HomeMy WebLinkAboutORDINANCE NO. 491 SEWER BONDSOrdinance Book, City of Rexburg, Rexburg, Idaho
the Connell has d2 teririP.ed that the pro,_er class lfiG t10I1 t.i Pal er
the Z.Onll;g Ord In ?nee o- 1-hi C itl C Re xburg, Id .ho, Pa
as l.
NO,, TEEREFORE, B 1T 0,17 = i,Y TH- ii.-_Y ^ OR AND L1 Ty ,- 7 Or^ THE CITY
O7 RGX31YRG, AS t OT OT - 1 ' :
T 0 pt 1.a That the following described 'and situated in Madison County,
Idaho, to-wit:
Commencing at a Point than is 650.0 feet West and 50.9 feet North
from the -Sout corner of Section 24., To% % 6 North, Range j,,
- e + d5
219 East, 3�� Meridian, Madison County, Idaho, thence North 89 ° 55'
89 °55 ' East
vlest 665.0 feet; thence North 92305 feet; thence South
. 89 ' 5 5
feet to the p of beginnz_ng.
665.0 feet; thence South 923o P
shall be, and the yam hsr?by is vP i° ted io the City of Resburg,�In.d shall be, a q
-and hereby
�'" the City O Rexburg, Idaho
declared to be, a Par ��
SECTION II. That the above described l.:rgperty h- ereby annexed to t he
cit of to : {burq be, and the Same is hereby classified Under the -z oning Ordinance of the 'I
City of Rexburg, as R1 that the new zoning map shall he e... -ended to show this annexation
classification of the above described proper so annexed a � it s3 a ° 1P l
<< n � 7�r t id mend ._nt sha._
and �� .- �
be certified to and deck, red to be the offic zoning map of the City of Re;,b by a
certificate of the -Mayor and Council of the City of Rexburg endorsed thereon, �
SECTION III: This ordinance shall. be in full forceand effect from and
after its passage, approval, due publication and filing of a certified cop thereof With
I
the bounty Recorder cf M,
adison Counrr, Idaho, as Provided oy Iaw
PASSED BY E CL2 C?U.:C -L OF TH- CI_z 0E' RE. DURG, IDAHO, this 16th day
of April, 19690 i
no rr: gY THE 1 this 16th dab` of April, 1.969.,
aP_ _oti..D �
i
K 1
Mayor
ATTEST:
City Cleilc/ '
ORDINANCE NUMBER 491
, �
AN ORDINANCE authorizing, the; issuance pf :,.$200,000 General j
Obligation Sewer Bonds of the City of Rexburg, Idaho, confirming
the sale of said bonds, and providing for the payment thereof.
i
WHEREAS pursuant to the provisions of Ordinance Number 484 duly adopted by the City
Council on February "S, 1969, an el'ectio'n was held in th'e'City of RExburg, on March 18, 1969,
at which election `there was submitted to the duly 'qualified voters of the city the following
proposition:
PROPOSITION NUMBER 1
OUESTION: Shall the City of Rexburg, Idaho, issue and sell its
negotiable coupon general 'obligation bonds to the amount of
$200,000.00 for the purpose of providing funds with which to construct
extensions, enlargements,' alterations and improvements to the
municipal sewer system in and for said city, as more fully provided
in Ordinance Number 484 adopted on February S, 1969?
and
WHEREAS said election was duly and properly called and held in compliance with all
pertinent provisions of the Constitution and laws of the State of Idaho, and the results
thereof were duly canvassed by the City Council at a meeting held on March 18, 1969, and it
was determined that the proposition for the issuance of said $200,000 General Obligation
Sewer Bonds had been carried by a vote of 392 in favor and 77 against the proposition; and
WHEREAS thereafter said bonds were duly and properly advertised for sale and bids for
the purchase thereof received and said General Obligation Sewer Bonds were awarded to First
Security Band of Idaho of Boise Idaho and associates; and
WHEREAS all things required by the Constitution and statutes of Idaho bo be done prior
to the issuance of said bonds have been duly and lawfully done and it is now necessary to
provide for the issuance of said bonds and the delivery thereof to the purchasers;
NOW THEREFORE Be it ordained by the mayor and council of the city of Rexburg,
Madison County, Idaho, as follows:
Section 1 . That for the purpose for which they were voted and which is more particul-
arly stated in the preamble hereto, there be issued the negotiable General Obligation Sewer
�' $ 1
Ordinance Book, City of exburg), Rexburg, Idaho
shall bear interest from date until paid, payable June 1, 1970, and semi - annually thereafter
on the first days of June and December in each year, shall be payable as to both principal
and interest in lawful money of the United States OF America at the office of the City
Treasurer in the City of Rexburg, Idaho, or at the option of the holder thereof at First
Security Bank of Idaho, N. A., in the City of Rexburg, Idaho, and shall fall due serially
in numerical order on June 1 of each year and shhll bear interest as follows:
BOND NUMBERS
AMOUNT
YEAR
INTEREST RATE
1 to 6
$6,000
1971
6
7 to 12
6,000
1972
6
13 to 18
6,000
1.973
6
19 to 25
7,000
1974
5 1/2
26 to 32
7,000
1975
5 1/2
33 to 40
8,000
1976
5 1/2
41 to 48
8,000
1977
5 1/2
49 to 57
9,000
1978
5 1/2
58 to 67
10,000
1979
5 1/2
68 to 77
10,000
1980
5 3/4
78 to 88
11,000
1981
5 3/4
89 to 99
11,000
1982
5 3/4
100 to 111
12,000
1983
5 3/4
112 to 124
13,000
1984
5 3/4
125 to 138
14,000
1985
5.90
139 to 153
1S,000
1986
5.90
154 to 168
15,000
1987
5.90
169 to 184
16,000
1988
5.90
185 to 200
16,000
1989
5.90
The bonds falling due after June 1, 1979, shall be callable for redemption in inverse
numerical order at the option of the city on that date and on any interest payment date there -
after prior to maturity at the price of par and accrred interest to the date fixed for redemp-
tion, plus a premium of $30 for each bond so redeemed prior to maturity. Thirty days notice
of- the intended redemption of any boner shall be'given by publication one time in a financial
journal bublished in the City of NelO- York, -New York, or Chicago, Illinois, and by registered
mail sent to the places of payment of the bonds.
