HomeMy WebLinkAbout1999-11-23 ResolutionPrepared by: Liz Osborne, PCD, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5000
RESOLUTION NO. 99-383
RESOLUTION AUTHORIZING THE MAYOR TO EXECUTE AND THE CITY CLERK TO
ATTEST A SUBORDINATION AGREEMENT BETWEEN THE CITY OF IOWA CITY AND
MERCANTILE BANK, IOWA CITY, IOWA FOR PROPERTY LOCATED AT 1541 DICKENSON
LANE, IOWA CITY, IOWA.
WHEREAS, the City of Iowa City is the owner and holder of a Mortgage in the amount of
$20,467, executed by the owner of the property February 12, 1998, and recorded on
February 27, 1998, in Book 2429, Page 203 through Page 224, in the Johnson County
Recorder's Office covering the following described real estate:
Lot 101, South Pointe Addition, Part 5, Iowa City, Iowa, according to the plat thereof
recorded in Book 33, Page 312, Plat Records of Johnson County, Iowa
WHEREAS, Mercantile Bank, has financed a first mortgage in the amount of $90,175 to the
owner of the improvements to 1541 Dickenson Lane and to secure the loan by a mortgage
covering the real estate described above; and
WHEREAS, it is necessary that the Mortgage held by the City be subordinated to the lien of the
proposed mortgage in order to induce Mercantile Bank to make such a loan; and
WHEREAS, Mercantile Bank has requested that the City execute the attached subordination
agreement thereby making the City's lien subordinated to the lien of said mortgage with
Mercantile Bank; and
WHEREAS, there is sufficient value in the above described real estate to secure said lien as a
second lien.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA
CITY, IOWA that the Mayor is authorized to execute and the City Clerk to attest the
subordination agreement between the City of Iowa City and Mercantile Bank, Iowa City Iowa.
MAYOR
Appmved by
It was moved by Norton
adopted, and upon roll call there were:
AYES:
X
X
X
X
X
and seconded by
NAYS:
ppdrehab/resJ1514dicker.doc
D'DnnnPll
the Resolution be
ABSENT:
Champion
Kubby
Lehman
Norton
O'Donnell
X Thornberry
X Vanderhoef
SUBORDINATION AGREEMENT
THIS AGREEMENT
Mercantile Bank
of Iowa City, IA
is made by and between the City. of Iowa City, herein the City, and
, herein the Financial Institution.
WHEREAS, the City is the owner and holder of a certain Mortgage
which at this time are in the amount of $ 61.400 and were executed by Greater Iowa
City Housing Fellowship (herein the Owner), dated February 12
19 98 , recorded February 27 , 19 98 , in Book .2.4.29 , Page 0203
through 0224 , Johnson County RecordeCs Office, covedng the following described real
property:
Lot 101 South Pointe Addition, Part 5, Iowa City, Iowa, according to the
plat thereof recorded in Book 33, Page 312, Plat .~.o~cords of Johnson County, Iowa.
WHEREAS, the Financial Institution proposes to loan the sum of $ qn, 17~ on a
promissonJ note to be executed by the Financial Institution ar~ ~ ~.ff.,ksae udn~ a ~<ortgage
covedng the real property described above; and v~,ca~N~3,n a ~Joma ov c
WHEREAS, to induce the Financial Institution to make such loan, it is necessary that the
Mortgage held by the City be subordinated to the lien of the mortgage proposed to be
made by the Financial Institution.
NOW, THEREFORE, in consideration of the mutual covenants and promises of the parties
hereto, the parties agree as follows:
Subordination. The City hereby covenants and agrees with the Financial Institution
that the above noted mortgage held by the City is and shall continue to
be subject and subordinate to the lien of the mortgage about to be made by the
Financial Institution.
SUBORDINATION AGREEMENT
Page 2
Consideration. The City acknowledges receipt from the Financial Institution of One
Hundred and Fifty Dollars ($150.00) and other good and valuable consideration for its
act of subordination herein.
Senior Mortgage. The mortgage in favor of the Financial Institution is hereby
acknowledged as a lien supedor to the mo~:l:~ge of the City.
Binding Effect. This agreement shall be binding upon and inure to the benefit of the
respective heirs, legal representatives, successors, and assigns of the parties hereto.
Dated this Z.~ day of
OF I WA CITY.
~~~. ~~'~- ' By
Attest:
Mayor
INSTITUTION
~,~,.,,,~ ~. Ft,~,~r ~.'rct
By
CITY'S ACKNOWLEDGEMENT
STATE OF IOWA )
) SS:
JOHNSON COUNTY )
On this Z.:~ ,d day of
, 199~, before me, the undersigned, a
of Iowa, personally appeared
Notary Public in and for the State
_Frn~.~-/- ~2- L,~ t~,,,~ ~ ~ and Madan K. Karr, to me personally known, and, who,
being by me duly sworn, did say that they are the Mayor and City Clerk, respectively, of the
City of Iowa City, Iowa; that the seal affixed to the foregoing instrument is the corporate seal
of the corporation, and that the instrument was signed and sealed on behalf of the corporation,
by authority of its City Council, as contained in (Ordinanco)(Resolution) No.
passed (the Resolution adopted) ~y the City Council, under Roll Call No. of the
City Council on the 2,7, ~ day of AJc,~-~L-,~,- , 19 ~f2' , and that
~rn~s-/ L~2, L~ ~ rr'~c~, and Marian K. Karr acknowledged the execution of the
instrument to be their voluntary act and deed and the voluntary act and deed of the corporation,
by it voluntarily executed.
Notary Public in and for~he State of Iowa
SUBORDINATION AGREEMENT
Page 3
STATE 'OF IOWA )
) SS:
JOHNSON COUNTY )
On this 1"7 ~ day of /~Or~'~t,,~-y' , A.D. 19 q9 , before me, the
und rsigned a Notary Public in and for the State of Iowa,. personally appeared
being by me u i ay that they are the ~:-e. p'r.L-~t'~~ a4'td--
respectively, of said corporation executing the within and
foregoing instrument to whicl; this is attached, that said instrument was signed and sealed
on behalf of said corporation by authority of its Board of Directors; and that the said
and as such officers
acknowledged the execution of said instrument to be the voluntary act and deed of said
corporation, by it and by them voluntarily executed.
Notary Public in and for the State of Iowa
InvAsubrdntn.=gm
DAVID L. OMAR
223262
My Commission Expires
June 25, 2002
Prepared by: Kim Johnson, Public Works, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5139
RESOLUTION NO. 99-384
RESOLUTION ACCEPTING THE WORK FOR THE 1999 ASPHALT
RESURFACING PROJECT.
WHEREAS, the Engineering Division has recommended that the work for construction of the 1999
Asphalt Resurfacing Project, as included in a contract between the City of Iowa City and L. L.
Pelling Company of North Liberty, Iowa, dated April 10, 1999, be accepted; and
WHEREAS, the performance and payment bond has been filed in the City Clerk's office.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA, THAT said improvements are hereby accepted by the City of Iowa City, Iowa.
Passed and approved this 23rd day of NOv tuber ,1999.
R
Approved by
// - 3-¢5
City Attorney's Office
It was moved by Nnrtnn and seconded by
adopted, and upon roll call there were:
~'Bnnnpll
AYES: NAYS: ABSENT:
the Resolution be
Champion
Kubby
Lehman
Norton
O'Donnell
X Thornberry
X Vanderhoef
pweng/res/asphalt.doc
ENGINEER'S REPORT
November 15, 1999
Honorable Mayor and City Council
Iowa City, Iowa
Re: 1999 Asphalt Resurfacing Project
Dear Honorable Mayor and Councilpersons:
I hereby certify that the construction of the 1999 Asphalt Resurfacing Project has
been completed by L.L. Pelling Company of North Liberty, Iowa, in substantial
accordance with the plans and specifications of the Engineering Division of the
City of Iowa City. The required performance and payment bond is on file in the
City Clerk's office.
The final contract price is $1,077,986.57.
I recommend that the above-referenced improvements be accepted by the City
of Iowa City.
Sincerely,
Richard A. Fosse, P.E.
City Engineer
410 EAST WASHINGTON STREET · IOWA CITY, IOWA 52240-1826 · (319) 356-5000 · FAX (319) 356-5009
City of Iowa City
MEMORANDUM
Date:
To:
From:
Re:
November 15, 1999
Steve Atkins
Kim JohnsonA,T~
Agenda Items
The following are costs associated with Capital Improvement Projects being
presented for acceptance at the November 23rd Council meeting:
1)
1999 Asphalt Resurfacing Project
Contractor: L.L. Pelling Co.
· Project Estimated Cost:
· Project Bid Received:
· Project Actual Cost:
$ 1,049,751.00
$ 1,123,202.07
$ 1,077,986.57
Prepared by: Marian Karr, City Clerk, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5041
RESOLUTION NO. 99-385
RESOLUTION ESTABLISHING TIME AND PLACE OF FORMAL MEETINGS
OF THE CITY COUNCIL OF IOWA CITY, IOWA.
WHEREAS, City Code Section 1-5-5 provides that the time and place of regular formal
meetings of the City Council of Iowa City, Iowa, shall be set by resolution of the Council; and
WHEREAS, on May 7, 1996, the City Council adopted Resolution 96-136 setting the time and
place for regular formal Council meetings to be every other Tuesday of each month at
7:00 o'clock p.m. in the Council Chambers of the Civic Center, starting with the July 2, 1996,
meeting; and
WHEREAS, the Council deems it in the public interest to repeal said Resolution and establish
the following schedule.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA:
1. That Resolution 96-136 be repealed.
,
By this resolution regular formal Council meetings of the City Council of Iowa City, Iowa,
shall be held on the first and third Tuesday of each month excluding holidays, in the Council
Chambers of the Civic Center of Iowa City, Iowa starling at 7:00 o'clock p.m., Central
Standard Time, or Central Daylight Time, whichever is in effect in the City of Iowa City at the
time of said meeting, said meeting times to become effective with the regular Council
meeting of January 18, 2000.
In the event a regularly scheduled formal Council meeting falls on a holiday, the City Council
shall determine whether or not to hold such meeting at another date, or to waive said
meeting.
Passed and approved this
It was moved by Nor'ton and seconded by
adopted, and upon roll call there were:
AYES: NAYS:
X
X
X
X
23r'd day of November 99.
City ~nZ~d b "
0' Donne'l '1 the Resolution be
ABSENT:
Champion
Kubby
Lehman
Norton
O'Donnell
Thornberry
X Vanderhoef
cled~/res/counctime.doc
City of Iowa City
MEMORANDUM
DATE:
TO:
FROM:
RE:
November 19, 1999
Mayor and City Council
Marian K. Karr, City Clerk
2000 Council Meeting Schedule
At Council's work session on November 18 Council agreed to change the
formal meeting schedule to the first and third Tuesday of each month
starting January 18. A resolution has been prepared, and with your approval,
will be added to Tuesday's Council meeting for action. Attached is a
calendar for the 2000 year showing the revised formal meeting schedule.
Work sessions will be the Monday preceding the formal meetings.
Special formal meeting may be scheduled as needed so Council should keep
the City Clerk informed of out of town absences.
All formal meetings are set to begin at 7:00 p.m., and are subject to change
by Council.
The following dates and times were agreed upon for budget work sessions:
Monday (8:30 am - Noon)
January 10
January 24
February 7
Tuesday (6:30 PM - 9:00 PM)
January 11
January 25
February 8
CC:
Media
Cable TV
Maintenance
January 2000
SMTWTFS
1
2 3 4 5 6 7 8
9 10 (~12 13 14 15
16 17 19 20 21 22
23 24 26 27 28 29
30 31
March 2000
~ SMTiW1TFS
2 3 4
5 3614~8 910~1
12 I 5 16 17 8
27 29 30 31
: rv~ayM (:~2000
WT FS
I 3 4 5 6
7 8~310 11 12 13
14 15 174 18 19 20
21 22 2 26 27
25
28 29 30 31
July 2000
SMTWTFS
1
2 3(~)5 6 7 8
9 10 ~5~2 13 14 15
16 17 69 20 21 22
23 24 228 29
27
30 31
2000
February 2000
SMTWTFS
)2 3 4 5
6 7 9 10 11 12
13 14 (~>16 17 18 19
20 21 23 24 25 26
27 28 29
April 2000
SMTWTFS
1
2 3~5i5 6 7 8
9 10 2 13 14 15
16 17 9 20 21 22
23 24 6 27 28 29
30
June 2000
SMTWTFS
I 2 3
4 5(::~)7 8 910
11 12 13 14 15 16 17
18 19 ~7 21 22 23 24
25 26 28 29 30
August 2000
SM(2~W2T F S
3 4 5
6 7 8 9 10 11 12
13 14(~:5)16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31
September 2000 October 2000
SM TW T F S SM(~W4 T F S
1 2 I 2 5 6 7
~ 3 4 ~ 6 7 8 9 8 9 10 11 12 13 14
10 11 (l~:)13 14 15 16 15 16(~)18 19 20 21
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24 25 26 27 28 29 30 29 30 31
N ove mber 2000 Dece m be r 2000
SM TW T F S SM TW T F S
12 3 4 12
b 15 6 (~ 8 9 10 11 3 4(~ 6 7 8 9
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19 20(~22 23 24 25 17 18~620 21 22 23
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31
11-23-99
4f(1)
repared by: Jim Schoenfelder, Architect, 410 E. Washington St., Iowa City, IA 52240, (319)356-5044
RESOLUTION NO.
CONSIDER A RESOLUTION SETTING A PUBLIC HEARING ON PLANS,
SPECIFICATIONS, FORM OF CONTRACT, AND ESTIMATE OF COST FOR
CONSTRUCTION OF THE CHAUNCEY SWAN FOUNTAIN PROJECT,
DIRECTING THE 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 CITY 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 7th day of December,
1999, at 7:00 p.m. in the Council Chambers, Civic Center, Iowa City, Iowa, or, if said
meeting is cancelled, at the next meeting of the City Council thereafter as posted by the
City Clerk.
That 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.
That the copy of the plans, specifications, form of contract, and estimate of cost for 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
day of ,1999.
ATTEST:
CITY CLERK
MAYOR
Approved by
City Attorn~,'s'/~~ce
pweng~res\fountaind .doc
11-23-99 B
4f(2)
Prepared by: Denny Gannon, Engineering, 410 E. Washington St., Iowa City, IA 52240, (319) 356-5142
RESOLUTION NO. 99-386
RESOLUTION SETTING A PUBLIC HEARING ON PLANS, SPECIFICATIONS,
FORM OF CONTRACT, AND ESTIMATE OF COST FOR THE CONSTRUCTION
OF THE 2000 PARKING RAMP MAINTENANCE AND REPAIR 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 CITY 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 7t" day of December,
1999, at 7:00 p.m. in the Council Chambers, Civic Center, Iowa City, Iowa, or if said
meeting is cancelled, at the next meeting of the City Council thereafter as posted by the
City Clerk.
That the City Clerk is hereby authorized and directed to publish notice of the public hearing
for the above-named project 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.
That the copy of the plans, specifications, form of contract, and estimate of cost for 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 23rd day of November ,1999.
A'FI'EST:Ci~4.E-~K-2
rV~AYOR
Approved by
It was moved by Norton and seconded by
adopted, and upon roll call there were:
AYES: NAYS:
X
X
X
X
O'Donnell
the Resolution be
ABSENT:
Champion
Kubby
Lehman
Norton
O'Donnell
X Thornberry
X Vanderhoef
pweng/res/pkgramp.doc
Prepared by: Denny Gannon, Engineering, 410 E. Washington St., Iowa City, IA 52240, (319) 356-5142
RESOLUTION NO. 99-387
RESOLUTION SETTING A PUBLIC HEARING ON PLANS, SPECIFICATIONS,
FORM OF CONTRACT, AND ESTIMATE OF COST FOR THE CONSTRUCTION
OF THE CAPITOL STREET PARKING RAMP LIGHTING IMPROVEMENTS
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 CITY 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 7th day of December,
1999, at 7:00 p.m. in the Council Chambers, Civic Center, Iowa City, Iowa, or if said
meeting is cancelled, at the next meeting of the City Council thereafter as posted by the
City Clerk.
