HomeMy WebLinkAbout1925, June 13 Issue/Negotiate/Sell Tax Anticipation NotesB4G.
The regular meeting to be held or_ J~u~e 3rd,
was adjourned by the Clerk to June 13th,
because of no Fzuoi~am.
Rexburg, Idaho, June 3rd, 1925.
Rexburg, Idaho, June 13,1925.
A regular adjourned meeting of the I,Iayor and City Council of the City of Rexburg,
I;ia,dison County, Idaho, eras held at the City hall, on Saturday June 13th, 1925 at H ~ . 1st.
The meeting eras called to order by the P:ayor and the Clerk was instructed to call
the roll. Upon roll call the following v~rere found to be present:
iiayor :- Z. Y~ Rigby.
Councilmen Hugh ~~. i'iright, Charles Zallinger, Peter Taj*lor and
Oswald Christensen.
Clerk: Geo. i~. I,iljeneuist.
Taylor
Councilman Peter introduced, read and moved the adoption of the following res-
olution:
I~SOLUTION.
",'~'r3P.IZ:rS, Chapter 1E37, Idaho Session :Lays of 1925, authorizes Cities to borrovr
money for the purpose of meeting current expenses, interest and sinking funds on
bonds, and for any other lavrz^til corporate purposes not in excess of sixty-five per
cent (G5~o) of the unexpended taxes levied, issuing therefor negotiable tax antiei-
pation notes of such City, bearing interest at the lovrest rate obtainable, pat
exceeding G~o per annum; and,
';I11;RF,~.S, there is ir_ excess of Seventeen Thousand Dollars,(w17,000.00) in taxes
heretofore legally levied for the purposes stated above and unexpended; and,
':'~nRNt1S, it Brill be necessary to levy during the yeatl 1925 for the aforesaid
stated purposes, the sum ofyighteen Thousand Dollars, (+ip18P000.00), vrhich shall
be the levy for all purposes; and,
1';"t~iiEaS, it ap1}earing that by aceeptin;T the offer of the Childs Bond & i?ort~age
Company of Boise, Idaho, to purchase 5 3~4~o Tax anticipation notes of the City of
Rexburg, Idaho, and using the proceeds of said notes to call and retire outstand-
ing vrarrants dravring interest at the rate of 7~~ per cent per annum, or for meeting
expenditures of the current year, skid City of Rexburg can effect a saving of l~ o
per anxnum on indebtedness incurred in anticipation of taxes, v
IwOI"v, TSIER:~FORE, BE IT P,ESOT,Vi~;D, by the isayor and City Cauncil of the Cit
of Rexburg, Idaho, in legal session assembled, that said City do and it i hereby
authorized and empowered to ir,.~mediately issue, negotiate and sell its herein re-
ferred to tax anticipation notes to the said Chi~;ds Bond and I,;iortgage Company, ir_
the amount of Twelve Thousand Dollars, {~12,000.~~0), dated Jur_e 20th, 1925,
maturing January 20th, 1926, in denominations tiH1,000.00 each: and subsequently in
such amo~~ints, denominations and maturities as may be required for meeting expens
ditures of the current year, not in excess of sixty-five per cent {G5~a) of the
current year`s une.toended levy as aforesaid; all such notes to bear interest at
the rate of 5 3~4 J per annum, both principal and interest -payable at maturity at
the National Pay°l: Bank., flew Yoric, Di. Y, , the form of note aild all details in con-
nection thcrecrith to be approved by the i,~.yor and the City Treasurer and to be in
strict conformity vrith all statutes thereunto pertaining; to be attested and the
official seal thereto affixed by the Clorl~. of said City of l~exburg, and to be del-
ivered tc the City Treasurer -For delivery to the purchaser thereof uaon pay;nent
for same. 4
`''o provide for the payment of such notes and interest at naturity, there
is hereby created ~. sLLaecial ftu7d to be knoyvn as the .!`Treasury 1`o°te Redemption Fund."
shc:never aizur notes have been issued in anticipation of the collectior_ of taxes
as above atiithurized t.nd directed, all revenues realized fror.•: the ealleetion of
such taxes shall be placed iii the ""ireasuryote Rede;nptio'ti 1'!ind" until such time
as the funds aceum~_ilated therein shall be sufficient to pair all such notes out-
standing, together vrith interest at maturity and the funds so accumulated in the
"Treasury Note hede!nption I`rtnd" are hereby doclared to be set apart for that pur-
hose. ".
P;ssed and opprovcd by the ria;;ror and City Co~~.izcil of the Citlr of ?texbu?°g, State
oi' Idaho, this 13t's! day of June, 1925.
,_
_.~rest: yea. L, Liljes<c,,,;sU,
Clerlt.
Signed: I,. , , Rigby.
Ir`2yar„
{ Sire, )