Section 2. That the bonds shall be signed by the Mayor, shall be countersigned by
the City Treasurer, shall be attested by the City Clerk, and shall. have the corporate seal of
the city impressed theron. Interest falling due theron on and prior to maturity shall be re-
presented by appropriate interest coupons to be thereto attached„ which coupons shall be signed
by the City Treasurer by his facsimile signature and said Treasurer by the execution of said
bonds shall adopt as and for his own proper signature his facsimile signature appearing on
each of said coupons.
Section 3. That the bonds and coupons shall be in substantially the following form:
(Form Of Bond)
UNITED STATES OF AMERICA
STATE OF IDAHO
COUNTY OF MADISON
CITY OF REXBURG
GENERAL OBLIGATION SEWER BOND
Number $1,000
The City of Rexburg, in the County of Madison and State of Idaho, for value received
acknowledges itself to be indebted and hereby promises to pay to bearer, the sum of One Thous -
and Dollars ($1,000) on the first day of June, 19 with interest theron at the rate of
per cent ( o) per annum from date until paid, payable on June 1, 1970 and
semi- annually thereafter on the frst days of June and December in each year, upon presentation
and surrender of the annexed coupons as they respectively become due. Both principal and
interest hereon are payable in lawful money of the United States of America at the office of
the City Treasurer in the City of Rexburg, Idaho, or at the option of the holder at First
Security Bank of Idaho, N. A., in the City of Rexburg, Idaho.
The bonds of this issue falling due after June 1, 1970 are callable for redemption in
inverse numerical order at the option of the city on that date and on any interest payment date
thereafter prior to maturity at the price of par and accrued interest to the date fixed for
--A---+ 4 __ - "I,,.- - ,........,.4,,... ,.F d'zn 1.':.__ - - -t- 1- .-..-...1 -,.t,,.._-A - - - - +.. _..-- __ — mI- +.. I __
yip F ✓r�;
Ordinance Book, City of Rexburg, Rexburg, Idaho
registered mail sent to the places of payment of the bonds.
This bond is one of an authorized issue of $200,000 voted at an election on March
13, 1969, by more than a two - thirds majority of the qualified electors who were then taxpayerq,
of said city for the purpose of providing funds with which to construct extensions, enlargeme
alterations and improvements to the municipal sewer system, in and for said city, and is
issued in conformity with and after full compliance with the Constitution of the State of Idah
and Chapter 10 of Title 50 and Chapter 2 of Title S7 of the Idaho Code, 1947, and the amend-
ments thereto, and all other laws applicable thereto.
It is hereby certified, recited and declared that the full faith, credit and all tax=
able property within the City of Rexburg, Idaho, are and shall continue to be pledged for and
until full payment of the principal of and interest on this bond, that every requirement of
law relating to the issue thereof has 'be duly complied with, that this bond is within every
debt and other limit prescribed by law and the Constitution, and that provision has been made
for the collection of an annual tax fully sufficient to pay the interest on this bond as it
falls due and also to pay the principal hereof when due.
IN WITNESS WHEREOF the City of Rexburg, County of Madison and State of
Idaho, has caused this bond to be signed by the Mayor of said city, countersigned by its
City Treasurer and attested by its City Clerk, and the seal of the city affixed hereto, and
the coupons hereto attached to be signed with the facsimile signature of said City Treasurer,
as of the first day of June, 1969. ^
Mayor
Countersigned.