That the City Clerk is hereby authorized and directed to publish notice of the public hearing
for the above-named project 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.
That the copy of the plans, specifications, form of contract, and estimate of cost for 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 23rd
ATTEST:Ci~E~E~F~K~c~
day of Nov e~' ,1999.
Approved by
,- ,,
City Atto~'ney's Office
pweng/res/capitolst.doc
Resolution No. 99-387
Page 2
It was moved by Norton and seconded by
adopted, and upon roll call there were:
O'Donnell
AYES: NAYS: ABSENT:
X
X
X
the Resolution be
Champion
Kubby
Lehman
Norton
O'Donnell
X Thornberry
X Vanderhoef
~ 11-23-99
68
Prepared by: Robert Miklo, Senior Planner, 410 E. Washington St., Iowa City, IA 52240; 319-356-5240
RESOLUTION NO. 99-388
RESOLUTION APPROVING THE PRELIMINARY PLAT OF HOLLYWOOD
MANOR, PARTS 7 AND 8, IOWA CITY, IOWA.
WHEREAS, the owner, Frantz Construction Co., filed with the City Clerk of Iowa City, Iowa,
an application for approval of the preliminary plat of Hollywood Manor, Parts 7 and 8; and
WHEREAS, the Department of Planning and Community Development and the Public Works
Department examined the preliminary plat and recommended approval; and
WHEREAS, the Planning and Zoning Commission examined the preliminary plat and, after due
deliberation, recommended acceptance and approval of the plat; and
WHEREAS, the preliminary plat conforms with all of the requirements of the City Ordinances
of the City of Iowa City, Iowa.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA THAT:
The preliminary plat of Hollywood Manor, Parts 7 and 8, Iowa City, Iowa, is hereby
approved.
The Mayor and City Clerk of the City of Iowa City, Iowa are hereby authorized and
directed to certify this resolution, which shall be affixed to the plat after passage and
approval by law.
Passed and approved this 23rd
ATTEST: Ci~C,~~ZERK,) ~.
ppdadmin/res/holly..doc
day of November , 1999.
'MAYOR
Resolution No. 99-388
Page 2
It was moved by Champion and seconded by
adopted, and upon roll call there were:
0 ' Donne] ] the Resolution be
AYES: NAYS: ABSENT:
X
X
X
X
X
Champion
Kubby
Lehman
Norton
O'Donnell
X Thornberry
X Vanderhoef
STAFF REPORT
To: Planning-& Zoning Commission.
Item: SL.,'~,9~)-0022 Preliminary Plat
HollywOod .Manor, Parts VII & VIII
GENERAL INFORMATION:
Applicant:
Contact Person:
Requested Action:
Purpose:
Location:
Size:
Existing Land Use and Zoning:
Surrounding Land Use and Zoning:
Comprehensive Plan:
File Date:
45-day limitation:
SPECIAL INFORMATION:
Public Utilities:
Public Services:
Transportation:
Prepared by: Robert Miklo
Date: November 4, 1999
Frantz Construction Co.
325 Third Street
Iowa City, IA 52240
Bill Frantz
338-7923
Preliminary Plat approval
42 Single-Family Lots
West side of Sycamore
Avenue
11.67 acres
Agricultural: RS-5
North:
South:
East:
West:
Street South of Burns
Residential- RS-5
Agricultural- ID-RS
Residential- RS-5
Agricultural/Wetherby Park - RS-5, P
Residential 2-8 dwelling units per acre.
October 6, 1999
November 18, 1999
Municipal water and sewer service is available to
serve the property. The property is subject to a
sanitary sewer tap-on fee, a water main extension
fee and a storm water management fee.
Police and fire protection and sanitation service
provided by the City.
The property is accessible via Sycamore Street and
Wetherby Drive. There are two nearby transit reutes,
Broadway and Lakeside.
2
Physical Characteristics:
The area is generally fiat. It currently is used for row
crops.
Sensitive Areas Ordinance:
An area of hydric soils is located on the south and
central portion of the property. The Natural
Resources Conservation Service (NRCS) has
confirmed that the property does not contain
wetlands.
BACKGROUND INFORMATION:
The southern half of this property was rezoned from ID-RS, Interim Development-Single-Family
Residential to RS-5, Low Density Single-Family Residential in early 1994. The northern portion of
the property has been zoned RS-5 since the City adopted the current version of the zoning
ordinance in 1983. The conditional zoning agreement for this property contains requirements for
fees in lieu of park land dedication (the neighborhood open space ordinance was not adopted at
the time of the rezoning); requirements for a walkway between the overall property and Wetherby
Park to the west (the area to contain the walkway will be subdivided at a later date); and a
requirement that the hydric soils on the property be addressed at the time of development.
Hollywood Manor Part 6, was approved in 1998. Parts VII and VIII are extensions of the
subdivision pattern established with Part 6. The applicant is proposing to subdivide the subject
property into 42 lots ranging in size of approximately 8,000 square feet up to approximately 11,000
square feet. The preliminary plat also depicts a concept plan for the future subdivision of the
property to the west. This subdivision has been reviewed for compliance with the City's codes and
regulations and the guidelines contained in the South District Plan.
ANALYSIS:
The proposed subdivision is to be arranged in a modified grid street pattern. This pattern will be a
continuation of the street pattern already existing in this portion of the City. Wetherby Drive is
designed as a 31-foot wide collector street. The concept plan shows Whetherby Drive extending to
a cul-de-sac on the properly to the west of the area now being subdivided. It would intersect with
Russell Drive. South of Wetherby Drive Russell would also be 31 feet wide and would serve as a
collector street between this development and South Point development farther to the south. North
of Wetherby Drive Russell would be 28 feet wide and would be considered a local street. The
modified grid pattern is encouraged in the South District Plan. Subdivisions arranged in this way
provide for several options for traffic circulation through a neighborhood so that no one or two
streets are over burdened with large amounts of traffic.
The conditional zoning agreement contains a requirement for sidewalks connecting Wetherby Park
to this subdivision for the property to the west. This requirement will need to be addressed at the
time that the property to the west is platted.
Portions of the property contain hydric soils. The conditional zoning agreement requires that the
applicant address drainage concerns related to development of public streets and dwellings with
basements in areas of hydric soils. The preliminary plat contains notes pertaining to the hydric
soils. They indicate that the treatment of hydric soils will be by including perforated sump pump
drain lines place in porous rock backfill adjacent to the streets at locations adequate to serve each
lot with a service for a sump pump connection. A similar method of treating the hydric soil was
used in Part 6. The plat also illustrates special construction methods for the streets in the area of
3
hydric soils.
Portions of this subdivision drain to the southeast and should be accommodated by the South
Sycamore regional storm water management project. Fees will need to be paid for use of the
regional system. At the time of final plat approval the legal papers will need to address this
requirement. The northern portion to the subdivision drains to the northwest. There have been
reports of poor drainage of the northern portion of this property adjacent to Russell Drive. The
applicant proposes to build a swale along the northern property line to collect water and direct it to
the south in the storm sewer of Russell Drive. This would accommodate rainfalls up to a "5-year
storm". Rainfall in excess of the 5-year storm would flow overland to the northwest but a rate
lesser than the current rate. The Public Works Department is currently evaluating this plan. Staff
should report on the storm water management plan at the November 18 meeting.
Wetherby Park is located to the west of this property. It is adequate to serve the needs of the
immediate neighborhood therefore additional park land is not required to be dedicated as part of
this development. Both the conditional zoning agreement and the neighborhood open space
require that fees in lieu of parkland be paid for the neighborhood open space. These fees will need
to be addressed at the time of final plat approval. Sanitary sewer and water main extension fees
should also be addressed in the legal papers.
STAFF RECOMMENDATION:
Staff recommends that the preliminary plat of Hollywood Manor, Parts VII & VIII, an 11.67 acre, 42-
lot residential subdivision, located on the west side of Sycamore Street be approved.
ATTACHMENTS:
1. Location Map.
2. Preliminary Plat.
Ppdadmin~stfrep~96-OO26.doc
Approved by:
Karir Franklin, Director
Dep~dment of Planning
Community Development
and
CITY OF IO~A
CITY
L~"M HOLLYWOOD
..... l"t_T._'_: ' ......>"-,",:":--/- ................
DRIVE
E[IOIj LEVARD ,/
/-"'--__. P,EPpER
STREET
i
SITE LOCATION: Hollywood Manor Parts VII & VIII
SUB99-0022
i..41~lmimm
PAR'rSVI]kVI~
Prepared by: Scott Kugler, Associate Planner, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5243
RESOLUTION NO.
RESOLUTION APPROVING FINAL PLAT OF WINDSOR RIDGE, PART TEN,
IOWA CITY, IOWA.
WHEREAS, the owner, Arlington, L.C., filed with the City Clerk the final plat of Windsor Ridge,
Part Ten, 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 North One-half of the Northeast Quarter of Section 18, and a portion of the
South One-half of the Southeast Quarter of Section 7, all in Township 79 North, Range 5
West, of the Fifth Principal Meridian, Iowa City, Johnson County, Iowa, the boundaries of
which are described as follows:
Commencing at the Northeast Corner of the Northeast Quarter of Section 18, Township 79
North, Range 5 West, of the Fifth Principal Meridian; Thence N89°12'04"W, along the North
Line of said Northeast Quarter, 657.26 feet, to the Point of Beginning; Thence S03°45'29"W,
261.38 feet; Thence Southwesterly, 324.44 feet, along a 549.20 foot radius curve, concave
Northwesterly, whose 319.74 foot chord bears S20°40'55'M/; Thence S37°36'20"W, 29.87
feet, to a Point on the North Line of Windsor Ridge, Part Nine, in accordance with the plat
thereof Recorded in Plat Book 40, at page 42, of the records of the Johnson County
Recorder's Office; Thence N52°23'40'M/, along said North Line 60.00 feet; Thence
S37°36'20"W, along said North Line 8.00 feet; Thence N52°23'40"W along said North Line
136.49 feet: Thence S37°36'20'~N, along said North Line, 154.36 feet; Thence S45°48'36''
W, along said North Line, 127.25 feet; Thence S74°13'41"W, along said North Line, 117.69
feet; Thence N88°31 '45'M/, along said North Line, 115.60 feet; Thence N72°03'18'~V, along
said North Line, 155.38 feet; Thence N75°46'34"W, along said North Line 194.63 feet;
Thence N14°13'26"E, 120.49 feet; Thence Northeasterly, 27.23 feet, along a 570.00 foot
radius curve, concave Southeasterly, whose 27.22 foot chord bears N15°35'32"E; Thence
Northeasterly, 41.57 feet, along a 25.00 foot radius curve, concave Southeasterly, whose
36.94 foot chord bears N64°35'33"E; Thence N19°12'52"E, 50.07 feet; Thence
Northwesterly, 38.24 feet, along a 25.00 foot radius curve, concave Northeasterly, whose
34.62 foot chord bears N23°57'10"W; Thence Northeasterly, 363.86 feet, along a 630.00
foot radius curve, concave Northwesterly whose 358.82 foot chord bears N03°19'27"E;
Thence Northwesterly, 155.62 feet, along a 466.97 foot radius curve, concave
Northeasterly, whose 154.90 foot chord bears NO3°40'27"W; Thence N05°52'22"E, 102.87
feet; Thence Northeasterly, 39.81 feet, along a 25.00 foot radius curve, concave
Southeasterly whose 35.74 foot chord bears N51 °29'36"E; Thence N07°06'50"E, 85.00 feet;
Thence Southeasterly, 310.21 feet, along a 2926.05 foot radius curve, concave
Southwesterly, whose 310.07 foot chord bears S79°50'56"E; Thence S76°48'42"E; 293.93
feet; Thence Southeasterly, 373.02 feet, along a 1950.00 foot radius curve, concave
Northeasterly, whose 372.45 feet chord bears S82°17'30"E; Thence S02°13'42"W, 85.00
feet; Thence Southwesterly, 38.60 feet, along a 25.00 foot radius curve, concave
Southeasterly, whose 34.88 foot chord bears S47°59'36"W; Thence S03°45'29"W, 65.34
feet, to the Point of Beginning. Said tract of land contains 19.40 acres, more or less, and is
subject to easements and restrictions of record.
Resolution No.
Page 2
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
(1999) 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.
o
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 day of ,1999.
MAYOR
ATTEST:
CITY CLERK
It was moved by and seconded by
adopted, and upon roll call there were:
ppdadmin\res\windd 10 .doc
AYES: NAYS: ABSENT:
the Resolution be
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.
RESOLUTION APPROVING FINAL PLAT OF WINDSOR RIDGE, PART
ELEVEN, IOWA CITY, IOWA.
WHEREAS, the owner, Arlington, L.C., filed with the City Clerk the final plat of Windsor Ridge,
Pad Eleven, 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 Northwest Quarter of the Northeast Quarter of Section 18, Township 79
North, Range 5 West, of the Fifth Principal Meridian; Iowa City, Johnson County, Iowa, the
boundaries of which are described as follows:
Commencing at the Northwest Corner of the Northeast Quarter of Section 18, Township 79
North, Range 5 West, of the Fifth Principal Meridian; Thence S00°26'13"E, along the west
line of said Northeast Quarter, 372.72 feet, to the Point of Beginning; Thence N89°42'53"E,
814.95 feet; Thence S66°40'23"E, 119.11 feet; Thence Northeasterly, 34.39 feet, along a
570.00 foot radius curve, concave Southeasterly, whose 34.39 foot chord bears
N21°35'55"E; Thence S70°07'48"E, 60.00 feet; Thence Southeasterly, 38.24 feet, along a
25.00 foot radius curve, concave Northeasterly, whose 34.62 foot chord bears S23°57'10"E;
Thence S19°12'52'M/, 50.07 feet; Thence Southwesterly, 41.57 feet, along a 25.00 foot
radius curve, concave Southeasterly, whose 36.94 foot chord bears S64°35'33'~N; Thence
Southwesterly, 27.23 feet, along a 570.00 foot radius curve, concave Southeasterly, whose
27.22 foot chord bears S15°35'32"W; Thence S14°13'26'M/, 120.49 feet, to a point on the
North Line of Windsor Ridge, Part Nine, in accordance with the Plat thereof recorded in Plat
Book 40, at Page 42, of the records of the Johnson County Recorder's Office; Thence
N75°46'34'M/, along said North Line, 60.00 feet; Thence S14°13'26'~N, along said North
Line, 110.00 feet; Thence N75°46'34"W, along said North Line, 92.78 feet, to the Northwest
Corner of said Windsor Ridge, Part Nine, Thence S13°15'56"W, along the West Line of said
Windsor Ridge, Part Nine, a distance of 152.57 feet; Thence Northwesterly 5.40 feet, along
said West Line, on a 375.00 foot radius curve, concave Southwesterly, whose 5.40 foot
chord bears N77°08'49"W, Thence S12°26'25"W, along said West Line, 190.83 feet, to the
Southwest corner of said Windsor Ridge, Part Nine, and a Point on the North Line of Lot 102
Windsor Ridge, Part Seven, in accordance with the Plat thereof recorded in Plat Book 36, at
Page 310 of the records of the Johnson County Recorder's Office; Thence N75046'34"W,
along said North Line, 8.31 feet; Thence N88°47'23"W, along said North Line, 125.23 feet, to
the Northwest Corner thereof, and the Northeast Corner of Far Horizons Subdivision, in
accordance with the Plat thereof Recorded in Plat Book 9, At Page 33, of the Records of the
Johnson County Recorder's Office; Thence S89°42'53"W, along the North Line of said Far
Horizons, and the Westerly projection thereof, 525.83 feet, to its intersection with the West
Line of said Northeast Quarter of Section 18; Thence N00°26'13"W, along said West Line,
670.00 feet, to the Point of Beginning. Said tract of land contains 12.58 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
Resolution No.
Page 2
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
(1999) 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 day of ,1999.
ATTEST:
CITY CLERK
It was moved by
adopted, and upon roll call there were:
MAYOR
and seconded by
A d by
rney s
the Resolution be
AYES: NAYS: ABSENT:
Champion
Kubby
Lehman
Norton
O'Donnell
Thornberry
Vanderhoef
ppdadminVes\windd l 1 .doc
Prepared by: Scoff Kugler, Associate Planner, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5243
RESOLUTION NO.
