HomeMy WebLinkAboutORDINANCE NO. 924 BOND ELECTION ORDINANCEORDINANCE NO. 924
AN ORDINANCE OF THE CITY OF REXBURG, MADISON COUNTY, IDAHO,
ORDERING A SPECIAL BOND ELECTION TO BE HELD ON THE QUESTION OF
THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE CITY IN AN
AMOUNT NOT TO EXCEED $4,000,000.00 TO PROVIDE FUNDS TO FINANCE
THE CONSTRUCTION AND FURNISHING OF AN OUTDOOR SWIMMING
FACILITY AND RELATED COSTS; ESTABLISHING THE DATE, TIME, AND
PLACE OF THE SPECIAL BOND ELECTION; APPROVING A FORM OF BALLOT
AND A FORM OF NOTICE OF ELECTION; PROVIDING FOR PUBLICATION OF
NOTICE OF ELECTION; PROVIDING FOR REGISTRATION OF VOTERS;
PROVIDING FOR RELATED MATTERS; AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the City of Rexburg, Madison County, Idaho (the "City") is a
municipal corporation duly organized and operating under the laws of the state of Idaho;
and
WHEREAS, the Mayor and City Council (the "Council") of the City have
determined that the interests of the City and the public interest and necessity require the
incurring of an indebtedness of the City in the amount of not to exceed $4,000,000.00 to
finance the cost of acquisition and construction of an outdoor swimming facility, together
with costs incident thereto; and
WHEREAS, the proposed indebtedness would exceed the City's income and
revenue provided for the current fiscal year, and the Council has determined that the
necessary funds should be raised through the issuance and sale of general obligation
bonds of the City, subject to the approval of two-thirds (2/3) of the qualified electors
voting at the election called for that purpose as provided hereinbelow.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL
OF THE CITY OF REXBURG, IDAHO, as follows:
Section 1: THE PROJECT
A. The Mayor and Council hereby find, determine, and declare that the
interest of the City and the public interest and necessity require the incurring of an
indebtedness exceeding the income and revenue provided to the City for the current
fiscal year in the amount of not to exceed $4,000,000 for the purpose of paying the costs
of acquisition and construction of an outdoor swimming facility, including necessary
professional services and related costs (the "Project").
B. The cost and expenses of the acquisition, engineering, legal fees,
construction, and installation of the Project are estimated to be $4,000,000, including the
payment of all preliminary expenses incurred and incident to the Project and properly
incident to the issuance of the bonds as such expenses are set forth in Idaho Code
Sections 50-1019 through 50-1026A.
C. Subject to the following subparagraph, the acquisition, construction, and
installation of the Project as described above are hereby ordered.
D. Subject to the approval thereof by the qualified electors voting at the
election for which provision is hereinafter made, general obligation bonds of the City
shall be issued pursuant to the provisions of Idaho Code Sections 50-1019 through 50-
1026A, inclusive, and Title 57, Chapters 2 and 9, Idaho Code, in the amount of not to
exceed $4,000,000, to pay the costs of the Project.
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Section 2: SPECIAL BOND ELECTION
A special bond election is hereby called to be held within the City of Rexburg on
August 3, 2004, for the purpose of voting upon the proposition set forth in Section 4 of
this Ordinance. The polling places for the special bond election shall be as follows:
1) City Hall
12 N. Center
Rexburg, Idaho
3) Veterans Hall
480 West 2"d North
Rexburg, Idaho
2) Cotton Tree Inn Conference Center
(Chamber of Commerce Bldg)
420 West 4ch South
Rexburg, Idaho
The City Clerk shall appoint an election judge and election clerks for each polling
place for the special bond election. The election officials shall be qualified City electors.
The City Clerk shall notify the election officials of their appointment within five (5) days
following their appointment. If any election official fails to report for duty on the date of
election, the City Clerk shall fill such vacancies from among the qualified electors
presenting themselves to vote.
Section 3: ADMINISTRATION OF ELECTION
The polls of the special bond election shall open at the hour of 8:00 o'clock A.M.
on August 03, 2004, and shall remain open continuously on said day until the hour of
8:00 o'clock P.M., at which time the polls shall be closed. The administration of the
election shall be conducted in accordance with Chapter 4 of Title 50, Idaho Code, as
amended, except as provided by Section 50-1026, Idaho Code, and in accordance with
this Ordinance.
The ballot proposition to be voted upon at the special bond election, as set forth in
Section 4 of this Ordinance, shall be separate from any other proposition being voted
upon at or in conjunction with any other election being held and conducted on the same
date. Only those qualified electors of the City casting valid ballots upon the proposition
set forth in Section 4 of this Ordinance shall be counted in determining the number of
qualified electors voting at or participating in the special bond election.
Section 4: BALLOT PROPOSITION
The proposition to be presented to the qualified electors of the city shall be in
substantially the following form:
CITY OF REXBURG
Madison County, Idaho
SPECIAL GENERAL OBLIGATION BOND ELECTION
August 3, 2004
INSTRUCTIONS TO VOTERS: In order to vote IN FAVOR of the
proposed bond issue, please make an X or other mark in the space to the
right of the words "IN FAVOR OF issuing bonds to the amount of not to
exceed $4,000,000 for the purposes stated in Ordinance No. 924." In order
to vote AGAINST the proposed bond issue, please make an X or other
mark in the space to the right of the words "AGAINST issuing bonds to
the amount of not to exceed $4,000,000 for the purposes stated in
Ordinance No. 924." If you, by mistake or accident, mark, deface,
mutilate, or otherwise spoil this ballot, please return it to an election
official and obtain another ballot.
