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HomeMy WebLinkAboutORDINANCE NO. 493 GENERAL BONDSOrdinance Book, City of Rexburg, Rexburg, Idaho �1 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 '?exbura, 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 availablc 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 S. 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 connection with the auth- orization of said bonds, including the proceedings had in connection w th - the election at Which they were voted, the publication and mailing of the notice of sale bonds as said notice was published and mailed to the State .Auditor and the proce'ed'ings had in conn- ection with the sale of the bonds, are hereby ratified, approved and c'dn'irmed. 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 That all ordinances and resolutions or parts thereof'in conflict' herewith are to the extent of such conflict hereby repealed, and that this ordinance sliali`' be published in one issue of the Rexburg- ,Journal, the official newspaper of said city, and shall take effect and be in full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 tin 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 Anril 29, 1969. s A.H. Brock .� 4ayor Attest / /st Beulah Johnson 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 S, 1969? and Whereas said election was duly and properly called all pertinent provisions of the Constitution and laws of the thereof were duly canvassed by the City Council at a meeting was determined that the proposition for the issuance of said Street Bonds had been carried by a vote of 397 in favor and and and held in compliance with State Of Idaho;: and the results held on March 18, 1969 and -i t $125,000 General Obligation 7 5 against the proposition,;:, WHEREAS thereafter said bonds were duly and properly advertised for sale: and bids. for the purchase thereof received and said General Obligation Street Bonds wereraijcarded to First Security Bank of Idaho, of Boise, Idaho, and associates, a„rl Ordinance Book., �__,it of Rexburg, Rexburg, Idaho to provide for the issuance of said bonds and the delivery thereof to the purchasers: N014 TIIEREPORE it ordained by the mayor and city council of the city of Rexburg, Madison County, Idaho, as follows: ose for which they were voted and which is more particul Section 1 . That for the purp stated in the preamble hereto, there be issued the negotiable General Obligation Street Bonds 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 125, inclusive, 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 Security Bank of Idaho, N. A., in the City of Rexburg, Idaho, and shall fall due serially in numerical order 7 r. on June 1 c { each year and shall bear interest as follows: O YEAR INTEREST RATE °ly BOND 'NUMBERS AMOUNT 1 to 4 $4,000 1971 6 " 4,000 1972 6 to 8 4000 1973 6 , 9 to 12' S 1/Z 4,000 13 to 16 1974 �. S 1/2 17 to 21 S, 000 1975 5,000 1976 5 1/2 22 to 26 1977 S 1/2 27 to 31 5,000 S 1/2 6,000 1978 32 to 37 1 6 000 979 S 1/2 38 to 43' ,000 1980 S 3/4 6 �44 to' 49 7,000 1981 5 3/4 SO to 56 5 3/4 57 to 63 7,000 1982 8,000 1983 5.90 64 to 71 " 72 to 79 8,000 1984 5.90 I 80 to 87 8,000 198S S.90 9,000 1986 5.90 88 to 96 5 90 97 to 10S 9,000 1987 1988 S.90 106 to 115 10,000 10 000 1989 5.90 116 to 125 > 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, 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 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 bonds and coupons shall be in substantially the following form: (Form OfBond) UNITED STATES OF AMERICA STATE OF IDAHO COUNTY OF MADISON CITY OF REXBURG GENERAL OBLIGATION STREET BOND $1,000 Number The City of Rexburg, in the County of Madison and State of Idaho, for value received acknowledges its 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 ( o) per annum from date until paid, payable in lawful money of the United States of America on June 1, 1970 and semi - annually ___,___ .- ,,.,, -1, ,,,,nn presentation and I * kp Ordinance Book, City of Rexburg, 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 ony interest payment date thereafter prior to maturity at the price OF nar ;and accrued interest to the date fixed for redemption, plus a premium of $50 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 Yor, 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 $125,000 voted at an election on March 18, 1969, by more than a taro thirds majority of the qualified electors who were then taxpayers' of said city for the purpose of providing funds with Which to construct, grade, drain and otherwise improve streets and intersections, in and for said city, and is issued in conformity with and after full compliance with the Constitution of the State of Idaho and ;-nanter 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 taxable property within the City of Rexburg, Idaho, are and sahll continue to be pledged for and until the full payment of the principal of and interest on this bond, that every require - ment of law relating to the issue thereof has been 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 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 here- to attached to be signed with the facsimile signature of said City Treasurer, as of the first day of June 1969. Mayor Countersigned: /- ✓ City Tr irk Atte t 1 Glty Clerk (Formof Coupon) Number Unless the hereinafter mentioned bond is then callable for redemption and has'' been duly called for redemption and provision for the redemption therof duly made; the City of Rexburg, in the County of Madison and State of Idaho, will pay to 'be arer 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 'I "daho, 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 Street Bond, dated June 1 1969, and numbered City Treasurer (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 denomination of the attached coupons, and the names of the purchasers and date of the delivery of the bond; and the undersigned City Treasurer does hereby certify that before the delivery of this bond be received the proper consideration therefor. I WITNESS WHEREOlf we have subscribed our official hands. Ordinance Book, City of