HomeMy WebLinkAboutORDINANCE NO. 495 BONDSORDINANCE NO. 495
AN ORDINANCE AMENDING SECTION 4 OF ORDINANCE NUMBER 492
ENTITLED: "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."
BE IT ORDAINED by the mayor and city council of the City of Rexburg, Madison
County, IA ho, as follows:
Section l: That Section 4 of Ordinance Number 492 of the City of Rexburg, Idaho,
adopted on April 29, 1969, is hereby amended to read as follows:
"Section 4. That to pay interest
December 1, 1970, there shall be levied in
Rexburg, in addition to all other taxes, a
sum of $6,505.50, and thereafter to pay th
also to pay the principal of said bonds as
taxable property in said city, in addition
in years and amounts as follows:
on said bonds falling due to and including
the year 1969 on all property within the City of
direst ad valorem tax sufficient to produce the
interest on said bonds as the same fall due and
the same matures, there shall be levied on all
to all other taxes, a direct annual ad valorem tax
YEAR
PRINCIPLE
INTEREST
TOTAL
1970
$2,000
$4,277.00
$6,277.00
1971
2,000
4,157.00
6,157.00
1972
2,000
4,037.50
6,037.00
1973
3,000
3,894.50
6,894.50
1974
3,000
3,729.50
6,729.50
1975
3,000
3,564.50
6,564.50
1976
3,000
3,399.50
6,399.50
1977
3,000
3,234.50
6,234.50
1978
4,000
39042.00
7,042.00
1979
4,000
2,817.00
6,817.00
1980
4,000
2,587.00
6,587.00
1981
4,000
2,357.00
6,357.00
1982
5,000
2,094,50
7,094.50
1983
5,000
1,799.50
6,799.50
1984
5,000
1,504.50
6,504.50
1985
5,000
1,209.50
6,209.50
1986
6,000
885.00
6,885.00
1987
6,000
531.00
6,531.00
1988
6,000
177.00
6,177.00
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 of and interest and redemption premiums on said bonds any
funds lawfully available therefore which may be derived from other sources; but the aforemen-
tioned taxes shall never be 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 special fund to be irrevocably held for the payment of principle or interest
or 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 other city taxes 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 pay-
ment of principal of and interest on said bonds, and any such principal or interst falling
due at a time or tines at which proceeds of the taxes herein .levied are not availalbe 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 2: That all ordinances and resolutions or parts thereof in conflict here-
with are to the extent of such conflict hereby repealed, and that this ordinance shall be pub-
lished 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 3: 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. //�,,
f°rJhYk
AT EST: Mayor
T
City Clerk 6i