STATE OF IOWA: Section 1. Definitions. The following terms with or without capitalization shall have the following meanings in this Resolution unless the text expressly or by necessary implication requires otherwise: "Beneficial Owner" shall mean, whenever used with respect to a Bond, the person in whose name such Bond is recorded as the beneficial owner of such Bond by a Participant on the records of such Participant or such person's subrogee; "Bonds" shall mean $7,000,000 Sewer Revenue Bonds, Series 1999, authorized to be issued by this Resolution. "Cede & Co." shall mean Cede & Co., the nominee of DTC, and any successor nominee of DTC with respect to the Bonds; "Clerk" shall mean the City Clerk or such other officer of the successor governing body as shall be charged with substantially the same duties and responsibilities. "Continuing Disclosure Certificate" shall mean that certain Continuing Disclosure Certificate executed by the Issuer and dated the date of issuance and delivery of the Bonds, as originally executed and as it may be amended from time to time in accordance with the terms thereof. "Corporate Seal" shall mean the official seal of Issuer adopted by the goveming body. · "DTC" shall mean The Depository Trust Company, a New York corporation, New York, New York; -4- , "Fiscal Year" shall mean the twelve-month period beginning on July I of each year and ending on the last day of June of the following year, or any other consecutive twelve-month period adopted by the governing body or by law as the official accounting period of the System. Requirements of a fiscal year as expressed in this Resolution shall exclude any payment of principal or interest falling due on the first day of the fiscal year and include any payment of principal or interest falling due on the first day of the succeeding fiscal year. "Goveming Body" shall mean the City Council of the City, or its successor in function with respect to the operation and control of the System. "Independent Auditor" shall mean an independent firm of Certified Public Accountants or the Auditor of State. "Issuer" and "City" shall mean the City of Iowa City, Iowa. "Net Revenues" shall mean gross earnings of the System after deduction of current expenses; "Current Expenses" shall mean and include the reasonable and necessary cost of operating, maintaining, repairing and insuring the System, including purchases at wholesale, if any, salaries, wages, and costs of materials and supplies but excluding depreciation, principal of and interest on the Bonds and any Parity Bonds, payments to the various funds established herein or capital costs. "Notice of Sale" shall mean the official Notice of Sale as published on January 19, 1999; "Original Purchaser" shall mean the purchaser of the Bonds from Issuer at the time of their original issuance. "Parity Bonds" shall mean Sewer RevenUe Bonds payable solely from the Net Revenues of the System on an equal basis with the Bonds herein authorized to be issued; and shall include "Additional Bonds" as authorized to be issued under the terms of this Resolution and the Outstanding Bonds; "Outstanding Bonds" shall mean the Sewer Revenue Bonds dated January 15, 1993, March 15, 1996 and June 1, 1997, issued in accordance with Resolution No. 93-17, adopted January 19, 1993, and Resolution No. 96- 89 adopted April 9, 1996 and Resolution No. 97-181 adopted June 3, 1997, $32,370,000, $17,825,000 and $10,375,000 of which bonds are still outstanding and unpaid and remain a lien on the Net Revenues of the System. -5- "Participants" shall mean those broker-dealers, banks and other financial institutions for which DTC holds Bonds as securities depository; "Paying Agent" shall mean the City Controller, or such successor as may be approved by Issuer as provided herein and who shall carry out the duties prescribed herein as Issuer's agent to provide for the payment of principal of and interest on the Bonds as the same shall become due. "Permitted Investments" shall mean: · direct obligations of (including obligations issued or held in book entry form on the books of) the Department of the Treasury of the United States of America; · cash (insured at all times by the Federal Deposit Insurance Corporation or otherwise collateralized with obligations described in the above paragraph); · obligations of any of the following federal agencies which obligations represent full faith and credit of the United States of America, including: Export - Import Bank Farm Credit System Financial Assistance Corporation Farmers Home Administration General Services Administration U.S. Maritime Administration Small Business Administration Government National Mortgage Association (GNMA) U.S. Department of Housing & Urban Development (PHA's) Federal Housing Administration · repurchase agreements whose underlying collateral consists of the investments set out above if the Issuer takes delivery of the collateral either directly or through an authorized custodian. Repurchase agreements do not include reverse repurchase agreements; -6- · senior debt obligations rated "AAA" by Standard & Poor's Corporation (S&P) or "Aaa" by Moody's Investors Service Inc. (Moody's) issued by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation; · U.S. dollar denominated deposit accounts, federal funds and banker's acceptances with domestic commercial banks which have a rating on their short-term certificates of deposit on the date of purchase of "A-1" or "A-l+" by S&P or "P-I" by Moody's and maturing no more than 360 days after the date of purchase (ratings on holding companies are not considered as the rating of the bank); · commercial paper which is rated at the time of purchase in the single highest classification, "A-l+" by S&P or "P-1" by Moody's and which matures not more than 270 days after the date of purchase; · investments in a money market fund rated "AAAm. or "AAAm-G" or better by S&P; · pre-refunded Municipal Obligations are defined as any bonds or other obligations of any state of the United States of America or of any agency, instrumentality or local governmental unit of any such state which are not callable at the option of the obligor prior to maturity or as to which irrevocable instructions have been given by the obligor to call on the date specified in the notice; and (a) which are rated, based on an irrevocable escrow account or fund (the "escrow"), in the highest rating category of S&P or Moody's or any successors thereto; or (b)(i) which are fully secured as to principal and interest and redemption premium, if any, by an escrow consisting only of cash or direct obligations of the Department of the Treasury of the United States of America, which escrow may be applied only to the payment of such principal of and interest and redemption premium, if any, on such bonds or other obligations on the maturity date or dates thereof or the specified redemption date or dates pursuant to such irrevocable instructions, as appropriate; and (ii) which escrow is sufficient, as verified by a nationally recognized independent certified public accountant, to pay principal of and interest and redemption premium, if any, on the bonds or other obligations described in this paragraph on the maturity date or dates specified in the irrevocable instructions referred to above, as appropriate; -7- · tax exempt bonds as defined and permitted by section 148 of the Internal Revenue Code and applicable regulations and only if rated within the two highest classifications as established by at least one of the standard rating services approved by the superintendent of banking by rule adopted pursuant to chapter 17A Code of Iowa; · an investment contract rated within the two highest classifications as established by at least one of the standard rating services approved by the superintendent of banking by rule adopted pursuant to chapter 17A Code of Iowa; and · Iowa Public Agency Investment Trust. "Project Fund" or "Construction Account" shall mean the fund required to be established by this Resolution for the deposit of the proceeds of the Bonds. , "Rebate Fund" shall mean the fund so defined in and established pursuant to the Tax Exemption Certificate. , "Registrar" shall mean the City Controller of Iowa City, Iowa, or such successor as may be approved by Issuer as provided herein and