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HomeMy WebLinkAboutORDINANCE NO. 492 WATER BONDSOrdinance Book, City of Rexburg, Rexburg, I daho ORDINANCE NUMBER -492 AN ORDINANCE authorizing the issuance of $75,000 General Obligation Water Bonds of the City of Rexburg, confirming the sale of said bonds, and providing for the payment thereof. WHEREAS pursuant to the provisions of Ordinance Number 485 duly adopted by the City Council on February 5, 1969, an election was held in the 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 2 QUESTION: Shall the City of Rexburg, Idaho, issue and sell,its negotiable coupon general obligation bonds to the amount of $75,000.00, for the Purpose of providing funds with which to construct extensions, enlargements alterations and improvements to the municipal waterworks plant, in and for sa city, as more fully provided in Ordinance Number 485 adopted on February S, 1969? and WHEREAS+ said election was duly and pronerly called and held in compliance with all pertinent provisions of the Constitution and laws of the State of Idaho, and the results there of 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 $75,000 General Obligation Water Bonds had been carried by a vote of 3 393 in favor and 73 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 Water Bonds were awarded to First Security Bank of Idaho,'N'.'A., of Boise, Idaho and associates; and WHEREAS all things required by the Constitution and statutes of Idaho to be done prior —f— 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 it ordained by the mayor and city 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 part - icularly stated in the preamble hereto, there be issued the negotiable General Obligation Water Bonds of the City of Rexburg, in the principal amount of $75,000. Said bonds shall be dated June 1, 1969, shall be in the denomination of $1,000, shall be numbered 1 to 75, in- elusive, 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 at First Securit Bank.of.Idaho, N. A., in the City of Rexburg, Idaho, and shall fall due serially in numerical �"P'i order on June 1 of each year and shall bear interest as follows: BOND NUMBERS AMOUNT YEAR INTEREST RATE 1 and 2 $2,000 1971 60 3 and 4 2,000 1972 6 5 and 6 2,000 1973 6 7 to 9 3,000 1974 S 1/2 10 to 12 3,000 1975 S 1/2 13 to 1S 3,000 1976 r 5 1/2 16 to 18 3,000 1977 S 1/2 19 to 21 3,000 1978 S 1/2 22 to 25 4,000 1979 5 1/2 26 to 29 4,000 1980 5 3/4, 30 to 33 4,000 1981 5 3/4 34 to 37 4,000 1982 5 3/4 38 to 42 5,000 1983 .5.90 43 to 47 5,000 1984 5.90 48 to S2 S,000 1985 5.90 S3 to S7 5,000 1986 S.90 58 to 63 6,000 1987 5.90 64 to 69 6,000 1988 S.90 70 to 75 6,000 1989 5.90 Ordinance Book, Cite of Rexburg, Rexburg, IdLaL ho 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 at the price of par and accrued interest to the date fixed for redemltion, plus a pre- mium of $30 for each bond so redeemed prior to maturity. Thirty days notice of the intended redemption of any bond shall be given by publication one time in a financial journal publish- ed in the City of New 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 thereon. Interest falling due thereon on and prior to maturity shall be represented 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 appear- ing on each of said coupons. , Section 3. That the bonds and coupons shall be in substantially-the following form: fForm of Bond) UNITED STATES OF AMERICA STATE OF IDAHO COUNTY OF MADISON CTTY OF REXBURG GENERAL OBLIGATION WATER BOND 'Mayor Countersigned: / AttPgt i ` " City Treasuf / er i -r 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 Thousand Dollars ($1,000) on the first day of June, 19 with interest thereon at the rate of per cent ( o) per annum from date until paid, pay- able in lawful money of the United States of America on June 1, 1970 and semi - annually there- after on the first days o:f June and December in each year, upon presentation and surrender of the annexed coupons as they respectively become due, both principal and interest being payable 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, 1979 are callable for redemption in inverse numerical order at the option of the city on that date and on any interest payment ;date thereafter at the price of par and accrued interest to the date fixed for redemption plus a premium of $30 for each bond so redeemed prior to maturity. Thirty days notice of the intended redemption of any bond will be given by publication one time in a financial journal published in the City of New York, New York, or Chicago, Illinois, and by registered`' mail sent to the places of payment of the bonds. This bond is one of an authorized issue of $75,000 voted at an election on March 15', 196 by more than a two- thirds majority of the qualified electors who were