RESOLUTION APPROVING FINAL PLAT OF WINDSOR RIDGE, PART
TWELVE, IOWA CITY, IOWA.
WHEREAS, the owner, Arlington, L.C., filed with the City Clerk the final plat of Windsor Ridge,
Pad Twelve, 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 Northwest Quarter of the Northeast Quarter of Section 18, and a Portion of
the Southwest Quarter of the Southeast Quarter of Section 7, all in Township 79 North,
Rage 5 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 the Northeast Quarter of Section 18, Township 79
North, Range 5 West, of the Fifth Principal Meridian; Thence N00°29'10"W, along the West
Line of the Southeast Quarter of Section 7, Township 79 North, Range 5 West of the Fifth
Principal Meridian, 261.42 feet; Thence N79°41'30"E, 175.21 feet; Thence Northeasterly,
889.75 feet, along a 2926.05 foot radius curve, concave Southeasterly, whose 886.32 foot
chord bears N88°24'10"E; Thence S07°06'50"W, 85.00 feet; Thence Southwesterly, 39.81
feet, along a 25.00 foot radius curve, concave Southeasterly, whose 35.74 foot chord bears
S51 °29'36'~/V; Thence S05°52'22'~/V, 102.87 feet; Thence Southeasterly, 155.62 feet, along
a 466.97 foot radius curve, concave Northeasterly, whose 154.90 foot chord bears
S03°40'27"E; Thence Southwesterly 363.86 feet, along a 630.00 foot radius curve, concave
Northwesterly, whose 358.82 foot chord bears S03°19'27"W; Thence N70°07'48"W, 60.00
feet; Thence Southwesterly, 34.39 feet, along a 570.00 foot radius curve, concave
Southeasterly, whose 34.39 foot chord beare S21°35'55"W; Thence N66°40'23'~N, 119.11
feet; Thence S89°42'53"W, 814.95 feet, to a Point on the West Line of the Northeast Quarter
of said Section 18; Thence N00°26'13"W, along said West Line, 372.72 feet, to the Point of
Beginning. Said Tract of land contains 16.30 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
(1999) and all other state and local requirements.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
Resolution No.
Page 2
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 ownedsubdivider.
Passed and approved this day of ,1999.
ATTEST:
CITY CLERK
It was moved by
adopted, and upon roll call there were:
MAYOR
and seconded by
AYES: NAYS: ABSENT:
the Resolution be
Champion
Kubby
Lehman
Norton
O'Donnell
Thornberry
Vanderhoef
ppdadmin\res\windril 2.doc
Prepared by: Scott Kugler, Associate Planner, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5243
RESOLUTION NO.
RESOLUTION APPROVING FINAL PLAT OF WINDSOR RIDGE, PART
THIRTEEN , IOWA CITY, IOWA.
WHEREAS, the owner, Arlington, L.C., filed with the City Clerk the final plat of Windsor Ridge,
Part Thirteen, 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 Northeast Quarter of the Northeast Quarter of Section 18, Township 79
North, Range 5 West, of the Fifth Principal Meridian, Iowa City, Johnson County, Iowa, the
boundaries of which are described as follows:
Commencing at the Northeast Corner of the Northeast Quarter of Section 18, Township 79
North, Range 5 West, of the Fifth Principal Meridian; Thence S00°23'59"E, along the East
Line of said Northeast Quarter, 471.36 feet, to the Point of Beginning; Thence continuing
S00°23'59"E, along said East Line, 205.09 feet, to the Northeast Corner of Windsor Ridge,
Part Nine, in accordance with the plat thereof Recorded in Plat Book 40, at Page 42, of the
records of the Johnson County Recorder's Office; Thence S89°41'12"W, along the North
Line of said Windsor Ridge, Part Nine, a distance of 558.36 feet; Thence S52°07'00'~N,
along said North Line, 127.02 feet; Thence Northwesterly, 209.39 feet, along said North
Line, on a 863.72 foot radius curve, concave Southwesterly, whose 208.88 foot chord bears
N44°49'43'M/; Thence Northwesterly, 39.00 feet, along said North Line, on a 25.00 foot
radius curve, concave Northeasterly, whose 35.16 foot chord bears N07°05'03'~N; Thence
N37°36'20"E, 29.87 feet; Thence Northeasterly, 324.44 feet along a 549.20 foot radius
curve, concave Northwesterly, whose 319.74 foot chord bears N20°40'55"E; Thence
N03°45'29"E, 93.00 feet; Thence N89°02'11"E, 361.67 feet; Thence S00°23'59"E, 320.27
feet; Thence N89°41 '12'E, 307.67 feet, to the Point of Beginning. Said Tract of land contains
6.61 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
(1999) and all other state and local requirements.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA, THAT:
Resolution No.
Page 2
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 day of ,1999.
ATTEST:
CITY CLERK
It was moved by
adopted, and upon roll call there were:
MAYOR
and seconded by
AYES: NAYS: ABSENT:
the Resolution be
Champion
Kubby
Lehman
Norton
O'Donnell
Thomberry
Vanderhoef
ppdadmin~res\winddl 3,doc
Prepared by: Scott Kugler, Associate Planner, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5243
RESOLUTION NO.
RESOLUTION APPROVING FINAL PLAT OF WINDSOR RIDGE, PART
FOURTEEN, IOWA CITY, IOWA.
WHEREAS, the owner, Arlington, L.C., filed with the City Clerk the final plat of Windsor Ridge,
Pad Fourteen, 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 Nodheast Quarter of the Northeast Quarter of Section 18, and a portion of
the Southeast Quarter of the Southeast Quarter of Section 7, all in Township 79 North
Range 5 West, of the Fifth Principal Meridian, Iowa City, Johnson County, Iowa, the
boundaries of which are described as follows:
Beginning at the Northeast Corner of the Northeast Quarter of Section 18, Township 79
North, Range 5 West, of the Fifth Principal Meridian; Thence S00°23'59"E, along the East
Line of said Northeast Quarter, 471.36 feet; Thence S89°41'12"W, 307.67 feet; Thence
N00°23'59"W, 320.27 feet; Thence S89°02'11 "W, 361.67 feet; Thence N03°45'29"E, 233.72
feet; Thence Northeasterly, 38.60 feet, along a 25.00 foot radius curve, concave
Southeasterly, whose 34.88 foot chord bears N47°59'36"E; Thence N02°13'42"E, 85.00
feet; Thence Southeasterly, 108.63 feet, along a 1950.00 foot radius curve, concave
Northeasterly, whose 108.62 foot chord bears S89°22'04"E; Thence N89°02'11"E, 441.82
feet; Thence Northeasterly, 39.29 feet, along a 25.00 foot radius curve, concave
Northwesterly, whose 35.37 foot chord bears N44°01'09"E; Thence N89°00'06"E, 45.00
feet, to a Point on the East Line of the Southeast Quarter of Section 7, Township 79 North,
Range 5 West, of the Fifth Principal Meridian; Thence S00°59'54"E, along said East Line,
215.12 feet, to the Point of Beginning. Said Tract of land contains 7.35 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
(1999) and all other state and local requirements.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA, THAT:
Resolution No.
Page 2
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 and easements 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
day of ,1999.
ATTEST:
CITY CLERK
It was moved by
adopted, and upon roll call there were:
MAYOR
and seconded by
AYES: NAYS: ABSENT:
the Resolution be
Champion
Kubby
Lehman
Norton
O'Donnell
Thornberry
Vanderhoef
ppdadmin~res\windd14.doc
Prepared by: Chuck Schmadeke, Public Works, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5141
RESOLUTION NO. 99-389
RESOLUTION APPROVING PLANS, SPECIFICATIONS, FORM OF CON-
TRACT, AND ESTIMATE OF COST FOR THE CONSTRUCTION OF CONTRACT
3 - SOUTH PLANT IMPROVEMENTS, WASTEWATER TREATMENT AND
COLLECTION FACILITY IMPROVEMENTS 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 COUNCIL OF THE CITY OF IOWA CITY,
IOWA THAT:
The plans, specifications, form of contract and estimate of cost for the above-named
project are hereby approved.
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 p.m. on the 10th day of February, 2000,
or at a later date and/or time as determined by the Director of Public Works or designee,
with notice of said later date and/or time to be published as required by law. 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 15th day
of February, 2000, or if said meeting is cancelled, at the next meeting of the City Council
thereafter as posted by the City Clerk.
Passed and approved this 23rd day of November ,19 99
MAYOR
~ ttomey's Office
pwengVes~so-plant2.doc
Resolution No. 99-389
Page 2
It was moved by Norton and seconded by
adopted, and upon roll call there were:
0 ' Donnel 1 the Resolution be
AYES: NAYS: ABSENT:
X
X
X
X
X
Champion
Kubby
Lehman
Norton
O'Donnell
X Thornberry
X Vanderhoef
Prepared by: Jeff Davidson, PCD, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5252
RESOLUTION NO. 99-390
RESOLUTION AUTHORIZING THE MAYOR TO SIGN AND THE CITY CLERK
TO ATTEST AN AGREEMENT BETWEEN THE CITY OF IOWA CITY AND
EARTH TECH, INC.OF WATERLOO, IOWA.
WHEREAS, the City of Iowa City is cooperating with the Iowa Department of Transportation on a
project to reconstruct North Dodge Street (Iowa Highway 1 ) between 1-80 and Governor Street;
and
WHEREAS, Iowa DOT has indicated that a requirement of said cooperative project is for the City
to conduct an Environmental Assessment prior to the reconstruction project occurring; and
WHEREAS, the City has negotiated an agreement with Earth Tech, Inc. of Waterloo, Iowa which
will fulfill all requirements of the Federal Highway Administration and the Iowa Department of
Transportation for an Environmental Assessment.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA, THAT:
1. The agreement attached hereto is in the public interest and is approved as to form and
content.
2. The Mayor is authorized to sign and the City Clerk to attest said agreement.
Passed and approved this 23 rd
ATTEST: Ci~CL~~E RK ~
day of November ,1999.
Approved by
City Attorney's Office
It was moved by Kubby
adopted, and upon roll call there were:
AYES:
X
X
X
X
x
and seconded by
NAYS:
Champion
the Resolution be
ABSENT:
Champion
Kubby
Lehman
Norton
O'Donnell
X Thornberry
X Vanderhoef
jccogtp/res/earthtech.doc
5o, Sycamore Street, Suite 222, P.O. Box t497, Waterloo. Iowa 5o7o31
PROFESSIONAL SERVICES AGREEMENT
PROJECT NAME: North Dodge Street Environmental Assessment ("Project")
This Agreement is by and between
City of Iowa City
410 E. Washington Street
Iowa City, Iowa 52240-1826
and,
Earth Tech, Inc.
501 Sycamore, Suite 222
P.O. Box 1497
Waterloo, Iowa 50704-1497
Who agree as follows:
Client hereby engages Earth Tech to perform the services described in Part I and Earth Tech
agrees to perform the Services for the compensation set forth in Part III. Earth Tech shall be
authorized to commence the Services upon receipt of two (2) executed copies of this Agreement.
Client and Earth Tech agree that this signature page, together with Parts I-VII attached hereto
and incorporated by reference herein constitute the entire agreement between them relating to
the Project ("Agreement").
ZZZRO.~~OR CLIENT
Printed Name: Ernest W. Lehman
APPROVED FOR EARTH TECH
Printed Name: Joe A. Becker
Telephone
319.232,653l
Facsilnile
319.232.o27I
Title: Mayor
Title: Vice President
Dme: November 23, 1999
Date:
November 10, 1999
At)provltd By
CIty Attorney's (~)ffF:; IF
E A R T H ~ T E C H
A tlF, O INTERNATIONAL LTD, COMPANY
PART I
EARTH TECH'S RESPONSIBILITIES
Project Description
The Project involves preparing an Environmental Assessment (EA) for the proposed
improvements of North Dodge Street, Iowa City, Iowa. This Project begins at the south
right-of-way line of the Interstate 80 interchange with North Dodge Street and extends
southwest to the intersection of Governor Street. The Project includes preparation of
the EA document, associated engineering and environmental analysis, public
participation and agency coordination. It is intended that the scope of services will
include items required by Iowa DOT and FHWA for environmental approval. The
conceptual design and mapping of 3-lane and 4-lane alternatives for North Dodge Street
will be provided by the City.
Scope
Services to be provided for the Project under this Agreement are described in the
following tasks. The level of detail for the project is further defined by the staff-hour
allocations for each task in Part VII.
Tasks 101 - 103. Development of Database.
Task 101. Review Existing Data. This task includes review of the existing aerial
photography, mapping, reports and conceptual plans made available by the Client from
previous work on the Project.
Task 102. Field Review. This task includes review of the Project corridor in the field.
The purpose of this review will be to become more familiar with features in the corridor
and examine the potential alternatives that might meet the Project need. Photos of the
corridor and existing noise levels will be taken during the field review.
Task 103. New Data Collection/Review. This task includes collection of new data on
the resources within the Project corridor, including natural features, known
contaminated sites, existing land uses, land-use plans and zoning, access needs and
population characteristics, among others. Aerial photography for the project corridor
will be obtained and used as base mapping. This task will include discussions with the
pertinent local, state and federal agencies.
Tasks 201-212. Evaluation of Alternatives.
Task 201. Evaluation of Other Feasible Alternative~ The development of new
alternatives, other than the 3-lane and 4-lane alternatives already developed by the City,
-2-
is not anticipated. This task includes a review of the 3-lane and 4-lane alternatives and
recommendations for any refinements based on the initial environmental review.
Task 202. Traffic Service and Access. This task includes assessment of each
alternative's ability to meet the Project needs. This will include evaluation on access to
adjacent properties, traffic capacity and level of service, and effect on connecting streets.
Existing traffic counts (if required) and future traffic forecasts will be provided by the
City.
Task 203. Cost Estimates. The development of construction and right-of-way cost
estimates for each alternative will be obtained from previous City studies and is not
included in this scope.
Task 204. "Planning Level" Right-of-Way. This task includes an estimate of right-of-
way needs, including displacement of buildings. The estimated right-of-way need lines
will be obtained from previous City studies.
Task 205. Natural Resource Impacts. This task includes field review of undeveloped
and undisturbed areas along the alignment to assess the vegetation quality and habitat
potential for protected or rare species. Alternatives will be compared on amount and
quality of the various resources that would be impacted. Mitigation measures will be
outlined, as needed.
Task 206. Wetland Impacts. This task includes review of National Wetland Inventory
Maps, Johnson County Soil Survey and aerial maps to locate potential wetlands. A field
review of these mapped areas will be completed. Mitigation concepts will be developed
as needed for jurisdictional wetlands in the Project area.
Task 207. Contaminated Sites. This task includes comparison of the amount of known
and potential contaminated sites that might be in the right-of-way. A records search and
a field review will be conducted to locate such sites.
Task 208. Social, Economic and Land-Use Impacts. This task includes a comparison
of right-of-way acquisitions, proximity impacts to residents and businesses, institutions,
parks and recreational facilities, environmental justice and noise.
Task 209. Noise Impacts. This task includes evaluating the impact of noise to adjacent
properties from each alternative. Existing noise levels at several receptors will be
collected in the field. FHWA Stamina 2.0 software will be used.
Task 210. Deer Management Impacts. This task includes assessing impacts to deer
population resulting from habitat loss, fragmentation and deer-vehicle accidents.
Alternative methods to reduce deer-vehicles collisions will be evaluated.
-3-
Task 211. Other Impacts. This task includes evaluation of other impacts as identified
during the agency and public coordination.
Task 212. Cultural Resources. This task will be completed by a subconsultant. This
work will include a Phase I Archaeological Survey and Phase I Intensive Historic
Architectural Survey. The scope of services includes coordination and exchange of
information with the subconsultants.
Tasks 301 - 305. Environmental Assessment Document.
An Environmental Assessment (EA) will be prepared per FHWA Technical Advisory
T 6640.8A and Iowa Department of Transportation requirements.
Task 301. Draft EA. This task includes preparation of a draft of the EA for review by
the Client, Iowa Department of Transportation and FHWA.
