HomeMy WebLinkAboutORDINANCE NO. 494 BONDSORDINANCE NO. 494
AN ORDINANCE AMENDING SECTIONS 1 AND 4 OF ORDINANCE NUMBER 491 ENTITLED:
"AN ORDINANCE AUTHORIZING THE ISSUANCE OF $2000,000 GENERAL OBLIGATION
SEWER BONDS OF THE CITY OF REXBURG, IDAHO, CONFIRMING THE SALE OF SAID
BONDS, AND PROVIDING FOR THE PAYMENT THEREOF."
BE IT ORDAINED by the mayor and city council of the City of Rexburg, Madison County;
Idaho, as €ollows:
Section 1: That Section 1 of Ordinance Number 491 of the City of Rexburg, Idaho,
adopted on April 29, 1969, is hereby amended to read 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 -
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-
clusive, 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 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 shall 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
1973
6
19
to 25
7,000
1974
5z
26
to 32
7,000
1975
Sz
33
to 40
8,000
1976
Sz
41
to 48
8,000
1977
Si
49
to 57
9,000
1978
Sz
58
to 67
10,000
1979
Sz
68
to 77
10,000
1980
53/4
78
to 88
11,000
1981
5 3/4
89
to 99
11,000
1982
5 3/4
100
to 111
12,000
1983
5.90
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
The bonds falling due after June 1, 1979, shall be callable for redemption in inverse
commercial 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 re-
gistered mail sent to the places of payment of the bonds."
Section 2: That Section 4 of Ordinance Number 491 of the City of Rexburg, Idaho,
adopted on April 29, 1969, is hereby amended to read as follows:
"Section 4. That to pay interest on said bonds falling due to and including December
1, 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 $17,361.00, 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 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:,
YEAR
PRINCIPLE
INTEREST
1970
$ 6,000
$11,232.00
1971
6,000
11,034.00
1972
6,000
10,674.00
1973
7,000
10,301.50
1974
7,000
9,916.50
1975
8,000
9,504.00
1976
8,000
9,064.00
1977
9,000
8,601.50
1978
10,000
8,079.00
1979
10,000
7,511.50
1980
11,000
6,907.75
1981
11 00^
6,275.25
TOTAL
$17,232.00
17,034.00
16,674.00
17,301.50
16,916.00
17,504.00
17,064.00
17,601.50
18,079.00
17,511.50
17,007 75
17,275.25
1982
12,000
5,605.00
17,605.00
1983
13,000
4,867.50
17,867.50
1984
14,000
4,071.50
18,071.00
1985
15,000
3,215.50
18,215.50
1986
15,000
2,330.50
17,330.15
1987
16,000
1,416.00
17,416.00
1988
16,000
472.00
16,472.00
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 principle and interest and redemption premiums on said bonds
any funds .lawfully available therefore which may be derived from other sources; but the
aforementioned taxes shall never be diminshed 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 payment of principal
or interest of both payable from said taxes for such year.
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 shall be 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 3: 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 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 4: That if any section, paragraph, clause or provision of this ordinance
shall ever be held invalid or unenforceable, such holding shall not affect the remainder of
this ordinance, which shall continue in force and effect to the same extent as if said in-
valid or unenforceable portion had not been included herein.
Passed and approved June 4, 1969.
Mayor
A_
MCityClerk