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SHALL THE CITY OF REXBURG BE AUTHORIZED
TO INCUR AN INDEBTEDNESS AND ISSUE AND
SELL ITS GENERAL OBLIGATION BONDS TO THE
PRINCIPAL AMOUNT OF NOT TO EXCEED
$4,000,000 TO PAY THE COST OF ACQUISITION AND
CONSTRUCTION OF AN OUTDOOR SWIMMING
FACILITY, AND RELATED COSTS, THE BONDS TO
MATURE AND TO BE PAYABLE FROM A LEVY OF
TAXES OVER A TERM WHICH MAY BE LESS THAN
BUT WHICH SHALL NOT EXCEED THIRTY (30)
YEARS, ALL AS MORE FULLY PROVIDED IN
ORDINANCE NO. 924, ADOPTED ON JUNE 9, 2004.
IN FAVOR OF issuing bonds to the amount of not to exceed $4,000,000
for the purposes stated in Ordinance No. 924.................................................................... [ ]
AGAINST issuing bonds to the amount of not to exceed $4,000,000 for
the purposes stated in Ordinance No. 924.......................................................................... [ ]
The following information is required by Section 34-440, Idaho Code:
The City has outstanding revenue bond indebtedness in the
amount of $2,190,657. The City has no general obligation
debt. The interest rate anticipated on the proposed bonds is
5% per annum. The range of anticipated rates is from four
percent (4.0%) to eight percent (8.0%) per annum. The total
amount to be repaid over the life of the proposed bonds,
principal and interest, based on the anticipated interest rate,
and is estimated to be $7,806,172.
Section 5: ELECTION EXPENSES
The City Clerk is hereby authorized and directed to procure a sufficient number of
ballots and such other supplies and to incur such expenses as shall be appropriate and
necessary for the proper conduct of the special bond election.
Section 6: QUALIFIED ELECTORS
Every male or female citizen of the United States, eighteen (18) years old or older,
who has been a bona fide resident of the City for at least thirty (30) days immediately
prior to the date of election, if registered as provided by law, shall be qualified to vote at
the special bond election.
Section 7: REGISTRATION
All electors must be registered to vote at the special bond election. The Madison
County Clerk is the registrar for the City, and voter registration shall be conducted
pursuant to the provisions of Section 34-1402, Idaho Code.
No qualified elector who is duly registered as a voter, and who continues to reside
at the same address or within the same precinct in which he or she is registered, shall be
required to re -register.
Persons may register at the office of the Madison County Clerk as Registrar, at the
Madison County Courthouse, 134 East Main, Rexburg, Idaho, or at the office of the
Rexburg City Clerk, as Deputy Registrar, at Rexburg City Hall, Rexburg, Idaho, during
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office hours, until July 09, 2004. Any elector who will complete his or her residence
requirement or obtain the requisite voting age during the period when the register of
electors is closed, may register prior to the closing of the register.
Any person who is eligible to vote may register on election day by appearing in
person at the polling place established for the special bond election, by completing a
registration card, making an oath on the form prescribed by law, and providing proof of
residence in the manner provided by Section 34-408A, Idaho Code, as amended.
Section 8: SAMPLE BALLOTS
The City Clerk shall cause the ballots for the special bond election to be prepared
and cause to be printed sample ballots containing the question to be submitted, which
sample ballots shall be in the same form as the official ballots to be used, except they
shall have printed thereon the words "Sample Ballot," shall be on paper of a different
color than the official ballots, and shall not be numbered. The City Clerk shall furnish
copies of the same on application at his/her office to anyone applying therefor. The
sample ballot shall be published at least twice in the official newspaper of the City, the
last publication to be within five (5) days of the special election or on the last available
publication date prior to the election.
Section 9: NOTICE
Notice of the special bond election shall be given prior to said election date by
publishing notice of the election in a newspaper having general circulation within the
City, once each week on the same day of each week for five (5) successive weeks, prior to
the date of the special bond election, which notice shall be in substantially the form of
Notice of Election which is annexed hereto as Exhibit "A" and by reference made a part
hereof.
Section 10: CANVASS
The Mayor and Council shall meet within six (6) days following the special bond
election, or at such time to which said meeting is continued, at the regular meeting place
of the Council at the Rexburg City Hall, Rexburg, Idaho, for the purpose of canvassing
the results of the election. Thereupon, the results shall be entered in the minutes of the
Council and proclaimed as final.
Section 11: DEBT DISCLOSURE STATEMENT
A brief official statement containing the information required by Idaho Code
Section 34-440, as amended, shall be prepared by the City Treasurer.
Section 12: GENERAL OBLIGATION BONDS
If, at the special bond election, two-thirds (2/3) of the qualified electors of the
City voting therein vote in favor of the issuance of the bonds for the purposes set forth
herein and designated on the aforesaid ballot, fully registered general obligation bonds of
the City shall be authorized, issued, sold, and delivered. The full faith and credit of the
City will be pledged for the payment of the principal of and interest on the bonds. The
bonds will be paid from annual taxes levied upon all taxable property within the City in
sufficient amount to constitute a sinking fund for the payment of the principal thereof,
together with the interest on the bonds as it falls due, within a term which may be less
than but which shall not exceed thirty (30) years from the date of the bonds.
The officers now or hereafter charged by law with the duty of levying taxes for the
payment of the bonds and interest thereon shall, in the manner provided by law, make
annual levies upon all taxable property within the City sufficient to meet the annual
payments of bond principal and interest accruing and maturing as hereinabove provided.
Page 4
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