who shall carry out the duties prescribed herein with respect to maintaining a register of the owners of the Bonds. Unless otherwise specified, the Registrar shall also act as Transfer Agent for the Bonds. , "Representation Letter" shall mean the Blanket Issuer Letter of Representations from the Issuer to DTC, with respect to the Bonds, on file at DTC. "Reserve Fund Requirement" shall mean an amount equal to the lesser of (a) the maximum amount of the principal and interest coming due on the Bonds and Parity Bonds; or (b) 10 percent of the stated principal amount of the Bonds and Parity Bonds (for issues with original issue discount the issue price as defined in the Tax Exemption Certificate shall be substituted for the stated principal amount). "System" shall mean the Municipal Sanitary Sewer Utility of the Issuer and all properties of every nature hereina~er owned by the Issuer comprising part of or used as a part of the System, including all improvements and extensions made by Issuer while any of the Bonds or Parity Bonds remain outstanding; all real and personal property; and all appurtenances, contracts, leases, franchises and other intangibles. -8- "Tax Exemption Certificate" shall mean the Tax Exemption Certificate executed by the Treasurer and delivered at the time of issuance and delivery of the Bonds. "Treasurer" shall mean the City Treasurer or such other officer as shall succeed to the same duties and responsibilities with respect to the recording and payment of the Bonds issued hereunder. "Yield Restricted" shall mean required to be invested at a yield that is not materially higher than the yield on the Bonds under section 148(a) of the Internal Revenue Code or regulations issued thereunder. Section 2. Authority. The Bonds authorized by this Resolution shall be issued pursuant to Division V, Chapter 384 of the City Code of Iowa, and in compliance with all applicable provisions of the Constitution and laws of the State of Iowa. Section 3. Authorization and Purpose. There are hereby authorized to be issued, negotiable, serial, fully registered Revenue Bonds of Iowa City, in the County of Johnson, State of Iowa, Series 1999, in the aggregate amount of $7,000,000 for the purpose of paying costs of extending, improving and equipping the sanitary sewer utility of the City. Section 4. Source of Payment. The Bonds herein authorized and Parity Bonds and the interest thereon shall be payable solely and only out of the net earnings of the System and shall be a first lien on the future net revenues of the System. The Bonds shall not be general obligations of the Issuer nor shall they be payable in any manner by taxation and the Issuer shall be in no manner liable by reason of the failure of the said Net Revenues to be sufficient for the payment of the Bonds. Section 5. Bond Details. The Bonds shall be issued pursuant to the provisions of Section 384.83 of the City Code of Iowa for the aforesaid purpose. The Bonds shall be designated "SEWER REVENUE BOND", be dated February 1, 1999, and bear interest from the date thereof, until payment thereof, at the office of the Paying Agent, said interest payable on July 1, 1999 and semiannually thereafter on the 1 st day of January and July in each year until maturity at the rates hereinaf~er provided. The Bonds shall be executed by the manual or facsimile signature of the Mayor and attested by the manual or facsimile signature of the City Clerk, and impressed or printed with the seal of the City and shall be fully registered as to both principal and interest as provided in this Resolution; principal, interest and premium, if any shall be payable at the office of the Paying Agent by mailing of a check to the registered owner of -9- the Bond. The Bonds shall be in the denomination of $5,000 or multiples thereof. Said Bonds shall mature and bear interest as follows: Interest Principal Maturity Rate Amount July 1st 4.250% $230,000 2000 4.250% 240,000 2001 4.250% 250,000 2002 4.250% 260,000 2003 4.250% 270,000 2004 4.250% 280,000 2005 4.250% 290,000 2006 4.250% 305,000 2007 4.250% 315,000 2008 4.250% 330,000 2009 4.300% 345,000 2010 4.400% 360,000 2011 4.500% 375,000 2012 4.600% 390,000 2013 4.700% 410,000 2014 4.750% 430,000 2015 4.800% 450,000 2016 4.850% 470,000 2017 4.875% 490,000 2018 4.875% 510,000 2019 Term Bonds. Bonds in the aggregate principal amount of $1,000,000 shall be issued as Term Bonds due July 1, 2019, and shall bear interest at 4.875%, payable on July 1, 1999, and semi-annually thereafter on the first day of January and July in each year until maturity, and shall be subject to mandatory redemption and payment at par and accrued interest in the principal amounts in each of the years set forth as follows: Principal Amount of Mandatory Redemption Date of Redemption (July lst) $490,000 2018 $510,000 2019 -10- Section 6. Redemption. Bonds maturing after July 1, 2008, may be called for redemption by the Issuer and paid before maturity on said date or any date thereafter, from any funds regardless of source, in whole or from time to time in part, in any order of maturity and within an annual maturity by lot. The terms of redemption shall be par, plus accrued interest to date of call. Thirty days' notice of redemption shall be given by ordinary mail to the registered owner of the Bond. Failure to give such notice by mail to any registered owner of the Bonds or any defect therein shall not affect the validity of any proceedings for the redemption of the Bonds. All bonds or portions thereof called for redemption will cease to bear interest after the specified redemption date, provided funds for their redemption are on deposit at the place of payment. If selection by lot within a maturity is required, the Registrar shall designate the bonds to be redeemed by random selection of the names of the registered owners of the entire annual maturity until the total amount of bonds to be called has been reached. Section 6.1. DTC - Registration. All of the Bonds shall be registered in the name of Cede & Co., as nominee for DTC. Payment of semiannual interest for any Bond registered in the name of Cede & Co. shall be made by wire transfer or New York Clearing House or equivalent next day funds to the account of Cede & Co. on the interest payment date for the Bonds at the address indicated in or pursuant to the Representation Letter. Section 6.2. The Bonds shall be initially issued in the form of separate single authenticated fully registered bonds in the amount of each separate stated maturity of the Bonds. Upon initial issuance, the ownership of such Bonds shall be registered in the registry books of the City Controller kept by the Paying Agent and Registrar in the name of Cede & Co., as nominee of DTC. The Paying Agent and Registrar and the Issuer may treat DTC (or its nominee) as the sole and exclusive owner of the Bonds registered in its name for the purposes of payment of the principal or redemption price of or interest on the Bonds, selecting the Bonds or portions thereof to be redeemed, giving any notice permitted or required to be given to registered owners of Bonds under the Resolution of the Issuer, registering the transfer of Bonds, obtaining any consent or other action to be taken by registered owners of the Bonds and for all other purposes whatsoever; and neither the Paying Agent and Registrar nor the Issuer shall be affected by any notice to the contrary. Neither the Paying Agent and Registrar nor the Issuer shall have any responsibility or obligation to any Participant, any person claiming a beneficial ownership interest in the Bonds under or through DTC or any Participant, or any other person which is not shown on the registration books of the Paying Agent and Registrar as being a -11- registered owner of any Bonds, with respect to the accuracy of any records maintained by DTC or any Participant; with respect to the payment by DTC or any Participant of any amount in respect of the principal or redemption price of or interest on the Bonds, with respect to any notice which is permitted or required to be given to owners of Bonds under the Resolution, with respect to the selection by DTC or any Participant of any person to receive payment in the event of a partial redemption of the Bonds, or with respect to any consent given or other action taken by DTC