then taxpayers of said city for the purpose of providing funds with which to construct extensions, enlargements, alterations and improvements to the municipal water works plant, in and for said city, and is issued in conformity with and after full compliance with the Constitution of the State of Idaho and Chapter 10 of Title 50 and Chapter 2 of Title 57 of the Idaho Code Annotated, 1947, and the amendments 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 sallll continue to be pledged for and until the full payment of the principal of and interest on this bond, that every requirement of law relating to the issue thereof has bean 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 W ITNESS WFIEREOF the City of Rexburg, County of Madison and State of Idaho, has caused this bnnd 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 here - to attached to be signed with the facsimile signature of said City Treasurer, as of the first day of June, 1969. Ordinance Boob., Oily ®f Rexburg, Rexbul - g, Idaho (Form of Coupon) Number I Unless the hereinafter mentioned bond is then callable for redemption and has been duly called for redemption and provision for the redemption thereof duly made, the City of I� 'l 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 of the first day of j 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 Obligation Water Bond, dated June 1, 1969, and numbered kk City Treasurer (Registration Certificate) Me, 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 resnective,,pffices for the purpose of such registration, in full compliance with the provisions of,,'!'itie 57, Chapter 2, Idaho Code, 1947, and laws amendatory thereof, such registration showip g, number, date, amount of the bond, rate of interest thereon, date of maturity, pla,q,, payment and the number and denomination of the attached coupons, and the names of the, and date of the delivery of the bond; and the undersigned City Treasurer does hereby,certify that before the delivery of this band he received the proper consideration therefor. IN WITNESS WHEREOF we have subscribed our official hands. Cit� eau City Cl(-`rk Section 4. That to pay interest on said bonds falling due to and including Decemberl 1970, there shall be levied in the year 1969 on all property within the City of Rexburg, in addition to all other taxes, a direct ad valorem tax sufficient to produce the sum of $ 4,337. and thereafter to pay the interest on said bonds as the same fall due and also to pay the principal of 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: 1987 6,000 708.00 6,708.00 1988 6,000 354.00 6,354.00 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 othe taxes so' 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 any funds lawfully available therefor which may be derived from other sources; but the aforementioned taxes shall never by diminished prior to payment of all of the bonds herein authorized 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 pavment of Drincinal or interest INTEREST YEAR PRINCIPAL 1970 1.970 $2,000 4,097.00 1971 2,000 6,977.00 1972 2,000' 3,647.00 1973 3,000 1974 1974 3,000 3,152.00 1975 3,000 1976 1976 3,000 2,472.00 6,472.00 2,242.00 7,242.00 1977 °! 3,000 1,652.00 1978 4,000 19 1979 4,000 1980 4,000 1981 4,000 1962 5,000 5,000 1.984 5,000 1985 5,000 1986 1986 6,000 1987 6,000 708.00 6,708.00 1988 6,000 354.00 6,354.00 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 othe taxes so' 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 any funds lawfully available therefor which may be derived from other sources; but the aforementioned taxes shall never by diminished prior to payment of all of the bonds herein authorized 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 pavment of Drincinal or interest INTEREST TOTAL $4,335.00 $6,337.00 4,217.00 6,217.00 4,097.00 6,097.00 3,977.00 6,977.00 3,812.00 6,812.00 3,647.00 6,647.00 3,482.00 6,482.00 33,317.00 6,317.00 3,152.00 7,152.00 2,932.00 6,932.00 2,702.00 6,702.00 2,472.00 6,472.00 2,242.00 7,242.00 1,947.00 6,947.00 1,652.00 6,652.00 1,357.00 6,357.00 1,062.00 7,062.00 Ordinance Wage., City of Rexburg, Re x b rc , Idaho 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 tazes are levied, assessed and collected. The full faith, credit and all taxable property in the City of Rexburg, are and shall continue pledged to the punctual payment of principal 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 made from the proceeds of said taxes when they shall have been collected. Section 5 . That the sale of the bonds herein authorized to First Security Bank of Idaho of Boise , Idaho and associates, at the price of Dar 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 adoption here- of and shall be thereupon delivered to said purchasers upon payment