HomeMy WebLinkAboutORDINANCE NO. 454 MUNICIPAL BONDSORDINANCE N0. 454
AN ORDINANCE DEEMING IT ADVISABLE TO ISSUE MUNICIPAL COUPON BONDS OF THE CITY
OF REXBURG, DIADIS014 COUNTY, STATE OF IDAHO, IN THE AMOUNT OF $70,000.00, FOR
THE PURPOSE OF IMPROVING STREETS AND THE INTERSECTIONS OF STREETS WITHIN THE
CITY OF REXBURG, IDAHO, WHICH. IS A NECESSARY PUBLIC IMPROVEMENT; PROVIDING
FOR A SPECIAL ELECTION IN SAID CITY TO VOTE UPON THE QUESTION OF ISSUING SUCH
BONDS AND SPECIFYING PROVISIONS TO BE MADE FOR THE PAYMENT OF SUCH BONDS.
WHEREAS, it is deemed necessary at this time that the City streets and
intersection Within the City of Rexburg be improved, and
WHEREAS, the City of Rexburg, Idaho, does not have funds available for
said purpose, and
WHEREAS, it is deemed advisable by this City Council that municipal coupon
bonds of said City in the amount of $70,000.00 be issued and sold for such purpose,
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF
REXBURG, MADISON COUNTY, STATE OF IDAHO:
Section 1: That it is deemed advisable by the City Council that municipal
coupon bonds of the City of Rexburg in the amount of $70,000.00 be issued and sold to
provide funds for the purpose of improving the streets and intersections Within
the City of Rexburg, which is necessary public improvement.
Section 2: That such bonds shall bear interest at a rate not to exceed
six per cent (6%) per annum, payable semi — annually, and shall mature and be payable
upon an annual amortization plan, the first annual amortized principal payment
to mature and be payable at the expiration of two years from and after the date
of the bonds, and the last annual amortized prinicpal payment to mature and be payable
at the expiration of twenty years from and after the date of the bonds, and the various
annual maturities shall be, as nearly as practicable, in such principal amounts as
will, together with the accruing interest on all outstanding bonds of such issue,
bemet and paid by an equal annual tax levy for the payment of the principal of said
bonds and interest thereon during the term for which such bonds shall be issued in
accordance with provisions of Section 50 -2811 Idaho Code, and the Municipal Bond
Law of Idaho; that said bonds shall be in denominations of One Hundred Dollars ($100.00)
or any even multiple thereof, not exceeding $5,000.00, numbered consecutively,
beginning with the number one, the bonds being Payable in numerical order, the lowest
number first. Said bonds shall be redeemable at the option of the City of Rexburg,
Idaho, ten years after their date and on interest payments dates thereafter in
inverse numerical order.
Section 3: That for the purpose of providing funds to pay the interest on
said bonds promptly when the same falls due and also a sinking fund for the payment
of said bonds at maturity, there shall be levied annually upon all of the taxable
property in said City, in addition to all other taxes, a sum sufficient to pay the
interest on said bonds and to provide for the payment of the principal thereof as
they mature, and all such taxes must be levied, assessed and collected as other
taxes until the bonds so issued are fully paid and the faith, credit and all taxable
property within the said City are and must continue pledged for the punctual payment
of the principal of and the interest on said bonds when due.
Section 4: That a special election of the qualified electors who are tax —
payers of the City of Rexburg, Idaho, be and the same is hereby called to be held on
Tuesday, the 11th day of May, 1965, for the purpose of enabling the qualified
electors who are taxpayers of said City to vote upon the question of issuing said bond.
That at said election the voting places and the officials serving thereat shall be as
follows:
WARD N0. 1
Polling Place: Officials
Adams School Edna Mchols Judge
Jean Pollard Judge
Laura Taylor Judge
Annis Taylor Clerk
Ruby Davidson Clerk
Don Parker Constable