Task 302. EA Revisions. This task includes revisions to the draft EA to address the
comments received from reviews in Task 301o A new draft will be provided for a
second review.
Task 303. Print and Distribute the EA. The EA will be revised per comments received
in the second review. Copies of the revised pages and a cover sheet for FHWA
signature will be provided. Seventy-five (75) copies of the EA will be printed and
distributed per Iowa Department of Transportation distribution requirements.
Task 304. Draft ofFONSI. A draft of the Finding of No Significant Impact (FONSI),
if appropriate, will be prepared for review.
Task. 305. Revise, Print and Distribute the FONSI. The draft FONSI, if appropriate,
will be revised per review comments and resubmitted for review and FHWA signature.
Fifty (50) copies of the FONSI will be printed and distributed.
Tasks 401 - 404. Public/Agency Coordination.
Task 401. Early Coordination Letter to Agencies. This task includes distribution of a
letter to solicit early input from the regulatory agencies, private interest groups and
others concerned about the Project. A memo summarizing the input will be prepared.
Task 402. Meetings with Interest Groups or Agencies. This task includes up to two
meetings with agencies or interest groups with concerns about the Project, if needed.
Task 403. Public Information Meeting. This task includes preparation for and
attendance at a public information meeting early in the Project. The purpose of this
-4-
C®
meeting will be to inform the public about the purpose of the study and receive input on
issues and alternatives. Earth Tech will prepare exhibits for the meeting.
Task 404. Public Hearing. This task includes preparation for and attendance at an
"open house" style public hearing. Earth Tech will prepare exhibits and handouts for
the meeting and prepare the official hearing transcript, consisting of written public
comments and responses. It is not anticipated that a formal presentation will be made.
The City will be responsible for the meeting arrangements, publicity and official notices.
Tasks 501 - 502. Project Administration.
Task 501. Project Management. This task includes direction of the work of the Project
team, monitoring the budget and schedule, providing progress reports to the Client, and
coordination with Iowa Department of Transportation and FHWA, as needed.
Task 502. Project Review Meetings. This task includes attendance at three Project
meetings with the Client during the Project. Minutes of each meeting will be prepared.
ASSUMPTIONS/CONDITIONS
This scope does not include the production of an Environmental Impact
Statement or a Section 4(f) Statement.
This scope does not include any coordination with the Department of Interior
on Section 4(f) or 6(f) issues.
PART II
CLIENT'S RESPONSIBILITIES
Client, at its expense, shall do the following in a timely manner so as not to delay the Services.
A. INFORMATION/REPORTS
Furnish Earth Tech available information needed for the Project, all of which Earth Tech
may rely upon without independent verification in performing the Services. Information
includes, but is not limited to, the following:
· Existing data and information completed by previous engineering studies in the
corridor, including aerial photography showing the 3-lane and 4-lane alternatives.
· Traffic projections for the final alternatives.
· Existing traffic counts.
· Timely reviews of alignments and draft documents.
· Publicity, legal notices and meeting room arrangements for the public hearing.
REPRESENTATIVE
Designate a representative for the Project who shall have the authority to transmit
instructions, receive information, interpret and define Client's policies and make
decisions with respect to the Services.
DECISIONS
Provide all criteria and full information as to Client requirements for the Project, obtain
(with Earth Tech's assistance, if applicable) necessary approvals and permits, attend
Project-related meetings, provide interim reviews on an agreed-upon schedule, make
decisions on Project alternatives, and generally participate in the Project to the extent
necessary to allow Earth Tech to perform the Services.
PART IlI
COMPENSATION, BILLING AND PAYMENT
Client shall pay Earth Tech for the Services in accordance with the following:
Compensation for the Services shall be on an hourly basis in accordance with the hourly
fees and other direct expenses in effect at the time the services are performed. The
compensation for the services (estimated actual costs) shall be a not-to-exceed amount
of Ninety-Eight Thousand Eight Hundred Dollars ($98,800.00) without authorization
of the Client. Proposed budget is provided in Part VI.
The nature of engineering services is such that actual costs are not completely
determinate. Therefore, it is possible Earth Tech's actual costs may exceed those shown
in Paragraph III.A and Part VII. A contingency amount of $6,800.00 has been
established to provide for actual costs which exceed those estimated.
If at any time during the work Earth Tech determines that its actual costs will exceed the
estimated actual costs, thus necessitating the use of a contingency amount, it will
promptly so notify the Client in writing and describe what costs are causing the overrun
and the reason. Earth Tech shall not exceed the estimated actual costs without the prior
written approval of the Client.
Earth Tech may bill the Client monthly for services completed at the time of billing, with
net payment due in 20 days. Past-due balances shall be subject to a service charge at the
rate of 1% per month per request by Earth Tech. Unless Client provides Earth Tech
-6-
with a written statement of any objection to the bill within 15 days of receipt, Client
shall be deemed to accept the bill as submitted.
D,
Earth Tech's total liability to the Client defined in Article 12 of Part IV shall not exceed
Five Hundred Thousand Dollars ($500,000.00) at no additional cost to the Client.
L:\WORK\ADMINx~tGREE\PROF\ICNorthDodge.doc
-7-
1. 'STANDARD OF CARE. Services shall be performed in accordance with the
standard of professional practice ordinarily exercised by the applicable profession at the
time and within the locality where the Services are performed. Professional seNices axe
not subject to, and Earth Tech can not provide, any warranty or guarantee, express or
implied, including warranties or guarantees contained in any uniform commercial code.
Any such warranties or guarantees contained in any purchase orders, requisitions or
notices to proceed issued by Client are specifically objected to.
2. CHANGE OF SCOPE. The scope of Services set forth in this Agreement is based
on facts known at the time of execution of this Agreement, including, if applicable,
information supplied by Client. For some projects involving conceptual or process
development services, scope may not be fully definable during initial phases. As the
Project progresses, facts discovered may indicate that scope must be redefined.
3. SAFETY. Earth Tech has established and maintains corporate programs and
procedures for the safety of its employees. Unless specifically included as a seNice to
be provided under this Agreement, Earth Tech specifically disclaims any authority or
responsibility for general job site safety and safety of persons other than Earth Tech
employees.
4. DELAYS. If events beyond the control of Client or Earth Tech, including, but not
limited to, fire, flood, explosion, riot, strike, war, process shutdown, act of God or the
public enemy, and act or regulation of any government agency, result in delay to any
schedule established in this Agreement, such schedule shall be amended to the extent
necessary to compensate for such delay. In the event such delay exceeds 60 days, Earth
Tech shall be entitled to an equitable adjustment in compensation.
5. TERMINATION/SUSPENSION. For termination, see Paragraph B of Pan V.
In the event either party defaults in its obligations under this Agreement (including
Client's obligation to make the payments required hereunder), the non-defaulting party
may, after 7 days written notice stating its intention to suspend performance under the
Agreement if cure of such default is not commenced and diligently continued, and
failure of the defaulting party to commence cure within such time limit and diligently
continue, suspend performance under this Agreement.
6. OPINIONS OF CONSTRUCTION COST. Any opinion of consUuction costs
prepared by Earth Tech is supplied for the general guidance of the Client only. Since
Earth Tech has no control over competitive bidding or market conditions, Earth Tech
cannot guarantee the accuracy of such opinions as compared to contract bids or actual
costs to Client.
7. RELATIONSHIP WITH CONTRACTORS. Earth Tech shall serve as Clienfs
professional representative for the SeNices, and may make recommendations to Client
concerning actions relating to Clienfs contractors, but Earth Tech specifically disclaims
any authority to direct or supervise the means, methods, techniques, sequences or
procedures of construction selected by Client's contractors.
8. CONSTRUCTION REVIEW. For projects involving construction, Client
acknowledges that under generally accepted professional practice, interpretations of
construction documents in the field are normally required, and that performance of
construction-related services by the design professional for the project permits errors or
omissions to be identified and corrected at comparatively low cost. Client agrees to
hold Earth Tech harmless from any claims resulting from performance of construction-
related services by persons other than Earth Tech.
9. INSURANCE. Earth Tech will maintain insurance coverage for Professional,
Comprehensive General, Automobile, Worker's Compensation, and Employer's Liability
in amounts in accordance with legal, and Earth Tech's business requirements.
Certificates evidencing such coverage will be provided to Client upon request. For
projects involving construction, Client agrees to require its construction contractor, if
any, to include Earth Tech as an additional insured on its policies relating to the Project.
Earth Tech's coverages referenced above shall, in such case, be excess over contractor's
primary coverage.
10. HAZARDOUS MATERIAL. Hazardous materials may exist at a site where there
is no reason to believe they could or should be present. Earth Tech and Client agree that
the discovery of unanticipated hazardous materials constitutes a changed condition
mandating a renegntiation of the scope of work. Earth Tech agrees to notify Client as
soon as practically possible should unanticipated hazardous materials or suspected
hazardous materials be encountered. Client acknowledges and agrees that it retains title
to all hazardous material existing on the site and shall report to the appropriate federal,
state or local public agencies, as required, any conditions at the site that may present a
potential danger to the public health, safety or the environment. Client shall execute any
manifests or forms in connection with U'ansportation, storage and disposal of hazardous
materials resulting from the site or work on the site or shall authorize Earth Tech to
execute such documents as Client's agent. Client waives any claim against Earth Tech
and agrees to defend, indemnify, and save Earth Tech harmless from any claim or
liability for injury or loss arising from Earth Tech's discovery of unanticipated
hazardous materials or suspected hazardous materials.
11. INDEMNITIES. To the fullest extent permitted by law, Earth Tech shall
indemnify and save harmless Client from and against loss, liability, and damages
sustained by Client, its agents, employees, and representatives by reason of injury or
death to persons or damage to tangible property to the extent caused directly by the
willful misconduct or failure to adhere to the standard of care described in Paragraph 1
PART IV
STANDARD TERMS AND CONDITIONS
above of Earth Tech, its agents or employees.
To the fullest extent permitted by law and consistent with Paragraph l, Client shall
defend, indemnify, and save harmless Earth Tech from and against loss, liability, and
damages sustained by Ea~h Tech, its agents, employees, and representatives by reason
of claims for injury or death to persons, damages to tangible property, to the extent
caused directly by any of the following: (a) any substance, condition, element, or
material or any combination of the foregoing (i) produced, emitted or released from the
Project or tested by Earth Tech under this Agreement, or (b) operation or management
of the Project. Client also agrees to require its construction contractor, if any, to include
Earth Tech as an indemnitee under any indemnification obligation to Client.
12. LIMITATIONS OF LIABILITY. No employee or agent of Earth Tech shall have
individual liability to Client.
Client agrees that, to the fullest extent permitted by law, Earth Tech's total liability to
Client for any and all injuries, claims, losses, expenses or damages whatsoever arising
out of or in any way related to the Project or this Agreement from any causes including,
but not limited to, Earth Tech's negligence, errors, omissions, strict liability, or breach
of contract and whether claimed directly or by way of contribution shall not exceed the
total compensation received by Eafih Tech under this Agreement. ffClient desires a
limit of liability greater than that provided above, Client and Earth Tech shall include
in Part IH of this Agreement the amount of such limit and the additional compensation
to be paid to Earth Tech for assumption of such additional risk.
IN NO EVENT AND UNDER NO CIRCUMSTANCES SHALL EARTH TECH BE
LIABLE TO CLIENT FOR CONSEQUENTIAL, INCIDENTAL, INDIRECT,
SPECIAL, OR PUNYFIVE DAMAGES.
13. ACCESS. Client shall provide Earth Tech safe access to any premises necessary
for Earth Tech to provide the Services.
14. REUSE OF PROJECT DELIVERABLES. Reuse of any documents or other
deliverables, including electronic media, pertaining to the Project by Client for any
purpose other than that for which such documents or deliverables were originally
prepared, or alteration of such documents or delivarables without written verification or
adaptation by Earth Tech for the specific purpose intended, shall be at the Client's risk.
Further, all title blocks and the engineer's seal, if applicable, shall be removed if and
when Client provides deliverables in electronic media to another entity. Client agrees
that relevant analyses, findings and reports provided in electronic media shall also be
provided in "hard copy" and that the hard copy shall govern in the case of a discrepancy
between the two versions, and shall be held as the official set of drawings, as signed and
sealed. Client shall be afforded a period of 30 days in which to check the hard copy
against the electronic media. In the event that any error or inconsistency is found as a
result of this process, Earth Tech shall be advised and the inconsistency shall be
corrected at no additional cost to Client. Following the expiration of this 30-day period,
Client shall bear all responsibility for the care, custody and control of the electronic
media. In addition, Client represents that it shall retain the necessary mechanisms to
read the electronic media, which Client acknowledges to be of only limited duration.
Client agrees to defend, indemnify, and hold harmless Earth Tech from all claims,
damages, and expenses, (including reasonable litigation costs), arising out of such reuse
or alteration by Client or others acting through Client.
15. AMENDMENT. This Agreement, upon execution by both parties hereto, can be
amended only by a written insWument signed by both parties.
16. ASSIGNMENT. See Paragraph C of Part V.
17. STATUTES OF LIMITATION. To the fullest extent permitted by law, parties
agree that, except for claims for indemnification, the time period for bringing claims
under this Agreement shall expire one year after Project completion.
18. DISPUTE RESOLUTION. Parties shall attempt to settle disputes arising under
this agreement by discussion betwean the panics senior representatives of management.
If any dispute can not be resolved in this manner, within a reasonable length of time,
parties agree to attempt non-binding mediation or any other method of alternative
dispute resolution prior to filing any legal proceedings. In the event any actions are
brought to enforce this Agreement, the prevailing party shall be entitled to collect its
litigation costs from the other party.
19. NO WAIVER. No waiver by either party of any default by the other party in the
performance of any particular section of this Agreement shall invalidate any other
section of this Agreement or operate as a waiver of any future default, whether like or
different in character.
20. NO THIRD-PARTY BENEFICIARY. Nothing contained in this Agreement, nor
the performance of the parties hereunder, is intended to benefit, nor shall inure to the
benefit of, any third party, including Clienfs conUactors, if any.
21. SEVERABILITY. See Paragraph K of Part V.
22. AUTHORITY. The persons signing this Agreement warrant that they have the
authority to sign as, or on behalf of, the pafiy for whom they are signing.
Id!WORK/ADMIN~AGREE~AVE\IOW~C~i~.dO~ NOV 1995
PART V
General Terms
The Consultant shall not commit any of the following employment practices and agrees to
prohibit the following practices in any subcontracts:
To discharge or refuse to hire any individual because of their race, color, religion,
sex, national origin, disability, age, marital status, sexual orientation or gender
identity.
To discriminate against any individual in terms, conditions or privileges of
employment because of their race, color, religion, sex, national origin, disability, age,
marital status, sexual orientation or gender identity.
Should the City terminate the Agreement, the Consultant shall be paid on the basis of work
and services performed up to the time of termination. However, such sums shall not be
greater than the "not to exceed" amount listed in Part III. The City may terminate this
Agreement upon seven (7) calendar days written notice to the Consultant.
This Agreement shall be binding upon the successors and assigns of the parties hereto,
provided that no assignment shall be made without the written consent of all parties to said
Agreement.
It is understood and agreed that the retention of the Consukant by the City for the purpose
of the Project shall be as an independent contractor and not as an employee; shall be
exclusive with the Consultant executing this Agreement; and the Consultant shall have the
right to employ such assistance as may be required for the performance of the Project.
It is agreed by the City that all records and files pertaining to information needed by
Consultant for the Project shall be made available by said City upon reasonable request from
the Consultant. The City agrees to furnish all reasonable assistance in the use of these
records and files.
It is further agreed that no party to this Agreement shall perform contrary to any state, federal
or local law or any of the ordinances of the City of Iowa City, Iowa.
Brenda Durbahn, Bob Lentz, or Craig Chumbley, employees of the Consultant, shall attend
such meetings of the City relative to the work set forth in this Agreement, at the request of
the City. Any requests made by the City shall be given with reasonable notice to the
Consultant to assure attendance.
The Consultant agrees to furnish, upon termination of this Agreement and upon demand by
the City, copies of all basic notes and sketches, charts, computations and any other data
prepared or obtained by the Consultant pursuant to this Agreement without cost and without
restrictions or limitation as to the use relative to specific projects covered under this
Agreement. In such event, the Consultant shall not be liable for City's use of such
documents on other projects.