as registered owner of the Bonds. The Paying Agent and Registrar shall pay all principal of and premium, if any, and interest on the Bonds only to Cede. & Co. in accordance with the Representation Letter, and all such payments shall be valid and effective to fully satisfy and discharge the Issuer's obligations with respect to the principal of and premium, if any, and interest on the Bonds to the extent of the sum or sums so paid. No person other than DTC shall receive an authenticated Bond for each separate stated maturity evidencing the obligation of the Issuer to make payments of principal of and premium, if any, and interest. Upon delivery by DTC to the Paying Agent and Registrar of written notice to the effect that DTC has determined to substitute a new nominee in place of Cede & Co., the Bonds will be transferable to such new nominee in accordance with Section 6.6 hereof. Section 6.3. In the event the Issuer determines that it is in the best interest of the Beneficial Owners that they be able to obtain Bond certificates, the Issuer may notify DTC and the Paying Agent and Registrar, whereupon DTC will notify the Participants, of the availability through DTC of Bond certificates. In such event, the Bonds will be transferable in accordance with Section 6.6 hereof. DTC may determine to discontinue providing its services with respect to the Bonds at any time by giving notice to the Issuer and the Paying Agent and Registrar and discharging its responsibilities with respect thereto under applicable law. In such event the Bonds will be transferable in accordance with Section 6.6 hereof. Section 6.4. Notwithstanding any other provision of the Resolution to the contrary, so long as any Bond is registered in the name of Cede & Co., as nominee of DTC, all payments with respect to the principal of and premium, if any, and interest on such Bond and all notices with respect to such Bond shall be made and given, respectively to DTC as provided in the Representation letter. Section 6.5. In connection with any notice or other communication to be provided to Bondholders by the Issuer or the Paying Agent and Registrar with respect to any consent or other action to be taken by Bondholders, the Issuer or the Paying Agent and Registrar, as the case may be, shall establish a record date for such consent or other action and give DTC notice of such record date not less than 15 calendar days in advance of -12- such record date to the extent possible. Notice to DTC shall be given only when DTC is the sole Bondholder. Section 6.6. In the event that any transfer or exchange of the Bonds is permitted under Section 6.2 or 6.3 hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar from the registered owners thereof of the Bonds to be transferred or exchanged and appropriate instruments of transfer to the permitted transferee. In the event Bond certificates are issued to holders other than Cede & Co., its successor as nominee for DTC as holder of all the Bonds, or other securities depository as holder of all the Bonds, the provisions of the Resolution shall also apply to, among other things, the printing of such certificates and the method of payment of principal of and interest on such certificates. Section 6.7. The officers of the Issuer are hereby authorized and directed to prepare and furnish to said purchaser, and to the attorneys approving the legality of said Sewer Revenue Bonds, certified copies of such proceedings, ordinances, resolutions and records and all such certificates and affidavits and other instruments as may be required to evidence the legality and marketability of said bonds, and all certified copies, certificates, affidavits and other instruments so furnished, including any heretofore furnished, shall constitute representations of the Issuer as to the correctness of all facts stated or recited therein. Section 7. Registration of Bonds; Appointment of Registrar; Transfer; Ownership; Delivery; and Cancellation. (a) Registration. The ownership of Bonds may be transferred only by the making of an entry upon the books kept for the registration and transfer of' ownership of the Bonds, and in no other way. The City Controller is hereby appointed as Bond Registrar under the terms of this Resolution. Registrar shall maintain the books of the Issuer for the registration of ownership of the Bonds for the payment of principal of and interest on the Bonds as provided in this Resolution. All Bonds shall be negotiable as provided in Article 8 of the Uniform Commercial Code and Section 384.83(5) of the Code of Iowa, subject to the provisions for registration and transfer contained in the Bonds and in this Resolution. (b) Transfer. The ownership of any Bond may be transferred only upon the Registration Books kept for the registration and transfer of Bonds and only upon surrender thereof at the office of the Registrar together with an assignment duly executed by the holder or his duly authorized attorney in fact in such form as shall -13- be satisfactory to the Registrar, along with the address and social security number or federal employer identification number of such transferee (or, if registration is to be made in the name of multiple individuals, of all such transferees). In the event that the address of the registered owner of a Bond (other than a registered owner which is the nominee of the broker or dealer in question) is that of a broker or dealer, there must be disclosed on the Registration Books the information pertaining to the registered owner required above. Upon the transfer of any such Bond, a new fully registered Bond, of any denomination or denominations permitted by this Resolution in aggregate principal amount equal to the unmatured and unredeemed principal amount of such transferred fully registered Bond, and bearing interest at the same rate and maturing on the same date or dates shall be delivered by the Registrar. (c) Registration of Transferred Bonds. In all cases of the transfer of the Bonds, the Registrar shall register, at the ea~iest practicable time, on the Registration Books, the Bonds, in accordance with the provisions of this Resolution. (d) Ownership. As to any Bond, the person in whose name the ownership of the same shall be registered on the Registration Books of the Registrar shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal of any such Bonds and the premium, if any, and interest thereon shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond, including the interest thereon, to the extent of the sum or sums so paid. (e) Cancellation. All Bonds which have been redeemed shall not be reissued but shall be cancelled by the Registrar. All Bonds which are cancelled by the Registrar shall be destroyed and a certificate of the destruction thereof shall be furnished promptly to the Issuer; provided that if the Issuer shall so direct, the Registrar shall forward the cancelled Bonds to the Issuer. (f) Non-Presentment of Bonds. In the event any payment check representing payment of principal of or interest on the Bonds is returned to the Paying Agent or is not presented for payment of principal at the maturity or redemption date, if funds sufficient to pay such principal of or interest on Bonds shall have been made available to the Paying Agent for the benefit of the owner thereof, all liability of the Issuer to the owner thereof for such interest or payment of such Bonds shall forthwith cease, terminate and be completely discharged, and -14- thereupon it shall be the duty of the Paying Agent to hold such funds, without liability for interest thereon, for the benefit of the owner of such Bonds who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on his part under this Resolution or on, or with respect to, such interest or Bonds. The Paying Agent's obligation to hold such funds shall continue for a period equal to two years interest or principal became due, whether at maturity, or at the date fixed for redemption thereof, or otherwise, at which time the Paying Agent, shall surrender any remaining funds so held to the Issuer, whereupon any claim under this Resolution by the Owners of such interest or Bonds of whatever nature shall be made upon the Issuer. Section 8. Reissuance of Mutilated, Destroyed, Stolen or Lost Bonds. In case any outstanding Bond shall become mutilated or be