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Home My WebLink About001683CITY OF REXBURG LOCAL IMPROVEMENT DISTRICT WARRANT LID 35 DATE ISSUED: April 1, 2008 The Treasurer of the City of Rexburg will pay to: WARRANT AMOUNT: $350,000.00 Doug Sakota or DUE DATE: April 1, 2018 Ken Sakota or INTEREST RATE: 5.50% Marie Sakota ~' 9 ~~ .~ ~~r ~~ ~, PO BOX 163 Rexburg, ID 83440 G<,u-~ (801) 298-3636 Mayor ~ ~- or at such other place as the holder may designate in writing City Treasurer AMORTIZATION SCHEDULE DATE DUE PRINCIPLE INTEREST AMOUNT DUE DATE PAID CHECK # April 1, 2009 $35,000.00 $19,250.00 $54,250.00 April 1, 2010 $35,000.00 $17,325.00 $52,325.00 April 1, 2011 $35,000.00 $15,400.00 $50,400.00 A ril 1, 2012 $35,000.00 $13,475.00 $48,475.00 A ril 1, 2013 $35,000.00 $11,550.00 $46,550.00 A ril 1, 2014 $35,000.00 $9,625.00 $44,625.00 A ril 1, 2015 $35,000.00 $7,700.00 $42,700.00 April 1, 2016 $35,000.00 $5,775.00 $40,775.00 A ril 1, 2017 $35,000.00 $3,850.00 $38,850.00 April 1, 2018 $35,000.00 $1,925.00 $36,925.00 CERTIFICATE OF REGISTRATION STATE OF IDAHO ) COUNTY OF MADISON) SS. CITY OF REXBURG ) I, the undersigned, City Clerk of the City of Rexburg, in the County of Madison, State of Idaho, do hereby certify that the within registered warrant has been duly registered in a public record kept for that purpose in my office, in all respects as required by law, and that the signatures on this registered warrant are the genuine signatures of the Mayor and City Treasurer of the City of Rexburg, Idaho. oRPOR~r ~,qrF OF IOP O City Clerk If there is sufficient money in the Registered Warrant Fund of Local Improvement District No. 35 of the City of Rexburg, Idaho, to pay the principal of one or more registered warrants of this series, the Treasurer of the City of Rexburg, Idaho, may call in and pay such registered warrants as of the next interest payment date at the price of par and accrued interest. The registered warrants to be called shall be selected by lot and shall, in the event less than all of the outstanding registered warrants are to be redeemed, insofar as can be done taking into consideration the denominations of the outstanding registered warrants, represent an equal amount of bonds from each maturity outstanding at the time of the redemption. This registered warrant is issued for the purpose of paying a portion of the costs and expenses of constructing certain street improvements made in Local Improvement District No. 35 of the City of Rexburg, Idaho, for the purpose of causing certain streets and parts thereof within the corporate limits of said City to be graded, re-graded, graveled, paved, re-paved and otherwise improve said streets within the District and to construct and reconstruct sidewalks, curbs, gutters, driveways, drainage facilities, off-site storm sewer, and other works incidental to all of the foregoing improvements along certain streets within said District, pursuant to resolutions and ordinances duly adopted by said City of Rexburg, Idaho, under and by virtue of the law known as "Local Improvement District Code," Chapter 17, Title 50, Idaho Code, and all other laws thereunto enabling. In conformity with said Code, it is hereby provided that the principal sum herein named shall be payable from a separate fund designated "Registered Warrant Fund of Local Improvement District No. 35 of the City of Rexburg, Idaho," pledged solely for the payment of the principal of the registered warrants of the series of which this is one, and consisting of all monies constituting the payment of interest on assessments unpaid at the time of the issuance of this registered warrant. The principal of this registered warrant and the interest thereon, is payable solely from the principal of or interest on unpaid assessments levied in Local Improvement District No. 35 of the City of Rexburg, Idaho, to pay the total cost and expenses of such local improvement district project. Provided, the principal of and the interest on the registered warrants of the series of which this is one, shall, if necessary, be redeemed at maturity from the City's "Local Improvement Guarantee Fund" heretofore duly authorized and created, and not otherwise. If, upon presentation at maturity, payment of this registered warrant is not made as herein provided, interest thereon shall continue at the same rate until the principal hereof is paid in full. Pursuant to Section 50-1723 of the Local Improvement District Code of the State of Idaho, "The holder of any bond issued under the authority of this code shall have no claim therefor against the municipality by which the same is issued, except to the extent of the funds created and received by assessments against the property within any local improvement district as herein provided and to the extent of the Local Improvement Guarantee Fund which may be established by any such municipality under the provisions of this code, but the municipality shall be held responsible for the lawful levy of all special taxes or assessments herein provided for and for the faithful accounting of settlements and payments of the special taxes and assessments levied for the payment of the bonds as therein provided for. The owners and holders of such bonds shall be entitled to a complete enforcement of all assessments made for the payment of such bonds." This warrant is subject to all of the provisions of the Idaho Local Improvement District Code relating to local improvement district bonds so far as the same may be applicable including, but not limited to, Sections 50-1762 to 50-1769, Idaho Code. The assessments made and levied to pay the cost and expenses of the work or improvements authorized by the provisions of said "Local Improvement District Code of the State of Idaho" shall constitute a lien upon and against the property in said Local Improvement District No. 35 for the streets for Rexburg, Idaho, upon which such assessment or assessments were made and levied from and after the date upon which the ordinance levying such assessment or assessments was passed, which lien is superior to the lien of any mortgage or other encumbrance, whether prior in time or not, and shall constitute such lien until paid. Such lien shall not be subject to the extinguishment for any reason whatsoever, including but not limited to the sale of any property assessed on account of the non-payment of general taxes, or the conveyance of such property by any means to the United States of America, or any agency thereof, the State of Idaho, or any county, city, school district, junior college district or other public body, agency or taxing unit in the State of Idaho. City of Rexburg LID 35 Warrants 04/02/2008 Page 1 ®r~ ~~ Compound Period ......... Annual Nominal Annual Rate .... : 5.500 Effective Annual Rate ... 5.500 Periodic Rate ................ 5.50000 Daily Rate ..................... 0.01507 CASH FLOW DATA Event Date Amount Number Period End Date 1 Loan 04/01/2008 350,000.00 1 2 Payment 04/01/2009 35,000.00 10 Annual 04/01/2018 Fixed Principal (+Int.) AMORTIZATION SCHEDULE -Normal Amortization Date Payment Interest Loan 04/01/2008 1 04/01 /2009 54, 250.00 19, 250.00 2 04/01/2010 52,325.00 17,325.00 3 04/01/2011 50,400.00 15,400.00 4 04/01 /2012 48,475.00 13,475.00 5 04/01/2013 46,550.00 11,550.00 6 04/01/2014 44,625.00 9,625.00 7 04/01/2015 42,700.00 7,700.00 8 04/01/2016 40,775.00 5,775.00 9 04/01/2017 38,850.00 3,850.00 10 04/01/2018 36,925.00 1,925.00 Grand Totals 455,875.00 105,875.00 Principal Balance 350, 000.00 35,000.00 315,000. 00 35,000.00 280,000. 00 35,000.00 245,000. 00 35,000.00 210,000. 00 35, 000.00 175, 000. 00 35, 000.00 140, 000. 00 35, 000.00 105, 000. 00 35,000.00 70,000. 00 35,000.00 35,000. 00 35, 000.00 0. 00 350,000.00