The Consultant agrees to furnish all reports, specifications and drawings with the seal of a
professional engineer affixed thereto or such seal as required by Iowa law.
The City agrees to tender the Consultant all fees in a timely manner, excepting however, that
failure of the Consultant to satisfactorily perform in accordance with this Agreement shall
constitute grounds for the City to withhold payment of the amount sufficient to properly
complete the Project in accordance with this Agreement.
Should any section of this Agreement be found invalid, it is agreed that the remaining portion
shall be deemed severable from the invalid portion and continue in full force and effect.
Original contact drawings shall become the property of the City. If applicable, the
Consultant shall be allowed to keep mylar reproducible copies for the Consultant's own filing
use.
Fees paid for securing approval of authorities having jurisdiction over the Project will be paid
by the City.
Upon signing this agreement, Consultant acknowledged that Section 362.5 of the Iowa Code
prohibits a City officer or employee from having an interest in a contract with the City, and
certifies that no employee or officer of the City, which includes members of the City Council
and City boards and commissions, has an interest, either direct or indirect, in this agreement,
that does not fall within the exceptions to said statutory provision enumerated in Section
362.5
L:\WORK\WP~,GREE\SAVE\ICGTC.WP
PART VI
FEE SCHEDULE
EFFECTIVE JANUARY 1, 1999
Classification
Hourly Rate Range
Senior Professional
Project Professional
Staff Professional
Professional
CADD Operator II
CADD Operator I
Technician
Project Administrator
Word Processor
$105.00 - $165.00
$65.00 - $115.00
$48.00 - $75.00
$35.OO - $65.O0
$40.00 - $65.0O
$22.00 - $48.00
$20.00 - $70.00
$35.00 - $55.OO
$30.00 - $5O.00
Direct Expenses:
Subconsultants
Computer Technology
Copies
Camera/Printing
Blueprinting
Sepia Mylar
Sepia Vellum
Troxler Density Meter
Geodimeter
Mileage
At Cost
Included in Above Rates
$0.06/Sheet
Materials and Labor
$0.50/Sheet
$5.00/Sheet
$2.70/Sheet
$8.00/Test
$12.50/Hour
IRS Rate (Present $0.31)
Sheet Size 24x36 Approximate
Meals, lodging, car rentals, air travel and some other expenses are invoiced at cost.
Specialized equipment and laboratory rates are available for applicable projects.
Method of compensation can be adjusted to client needs. Previous methods used include: lump sum,
percentage of construction, hourly rates and direct expenses, classification rates and cost plus fixed fee.
Services normally not charged to long-term clients: attendance at Council meetings, cost estimate
preparation for grant applications, storage and retrieval of original documents on past projects, general
miscellaneous requests, general questions, and coordination with regulatory and funding agencies.
If you have any questions, please contact Joe Becker at 319-232-6531 or 1-800-772-2028 (in-state
WATS).
L:\WORK~d)MINXTRNSCR~vlISCiSAVE~FEEWP
1 I/0'r/99 Page 1
PART VII
iowa C~, Iowa
North Dodge Street Environmental Assessment
November 1, 1999
STAFF HOUR ESTIMATE
Senior ! Project
Description of Work Prof. Prof. ~ Technician ~, Admin. Total
DEVELOPMENT OF DATABASE
...............................................................................................
101 Review Existing Data ~ 8 8 16
......................................................................
10?..F_i_e,~__d_R_~ ..........................................! .................................................
!,03. ,.~_e~.pe_t~__Ce~!?,n/R,?~!~ ...........................................................4~ ..................._~ ......
Subtotal 16 32 4 0 52
.E_.~AL__U._A_..T._I.~.N___O._F AL TERNA TIVES ..................................................... ]
201 Evaluation of Other Feasible Alternatives 12 14 ~ 8 ~ 34
202 Traffic Service and Access 8 24 ! '8~ .......... 40
_2_0_~_.,~t ,_Estirna_t_e..~_ ...........................................i .................................................
204 "Planning Level" Right-of-Way J 4 8 12
205 Natural Resource Impacts 8 4 12
.~.0~_. Wetland Imp_a_cts_ ......................................................... _.4 ........ 4_ ................... _8._
.2~_7,, .~0~,n~n~_e_d s_',~e_,_ ............................................................ _8 ~ ................ ~
208 Sodal. EconomicandLand-Uselmpacts ', 8 4 12
....................................................... ~ ...................................................
~Z~9 _N~o!S_e Impacts 12' 4 ! 16
2._~._0__.p_~_r M~a_na_O__e_m_e_n.t.!.m_p_act__s. ............... 2 16 2 20
211 Other Impacts 4 4
212 Cultural Resources 4 4
ENVIRONMENTAL ASSESSMENT DOCUMENT
301 Draft EA 8 132 48 40 228
302 EA Revisions 2 8 8 8 26
303 Pdnt and Distribute the EA 6 12 18
304 Draft of FONS! 16 ............ ~ .... 4 24
Subtotal ' I~ 170 60! 72 312
PUBLIC/AGENCY COORDINATION
4_p_l.._._E_a_rl_y__Coordinatio__n._L_.e_~e_r.t_o_A_g~e_n~c~i_e__s' ......................... 1.2~ .......... 8 ............ _4_ ....... 2_4__.
~,_?~2 ~M__ee_.ti.~_s._w_.~t_h_.l~te~_m_~tG_m_u_p~s_~o~ A~g~_nc_!e_s_ ................... ~ ........ 1~2 .................... 2_ ...... 2_.~. .....
403 Public Information Meeting 20 24 32 16 92
Subtotal 52 96 88 54 290
PROJECT ADMINIS TRA TION
5_0_l_=__P__m._j~ M~a.n~a~ge~rn_~_t ...................................... 16 ......... _32_ ......... 22 ..........7~0~._
Total Hours 140 460 21 160 1 970
Estimated Labor Costs $76,500
Estimated Expenses $1,500
Tallgrass Historians $17.300
OSA $3,000
Aerial Services $500
Total Estimated Costs $98.800
Contingency $6.800
Maximum Amount Payable $105,600
City of Iowa City
MEMORANDUM
Date: November 16, 1999
To:
From:
Re:
City Council
Jeff Davidson, Assistant Director, Dept. of Planning and Community Development
November 23, 1999 City Council meeting agenda item: Environmental Assessment for
North Dodge Street (Iowa Highway 1 ) reconstruction
In accordance with the approved City of Iowa City Capital Improvements Program, staff is
developing a project with Iowa DOT for the reconstruction of North Dodge Street (Iowa Highway
1 ) between 1-80 and Governor Street. This project will be coordinated with the reconstruction of
1-80 between 1-380 and a point just east of the Dodge Street interchange, as well as with the
proposed reconstruction of Iowa Highway 1 to Super-2 standards between Kalona and Iowa
City, and Iowa City and Mt. Vernon. Iowa DOT has tentatively committed $5 million to the North
Dodge reconstruction project, with the City committing $887,759 in STP funds received through
JCCOG, and $221,939 in local funds. Iowa DOT has indicated we will be required to act as lead
agency in administration of the project and to conduct an Environmental Assessment of the
project corridor in accordance with the requirements of Iowa DOT and the Federal Highway
Administration.
The proposed contract with Earth Tech, Inc. will fulfill all requirements of the Environmental
Assessment process. A contract fee of $98,800 has been negotiated. We have received very
good service from Earth Tech on past projects.
Bring any questions to your November 22, 1999 work session.
cc: Steve Atkins
Karin Franklin
Chuck Schmadeke
Rick Fosse
jccogtp/mem/ndodge.doc
Prepared by: Doug Boothroy, Director, HIS, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5121
RESOLUTION NO. 99-391
RESOLUTION OF INTENT TO CONVEY A SINGLE FAMILY HOME
LOCATED AT 2660 INDIGO COURT TO THE TENANT AND SETTING A
PUBLIC HEARING FOR DECEMBER 7, 1999.
WHEREAS, the City Council of the City of Iowa City functions as the Iowa City Housing
Authority; and
WHEREAS, on September 14, 1993, the City Council considered and passed Resolution No.
93-255 approving the Section 5(h) implementing agreement for the conversion of public
housing to private ownership, also known as the Tenant-to-Ownership program; and
WHEREAS, the Iowa City Housing Authority owns a single family home located at 2660 Indigo
Court, Iowa City; and
WHEREAS, the tenant at 2660 Indigo Court has offered to purchase this home for the principal
sum of $97,000, which is the appraised value of the property; and
WHEREAS, this sale would provide the opportunity for a low-income family to obtain ownership
of their own home; and
WHEREAS, this sale is conditioned on the family securing adequate financing for the purchase
of the home.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA, that:
The City Council does hereby declare its intent to convey a single family home located at
2660 Indigo Court, Iowa City, Iowa, also known as Lot 81, Whispering Meadows
Subdivision, Lot 2, to the tenant for the sum of $97,000.00.
=
A public hearing on said proposal should be and is hereby set for December 7, 1999, at
7:00 p.m. in the Council Chambers of the Civic Center, 410 East Washington Street, Iowa
City, Iowa, and that the City Clerk should be and is hereby directed to cause notice of the
public hearing to be published as provided by law.
Passed and approved this 23t-d day of
ATTEST:C~ ~'.
A~d't~'~ II-lf.-fl
City Attorney's Office
Resolution No. 99-391
Page 2
It was moved by Norton and seconded by
adopted, and upon roll call there were:
0 ' Donnel 1 the Resolution be
AYES: NAYS: ABSENT:
X
X
X
X
Champion
Kubby
· Lehman
Norton
O'Donnell
Thornberry
Vanderhoef
Prepared by: Sarah E. Holecek, First Asst. City Atty, 410 E. Washington St., Iowa City, IA 52240 (319)356-5030
RESOLUTION NO. 99-392
RESOLUTION OF INTENT TO CONVEY ONE HALF OF A TEN FOOT WIDE
VACATED PORTION OF THE WASHINGTON STREET RIGHT-OF-WAY
LOCATED BETWEEN 1033 (LOT 7, KOSER BROTHERS SUBDIVISION) AND
1025 WASHINGTON STREET TO JAMES AND CHRISTINE WALTERS, AND
SETTING A PUBLIC HEARING ON SAID CONVEYANCE FOR DECEMBER 7,
1999
WHEREAS, On July 27, 1999, the City Council passed an ordinance vacating a ten-foot wide
portion of the Washington Street right-of-way along the west property line of 1033 East
Washington Street (Lot 7, Koser Brothers Subdivision) and abutting 1025 East Washington
Street; and
WHEREAS, James and Christine Waiters, as owners of the adjacent property to the east ( 1033
E. Washington), have offered the sum of 82,312 for one-half of the ten-foot wide by 170'
long parcel (approximately 850 square feet), or 82.72 per square foot, which is consistent
with the fair market valuation listed on the assessment rolls for comparable properties; and
WHEREAS, the City does not need the vacated right-of-way to provide access to property in
the area and there is no infrastructure or easements within the vacated right-of-way; and
WHEREAS, the disposition of the subject property is in the public interest.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA,
that:
The City Council does hereby declare its intent to convey its interest in one-half of the
vacated portion of the Washington Street right-of-way along the west property line of
1033 East Washington Street (Lot 7, Koser Brothers Subdivision) to James and
Christine Waiters for the sum of ~2,312.
A public hearing on said proposal should be and is hereby set for December 7, 1999,
at 7:00 p.m. in the Council Chambers of the Civic Center, 410 East Washington Street,
Iowa City, Iowa, or if said meeting is cancelled, at the next meeting of the City Council
thereafter as posted by the City Clerk, and that the City Clerk be and is hereby directed
to cause notice of said public hearing to be published as provided by law.
Resolution No.
Page 2
99-392
It was moved by Kubby and seconded by 0'Donnell
adopted, and upon roll callthere were:
the Resolution be
AYES: NAYS: ABSENT:
Champion
Kubby
Lehman
Norton
O'Donnell
Thornberry
Vanderhoef
Passed and approved this
23rd day of N ber , 1999.
proved :, /
Cty At
ATTEST: C~/j' ~/~//,44_)
Prepared by: Ron O'Neil, Airport Mgr., 410 E. Washington St., Iowa City, IA 52240 (319) 356-5045
RESOLUTION NO. 99-393
RESOLUTION AUTHORIZING THE AIRPORT COMMISSION TO PROCEED
WITH THE CONSTRUCTION OF A 52' X 230' AIRCRAFT HANGAR BUILDING
AT THE IOWA CITY MUNICIPAL AIRPORT.
WHEREAS, it is the intent of the Iowa City Airport Commission to attract and accommodate
corporate, business, and personal use aircraft at the Iowa City Municipal Airport; and
WHEREAS, additional hangar space would be a capital asset to the Airport by increasing
revenue for the Airport and increasing the number of based aircraft at the Airport; and
WHEREAS, the proposed hangar building is part of the 1996 Airport Master Plan; and
WHEREAS, the Airport Commission has commitments to lease all of the hangar space in the
proposed hangar building; and
WHEREAS, the cost of the project will be financed through an internal departmental loan, to be
repaid through hangar rental fees; and
WHEREAS, Selzer Werderitsch Construction has submitted the lowest responsible bid of
$305,430.00 for construction of the project.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA
CITY, IOWA that the use of city funds to pay for the construction of a 52' by 230' hangar
building at the Iowa City Municipal Airport is hereby approved.
Passed and approved this 23rd
day of November ,1999.
ATTEST:i~LE~~K ?/xJ.
City Attorney's Office
Resolution No. 99-393
Page 2
It was moved by Norton and seconded by
adopted, and upon roll call there were:
AYES: NAYS:
X
X
X
X
X
Champion
the Resolution be
ABSENT:
Champion
Kubby
Lehman
Norton
O'Donnell
X Thornberry
X Vanderhoef
dennis,mitJairport/hangres.doc
Council Member Champion introduced the following
Resolution eutitled "RESOLUTION DIRECTING SALE OF $11,350,000 PARKING
SYSTEM REVENUE BONDS," and moved its adoption. Council Member
0'Donnel 1 seconded the motion to adopt. The roll was called and
the vote was,
AYES: Lehman, Norton, 0'Donnell, Champion
NAYS: Kubby
Whereupon, the Mayor declared the following Resolution duly adopted:
Resolution No. 99-394
RESOLUTION DIRECTING SALE OF $11,350,000
PARKING SYSTEM REVENUE BONDS
WHEREAS, pursuant to notice as required by law, bids have been received at
public sale for the bonds described as follows and the best bid received is determined to
be the following:
Bidder: Dain Rauscher
the terms of said bid being:
Purchase Price: $
Net Interest Rate:
Net Interest Cost $
$11,350,000 PARKING SYSTEM REVENUE BONDS:
of Chicago
11,236,597.29
6.001772 %
11,265,076.67
-4-
NOW, THEEFOE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF IOWA CITY, IOWA:
Section 1. That the bid for the bonds as above set out is hereby determined to be
the best and most favorable bid received and, said bonds are hereby awarded based on
said bid.
Section 2. That the statement of information for bond bidders and the form of
contract for the sale of said bonds are hereby approved and the Mayor and Clerk are
authorized to execute the same on behalf of the City.
Section 3. That the notice of the sale of the bonds heretofore given and all acts of
the Clerk done in furtherance of the sale of said bonds are hereby ratified and approved.
PASSED AND APPROVED, thid 23rdday of November ,1999.
ATTEST:
-5-
REPORT OF BIDS
CITY OF IOWA CITY, IOWA
$11,350,000
Parking Revenue Bonds, Series 1999
November 23, 1999
W:FORM\DIRKS.DOC
TO: Iowa City Mayor, City Council Members and Administration
FROM: David Dirks
EVENSEN DODGEs INC.
SUBJECT: $11,350,000 Parking Revenue Bonds, Series 1999
Today, November 23, 1999, the sealed bids tabulated below were received, opened and reviewed. The
bids reflect and are indicative of the current conditions in the tax-exempt market.
BIDDER
Dain Rauscher Inc.