destroyed, stolen or lost, the Issuer shall at the request of Registrar authenticate and deliver a new Bond of like tenor and amount as the Bond so mutilated, destroyed, stolen or lost, in exchange and substitution for such mutilated Bond to Registrar, upon surrender of such mutilated Bond, or in lieu of and substitution for the Bond destroyed, stolen or lost, upon filing with the Registrar evidence satisfactory to the Registrar and Issuer that such Bond has been destroyed, stolen or lost and proof of ownership thereof, and upon furnishing the Registrar and Issuer with satisfactory indemnity and complying with such other reasonable regulations as the Issuer or its agent may prescribe and paying such expenses as the Issuer may incur in connection therewith. Section 9. Record Date. Payments of principal and interest, otherwise than upon full redemption, made in respect of any Bond, shall be made to the registered holder thereof or to their designated agent as the same appear on the books of the Registrar on the 15th day of the month preceding the payment date. All such payments shall fully discharge the obligations of the Issuer in respect of such Bonds to the extent of the payments so made. Payment of principal shall only be made upon surrender of the Bond to the Paying Agent. Section 10. Execution, Authentication and Delivery of the Bonds. Upon the adoption of this Resolution, the Mayor and Clerk shall execute and deliver the Bonds to the Registrar, who shall authenticate the Bonds and deliver the same to or upon order of the Purchaser. No bond shall be valid or obligatory for any purpose or shall be entitled to any right or benefit hereunder unless the Registrar shall duly endorse and execute on such Bond a Certificate of Authentication substantially in the form of the Certificate herein set forth. Such Certificate upon any Bond executed on behalf of the Issuer shall be conclusive evidence that the Bond so authenticated has been duly issued under this Resolution and that the holder thereof is entitled to the benefits of this Resolution. -15- Section 11. Right to Name Substitute Paying Agent or Registrar. Issuer reserves the fight to name a substitute, successor Registrar or Paying Agent upon giving prompt written notice to each registered bondholder. -16- Section 12. Form of Bond. Bonds shall be printed in substantial compliance with standards proposed by the American Standards Institute substantially in the form as follows: I <6> I I <6> I I {7~ I I ~s~ I (1) (9) I (ga) I (10) (Continued on the back of this Bond) I (11)(12)(13) I ] (14) I I (15) I FIGURE 1 (Front) -17- (Continued) (~6) (~7) FIGURE 2 (~ack) -18- The text of the bonds to be located thereon at the item numbers shown shall be as follows: Item 1, figure 1 "STATE OF IOWA" "COUNTY OF JOHNSON" "CITY OF IOWA CITY" "SEWER REVENUE BOND" "SERIES 1999" Item 2, figure 1= Rate: Item 3, figure 1= Maturity: Item 4, figure 1= Bond Date: February 1, 1999 Item 5, figure 1= Cusip No.: Item 6, figure 1= "Registered" Item 7, figure 1= Certificate No. Item 8, figure 1= Principal Amount: $ Item 9, figure 1 = The City of Iowa City, Iowa, a municipal corporation organized and existing under and by virtue of the Constitution and laws of the State of Iowa (the "Issuer"), for value received, promises to pay from the source and as hereinafter provided, on the maturity date indicated above, to Item 9A, figure 1 = (Registration panel to be completed by Registrar or Printer with name of Registered Owner). Item 10, figure 1 = or registered assigns, the principal sum of (principal amount written out) THOUSAND DOLLARS in lawful money of the United States of America, on the maturity date shown above, only upon presentation and surrender hereof at the office of City Controller, Paying Agent of this issue, or its successor, with interest on said sum from the date hereof until paid at the rate per annum specified above, payable on July 1, 1999, and semiannually therealter on the 1 st day of January and July in each year. Interest and principal shall be paid to the registered holder of the Bond as shown on the records of ownership maintained by the Registrar as of the 15th day of the month next preceding such interest payment date. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. This Bond is issued pursuant to the provisions of Section 384.83 of the City Code of Iowa, as amended, for the purpose of paying costs of extending, improving and -19- equipping the sanitary sewer utility of the City, in conformity to a Resolution of the Council of said City duly passed and approved (the "Bond Resolution"). Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to the Issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of DTC (and any payment is made to Cede & .Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. Bonds maturing after July 1, 2008, may be called for redemption by the Issuer and paid before maturity on said date or any date thereafter, from any funds regardless of source, in whole or from time to time in part, in any order of maturity and within an annual maturity by lot. The terms of redemption shall be par, plus accrued interest to date of call. Thirty days' notice of redemption shall be given by ordinary mail to the registered owner of the Bond. Failure to give such notice by mail to any registered owner of the Bonds or any defect therein shall not affect the validity of any proceedings for the redemption of the Bonds. All bonds or portions thereof called for redemption will cease to bear interest after the specified redemption date, provided funds for their redemption are on deposit at the place of payment. If selection by lot within a maturity is required, the Registrar shall designate the bonds to be redeemed by random selection of the names of the registered owners of the entire annual maturity until the total amount of bonds to be called has been reached. Term Bonds maturing on July 1,2019 are subject to mandatory redemption and payment at par and accrued interest, in the principal amounts set forth in the Bond Resolution, on July 1st of the years 2018 and 2019. Ownership of this Bond may be transferred only by transfer upon the books kept for such purpose by the City Controller, the Registrar. Such transfer on the books shall occur only upon presentation and surrender of this Bond at the office of the Registrar as designated below, together with an assignment duly executed by the owner hereof or his duly authorized attorney in the form as shall be satisfactory to the Registrar. Issuer reserves the right to substitute the Registrar and Paying Agent but shall, however, -20- promptly give notice to registered bondholders of such change. All Bonds shall be negotiable as provided in Article 8 of the Uniform Commercial Code and Section 384.83(5) of the Code of Iowa, subject to the provisions for registration and transfer contained in the Bond Resolution. This Bond and the series of which it forms a part, other bonds ranking on a parity therewith, and any additional bonds which may be hereafter issued and outstanding from time to time on a parity with said Bonds, as provided in the Bond Resolution of which notice is hereby given and is hereby made a part hereof, are payable from and secured by a pledge of the Net Revenues of the Municipal Sanitary Sewer Utility (the "System"), as defined and provided in said Resolution. There has heretofore been established and the City covenants and agrees that it will maintain just and equitable rates or charges for the use of and service rendered by said System in each year for the payment of the proper and reasonable expenses of operation and maintenance of said System and for the establishment of a sufficient sinking fund to meet the principal of and interest on this series of Bonds, and other bonds ranking on a parity therewith, as the same become due. This Bond is not payable in any manner by taxation and under no circumstances shall the City be in any manner liable by reason of the failure of said net earnings to be sufficient for the payment hereof. And it is hereby represented and certified that all acts, conditions and things requisite, according to the laws and Constitution of the State of Iowa, to exist, to be had, to be done, or to be performed precedent to the lawful issue of this Bond, have been existent, had, done