Ctty Treasurer
Attest:
City//Cleik
(Form of Coupon)
Number $
Unless the hereinafter mentioned bond is then callable for redemption and has been
duly called for redemption and provision for the redemption there[ duly made, the City of
Rexburg, in the County of Madison and State of Idaho, will pay to bearer Hereof the amount
shown hereon in lawful money of the United States of America on the first day of
19 at the office of the City Treasurer in the City of Rexburg, Idaho, or at the
option of the holder at First Security Bank of Idaho, N. A., in the City of Rexburg, Idaho,
being the interest then due on its General 011igation Sewer Bond, dated June 1, 1969, and
numbered " // /j Z
City Treasurer
U
(Registration Certificate)
We, the undersigned City Clerk and City Treasurer of the City of Rexburg, Idaho, do
hereby certify that the within bond has been duly registered in permanent public record books
kept in our respective offices for the purpose of such registration, in full compliance with
the provisions of Title 57, Chapter 2, Idaho Code, 1947, and laws amendatory thereof, such
registration showing the number, date, amount of the bond, rate of interest thereon, date of
maturity, places of payment and the number and denominatinx of the attached coupons, and the ?
names of the purchasers and date of the delivery of the bond; and the undersigned City Trea-
surer does hereby certify that before the delivery of this bond he received the proper cnn-
sideration therefor.
IN WITNESS WHEREOF, we have subscribed our official hands.
City Treas'u'rer
City Clq
Section 4 . That to pay interest on said bonds falling due to and including December;l
1970, there shall be levied in the year 1969 on all taxable property within the City of
Rexburg, in addition to all other taxes, a direct ad valorem tax sufficient to produce the
sum of $ 11,574.00 , and thereafter to pay the interest on said bonds as the same matures,
there shall be levied on all taxable property in said city, in addition to all other taxes,
a direct annual ad valorem tax in years and amount as follows:
,
O rdinance Bock, City of Rexburg, Rexburg, ld�Lho
YEAR
PRINCIPAL
INTEREST
TOTAL
1970
6,000
11,574.00
17,574.00
1971
6,000
11,214.00
17,214.00
1972
6,000
10,854.00,
16,854.00
197;
7,000
10,494.00
17,494.00
1974
7,000
10,109.00
17,109.00
1975
8,000
9,724.00
17,724.00
1976 1976
8,000
9,284.00
17,284.00
1977
9,000
8,844.00
17,844.00
1978
10,000
8,349.00
18,349.00
1979
10,000
7,799.00
17,799.00
1980
11,000
7,224.00
18,224.00
1981
11,000
6,591.50
17,591.50
1982
12,000
5,959.00
17,959.00
1983
13,000
5,251.00
18,251.00
1984
14,000
4,488.00
18,488.00
1985
15,000
3,658.00
18,658.00
1986
15,000
2,773.00
17,773.00
19 1987
16,000
1,888.00
17,888.00
1988
16,000
944.00
16,944.00
Said taxes in each of said years shall be and are hereby certified to the County Auditor of
'Madison County on or before the third Monday of September of each year in addition to all
other taxes so certified. It is specifically provided, however, that the City of Rexburg may
apply to the payment of principal of and interest and redemption premiums on said bonds anv
,funds lawfully available therefor which may be derived from other sources; but the afore -
mentioned taxes shall never be diminished prior to payment of all of the bonds herein author-
ized except, in any year, to the extent that other available funds shall have been applied to
or set aside in a special fund to be irrevocably held for the payment of principal or interest
or both payable from said taxes for such year.
i
The taxes herein levied shall be in addition to all other taxes levied by the city, and
,shall be levied, assessed and collected in the same manner and at the same time in each year
as other city taxes are levied, assessed and collected. The :Cull faith, credit and all tax -
,able property in the City of Rexburg are and shall continue pledged to the punctual payment
of prmncipal of and interest on said bonds, and any such principal or interest falling due
at a time or times at which proceeds of the taxes herein levied are not available in an amount
sufficient to pay such principal or interest, shall be paid from the general fund of the City
of Rexburg and reimbursement to the general fund made from the proceeds of said taxes when
,they shall have been collected.
Section S . That the sale of the bonds herein authorized to First Security Bank of
Idaho, N.A. or Boise , Idaho , and associates, at the price of par and accrued
interest to the date of delivery is hereby in all respects ratified, approved and confirmed.
The bonds herein authorized shall be prepared and executed as soon as may be after the adop-
tion hereof and shall be thereupon delivered to said purchasers upon payment therefor in
accordance with the terms of sale.
Section 6 . That all prodeedings heretofore had in connection with the authorization
o:E said bonds, including the proceedings had in connection with the election at which they
sere voted, the publication and mailing of the notice of sale of said bonds as said notice
was published and mailed to the State Auditor and the proceedings had in connection with the
sale of the bonds, are hereby ratified, approved and confirmed.
Section 7 . That all ordinances and resolutions or parts thereof in conflict herewith
are, to the extent of such conflict, hereby repealed, and that this ordinance shall be pub -
libhed in one issue of the Rexburg- Journal, the official newspaper of said city, and shall
take effect and be in full force immediately upon its passage, approval and publication.
Section 8. That if any section, paragraph, clause or provision of this ordinance shall
not affect the remainder of this ordinance, which shall continue in force and effect to the
same extent as if said invalid or unenforceable portion had not been included herein.
Passed and approved April 29, 1969.
6 i1 � 4V I 1 / ._
/s/ A. H. Brock
14ayor