Salomon Smith Barney
US Bancorp-Piper Jaffray
ADDRESS $ NIC (%) NIR
Chicago $11,265,076.67 6.0017 %
Chicago $11,373,769.38 6.0596%
Minneapolis $11,593,791.67 6.1769%
WE RECOMMEND AWARD TO:
Dain Rauscher Incorporated
Thankyou for the opportunity to be of service to the City of Iowa City, Iowa.
answer any questions you may have on this or any other issue in the future.
We are available to
100 Court Avenue, Suite 215
Des Moines, IA 50309
515/282-6138
FAX 515/282-0252
W:\form\results\dirks
NOTICE OF SALE
Time and Place of Sealed Bids: Sealed bids
for the sale of bonds and notes of the City of
Iowa City, Iowa, will be received at the office of
the Finance Director in the City of Iowa City,
Iowa (the "lssuer") at 11 o'clock A.M., on the
23rd day of November, 1999. The bids will then
be publicly opened and referred for action to the
meeting of the City Council as stated below.
Sale and Award: The sale and award of the
bonds and notes will be held at the Council
Chambers, Civic Center at a meeting of the City
Council on the above date at 7 o'clock P.M.
The Bonds and Notes: The bonds and notes
to be offered are the following:
PARKING SYSTEM REVENUE BONDS,
SERIES 1999, in the amount of
$11,350,000, to be dated December 1,
1999 and TAXABLE PARKING
REVENUE BOND ANTICIPATION
PROJECT NOTES, SERIES 1999, in
the amount of $1,650,000 to be dated
December 14, 1999 (collectively
hereinafter referred to as the "Bonds").
Official Statement: The Issuer has issued an
Official Statement of information pertaining to the
Bonds to be offered, including a statement of the
Terms of Offering and an Official Bid Form,
which is incorporated by reference as a part of
this notice. The Official Statement may be
obtained by request addressed to the Finance
Director, Civic Center, 410 E. Washington
Street, Iowa City, Iowa 52240, Telephone: (3197
356-5050; or the City's Financial Consultant,
Evensen Dodge, Inc., 601 2nd Avenue South,
Suite 5100, Minneapolis, MN 55402, Telephone:
(612) 338-3535.
Terms of Offering: All bids shall be in
conformity with and the sale shall be in accord
with the Terms of Offering as set forth in the
Official Statement.
Legal Opinion: Said Bonds will be sold
subject to the opinion of Ahlers, Cooney,
Dorweiler, Haynie, Smith & Allbee, P.C.,
Attorneys of Des Moines, Iowa, as to the legality
and their opinion will be furnished together with
the printed Bonds without cost to the purchaser
and all bids will be so conditioned. Except to the
extent necessary to issue their opinion as to the
legality of the Bonds, the attorneys will not
examine or review or express any opinion with
respect to the accuracy or completeness of
documents, materials or statements made or
furnished in connection with the sale, issuance
or marketing of the Bonds.
Rights Reserved: The right is reserved to
reject any or all bids, and to waive any
irregularities as deemed to be in the best
interests of the public.
By order of the City Council of the City of
Iowa City, Iowa.
C~~e City of Iowa City, Iowa
AYES: Norton, O'Donnell, Champion, Lehman
NAYS: Kubbv
Whereupon the Mayor declared the following Resolution duly adopted:
Resolution No. 99-395
A RESOLUTION AUTHORIZING AND PROVIDING FOR THE
ISSUANCE AND SECURING THE PAYMENT OF $11,350,000
PARKING SYSTEM REVENUE BONDS 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
hereinaRer 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 Parking System, 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
$11,350,000 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 certain parking system revenue
bonds or notes, part of which remain outstanding and are a lien on the Net Revenues of
the System (defined herein as the "Outstanding Bonds"); and
WHEREAS, 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
-7-
WHEREAS, a statement of Ernst & Young LLP, Certified Public Accountants not
in the regular employ of lssuer, has been placed on file in the office of the Clerk, ·
showing the conditions and limitations of said Resolutions, dated June 9, 1992 and
March 28, 1995, with regard to the sufficiency of the revenues of the System to permit
the issuance of 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 lssuer to take action for the issuance of
$13,000,000 Parking System Revenue Bonds has heretofore been duly published and no
objections to such proposed action have been filed and the City desires to proceed with
the issuance of $11,350,000 of Parking System 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 shall have the following meanings in
this Resolution unless the text expressly or by necessary implication requires otherwise:
"Additional Bonds" shall mean any parking system revenue bonds or
notes issued on a parity with the Bonds in accordance with the provisions of this
Resolution.
, "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 $11,350,000 Parking System Revenue Bonds,
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 Goveming Body as shall be charged with substantially the same duties
and responsibilities.
-8-
"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
mended from time to time in accordance with the terms thereof.
"DTC" shall mean The Depository Trust Company, a New York
corporation, New York, New York.
"Fiscal Year" shall mean the twelve-month period beginning on
July 1 of each year and ending on the last day of Jnne 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 including rentals, lease
payments, parking fees, overtime parking fees, and parking charges of any kind of
the system after deduction of current expenses; "Current expenses" shall mean and
include (1) for all off-street parking facilities the reasonable and necessary cost of
operating, maintaining, repairing and insuring such facilities, salaries, wages,
costs and materials and supplies; (2) for all on-street parking meters, the repair
and replacement of parking meters, salaries and wages of meter maids, meter
repair and collection personnel.
, "Notice of Sale" shall mean the official Notice of Sale as published
on November 17, 1999.
"Original Purchaser" shall mean the purchaser of the Bonds from
Issuer at the time of their original issuance.
-9-
"Parity Bonds" shall mean parking system revenue bonds or notes
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 Parking System Revenue Bonds
dated June 1, 1992 and April 1, 1995, issued in accordance with Resolutions No.
92-166 and 95-61, adopted June 9, 1992 and March 28, 1995, $315,000 and
$1,450,000 of which bonds are still outstanding and unpaid and remain a lien on
the Net Revenues of the System.
"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
USDA - Rural Development
General Services Administration
U.S. Maritime Administration
Small Business Administration
Government National Mortgage Association (GNMA)
-10-
U.S. Department of Housing & Urban Development
(PHA's)
Federal Housing Administration
· repurchase agreements whose unde~ying 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;
· 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-1+" 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, 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
-11-
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;
· 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.
"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 annual amount of the principal and interest coming due
on the Bonds and Parity Bonds; (b) 10% of the stated principal amount of the
Bonds and Parity Bonds or (c) 125% of the average annual principal and interest
coming due on the Bonds and Parity Bonds. For purposes of this definition: (1)
-12-
"issue price" shall be substituted for "stated principal amount" for issues with
original issue discount or original issue premium of more than a de minimus
amount and (2) stated principal amount shall not include any portion of an issue
refunded or advance refunded by a subsequent issue.
"System" shall mean the parking revenue system of the City
including "off-street parking" as hereinafter described and "on-street parking"
including parking meters located on and along the City's streets and all properties
acquired or to be acquired from revenues of the system or made a part thereof by
Council resolution. For purposes of this Resolution and unless amended by the
City Council, the system is presently made up and comprised of the following:
Three (3) municipal parking ramps (2,000 spaces), seven (7)
parking lots (430 spaces) and 892 on-street parking meters,
totaling 3,322 spaces.
provided, however, that the City may from time to time by resolution lend
or lease to the parking system for temporary use additional lands or lots
which may be available for temporary use as parking. Such temporary land
or lots may be withdrawn from the system by Council resolution
irrespective of the provisions of Section 16(t) of this Resolution which
provisions limit and restrict the manner of disposition of property
comprising the system.
"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 Finance Director 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.
-13-
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 $ 11,350,000 for the
purpose of paying costs of extending, improving and equipping the parking facilities
system of the City, including the construction of a multi-level facility for the parking of
vehicles to be located at or near the south side of Iowa Avenue between Linn Street and
Gilbert Street.
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 eamings 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. Parking System Revenue Bonds of the City in the
amount of $11,350,000 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
"PARKING SYSTEM REVENUE BOND, SERIES 1999", be dated December 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, 2000 and semiannually thereaf[er on the 1 st day of
January and July in each year until maturity at the rates hereinat~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
the Bond. The Bonds shall be in the denomination of $5,000 or multiples thereof. Said
Bonds shall mature and bear interest as follows:
-14-
Interest P~nc~al Maturity
Rate Amount July 1st
5.875% $ 305,000 2004
5.875% 320,000 2005
5.875% 335,000 2006
5.875% 355,000 2007
5,875% 370,000 2008
5.875% 390,000 2009
5.875% 410,000 2010
5,875% 430,000 2011
5.875% 455,000 2012
5.875% 480,000 2013
5.875% 505,000 2014
5,875% 535,000 2015
5.900% 565,000 2016
5,900% 600,000 2017
5,900% 1,300,000 2019
6,000% 3,995,000 2024
Term Bonds. Bonds in the aggregate principal amount of $1,300,000 shall be
issued as Term Bonds due July 1, 2019, and shall bear interest at 5.90%, payable on
July 1, 2000, 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 Amountof
MandatoryRedemption
$630,000
$670,000
Date of Redemption
(July 1st)
2018
2019
Term Bonds. Bonds in the aggregate principal amount of $3,995,000 shall be
issued as Term Bonds due July 1, 2024, and shall bear interest at 6.00%, payable on
July 1, 2000, 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:
PrincipalAmount of D~e of Redemp~on
MandatoryRedemption (Ju~ lst)
$710,000 2020
$750,000 2021
$795,000 2022
$845,000 2023
$895,000 2024
-15-
Section 6. Redemption. Bonds maturing after July 1, 2009, 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 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 registered owner
-16o
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 such record date to the extent possible. Notice to DTC shall be given only when DTC
is the sole Bondholder.
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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 6.8. 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
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 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)
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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 earliest 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
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 and six months following the date on which such interest or principal
-19-
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 Original 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.
Section 11. Right to Name Substitute Paying Agent or Registrar. Issuer reserves
the right to name a substitute, successor Registrar or Paying Agent upon giving prompt
written notice to each registered Bondholder.
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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)
I <2> I I {3> II <4> I I {5> I
(9)
I (ga) I
(10)
(Continued on the back of this Bond)
I (11)(12)(13) [ I
FIGURE 1
(Front)
-21-
(lo)
(Continued)
(16)
FIGURE 2
(Back)
-22-
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"
"PARKING SYSTEM REVENUE BOND"
"SERIES 1999"
Item 2, figure 1= Rate:
Item 3, figure 1= Maturity:
Item 4, figure 1= Bond Date: December 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 the 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, 2000, and semiannually thereafter 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
-23 -
equipping the parking facilities system of the City, including the construction of a multi-
level facility for the parking of vehicles to be located at or near the south side of Iowa
Avenue between Linn Street and Gilbert Street, in conformity to a Resolution of the
Council of said City duly passed and approved.
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, 2009, 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.
Term Bonds maturing on July 1, 2024 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 2020 through 2024.
-24-
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 attomey in the form as shall be satisfactory to the Registrar. Issuer
reserves the right to substitute the Registrar and Paying Agent but shall, however,
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 or notes which may be herealter 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 Parking System (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
eamings 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 Clerk, with the seal of said City impressed hereon, and authenticated by the manual
signature of an authorized representative of the Registrar, City Controller, Iowa City,
Iowa.
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Item 11, figure 1 = Date ofauthentication:
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
Item 13, figure 1
By:
Authorized Signature
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 = [MBIA Statement of Insurance]
Item 16, 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.
Dated
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(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
guarantor 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.
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 - as tenants in common
TEN ENT - as tenants by the entireties
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JT TEN
- 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 Net Revenues of
the System without priority by reason of number or time of sale or delivery; and the Net
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 ~mds shall be repaid to the Project Fund
at the earliest opportunity. Any balance on hand in the Project Fund and not immediately
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.
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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 Parking System Revenue Fund (the "Revenue Fund"), and shall be
disbursed only as follows:
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 first adopted shall prevail until such time as the bonds authorized by
said resolution have been paid in full or otherwise satisfied as therein provided at which
time the provisions of this Resolution shall again prevail.
At such time as the Outstanding Bonds are paid and so long as the Bonds or Parity
Bonds remain outstanding and unpaid the same are discharged and satisfied in the
manner provided in this Resolution, the entire income and revenues of the System shall
be deposited and collected in a fund to be known as the Revenue Fund, and shall be
disbursed only as follows:
(a) Operation and Maintenance Fund. Money in the Revenue Fund shall
first be disbursed to make deposits into a separate and special fund to pay current
expenses. The fund shall be known as the Parking System Revenue Operation
and Maintenance Fund (the "Operation and Maintenance Fund"). There shall be
deposited in the Operation and Maintenance Fund each month an amount
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sufficient to meet the current expenses of the month plus an amount equal to
1/12th of expenses payable on an annual basis such as insurance. After the first
day of the month, further deposits may be made to this account from the Revenue
Fund to the extent necessary to pay current expenses accrued and payable to the
extent that funds are not available in the Surplus Fund.
(b) Sinking Fund. Money in the Revenue Fund shall next be disbursed to
make deposits into a separate and special fund to pay principal of and interest on
the Bonds and Parity Bonds. The fund shall be known as the Parking System
Revenue Bond and Interest Sinking Fund (the "Sinking Fund"). The required
amount to be deposited in the Sinking Fund in any month shall be the equal
monthly amount necessary to pay in full the installment of interest coming due on
the next interest payment date on the then outstanding Bonds and Parity Bonds
plus the equal monthly amount necessary to pay in full the installment of principal
coming due on such Bonds on the next succeeding principal payment date until
the full amount of such installment is on hand. If for any reason the amount on
hand in the Sinking Fund exceeds the required amount, the excess shall forthwith
be withdrawn and paid into the Revenue Fund. Money in the Sinking Fund shall
be used solely for the purpose of paying principal of and interest on the Bonds and
Parity Bonds as the same shall become due and payable.
(c) Reserve Fund. Money in the Revenue Fund shall next be disbursed to
maintain a debt service reserve in an amount equal to the Reserve Fund
Requirement. Such fund shall be known as the Parking System Revenue Debt
Service Reserve Fund (the "Reserve Fund"). In each month there shall be
deposited in the Reserve Fund an amount equal to 25 percent of the amount
required by this Resolution to be deposited in such month in the Sinking Fund;
provided, however, that when the amount on deposit in the Reserve Fund shall be
not less than the Reserve Fund Requirement, no further deposits shall be made
into the Reserve Fund except to maintain such level, and when the amount on
deposit in the Reserve Fund is greater than the balance required above, such
additional amounts shall be withdrawn and paid into the Revenue Fund. Money
in the Reserve Fund shall be used solely for the purpose of paying principal at
maturity of or interest on the Bonds and Parity Bonds for the payment of which
insufficient money shall be available in the Sinking Fund. Whenever it shall
become necessary to so use money in the Reserve Fund, the payments required
above shall be continued or resumed until it shall have been restored to the
required minimum amount.
-3O-
(d) Improvement Fund. Money in the Revenue Fund shall next be
disbursed to maintain a fund to be known as the Parking System Revenue
Improvement Fund (the "Improvement Fund"). The minimum amount to be
deposited in the Improvement Fund each month shall be $5,000; provided,
however, that when the amount of said deposits in said fund shall equal or exceed
$300,000, no further monthly deposits need be made into the Improvement Fund
except to maintain it at such level. Money in the Improvement Fund not otherwise
specially limited by other provisions of this Resolution shall be used solely for the
purpose of paying principal of or interest on the Bonds or Parity Bonds when
there shall be insufficient money in the Sinking Fund and the Reserve Fund; and
to the extent not required for the foregoing, to pay the cost of extraordinary
maintenance expenses or repairs, renewals and replacements not included in the
annual budget of revenues and current expenses, payment of rentals on any part of
the System or payments due for any property purchased as a part of the System,
and for capital improvements to the System. Whenever it shall become necessary
to so use money in the Improvement Fund, the payments required above shall be
continued or resumed until it shall have been restored to the required minimum
amount.
(e) Subordinate Obligations. Money in the Revenue Fund may next be
used to pay principal of and interest on (including reasonable reserves therefor)
any other obligations which by their terms shall be payable from the revenues of
the System, but subordinate to the Bonds and Parity Bonds, and which have been
issued for the purposes of extensions and improvements to the System or to retire
the Bonds or Parity Bonds in advance of maturity, or to pay for extraordinary
repairs or replacements to the System.