and performed as required by law. IN TESTIMONY WHEREOF, said City by its City Council has caused this Bond to be signed by the manual signature of its Mayor and attested by the manual signature of its City Clerk, with the seal of said City impressed hereon, and authenticated by the manual signature of an authorized representative of the Registrar, the City Controller, Iowa City, Iowa. Item 11, figure 1 = Date of authentication: Item 12, figure 1 = This is one of the Bonds described in the within mentioned Resolution, as registered by the City Controller. CITY CONTROLLER, Registrar By: Authorized Signature -21- Item 13, figure 1 = Registrar and Transfer Agent: City Controller Paying Agent: City Controller SEE REVERSE FOR CERTAIN DEFINITIONS Item 14, figure 1 Item 15, figure 1 -- (Seal) = [Signature Block] CITY OF IOWA CITY, IOWA By: Mayor's manual signature Mayor ATTEST: By: City Clerk's manual signature City Clerk Item 16, figure 2 = [Statement of Insurance] STATEMENT OF INSURANCE Financial Security Assurance Inc. CFSA"), New YOrk, New York, has delivered its municipal bond insurance policy with respect to the scheduled payments due of principal of and interest on this Bond to the City Controller, Iowa City, Iowa, or its successor, as paying agent for the Bonds (the "Paying Agent"). Said Policy is on file and available for inspection at the principal office of the Paying Agent and a copy thereof may be obtained from FSA or the Paying Agent. Item 17, figure 2 = [Assignment Block] [Information Required for Registration] ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto (Social Security or Tax Identification No. ) the within Bond and does hereby irrevocably constitute and appoint attorney in fact to transfer the said Bond on the books kept for registration of the within Bond, with full power of substitution in the premises. -22° Dated (Person(s) executing this Assignment sign(s) here) SIGNATURE ) GUARANTEED) IMPORTANT - READ CAREFULLY The signature(s) to this Power must correspond with the name(s) as written upon the face of the certificate(s) or bond(s) in every particular without alteration or enlargement or any change whatever. Signature guarantee must be provided in accordance with the prevailing standards and procedures of the Registrar and Transfer Agent. Such standards and procedures may require signature to be guaranteed by certain eligible gnarantor institutions that participate in a recognized signature guarantee program. INFORMATION REQUIRED FOR REGISTRATION OF TRANSFER Name of Transferee(s) Address of Transferee(s) Social Security or Tax Identification Number of Transferee(s) Transferee is a(n): Individual* Partnership Corporation Trust *If the Bond is to be registered in the names of multiple individual owners, the names of all such owners and one address and social security number must be provided. -23 - The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though written out in full according to applicable laws or regulations: TEN COM - TEN ENT - JT TEN as tenants in common as tenants by the entireties as joint tenants with right of survivorship and not as tenants in common IA UNIF TRANS MIN ACT - .......... Custodian .......... (Cust) (Minor) under Iowa Uniform Transfers to Minors Act ................ (State) ADDITIONAL ABBREVIATIONS MAY ALSO BE USED THOUGH NOT IN THE ABOVE LIST Section 13. Equality of Lien. The timely payment of principal of and interest on the Bonds and Parity Bonds shall be secured equally and ratably by the revenues of the System without priority by reason of number or time of sale or delivery; and the revenues of the System are hereby irrevocably pledged to the timely payment of both principal and interest as the same become due. Section 14. Application of Bond Proceeds - Project Fund. Proceeds of the Bonds shall be applied as follows: An amount equal to accrued interest shall be deposited in the Sinking Fund for application to the first payment of interest on the Bonds. An amount sufficient to meet the Reserve Fund Requirement shall be deposited in the Reserve Fund. The balance of the proceeds shall be deposited to the Project Fund and expended therefrom for the purposes of issuance. Any amounts on hand in the Project Fund shall be available for the payment of the principal of or interest on the Bonds at any time that other funds of the System shall be insufficient to the purpose, in which event such funds shall be repaid to the Project Fund at the ea~iest opportunity. Any balance on hand in the Project Fund and not immediately -24- required for its purposes may be invested not inconsistent with limitations provided by law, the Internal Revenue Code and this Resolution. Any excess proceeds remaining on hand after completion of the purpose of issuance shall be paid into the Improvement Fund to the maximum required amounts and any remaining amounts shall be used to call or otherwise retire Bonds. Section 15. User Rates. There has heretofore been established and published as required by law, just and equitable rates or charges for the use of the service rendered by the System. Said rates or charges to be paid by the owner of each and every lot, parcel of real estate, or building that is connected with and uses the System, by or through any part of the System or that in any way uses or is served by the System. Any revenues paid and collected for the use of the 'System and its services by the Issuer or any department, agency or instrumentality of the Issuer shall be used and accounted for in the same manner as any other revenues derived from the operations of the System. Section 16. Application of Revenues. From and after the delivery of any Bonds, and as long as any of the Bonds or Parity Bonds shall be outstanding and unpaid either as to principal or as to interest, or until all of the Bonds and Parity Bonds then outstanding shall have been discharged and satisfied in the manner provided in this Resolution, the entire income and revenues of the System shall be deposited as collected in a fund to be known as the Sewer Revenue Fund (the "Revenue Fund"), and shall be disbursed only as follows: The provisions in the Resolution heretofore adopted on July 29, 1986, and ratified, confirmed and approved in the Resolutions heretofore adopted on January 19, 1993, April 9, 1996 and June 3, 1997, whereby there was created and is to be maintained a Sewer Revenue Bond and Interest Sinking Fund, and for the monthly payment into said fund from the future net revenues of the System such portionthereof as will be sufficient to meet the principal and interest of the Outstanding Bonds, and maintaining a reserve therefor, are hereby ratified and confirmed, and all such provisions inure to and constitute the security for the payment of the principal and interest on Sewer Revenue Bonds hereby authorized to be issued; provided, however, that the amounts to be set aside and paid into the Sewer Revenue Bond and Interest Sinking Fund in equal monthly installments from the earnings shall be sufficient to pay the principal and interest due each year, not only on the Outstanding Bonds, but also the principal and interest of the Bonds herein authorized to be issued and to maintain a reserve therefor. Sections 16, 18, 21, 22, 25 and 27 of the Resolution dated July 29, 1986, are hereby ratified, confirmed, adopted and incorporated -25- herein as a part of this Resolution. Consistent with the above Resolution, proceeds of the bonds or other funds may be invested in Permitted Investments. Nothing in this Resolution shall be construed to impair the rights vested in the Outstanding Bonds. The amounts herein required to be paid into the various funds named in this Section shall be inclusive of payments required in respect to the Outstanding Bonds. The provisions of the legislation authorizing the Outstanding Bonds and the provisions of this Resolution are to be construed wherever possible so that the same will not be in conflict. In the event such construction is not possible, the provisions of the Resolution or Ordinance first adopted shall prevail until such time as the bonds authorized by said Ordinance or Resolution have been paid in full or otherwise satisfied as therein provided at which time the provisions of this Resolution shall again prevail. The maximum amount to be retained in