Rexbur Rexburg, Idaho Section 4 . That to pay interest on said bonds falling due to and including December 1970, there shall be levied in the year 1969 on all property within the City of Rexburg, in a to all other taxes, a direct ad valorem tax sufficient to produce the sum of . $ 7,233.00 and thereafter to pay the interest on said bonds as the same falls due and also to pay the principal of said bonds as the same matures, there shall b e levied on all taxable property in said city, in addition to all other taxes, a direct annual ad valorem tax in years and amounts as follows: 1 tion j� PRINCIPAL INTEREST TOTAL YEAR 7,233.00 $ 4,000 11,233.00 1 � 1970 4,000 6,993.00 10,993.00 1971 'I 4,000 6,753.00 10,753.00 197 2 j 4,000 6 10,513.00 1973 5,000 6,29s.00 11,293.00 1974 5,000 6,018.00 11.018.00 1975 5,000 5,743.00 10,743.00 1976 6,000 5,468.00 11,468/00 j 1977 6,000 5,138.00 11,138.00 1978 6 000 4,808.00 10,808.00 197 , 7,000 4,463.00 11,463.00 ' 1980 7,000 41060.50 11,060.50 1981 8,000 3,658.00 11,658.00 it 1982 8,000 3,186.00 11,186.00 1933 8 000 2,714.00 10,714.00 1984 9,000 2,242.00 11,242.00 1985 ` 9,000 11711.00 10,711.00 ;! 1986 10 1,180.00 11,180.00 ' 1987 10,000 590.00 10,590.00 1988 in of sazid years shall be and are hereby certified to the County Auditor of Said taxes each before the third Monday of September of each year in addition to all Ii Madison County on or It is specifically provided, however, that the City of Rexburg other tax rates so certified. of and interest on said bonds any funds lawfully avail -1'1 may apply to the payment of principal be derived from other sources; but the aforementioned taxes shall able therefor which may be diminished prior to payment of all of the bonds herein authorized except, in any never the extent that other available funds shall have been applied to or set aside in a year, to special fund to be irrevocably held for the payment of principal or interest or both payable from sad taxes for such year. levied shall be in addition to all other taxes levied by the city, The taxes herein and shall be levied, assessed and collected in the same manner and at the same time in each other city taxes are levied, assessed and collected. The full faith, credit and all year as taxable property in the City of Rexburg are and shall continue pledged to the punctual pay- of of and interest on said bonds, and any such principal or interest falling ment principal times at which proceeds of the taxes herein levied are not available in an due at a time or to such principal or interest, shall be paid from the general fund of amount sufficient pay reimbursement to the general fund made from the proceeds of said taxes_ the City of Rexburg and when they shall Have been collected. Bank of Section 5 . That the sale of the bonds herein authorized to First Security Idaho of 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. That the bonds herein authorized shall be prepared and executed as soon as may be after the adoption hereof and shall be thereupon delivered to said purchasers upon payment therefor in accordance with the terms of sale. 6 . That all heretofore had in connection with the authorization Section proceedings of said bonds, including the proceedings had in connection with the election at which they were voted, the publication and mailing of the notice of sale of said bonds as said notice was and mailed to the State Auditor and the proceedings had in connection with the published aale of the bonds are hereby ratified, approved and confirmed. Section 7 . That all ordinances and resolutuions or parts thereof in conflict here - with'are to the extent of such conflict hereby repealed, and that this ordinance shall be published in one issue of the Rexburg - Journal, the official newspaper of said city, and shall tale effect and be in full force immediately upon its passage, approval and publication. rJJ�� Ordinance Book, City of Rexburg, Rexburg, erg, Idaho i Section 8 . That if be held invalid or u which shall continue portion had not been Passed and �ttes any section, paragraph, clause or provision of this ordinance shall ever ienforceable, such holding shall not affect the remainder of this ordinance in force and effect to the same extent as if said invalid or unenforceable included herein. approved April 29, 1969. s A.1-1. Brock Mayor ulah John on - City Cleric ORDINANCE NUMBER 494 AN ORDINANCE amending Sections 1 and 4 of Ordinance - nber 491 entitled: " ORDINANCE authorizing the issuance of $2000,000 G ral Obligation Sewer Bonds of the City of Rexburg, Idaho, confirming the sale of said bonds, and providing for the payment thereof." BE IT OP.DAINED by the Mayor and council of the City of Rexburg, Madison County, Idaho, as follows: Section L That Section 1 of Ordinance Number 491 of the Citv of Rexbaurg, Idaho, adopted on April 29, 1969, is hereby amended to read as folio,s: " 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 Obli Sewer Bonds of the City of Rexburg, in the principal amount of $200,000. Said bonds shall be dated June 1, 1969, shall be in the denomination of $1,000, shall be numbered 1 to 200, in- zlusive, 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 7ity Treasurer in Rexburg, Idaho, or at the option of the holder thereof at First Security 3ank of Idaho, N. A., in the City of Rexburg, Idaho, and shall fall due serially in numerical )rder on June 1 of each year and shall baar 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 1973 6 19 to 25 7,000 1974 5 1/2 26 to 32 7,OD0 1975 5 1/2 33 to 40 8,000 1976 5 1/2 41 to 48 8,000 1977 5 1/2 49 to S7 9,000 1978 S 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 S 3/4 89 to 99 11,000 1982 5,314 100 to 111 12,000 1983 5.90 112 to 124 13,000 1984 5.90 125 to 138 14,000 1985 5.90 139 to 153 15,000 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 Tile 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 accrued interest to the date fixed for re- demption, 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 time in a Fin- ancial journal published in the City of New York, New York, or Chicago, Illinois, and by.reg- istered mail sent to the places of payment of the bonds."