(f) Surplus Revenue. All money thereafter remaining in the Revenue Fund
at the close of each month may be deposited in any of the funds created by this
Resolution, may be used to pay for extraordinary repairs or replacements to the
System, or may be used to pay or redeem the Bonds or Parity Bonds any of them,
or for any lawful purpose.
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
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payments into all funds and accounts enjoying a prior claim to the revenues shall have
been met in full.
Section 17. 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
in compliance with the State Sinking Fund provided under Chapter 12C of the Code of
Iowa, 1999, as amended or otherwise 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 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 18. 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) Operation of the System. Issuer hereby covenants and agrees with the
holder or holders of the bonds herein authorized to be issued, or any of them, that
it will faithfully and punctually perform all duties with reference to said public
motor vehicle parking facilities system required by the Constitution and laws of
the State of Iowa, and this Resolution, including the making and collecting of
reasonable and sufficient rates or services afforded thereby, and will segregate the
revenues and make application thereof into the respective funds, as provided by
this Resolution. Issuer further covenants and agrees with the holders of said
bonds to maintain in good condition and continuously and efficiently operate said
facilities and meters comprising the System.
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Issuer further covenants and agrees that, except as hereinafter otherwise
provided, so long as any of the bonds authorized to be issued under the terms of
this Resolution or bonds ranking on a parity therewith are outstanding it will not
sell, lease, loan, mortgage or in any manner dispose of or encumber public motor
vehicle parking facilities comprising the System until all of said bonds have been
paid in full as to both principal and interest or unless and until full and sufficient
provision shall have been made for the payment thereof. However, the right is
reserved to the City to dispose of any property constituting a part of the System as
provided in Section 17(f). Nothing contained in this Resolution shall be
construed to prevent the City from leasing to others or contracting with others for
the operation of any of the facilities constituting a part of the System to the extent
permitted by law, provided the net revenues derived from any such leases or
contracts, in combination with all other net revenues of the System, are found by
the City Council to be not less than those required to be paid unto the Funds as in
Section 16 provided. Nothing contained in this Resolution shall be construed to
prevent the City from disposing by lease, or as may be permitted by law, of the air
rights above any of the off-street parking facilities constituting a part of the
System or of other portions thereof not useful or intended for the parking of
vehicles, provided that the revenues from any such lease shall be treated as a part
of the income and revenues of the System and shall be used and applied as
provided in this Resolution, but no such contract or lease may result in a reduction
of the aggregate net revenues of the System below the amounts necessary to be
paid into the Funds as in Section 16 provided.
While the bonds authorized hereunder, or any of them, remain outstanding
and unpaid no free service shall be afforded by said parking facilities, provided,
that the City Council may, by resolution, authorize the use of a designated portion
of the parking facilities without charge, when: (1) the Council has first
affirmatively determined that such use will not cause the aggregate net revenues
then to be derived from the balance of the system to be less than 125% of the
amounts required to be paid into the Sinking Funds during the then next
succeeding fiscal year, and (2) if the facilities to be operated without charge
produced over 15% of the gross revenues of the entire system in the then last
preceding fiscal year, the finding by the City Council must be predicated upon and
supported by a certificate executed by a nationally recognized parking facilities
consultant employed for the purpose of examining the books and records pertinent
to the system and of certifying to the amount of revenues which will be derived
from the balance of the system. Any of the off-street parking facilities may be
withdrawn from use at any time for the purpose of erecting multiple level parking
structures, garages or other parking facilities thereon which are to be incorporated
°33-
in and made a part of the system of the City, but no such facilities may be so
withdrawn unless the City Council affirmatively finds that the net revenues to be
derived from the operation of the remainder of the System, together with interest
during the construction of the additional structure, will be no less than those
required to be paid into the Funds in Section 16 provided during the period of
construction.
The City agrees that it will take no action in relation to its parking System
which would unfavorably affect the security of the bonds herein authorized or
bonds ranking on a parity therewith or the prompt payment of the principal thereof
and interest thereon, but nothing in this Resolution contained shall be construed to
prohibit appropriate changes in the location of on-street parking meters made
necessary by street widening, alterations or closings, nor prohibit substitution or
changes in the location of on-street parking meters in order to provide essential
and necessary traffic regulation and control.
(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 125 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 Goveming 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 carried 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 part or parts 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 diligently act to cause the books and accounts to be
audited annually and reported upon not later than 180 days after the end of each
Fiscal Year by an Independent Auditor and will provide copies of the audit report
to the holders of any of the Bonds and Parity Bonds upon request. The holders of
-34-
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. It is further agreed that if the Issuer shall fail to provide the audits and
reports required by this subsection, the holder or holders of 25 percent of the
outstanding Bonds and Parity Bonds may cause such audits and reports to be
prepared at the expense of the Issuer.
(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, that 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 fired
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.
(g) Fidelity Bond. The Issuer shall maintain fidelity bond coverage in
amounts which normally would be carried 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.
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(i) Budget. The Governing Body of the Issuer shall approve and conduct
operations pursuant to a system budget of revenues and current expenses for each
Fiscal Year. Such budget shall take into account revenues and current expenses
during the current and last preceding Fiscal Years. Copies of such budget and any
amendments thereto shall be provided to the holders of any of the Bonds upon
request.
(j) Consultant Review. The City hereby covenants and agrees as long
as any bonds hereby authorized are outstanding to regularly retain from time to
time and at least once every four (4) years, the service of some engineer or firm of
engineers of specialized reputation in the management and operation of motor
vehicle parking facilities sometimes referred to in this resolution as the
"Consulting Engineer", for the purpose of consultation and cooperation in
connection with the operation and maintenance of its parking System facilities
system and the establishment as well as any revision of the schedule of charges for
the service and facilities to be thereby afforded.
Section 19. Remedies of Bondholders. Except as herein expressly limited the
holder or holders of the Bonds and Parity Bonds shall have and possess all the rights of
action and remedies afforded by the common law, the Constitution and statutes of the
State of Iowa, and of the United States of America, for the enforcement of payment of
their Bonds and interest thereon, and of the pledge of the revenues made hereunder, and
of all covenants of the Issuer hereunder.
Section 20.
obligations of any
or revenues of the
Prior Lien and Parity Bonds. The Issuer will issue no other Bonds or
kind or nature payable from or enjoying a lien or claim on the property
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;
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(b) For the purpose ofre~mding 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:
(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 Auditor, 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 mount that will
be required in any Fiscal Year prior to the longest maturity of any of the
Bonds or Parity Bonds for both principal of and interest on all Bonds or
Parity Bonds then outstanding which are payable from the net eamings 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 Auditor, 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.
(v) for purposes of this Section, "preceding Fiscal Year" shall be the
most recently completed Fiscal Year for which audited financial statements
prepared by a certified public accountant are issued and available, but in no
event a Fiscal Year which ended more than eighteen months prior to the
date of issuance of the Additional Bonds.
-37°
Section 21. 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.
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 Intemal 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
-38-
provisions of Section 142(a) of the Intemal Revenue Code of the United States, related
statutes and regulations.
Section 22. 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
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 23. Not Oualified Tax-Exempt Obligations. The Bonds shall not be
designated as qualified tax-exempt obligations as defined by Section 265(b) of the
Internal Revenue Code of the United States, as mended.
Section 24. 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 with a corporate trustee
designated by the Goveming 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.
-39-
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 25. Resolution a Contract. The provisions of this Resolution shall
constitute a contract between the Issuer and the holder or holders of the Bonds and Parity
Bonds, and after the issuance of any of the Bonds no change, variation or alteration of
any kind in the provisions of this Resolution shall be made in any manner, except as
provided in the next succeeding Section, until such time as all of the Bonds and Parity
Bonds, and interest due thereon, shall have been satisfied and discharged as provided in
this Resolution.
Section 26. 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:
(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.
-40-
Section 27. 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
(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 Goveming 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
-41 -
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 swom 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 28. Severability. If any section, paragraph, or provision of this
Resolution shall be held to be invalid or unenforceable for any reason, the invalidity or
unenforceability of such section, paragraph or provision shall not affect any of the
remaining provisions.
Section 29. Continuing Disclosure. The Issuer hereby covenants and agrees that
it will comply with and carry out all of the provisions of the Continuing Disclosure
Certificate, and the provisions of the Continuing Disclosure Certificate are hereby
approved and incorporated by reference as part of this Resolution and made a part hereof
and the Mayor and City Clerk are hereby authorized to execute and deliver the same at
issuance of the Bonds. 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.
-42-
Section 30. Repeal of Conflicting Ordinances or Resolutions and Effective Date.
All other ordinances, resolutions and orders, or parts thereof, in conflict with the
provisions of this Resolution are, to the extent of such conflict, hereby repealed; and this
Resolution shall be in effect firom and alter its adoption.
Adopted and approved this 23rd
day of NnvPmhPr , 1999.
Mayor
ATTEST:
City Clerk
PGOODRICt-P,209532\ 1 \ 10714051
-43-
Council Member Champ i on introduced the following
Resolution entitled "RESOLUTION DIRECTING SALE OF $1,650,000 TAXABLE
PARKING SYSTEM REVENIIE NOTES," and moved its adoption. Council Member
Norton seconded the motion to adopt. The roll was called and
the vote was,
A~rES: 0'Donnell, Champion. Lehman. Norton
NAYS: Ku b by
Whereupon, the Mayor declared the following Resolution duly adopted:
Resolution No. 99-396
RESOLUTION DIRECTING SALE OF $1,650,000
TAXABLE PARKING SYSTEM REVENUE NOTES
WHEREAS, pursuant to notice as required by law, bids have been received at
public sale for the Notes described as follows and the best bid received is determined to
be the following:
Bidder:
the terms of said bid being:
Purchase Price: $
Net Interest Rate:
Net Interest Cost $
$1,650,000 TAXABLE PARKING SYSTEM REVENUE NOTES:
US Bancorp Piper daffray of Chicago
1.650.940.50
6.8465 %
225,934.50
-4-
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF IOWA CITY, IOWA:
Section 1. That the bid for the Notes as above set out is hereby determined to be
the best and most favorable bid received and, said Notes are hereby awarded based on
said bid.
Section 2. That the statement of information for Note bidders and the form of
contract for the sale of said Notes are hereby approved and the Mayor and Clerk are
authorized to execute the same on behalf of the City.
Section 3. That the notice of the sale of the Notes heretofore given and all acts of
the Clerk done in furtherance of the sale of said Notes are hereby ratified and approved.
PASSED AND APPROVED, this 23rdday of November ,1999.
Mayor
ATTEST:
-5-
REPORT OF BIDS
CITY OF IOWA CITY, IOWA
$1,650,000
Taxable Parking Revenue Bond Anticipation Notes,
Series 1999
November 23, 1999
W:FORMXDIRKS.DOC
TO: Iowa City Mayor, City Council Members and Administration
FROM: David Dirks
EVENSEN DODGE, INC.
SUBJECT: $1,650,000 Taxable Parking Revenue Bond Anticipation Notes, Series 1999
Today, November 23, 1999, the sealed bids tabulated below were received, opened and reviewed. The
bids reflect and are indicative of the current conditions in the tax-exempt market.
BIDDER
US Bancorp-Piper Jaffray
Millers Johnson & Kuehn
Dain Rauscher Inc.
Commerce Capital Markets
ADDRESS $ NIC (%) NIR
Minneapolis $225,934.50 6.8465%
St. Louis Park $227,700.00 6.9000%
Chicago $230,917.50 6.9975%
Philadelphia $242,550.00 7.3500%
WE RECOMMEND AWARD TO:
US BANCORP-PIPER JAFFRAY
Thankyou for the opportunity to be of service to the City of Iowa City, Iowa.
answer any questions you may have on this or any other issue in the future.
We are available to
100 Court Avenue, Suite 215
Des Moines, IA 50309
515/282-6138
FAX 515/282-0252
W:\form\results\dirks
Council Member Champi on moved that the form of Continuing
Disclosure Certificate be placed on file and approved. Council Member
Norton seconded the motion. The roll was called and the vote was,
A~rES: Norton, O'Donnell, Champion, Lehman
NAYS: Kubby
Council Member Norton introduced the following Resolution
and moved its adoption. Council Member Champion seconded the motion
to adopt. The roll was called and the vote was:
A~rES: Champion, Lehman, Norton, O'Donnell
NAYS: Ku b by
Whereupon the Mayor declared the following Resolution duly adopted:
Resolution No. 99-397
RESOLUTION AUTHORIZING THE ISSUANCE OF
$1,650,000 TAXABLE PARKING REVENUE BOND
ANTICIPATION PROJECT NOTES
Section 1. Definitions. As used in this Resolution:
, "Acquired" shall mean acquisition by purchase, construction or by
any other method.
, "Additional Project Notes" shall mean additional Project Notes
issued as provided in Section 13 of this Resolution.
· "Beneficial Owner" shall mean, whenever used with respect to a
Note, the person in whose name such Note is recorded as the beneficial owner of
-6-
such Note by a Participant on the records of such Participant or such person's
subrogee.
"Cede & Co." shall mean Cede & Co., the nominee of DTC, and any
successor nominee of DTC with respect to the Notes.
"City" or "Issuer" shall mean the City of Iowa City, Iowa.
· "Continuing Disclosure Certificate" shall mean that certain
Continuing Disclosure Certificate executed by the Issuer and dated the date of
issuance and delivery of the Notes, as originally executed and as it may be
amended from time to time in accordance with the terms thereof.
"DTC" shall mean The Depository Trust Company, a New York
corporation, New York, New York.
"Financial Officer" shall mean the Finance Director of the City or
such other officers as the governing body may from time to time designate.
"Goveming Body" shall mean the City Council.
"Investment Securities" shall mean United States Governmental
obligations, and also, obligations the principal and interest on which are fully
guaranteed by the United States.
"Notes" shall mean the Notes authorized to be issued by Section 3 of
this Resolution.
"Notice of Sale" shall mean the official Notice of Sale as published
on November 17, 1999.
"Participants" shall mean those broker-dealers, banks and other
financial institutions for which DTC holds Notes 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 Notes as the same shall become due.
-7-
"Project" shall mean the improvements authorized to be acquired
and constructed under the provisions hereof and more particularly described as
follows:
Extending, improving and equipping the parking facilities system of the
City, including the construction of a multi-level facility for the parking of
vehicles to be located at or near the south side of Iowa Avenue between
Linn Street and Gilbert Street.
"Project Cost" or "Costs" shall mean all costs of acquiring the
Project, including engineering, legal, accounting, financial, interest during
construction and other expenses incidental thereto, and also including the costs of
issuance of Project Notes.
"Project Fund" shall mean the Project Fund established by Section 6
of this Resolution.
, "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 Notes. Unless otherwise specified, the Registrar shall also act as
Transfer Agent for the Notes.
"Resolution" shall mean this Resolution of the City.
Section 2. Payment of Cost. To pay the Project Costs it is hereby determined that
the Issuer borrow the sum of not to exceed $1,650,000, and that Project Notes be issued
therefor pursuant to the provisions of Section 76.13 of the Code of Iowa, as amended,
pledging for the payment thereof the Project Fund of the City.
Section 3. Note Details, Execution. Redemption and Registration.
a. Note Details. The Notes shall be designated Taxable Parking
Revenue Bond Anticipation Project Notes, Series 1999, may be issued and
delivered in one or more installments, shall consist of Notes dated December 14,
1999, in the denomination of $5,000 or multiples thereof and shall be
consecutively numbered from one. The Notes shall bear interest at the rate of
6.875% per annum payable on June 14, 2000 and semiannually on December 14th
and June 14th at the office of the City Controller of the City. The Notes shall
mature on December 14, 2001.