the Reserve fund shall be the Reserve Fund Requirement under this resolution. Money in the Revenue Fund shall be allotted and paid into the various funds and accounts hereinbefore referred to in the order in which said funds are listed, on a cumulative basis on the 10th day of each month, or on the next succeeding business day when the 10th shall not be a business day; and if in any month the money in the Revenue Fund shall be insufficient to deposit or transfer the required amount in any of said funds or accounts, the deficiency shall be made up in the following month or months after payments into all funds and accounts enjoying a prior claim to the revenues shall have been met in full. Section 16.1. Investments. Moneys on hand in the Project Fund and all of the funds provided by this Resolution may be invested only in Permitted Investments or deposited in financial institutions which are members of the Federal Deposit Insurance Corporation, or its equivalent successor, and the deposits in which are insured thereby and all such deposits exceeding the maximum amount insured from time to time by FDIC or its equivalent successor in any one financial institution shall be continuously secured by a valid pledge of direct obligations of the United States Government having an equivalent market value. All such interim investments shall mature before the date on which the moneys are required for the purposes for which said fund was created or otherwise as herein provided but in no event maturing in more than three years in the case of the Reserve Fund. The provisions of this Section shall not be construed to require the Issuer to maintain separate bank accounts for the funds created by this Section; except the Sinking Fund and the Reserve Fund shall be maintained in a separate account but may be invested in -26- conjunction with other funds of the City but designated as a trust fund on the books and records of the City. All income derived from such investments shall be deposited in the Revenue Fund and shall be regarded as revenues of the System except earnings on investments of the Project Fund shall be deposited in and expended from the Project Fund. Investments shall at any time necessary be liquidated and the proceeds thereof applied to the purpose for which the respective fund was created. Section 17. Covenants Regarding the Operation of the System. The Issuer hereby covenants and agrees with each and every holder of the Bonds and Parity Bonds: (a) Maintenance and Efficiency. The' Issuer will maintain the System in good condition and operate it in an efficient manner and at masonable cost. (b) Sufficiency of Rates. On or before the beginning of each fiscal year the Governing Body will adopt or continue in effect rates for all services rendered by the System determined to be sufficient to produce Net Revenues for the next succeeding fiscal year adequate to pay principal and interest requirements and create reserves as provided in this Resolution but not less than 110 percent of the principal and interest requirements of the fiscal year. No free use of the System by the Issuer or any department, agency or instrumentality of the Issuer shall be permitted except upon the determination of the governing body that the rates and changes otherwise in effect are sufficient to provide Net Revenues at least equal to the requirements of this subsection. (c) Insurance. The Issuer shall maintain insurance for the benefit of the bondholders on the insurable portions of the System of a kind and in an amount which normally would be carded by private companies engaged in a similar kind of business. The proceeds of any insurance, except public liability insurance, shall be used to repair or replace the pan or pans of the System damaged or destroyed, or if not so used shall be placed in the Improvement Fund. (d) Accounting and Audits. The Issuer will cause to be kept proper books and accounts adapted to the System and in accordance with generally accepted accounting practices, and will cause the books and accounts to be audited annually not later than 90 days after the end of each fiscal year by an independent auditor and will file copies of the audit report with the Original Purchaser and will make generally available to the holders of any of the Bonds and Parity Bonds, the balance sheet and the operating statement of the System as certified by such -27- auditor. The Original Purchaser and holders of any of the Bonds and Parity Bonds shall have at all reasonable times the right to inspect the System and the records, accounts and data of the Issuer relating thereto. The audit reports required by this Section shall include, but not be limited to, the following information: An evaluation of the manner in which the Issuer has complied with the covenants of this Resolution, including particularly the rate covenants included herein. A statement of Net Revenues and current expenses. Analyses of each fund and account created hereunder, including deposits, withdrawals and beginning and ending balances. · A balance sheet. (e) State Laws. The Issuer will faithfully and punctually perform all duties with reference to the System required by the Constitution and laws of the State of Iowa, including the making and collecting of reasonable and sufficient rates for services rendered by the System as above provided, and will segregate the revenues of the System and apply said revenues to the funds specified in this Resolution. (f) Property. The Issuer will not sell, lease, mortgage or in any manner dispose of the System, or any capital part thereof, including any and all extensions and additions that may be made thereto, until satisfaction and discharge of all of the Bonds and Parity Bonds shall have been provided for in the manner provided in this Resolution. Provided, however, this covenant shall not be construed to prevent the disposal by the Issuer of property which in the judgment of its governing body has become inexpedient or unprofitable to use in connection with the System, or if it is to the advantage of the System that other property of equal or higher value be substituted therefor, and provided further that the proceeds of the disposition of such property shall be placed in a Revolving Fund and used in preference to other sources for capital improvements to the System. Any such proceeds of the disposition of property acquired with the proceeds of the Bonds or Parity Bonds shall not be used to pay principal or interest on the Bonds and Parity Bonds or for payments into the Sinking or Reserve Funds. -28- (g) Fidelity Bond. The Issuer shall maintain fidelity bond coverage in amounts which normally would be carded by private companies engaged in a similar kind of business on each officer or employee having custody of funds of the System. (h) Additional Charges. The Issuer will require proper connecting charges and/or other security for the payment of service charges. (i) Budget. The governing body of the Issuer will adopt a system budget of revenues and current expenses on or before the end of each fiscal year. Such budget shall take into account revenues and current expenses during the current and last preceding fiscal years. The Issuer will incur no current expense not included in such budget, and will not permit total current expenses to exceed the budget, unless the governing body shall first have adopted a Resolution declaring the necessity of such expenses. Copies of such budget and approvals of expenditures in excess of the budget shall be mailed to the Original Purchaser and to the bondholders upon request. Section 18. Prior Lien and Parity Bonds. The Issuer will issue no other Bonds or obligations of any kind or nature payable from or enjoying a lien or claim on the property or revenues of the System having priority over the Bonds or Parity Bonds. Additional Bonds may be issued on a parity and equality of rank with the Bonds with respect to the lien and claim of such Additional Bonds to the revenues of the System and the money on deposit in the funds adopted by this Resolution, for the following purposes and under the following conditions, but not otherwise: (a) For the purpose of refunding any of the Bonds or Parity Bonds which shall have matured or which shall mature not later than three months after the date of delivery