therefor in accordance with the terms of sale.! Section 6 . That all proceedings heretofore had in connection with the authori- zation of said bonds, including the proceedings heretofore had in c6nnection with the auth- orization of said bonds, including the proceedings had in connection with election at which they were voted, the publication and mailing of the notice of sale'N� said bonds as said notice was published and mailed to the State Auditor and the proceedings had in`conn- ection with the sale of the bonds, are hereby ratified, approved and conr'irmed. Section 7 . That all ordinances and resolutions or parts there6f`5i1 conflict herewith are to the extent of such cniflict hereby repealed, and that this ordinance shali'' be published 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. ever be held invalid or un- enforceable, such holding shall not effect 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 Anri.l 29, 1969. s A.H. Brocc Mayor Attest f /s /' Beulah 3dlmson v City Clerk - - ORDINANCE NUMBER 493 AN ORDINANCE authorizing the issuance of $125,000 General Obligation Street Bonds of the City of Rexburg, confirming the sale of said bonds, and providing,_,. for the payment thereof. WHEREAS pursuant to the provisions of Ordinance Number 486 duly adopted by the City Council on February 5, 1969, an election was held in the City of Rexburg on March 18,1969, at which election there was submitted to the duly qualified voters of the city the following pro- position: PROPOSITION NUMBER 3 QUESTION: Shall the Citu of Rexburg, Idaho, issue and sell its negotiable coupon general obligation bonds to the amount of $125,000.00 for the purpose of providing funds with which to construct, grade, drain and otherwise improve streets and intersections, in and for said city, as more fully provided in Ordinance Number 486 adopted on February 5, 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 slid $125,000 General Obligation Street Bonds had been carried by a vote of 397 in favor and 75 against the proposition -;;i and WHEREAS thereafter said bonds were duly and properly advertised for .sale. and bids for the purchase thereof received and said General Obligation Street Bonds Were,aijcarded,to T�; + co,- ,,, -1 +v Ron lr , TrInhn. Of Boise. Idaho, and associates; and Ordinance Book, City of Rexburg, Rexburg, Idaho to provide for the issuance of said bonds and the delivery thereof to the purchasers; NOW, TIIEREFORE it ordained by the mayor and city 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 particula stated in the preamble hereto, there be issued the negotiable General Obligation Street Bond; of the City of Rexburg, in the principal amount of $125,000. Said bonds shall be dated June 1, 1969, shall be in the denomination of $1,000, shall ve numbered 1 to 12S, inclusive, shal 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 at First Security Bank of Idaho, N. A., in the City of Rexburg, Idaho, and shall fall due serially in numerical order on June l o �each year and shall bear interest as follows: ' BOND NUMBERS AMOUNT YEAR 1 to 4 $4,000 1971 S 8 4,000 1972 9 to 12` 4,000 1973 13 to 16 4,000 1974 17 to 21 5,000 1975 22 to 26 - 5,000 1976 27 to 31 5,000 1977 32 to 37 6,000 1978 38 to 4`s' 6,000 1979 44 to' 49 6,000 1980 50 to 56 7,000 1981 57 to 63 7,000 1982 64 to 71 8,000 1983 72 to 79 _. 8,000 1984 80 to 87 8,000 1985 88 to 96 9,000 1986 97 to 105 9,000 1987 106 to 115 10,000 1988 116 to 12S 10,000 1989 INTEREST RATE 60 6 6 S 1/2 S 1/2 5 1/2 5 1/2 5 1/2 S 1/2 5 3/4 S 3/4 5 3/4 5.90 5.90 S.90 S.90 5.90 5.90 5.90 The bonds falling due after Jine 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 thereafter prior to maturity at the price of par and accrued interest to the date fixed for redemption, plus a premium of $30 for each bond so redeemed prior to maturity. Thirty' days notice of the intended redemption of any bond shall be given by publication one timme' in a financial journal, published in the City of New UYork, 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,,,sliall ; be attested by the City Clerk, and shall have the corporate seal ! of the city imnressed thereon. Interest falling due thereon on and prior to maturity shall be represented,by appropriate interest coupons to be thereto attached, which soupons 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 bnnds 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 STREET 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 Thousand Dollars ($1000) on the first day of June, 19 with interest thereon at the rate of per cent ( %) ner annum from date until paid,; payable in lawful money of the United States of America on June 1, 1970 and semi - annually thereafter on the first days of June and npremhar in anrh ,,,,,,,, ----- ., +.. +;,,,. --A ly