-8-
b. Execution. The Notes shall be executed by the manual signature of
the Mayor and countersigned by the manual signature of the Clerk and shall have
the seal of the Issuer impressed thereon [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 the Note.] In the absence of the Mayor, the
Mayor Pro Tem is authorized to act in the capacity of the Mayor to carry out the
provisions of this Resolution. After execution, the Notes shall be held by the City
Clerk for delivery.
c. Redemption. The Notes may be called for redemption by the Issuer
and paid before maturity on December 14, 2000, 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 the 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 Note. Failure to give such notice by mail to any registered
owner of the Notes or any defect therein shall not affect the validity of any
proceedings for the redemption of the Notes. All notes 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 notes to be redeemed by random selection of the names of the registered
owners of the entire annual maturity until the total amount of notes to be called has
been reached.
d. Registration. Notes may be registered as to principal and interest on
the books of the City Clerk of the Issuer in the name of the holder and such
registration noted on the back hereof by the City Clerk after which no transfer
shall be valid unless made on the books and noted hereon in like manner, but
transferability by delivery may be restored by registration to bearer.
Section 3.1. DTC - Registration. All of the Notes shall be registered in the name
of Cede & Co., as nominee for DTC. Payment of semiannual interest for any Note
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 Notes at the address indicated in or pursuant to the Representation
Letter.
-9-
Section 3.2. The Notes shall be initially issued in the form of separate single
authenticated fully registered notes in the amount of each separate stated maturity of the
Notes. Upon initial issuance, the ownership of such Notes shall be registered in the
registry books 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 Notes registered in its name for the
purposes of payment of the principal or redemption price of or interest on the Notes,
selecting the Notes or portions thereof to be redeemed, giving any notice permitted or
required to be given to registered owners of Notes under the Resolution of the Issuer,
registering the transfer of Notes, obtaining any consent or other action to be taken by
registered owners of the Notes 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
Notes 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 registered owner
of any Notes, 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 Notes, with respect to
any notice which is permitted or required to be given to owners of Notes 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 Notes, or with respect to any
consent given or other action taken by DTC as registered owner of the Notes. The
Paying Agent and Registrar shall pay all principal of and premium, if any, and interest on
the Notes 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 Notes
to the extent of the sum or sums so paid. No person other than DTC shall receive an
authenticated Note 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 pla6e of Cede & Co., the Notes will be
transferable to such new nominee in accordance with Section 3.6 hereof.
Section 3.3. In the event the Issuer determines that it is in the best interest of the
Beneficial Owners that they be able to obtain Note certificates, the Issuer may notify
DTC and the Paying Agent and Registrar, whereupon DTC will notify the Participants,
of the availability through DTC of Note certificates. In such event, the Notes will be
transferable in accordance with Section 3.6 hereof. DTC may determine to discontinue
providing its services with respect to the Notes at any time by giving notice to the Issuer
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and the Paying Agent and Registrar and discharging its responsibilities with respect
thereto under applicable law. In such event the Notes will be transferable in accordance
with Section 3.6 hereof.
Section 3.4. Notwithstanding any other provision of the Resolution to the
contrary, so long as any Note 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 Note and all notices with respect to such Note shall be made and given, respectively
to DTC as provided in the Representation letter.
Section 3.5. In connection with any notice or other communication to be provided
to Noteholders by the Issuer or the Paying Agent and Registrar with respect to any
consent or other action to be taken by Noteholders, 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 such record date to the extent possible. Notice to DTC shall be given only when DTC
is the sole Noteholder.
Section 3.6. In the event that any transfer or exchange of the Notes is permitted
under Section 3.2 or 6.3 hereof, such transfer or exchange shall be accomplished upon
receipt by the Registrar from the registered owners thereof of the Notes to be transferred
or exchanged and appropriate instruments of transfer to the permitted transferee. In the
event Note certificates are issued to holders other than Cede & Co., its successor as
nominee for DTC as holder of all the Notes, or other securities depository as holder of all
the Notes, 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 3.7. 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
Notes, 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 notes, 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.
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Section 4.0. Form of Note. Notes shall be printed in substantial compliance with
standards proposed by the American Standards Institute substantially in the form as
follows:
(1)
(9)
[ (9a) [
(10)
(Continued on the back of this Note)
(11)(12)(13) I I
FIGURE 1
(Front)
-12-
(lo)
(Continued)
(16)
FIGURE 2
(Back)
-13-
The text of the Notes 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"
"TAXABLE PARKING REVENUE BOND
ANTICIPATION PROJECT NOTE"
"SERIES 1999"
Item 2, figure 1= Rate:
Item 3, figure 1= Maturity: December 14, 2001
Item 4, figure 1= Note Date: December 14, 1999
Item 5, figure 1= Cusip No.:
Item 6, figure 1= "Registered"
Item 7, figure 1= Note No.
Item 8, figure 1= Principal Amount: $
Item 9, figure 1 = The City of Iowa City, Iowa, a public body 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 the 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 June 14, 2000, and semiannually thereafter on the 14th day of December and June in
each year.
Interest and principal shall be paid to the registered holder of the Note as shown
on the records of ownership maintained by the Registrar as of the 1st 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.
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This Note is issued pursuant to the provisions of Section 76.13 of the City Code
of Iowa, for the purpose of paying costs of extending, improving and equipping the
parking facilities system of the City, including the construction of a multi-level facility
for the parking of vehicles to be loeated at or near the south side of Iowa Avenue between
Linn Street and Gilbert Street, in conformity to a Resolution of the Council of said City
duly passed and approved, for the purpose of defraying part of the cost of acquiring the
Project. For a complete statement of the revenues and funds from which, and the
conditions under which this Note is payable, a statement of the conditions under which
the additional Notes of equal standing may hereafter be issued, and the general covenants
and provisions pursuant to which this Note is issued, reference is made to the above
described Resolution.
THE HOLDERS OF THE NOTES SHOULD TREAT THE INTEREST
THEREON AS SUBJECT TO FEDERAL INCOME TAXATION
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.
The Notes may be called for redemption by the Issuer and paid before maturity on
December 14, 2000 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 the 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 Note. Failure to give such notice by mail to any registered owner of the
Notes or any defect therein shall not affect the validity of any proceedings for the
redemption of the Notes. All notes 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.
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If selection by lot within a maturity is required, the Registrar shall designate the
notes to be redeemed by random selection of the names of the registered owners of the
entire annual maturity until the total amount of notes to be called has been reached.
Ownership of this Note 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 Note at the office of the Registrar,
together with an assignment duly executed by the owner hereof or his duly authorized
attomey in the form as shall be satisfactory to the Registrar. Issuer reserves the right to
substitute the Registrar and Paying Agent but shall, however, promptly give notice to
registered noteholders of such change. All Notes shall be negotiable as provided in
Article 8 of the Uniform Commercial Code and subject to the provisions for registration
and transfer contained in the Note Resolution.
This Note and the series of which it forms a part, other Notes ranking on a parity
therewith, and any additional Notes which may be hereafter issued and outstanding from
time to time on a parity with said Notes, as provided in the Note Resolution of which
notice is hereby given and is hereby made a part hereof, are payable both as to principal
and interest solely from the Project Fund as provided in the Note Resolution.
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 Note, have been
existent, had, done and performed as required by law.
IN TESTIMONY WHEREOF, said City by its City Council has caused this Note
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 officer of the Registrar, the City Controller, Iowa City, Iowa.
Item 11, figure 1 =
Item 12, figure 1 =
Date of authentication:
This is one of the Notes described in the within mentioned
resolution, as registered by the City Controller.
CITY CONTROLLER
By:
Registrar
Item 13, figure 1 = Registrar and Transfer Agent: City Controller
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Paying Agent: City Controller
Item 14, figure 1 = (Seal)
Item 15, figure 1 = [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 = [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 Note and does hereby irrevocably constitute and appoint attorney
in fact to transfer the said Note on the books kept for registration of the within Note, with
full power of substitution in the premises.
Dated
(Person(s) executing this Assignment sign(s) here)
SIGNATURE )
GUARANTEED)
IMPORTANT - READ CAREFULLY
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The signature(s) to this Power must correspond with the name(s) as written
upon the face of the certificate(s) or Note(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
guarantor 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 Note 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.
The following abbreviations, when used in the inscription on the face of this note,
shall be construed as though written out in full according to applicable laws or
regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
con3xnon
IA UNIF TRANS MIN ACT
........... Custodian ................
(Cust) (Minor)
under Iowa Uniform Transfers
to Minors Act .................
(State)
-18-
Section 4.1. Registration of Notes; Appointment of Registrar; Transfer;
Ownership; Delivery: and Cancellation.
e. Registration. The ownership of Notes may be transferred only by
the making of an entry upon the books kept for the registration and transfer of
ownership of the Notes, and in no other way. The City Controller is hereby
appointed as Note Registrar under the terms of this Resolution. Registrar shall
maintain the books of the Issuer for the registration of ownership of the Notes for
the payment of principal of and interest on the Notes as provided in this
Resolution. All Notes shall be negotiable as provided in Article 8 of the Uniform
Commercial Code and subject to the provisions for registration and transfer
contained in the Notes and in this Resolution.
f. Transfer. The ownership of any Note may be transferred only upon
the Registration Books kept for the registration and transfer of Notes and only
upon surrender thereof at the office of the Registrar together with an assignment
duly executed by the holder or his duly authorized attomey in fact in such form as
shall 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 Note (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 Note, a new fully registered Note, 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 Note, and bearing interest at the same rate and maturing on the same
date or dates shall be delivered by the Registrar.
g. Registration of Transferred Notes. In all cases of the transfer of the
Notes, the Registrar shall register, at the earliest practicable time, on the
Registration Books, the Notes, in accordance with the provisions of this
Resolution.
h. Ownership. As to any Note, 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 Notes and the
premium, if any, and interest thereon shall be made only to or upon the order of
-19-
the registered owner thereof or his legal representative. All such payments shall
be valid and effectual to satisfy and discharge the liability upon such Note,
including the interest thereon, to the extent of the sum or sums so paid.
i. Cancellation. All Notes which have been redeemed shall not be
reissued but shall be canceled by the Registrar. All Notes which are canceled 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 canoeled Notes to the Issuer.
j. Non-Presentment of Notes. In the event any payment check
representing payment of principal of or interest on the Notes is retumed to the
Paying Agent or if any Note is not presented for payment of principal at the
maturity or redemption date, if ~mds sufficient to pay such principal of or interest
on Notes 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 Notes shall forthwith cease, terminate and be completely
discharged, and 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
Notes who shall thereat~er 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 Notes. The Paying Agent's obligation to hold such funds shall continue
for a period equal to two years and six months following the date on which such
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 Notes of whatever nature shall be
made upon the Issuer.
Section 4.2. Reissuance of Mutilated. Destroyed. Stolen or Lost Notes. In case
any outstanding Note shall become mutilated or be destroyed, stolen or lost, the Issuer
shall at the request of Registrar authenticate and deliver a new Note of like tenor and
amount as the Note so mutilated, destroyed, stolen or lost, in exchange and substitution
for such mutilated Note to Registrar, upon surrender of such mutilated Note, or in lieu of
and substitution for the Note destroyed, stolen or lost, upon filing with the Registrar
evidence satisfactory to the Registrar and Issuer that such Note 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 reason-able regulations
as the Issuer or its agent may prescribe and paying such expenses as the Issuer may incur
in connection therewith.
-2O-
Section 4.3. Record Date. Payments of principal and interest, otherwise than
upon full redemption, made in respect of any Note, 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 Notes to the extent of the
payments so made. Payment of principal shall only be made upon surrender of the Note
to the Paying Agent.
Section 4.4. Execution. Authentication and Delivery of the Notes. Upon the
adoption of this Resolution, the Mayor and City Clerk shall execute and deliver the Notes
to City Controller who shall authenticate the Notes and deliver the same to or upon order
of the Purchaser. No Note 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 Note a certificate of authentication substantially in the form of the
Certificate herein set forth. Such Certificate upon any Note executed on behalf of the
Issuer shall be conclusive evidence that the Note so authenticated has been duly issued
under this resolution and that the holder thereof is entitled to the benefits of this
Resolution.
Section 4.5. Right to Name Substitute Paying Agent or Registrar. Issuer reserves
the right to name a substitute, successor Registrar or Paying Agent upon giving prompt
written notice to each registered noteholder.
Section 5. Security for Notes. The Notes, together with interest thereon, shall be
payable solely from the Project Fund. To pay the principal and interest on the Notes
when it becomes due, there is hereby created a pledge of the receipts anticipated in said
Fund to continue until the payment in full of the principal and interest on the Notes.
Section 6. Establishment of Project Fund. The Issuer hereby creates and
establishes a Parking System Project Fund, into which Fund are hereby appropriated the
following:
$1,650,000 Parking Revenue Bond proceeds upon the issuance thereof.
Proceeds when received from the sale of ownership interests in certain space
suitable for office or store use and within the same structure as the public
parking facility.
Other available funds of the Issuer, including subordinated revenues of the
Municipal Parking System, in the amount of $100,000.
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The funds so appropriated shall include in addition thereto all funds of the Issuer,
including proceeds realized on the reinvestment of proceeds of the Notes, from which the
Issuer is or may become obligated to pay under contracts for the construction of the
project to the extent that proceeds of the Notes are applied to the payment thereof.
Section 7. Application of Project Fund. The proceeds of the sale of the Notes
shall be deposited in the Project Fund for application to payment of Project Costs and the
costs of issuance of the Notes or to pay the principal of or interest on these Notes when
due and for no other purpose.
Disbursements for the payment of Project Costs shall be made by the Finance
Director upon receipt of vouchers approved by the Governing Body.
After completion of the Project, any moneys remaining in the Project Fund shall be
held for the retirement of Notes. When all Notes are paid or payment is provided for,
remaining moneys in the Project Fund may be withdrawn and used for any lawful
purpose.
Section 8. Investments. Moneys in the Project Fund shall at all times be invested,
to the extent practicable in Investment Securities maturing at such times and in such
amounts as will make cash available for the purposes of such Fund as needed.
Section 9. Covenants with Noteholders. Issuer covenants and agrees, so long as
any Notes herein authorized remain unpaid, that it:
a. Will proceed to complete with all practicable dispatch the
construction and acquisition of the Project;
b. Will not make or cause or permit to be made any application of the
proceeds of the Notes or of any moneys held in the Project Fund, except in
accordance with the provisions of this Resolution;
c. Will from time to time increase the amount of the appropriations to
the Project Fund, to the extent necessary to assure that the expected receipts
thereafter forthcoming, together with the Funds appropriated and held in trust for
the purpose will be sufficient to pay when due the Notes as to both principal and
interest.
-22-
d. Will obtain the collection of funds and the proceeds of the sale of
bonds anticipated to be received in the Project Fund and, if not paid from other
sources, apply the same to the payment of the Notes and interest thereon; and
e. For the prompt and full performance of the terms and provisions of
this Resolution and contract with the noteholders, the Issuer pledges its full faith
and diligence and the exercise of its lawful powers.
Section 10. Contract Between Issuer and Purchaser. This Resolution constitutes a
contract between the Issuer and the purchaser of the Notes.
Section 11. Additional Notes. The Issuer may issue additional Project Notes of
equal standing and parity of lien with these Notes for the purpose of paying Project Costs
to the extent that funds appropriated to the Project Fund are adequate to pay all Notes so
issued and interest thereon.
The holder or holders of the Notes shall have all other rights and remedies given by
law for the payment and enforcement of the Notes and the security therefor.
Section 12. Severability Clause. If any section, paragraph, clause or provision of
this Resolution be held invalid, such invalidity shall not affect any of the remaining
provisions hereof, and this Resolution shall become effective immediately upon its
passage and approval.
Section 13. Continuing Disclosure. The Issuer hereby covenants and agrees that it
will comply with and carry out all of the provisions of the Continuing Disclosure
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 Notes 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 Notes (including persons holding Notes through
nominees, depositories or other intermediaries), or (b) is treated as the owner of any Notes
for federal income tax purposes.
-23 -
Section 14. Repeal of Conflicting Resolutions or Ordinances. That all ordinances
and resolutions and parts of ordinances and resolutions in conflict herewith are hereby
repealed.
Section 15. Paragraph Headings. The paragraph headings in this Resolution are
furnished for convenience of reference only and shall be considered to be a part of this
Resolution.
PASSED AND APPROVED this
_~of Novembe~ ,1999.
Mayor
ATTEST:
PGOODRIC HX209550\ 1 \ 10714051
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