of such refunding Bonds and for the payment of which there shall be insufficient money in the Sinking Fund and the Reserve Fund; (b) For the purpose of refunding any Bonds, Parity Bonds or General Obligation Bonds outstanding, or making extensions, additions, improvements or replacements to the System, if all of the following conditions shall have been met: -29- (i) before any such Additional Bonds ranking on a parity are issued, there will have been procured and filed with the Clerk, a statement of an independent certified public accountant, consulting engineer or financial consultant, not a regular employee of the Issuer, reciting the opinion based upon necessary investigations that the Net Revenues of the System for the preceding fiscal year (with adjustments as hereinafter provided) were equal to at least 1.25 times the maximum amount that will be required in any fiscal year. prior to the longest maturity of any of the then Outstanding Bonds or Parity Bonds for both principal of and interest on all Bonds or Parity Bonds then outstanding which are payable from the net earnings of the System and the Additional Bonds then proposed to be issued. For the purpose of determining the Net Revenues of the System for the preceding fiscal year as aforesaid, the amount of the gross revenues for such year may be adjusted by an independent Consulting Engineer or by a Certified Public Accountant not a regular employee of the Issuer, so as to reflect any changes in the amount of such revenues which would have resulted had any revision of the schedule of rates or charges imposed at or prior to the time of the issuance of any such Additional Bonds been in effect during all of such preceding fiscal year. (ii) the Additional Bonds must be payable as to principal and as to interest on the same month and day as the Bonds herein authorized. (iii) for the purposes of this Section, principal and interest falling due on the first day of a fiscal year shall be deemed a requirement of the immediately preceding fiscal year. (iv) for the purposes of this Section, general obligation bonds shall be refunded only upon a finding of necessity by the Governing Body and only to the extent the general obligation bonds were issued or the proceeds of them were expended for the System. Section 19. Disposition of Bond Proceeds; Arbitrage Not Permitted. The Issuer reasonably expects and covenants that no use will be made of the proceeds from the issuance and sale of the Bonds issued hereunder which will cause any of the Bonds to be classified as arbitrage bonds within the meaning of Section 148(a) and (b) of the Internal Revenue Code of the United States, and that throughout the term of said Bonds it will comply with the requirements of said statute and regulations issued thereunder. -30- To the best knowledge and belief of the Issuer, there are no facts or circumstances that would materially change the foregoing statements or the conclusion that it is not expected that the proceeds of the Bonds will be used in a manner that would cause the Bonds to be arbitrage bonds. Without limiting the generality of the foregoing, the Issuer hereby agrees to comply with the provisions of the Tax Exemption Certificate and the provisions of the Tax Exemption Certificate are hereby incorporated by reference as part of this Resolution. The Treasurer is hereby directed to make and insert all calculations and determinations necessary to complete the Tax Exemption Certificate in all respects and to execute and deliver the Tax Exemption Certificate at issuance of the Bonds to certify as to the reasonable expectations and covenants of the Issuer at that date. The Issuer covenants that it will treat as Yield Restricted any proceeds of the Bonds remaining unexpended after three years from the issuance and any other funds required by the Tax Exemption Certificate to be so treated. If any investments are held with respect to the Bonds and Parity Bonds, the Issuer shall treat the same for the purpose of restricted yield as held in proportion to the original principal amounts of each issue. The Issuer covenants that it will exceed any investment yield restriction provided in this Resolution only in the event that it shall first obtain an opinion of recognized bond counsel that the proposed investment action will not cause the bonds to be classified as arbitrage bonds under Section 148(a) and (b) of the Internal Revenue Code or regulations issued thereunder. The Issuer covenants that it will proceed with due diligence to spend the proceeds of the Bonds for the purpose set forth in this Resolution. The Issuer further covenants that it will make no change in the use of the proceeds available for the construction of facilities or change in the use of any portion of the facilities constructed therefrom by persons other than the Issuer or the general public unless it has obtained an opinion of bond counsel or a revenue ruling that the proposed project or use will not be of such character as to cause interest on any of the Bonds not to be exempt from federal income taxes in the hands of holders other than substantial users of the project, under the provisions of Section 142(a) of the Intemal Revenue Code of the United States, related statutes and regulations. Section 20. Additional Covenants, Representations and Warranties of the Issuer. The Issuer certifies and covenants with the purchasers and holders of the Bonds from time to time outstanding that the Issuer through its officers, (a) will make such further specific covenants, representations and assurances as may be necessary or advisable; (b) comply with all representations, covenants and assurances contained in the Tax Exemption Certificate, which Tax Exemption Certificate shall constitute a part of the -31- contract between the Issuer and the owners of the Bonds; (c) consult with bond counsel (as defined in the Tax Exemption Certificate); (d) pay to the United States, as necessary, such sums of money representing required rebates of excess arbitrage profits relating to the Bonds; (e) file such forms, statements and supporting documents as may be required and in a timely manner; and (f) if deemed necessary or advisable by its officers, to employ and pay fiscal agents, financial advisors, attorneys and other persons to assist the Issuer in such compliance. Section 21. Not Qualified Tax-Exempt Obligations. The Issuer has not designated the Bonds as qualified tax-exempt obligations as defined by Section 265(b) of the Internal Revenue Code of the United States, as amended. Section 22. Discharge and Satisfaction of Bonds. The covenants, liens and pledges entered into, created or imposed pursuant to this Resolution may be fully discharged and satisfied with respect to the Bonds and Parity Bonds, or any of them, in any one or more of the following ways: (a) By paying the Bonds or Parity Bonds when the same shall become due and payable; and (b) By depositing in trust with the Treasurer, or ~vith a corporate trustee designated by the governing body for the payment of said obligations and irrevocably appropriated exclusively to that purpose an amount in cash or direct obligations of the United States the maturities and income of which shall be sufficient to retire at maturity, or by redemption prior to maturity on a designated date upon which said obligations may be redeemed, all of such obligations outstanding at the time, together with the interest thereon to maturity or to the designated redemption date, premiums thereon, if any that may be payable on the redemption of the same; provided that proper notice of redemption of all such obligations to be redeemed shall have been previously published or provisions shall have been made for such publication. Upon such payment or deposit of money or securities, or both, in the amount and manner provided by this Section, all liability of the Issuer with respect to the Bonds or Parity Bonds shall cease, determine and be completely discharged, and the holders thereof shall be entitled only to payment out of the money or securities so deposited. Section 23. Amendment of Resolution Without Consent. The Issuer may, without the consent of or notice to any of the holders of the Bonds and Parity Bonds, amend or supplement this Resolution for any one or more of the following purposes: -32- (a) to cure any ambiguity, defect, omission or inconsistent provision in this Resolution or in the Bonds or Parity Bonds; or to comply with any application provision of law or regulation of federal or state agencies; provided, however, that such action shall not materially adversely affect the interests of the holders of the bonds or Parity Bonds; (b) to change the terms or provisions of this Resolution to the extent necessary to prevent the interest on the Bonds or Parity Bonds from being includable within the gross income of the holders thereof for federal income tax purposes; (c) to grant to or confer upon the holders of the Bonds or Parity Bonds any additional rights, remedies, powers or authority that may lawfully be granted to or conferred upon the holders of the Bonds; (d) to add to the covenants and agreements of the Issuer contained in this Resolution other covenants and agreements of, or conditions or restrictions upon, the Issuer or to surrender or eliminate any right or power reserved to or conferred upon the Issuer in this Resolution; or (e) to subject to the lien and pledge of this Resolution additional pledged revenues as may be permitted by law. Section 24. Amendment of Resolution Requiring Consent. This Resolution may be amended from time to time if such amendment shall have been consented to by holders of not less than two-thirds in principal amount of the Bonds and Parity Bonds at any time outstanding (not including in any case any Bonds which may then be held or owned by or for the account of the Issuer, but including such Refunding Bonds as may have been issued for the purpose of refunding any of such Bonds if such Refunding Bonds shall not then be owned by the Issuer); but this Resolution may not be so amended in such manner as to: (a) Make any change in the maturity or interest rate of the Bonds, or modify the terms of payment of principal of or interest on the Bonds or any of them or impose any conditions with respect to such payment; (b) Materially affect the rights of the holders of less than all of the Bonds and Parity Bonds then outstanding; and -33- (c) Reduce the percentage of the principal amount of Bonds, the consent of the holders of which is required to effect a further amendment. Whenever the Issuer shall propose to amend this Resolution under the provisions of this Section, it shall cause notice of the proposed amendment to be filed with the Original Purchaser and to be mailed by certified mail to each registered owner of any Bond as shown by the records of the Registrar. Such notice shall set forth the nature of the proposed amendment and shall state that a copy of the proposed amendatory Resolution is on file in the office of the City Clerk. Whenever at any time within one year from the date of the mailing of said notice there shall be filed with the City Clerk an instrument or instruments executed by the holders of at least two-thirds in aggregate principal amount of the Bonds then outstanding as in this Section defined, which instrument or instruments shall refer to the proposed amendatory Resolution described in said notice and shall specifically consent to and approve the adoption thereof, thereupon, but not otherwise, the governing body of the Issuer may adopt such amendatory Resolution and such Resolution shall become effective and binding upon the holders of all of the Bonds and Parity Bonds. Any consent given by the holder of a Bond pursuant to the provisions of this Section shall be irrevocable for a period of six months from the date of the instrument evidencing such consent and shall be conclusive and binding upon all future holders of the same Bond during such period. Such consent may be revoked at any time after six months from the date of such instrument by the holder who gave such consent or by a successor in title by filing notice of such revocation with the City Clerk. The fact and date of the execution of any instrument under the provisions of this Section may be proved by the certificate of any officer in any jurisdiction who by the laws thereof is authorized to take acknowledgments of deeds within such jurisdiction that the person signing such instrument acknowledged before him the execution thereof, or may be proved by an affidavit of a witness to such execution sworn to before such officer. The amount and numbers of the Bonds held by any person executing such instrument and the date of his holding the same may be proved by an affidavit by such person or by a certificate executed by an officer of a bank or trust company showing that on the date therein mentioned such person had on deposit with such bank or trust company the Bonds described in such certificate. Section 25. Continuing Disclosure. The Issuer hereby covenants and agrees that it will comply with and carry out all of the provisions of the Continuing Disclosure -34- Certificate, and the provisions of the Continuing Disclosure Certificate are hereby incorporated by reference as part of this Resolution and made a part hereof. Notwithstanding any other provision of this Resolution, failure of the Issuer to comply with the Continuing Disclosure Certificate shall not be considered an event of default under this Resolution; however, any holder of the Bonds or Beneficial Owner may take such actions as may be necessary and appropriate, including seeking specific performance by court order, to cause the Issuer to comply with its obligations under the Continuing Disclosure Certificate. For purposes of this Section, "Beneficial Owner" means any person which (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of any Bonds for federal income tax purposes. Adopted and approved this ATTEST: 9th day of February ,1999. Mayor PGOODR1C\167603\ 1 \10714053 -35- Prepared by Eleanor Dilkes, City Attorney, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5030 RESOLUTION NO. 99-46 RESOLUTION REGARDING THE STATUS OF THE CITY OF TIFFIN AS A "NON-CONTIGUOUS" CITY ON NOVEMBER 17, 1998, THE DATE OF THE IOWA CITY CITY COUNCIL'S RESOLUTION REQUESTING SUBMISSION OF THE QUESTION OF THE IMPOSITION OF A LOCAL SALES AND SERVICES TAX TO THE QUALIFIED ELECTORS OF THE INCORPORATED AND UNINCORPORATED AREAS OF JOHNSON COUNTY. WHEREAS, on November 17, 1998, by Resolution No. 98-372, the City Council of the City of Iowa City requested that the Johnson County Commissioner of Elections submit the question of the imposition of a local sales and services tax to the registered voters of the incorporated and unincorporated areas of Johnson County; and WHEREAS, one of the "whereas" clauses of said Resolution No. 98-372 identified the City of Tiffin as a "contiguous city" when in fact Tiffin was not a "contiguous city" on November 17, 1998; and WHEREAS, the identification of contiguous cities in said resolution was unnecessary and immaterial to the purpose of said resolution, i.e. the calling for an election on the local sales and services tax; and WHEREAS, the fact of whether Tiffin was or was not a contiguous city on November 17, 1998 was immaterial to the City Council's decision to request submission of the question of the imposition of a local sales and services tax to the registered voters of the incorporated and unincorporated areas of Johnson County. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA, THAT: The City Council identifies and corrects for the record the error in the ninth "whereas" clause of Resolution No. 98-372 which incorrectly identified Tiffin as a contiguous city on November 17, 1998; and The identification of contiguous cities in Resolution No. 98-372 was unnecessary and could have been eliminated without affecting the resolution; and The identification of contiguous cities in Resolution No. 98-372 and said error in the status of Tiffin on November 17, 1998 was immaterial to the City Council's decision to request submission of the question of the imposition of a local sales and services tax to the registered voters of the incorporated and unincorporated areas of Johnson County. Passed and approved this 9th day of February ,19 99 · City Attorney's Office eleano~res\tiffin .doc Resolution No. 99-46 Page 2 It was moved by Tho~'nbef'f'.y and seconded by adopted, and upon roll call there were: Vandef'hoef the Resolution be AYES: NAYS: ABSENT: Champion Kubby Lehman Norton O'Donnell Thornberry Vanderhoef